BEFORE THE OPEN

MARKETS:

• Flat stock futures as weak month and quarter nears end.

• Dow futures flat, S&P 500 and Nasdaq 100 futures up 0.1%.

• Micron Tech down 3% post-bell on weak guidance; Peloton surges in Lululemon partnership.

• Mixed session with slight S&P 500 and Nasdaq gains (0.02% and 0.2%), Dow down 0.2%.

• 10-year Treasury yield at 15-year high.

• Dow -3.4% for the month, -2.5% for the quarter; S&P 500 -5.2% for the month, -4% for the quarter; Nasdaq -6.7% for the month, -5% for the quarter.

• Upcoming data: jobless claims, home sales, GDP; focus on PCE price index as Fed's inflation metric.

• Nike's earnings report due after today's bell.

EARNINGS

Here’s what we’re watching this week:

• Today: Nike (NKE)

• Full earnings calendar here

NEWS BRIEFING

Lululemon Strikes Deal With Peloton for Fitness Content, Will Ax Mirror Device

Lina Khan vs. Jeff Bezos: This Is Big Tech's Real Cage Match

• Goldman Sachs says the odds of a government shutdown are now 90%—and it could last two to three weeks (more)

  • As shutdown looms, companies should go public 'before Friday' -US SEC chief (more)

• Republican debate recap: Haley, Scott and Ramaswamy clash as Trump courts auto workers (more)

• 10-year Treasury yield reaches level not seen in more than 15 years (more)

• Bank of America says 5% yield requires sentiment boost (more)

• Mortgage demand slumps as rates surge to 23-year high (more)

• Gold, silver getting hammered by rising bond yields, strong greenback (more)

• Oil prices surge to highest level in more than a year (more)

• UAW again threatens to expand strikes at Detroit automakers if progress isn’t made by Friday (more)

• Kia and Hyundai recall 3.3 million cars, tell owners to park outsides (more)

• JPMorgan ‘options whale’ worries resurface as stocks extend drop (more)

• Instacart shares fall further below IPO price (more)

• Delta CEO: Company went ‘too far’ with its SkyMiles rewards program changes (more)

• Elon Musk wins US Space Force contract for Starshield (more)

• ChatGPT users can now browse internet, OpenAI says (more)

• Meta CEO Mark Zuckerberg looks to digital assistants, smart glasses and AI to help metaverse push (more)

• PGA Tour considers US investors to quell LIV golf deal worries (more)

• Costco is selling gold bars and they are selling out within a few hours (more)

  • Costco CEO says more younger people are signing up for memberships (more)

• McKinsey agrees to pay $230 Million to settle more opioid suits (more)

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DEALFLOW

• Avalyn Pharma Inc., a clinical-stage biopharmaceutical company focused on development of targeted inhalation therapies for life-threatening pulmonary diseases, closed a $175M Series C financing (more)

• Evozyne, a Generative AI company focused on therapeutic discovery and drug development, closed an $81M Series B funding round (more)

• Kneron, a company developing full-stack hardware and software products for AI applications, raised additional $49M in Series B funding (more)

• Doceree, a global network of physician-only platforms for programmatic messaging, raised $35M in Series B funding (more)

• Slope, a B2B payments platform for enterprise companies, raised $30M in equity funding (more)

• Midi Health, a women’s midlife healthcare company, raised $25M in Series A funding (more)

• Series, a developer of a platform to automate businesses’ finance and operations stacks, raised $25M in seed and Series A funding (more)

• Infravision, a company accelerating power grid modernization with drone-enabled power line upgrades, raised $23M in Series A funding (more)

• Gem Security, a Cloud Detection and Response (CDR) company, raised $23M in Series A funding (more)

• CellFE Inc., a life sciences tools company developing a microfluidics-based cell engineering platform dedicated to advancing development and manufacturing of advanced cell therapies, closed a $22M Series A financing (more)

• Loge Camps, a lodging brand that enables travelers to engage with the outdoors, raised over $16M in funding (more)

• Mundi, a provider of a platform for importers and exporters manage payments, collections, FX management, and insurance, raised $15M in Series A-2 funding (more)

• Canvs AI, a provider of an insights platform built to unlock consumer and employee feedback, raised $15M in funding (more)

• Vali Cyber, a provider of Linux cybersecurity solutions, raised $15M in Seed funding (more)

• Revefi, a provider of a zero-touch platform to monitor and manage data quality, performance and costs, raised $10.5M in Seed funding (more)

• EchoMark, a SaaS information protection company, raised $10M in Seed funding (more)

• UserEvidence, a provider of a customer voice platform for B2B go-to-market (GTM) teams, raised $9M in Series A funding (more)

• XL8, a deep-tech startup specializing in AI-powered machine translation technology, closed $7.5M Series A funding round (more)

• Lucid Scientific, a life science instruments company, raised $7M in Series A funding (more)

• Zerobroker, a provider of a logistics technology platform, raised $6.5M in Seed funding (more)

• Partillion Bioscience Corporation, a life science tools company, raised $5M in Seed funding (more)

• Boisson, a New York-based large non-alcoholic beverage retailer, raised $5M in bridge funding (more)

• Machine Discovery, a software company which uses machine learning technology to accelerate compute-intensive optimization and simulation tasks, raised £4.5M in funding (more)

• Axial Shift, a restaurant operations software provider, raised $4M in Seed funding (more)

• Cypherleak, a cyber risk monitoring and scoring startup, raised $750K in Seed funding (more)

• RealDefense, a company specializing in consumer security, privacy, and productivity software and support services, closed a multi-million dollar funding (more)

• LocalCoho, an aquaculture startup that raises premium Coho salmon at an indoor farm, received new funding from Cuna del Mar (more)

• Fusion Connect, a managed communications service provider (MCSP) and Microsoft Cloud Solution provider (CSP), received new debt financing (more)

M & A:

• apexanalytix, a provider of global supply chain risk management data, software and services, acquired Darkbeam, a provider of supplier cyber risk management solutions (more)

• Twig Labs acquires Zuke (more)

• ATS purchases Avidity Science (more)

• Charlesbank-backed Titan Cloud buys Leighton O’Brien (more)

• Marlin-backed Virgin Pulse merges with New Mountain Capital-Backed HealthComp (more)

CRYPTO

• SEC’s Gensler throws more Crypto punches in Congressional hearing (more)

• Crypto exchange Kraken plans to offer trading in US-listed stocks (more)

• How Ethereum staking stacks up in the proof-of-stake landscape (more)

BULLISH BITES

✈️ Meet the Delta Fliers Who DON'T Hate the New SkyMiles Rules
A chorus of travelers jeered Delta Air Lines’ recent changes to its frequent-flier program and airport lounge rules. Drowned out by the drumbeat of “Done with Delta” declarations: a subset of travelers who welcome the changes → WSJ

📕 The Reading Unlock
Entrepreneurs influenced by a single read include Joe Coulombe, Elon Musk, Jeff Bezos, Morris Chang, Sarah Blakely, Chip Wilson and Phil Knight → Trung

☕️ With Howard Schultz Gone, New Starbucks CEO Looks to Reset
Laxman Narasimhan, who took over the top job this year, tries to mend fractured relationship between workers and headquarters → WSJ

DAILY SHARES

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