BEFORE THE OPEN

MARKETS:

• Stocks rally, recovering from previous session losses as Treasury yields stabilize.

• Dow gains 1.15%, S&P 500 climbs 1.56%, Nasdaq up 2.05%.

• Tech sector leads with a 2.6% rise, Microsoft hits all-time highs, Apple, Meta, Tesla, Netflix, and Alphabet see gains.

• Second consecutive week of gains, S&P 500 up 1.3%, Dow up 0.7%, Nasdaq up 2.4%.

• Rebound linked to steady 10-year Treasury yield after last Thursday's spike.

• Fed Chair Powell's comments on inflation and poor bond auction led to Thursday's sell-off.

• Resilient economy supports equities despite Fed rate policy uncertainty, per UBS.

EARNINGS

Here’s what we’re watching this week:

• Today: Monday.com (MNDY), Tyson Foods (TSM)

• Tuesday: Home Depot (HD) - earnings expected: $3.58 per share (-15.6% YoY) on $35.7 billion revenue (-8.2% YoY)

• Wednesday: Target (TGT)

  • Cisco Systems (CSCO) - earnings expected: 97 cents per share (+12.8% YoY) on $13.8 billion revenue (+3.6% YoY)

• Thursday: Alibaba (BABA)

  • Walmart (WMT) - earnings expected: $1.41 per share (-6.0% YoY) on $149.8 billion revenue (-2.0% YoY)

• Full earnings calendar here

NEWS BRIEFING

Moody's Turns Negative on US Credit Rating, Draws Washington Ire

US Sets Military Talks With China as Priority at Biden-Xi Summit

• Johnson delivers stopgap plan, lowering risk of US shutdown (more)

• Xi Jinping’s ‘old friends’ from Iowa get a dinner invitation (more)

• Hedge funds short US financial stocks at near record levels, Goldman Sachs says (more)

• Fed’s Barkin, Bostic say full impact of rate hikes to come (more)

• Individual investors pull most cash from US stocks in two years (more)

• Oil prices ease on worries of waning demand in US and China (more)

• Excitement and worry as stock options trading booms in India (more)

• Japan's wholesale inflation slows sharply in sign of waning cost pressures (more)

• For America’s business owners, time to prepare for new minimum wage hikes in 2024 (more)

• Commercial property values may fall more as workers spend at least 20% less time in office (more)

• Los Angeles mansion owners test $150,000 rents as sales slump (more)

• Boeing closes in on major order with Emirates for 777X widebody (more)

• Novo to build $6B plant as obesity drug demand surges (more)

• Weight-loss drugs among the most sought-after new corporate benefits (more)

• $29 flights are back as airlines race to fill seats in the off-season (more)

• Hollywood faces challenges in resuming productions after actors strike deal (more)

• The diamond world takes radical steps to stop a pricing plunge (more)

• Chamath says there’s a ‘reasonable case to make’ that the job of VC ‘doesn’t exist’ in a world of AI-powered two-person startups (more)

TOGETHER WITH RYSE

The Next Smart Home Staple

Where were you when Amazon acquired Ring for $1B? Or when Google bought Nest for a cool $3.2B?

Hopefully, you were invested in those promising startups. But for those that missed out, the next groundbreaking Smart Home innovation has arrived 一 RYSE.

Their automated window shade tech is now launching in Best Buy stores, and is poised to dominate the fast-growing Smart Shades market. They’ve also just launched a new investment round and their share price has already grown 25% from their last round!

The Smart Shades race is on, and RYSE is in pole position due to their:

Unmatched Features: RYSE has the only retrofit design to motorize existing window shades, and can be seamlessly controlled by voice, smartphone, or schedule.

Smart Price: Priced at $169 vs. competitors’ pricing of up to $1,000 per window, RYSE is uniquely positioned to bring luxury window shades to every home and business.

The exclusive public offering closes this month - learn more here.

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DEALFLOW

• Heimstaden’s billionaire owner weighs stake sale to cut debt (more)

• Elucid, a medical technology company, raised $80M in Series C funding (more)

• Summer, a company pioneering a new approach to short-term rentals and vacation home ownership, raised $68M in funding (more)

• Google in talks to invest in AI startup Character.AI (more)

• Lombard reportedly weighs stake sale in $600M flower business (more)

• Databricks, a data and AI company, raised an undisclosed amount in Series I funding (more)

• Lightspeed Faction, a blockchain-focused venture capital firm, launched its inaugural $285M fund (more)

• Vida Health, a provider of virtual cardiometabolic care services, closed a $28.5M financing round (more)

• Ben Franklin Technology Partners of Southeastern Pennsylvania has completed a $28M first close of its Global Opportunity Pennsylvania Fund II, L.P., a growth stage venture fund to invest in technology-focused enterprises located across the region (more)

• Arch, a provider of a private investment management platform, raised $20M in Series A funding (more)

• Aigen, an AI-driven robotics company, raised $12M in Series A funding (more)

• DeepInfra, a provider of a scalable infrastructure for running AI models through an API, raised $8M in Seed funding (more)

• Ridepanda, a provider of a micro-mobility-as-a-benefit platform, raised $7.5M in equity and debt funding (more)

• Almond Fintech, a B2B technology company, raised $7M in funding (more)

• PostgresML, a company focused on prototyping and deploying AI applications on PostgreSQL, raised $4.7M in Seed funding (more)

• Era, an AI-powered wealth management platform making wealth management more accessible, raised $3.1M in Seed funding (more)

• Terray Therapeutics, a biotechnology company focused on small molecule drug discovery and development, received an investment from NVentures, NVIDIA’s venture capital arm (more)

• Vivalink Medical, a remote patient monitoring services company, received an investment from Niterra, through the CVC fund jointly operated with Pegasus Tech Ventures (more)

• New Era ADR, a dispute resolution technology platform, received an investment of undisclosed amount (more)

M & A:

• Ramsay, Sime Darby to sell Hospital Unit for $1.2 billion (more)

• Janney acquires TM Capital (more)

• Slate Capital-backed O’Donnell Metal Deck buys Metal Deck Direct (more)

• 3i-backed Regional Rail acquires two short-line freight railroads (more)

• Holiday Station stores purchases Coborn’s Holiday franchised fuel and convenience stores (more)

• Engagedly, a provider of AI-powered cloud-based talent management software, acquired theEMPLOYEEapp, a provider of an employee communication platform for deskless employees (more)

• Find.co, a media company building an engaged and informed community across finance, technology, entertainment, and sports, acquired Salon.com, a digital media outlet (more)

• Accenture (NYSE: ACN) is to acquire OnProcess Technology, a provider of supply chain managed services (more)

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CRYPTO

• FTX adds a complex chapter to the financial-fraud history books (more)

• Demand for Bitcoin could grow by up to 10X within 12 months says Michael Saylor (more)

• Solana's SOL rallies 20% in a day, erasing woes of past 18 months (more)

BULLISH BITES

🤖 Create your own GPT. We found a simple video that shows you how (no code)

🎙 Q&A with Humane AI President Imran Chaudhri

🛒 Building an e-commerce sales success story is getting more complex and costly

🥂 The best New York, Chicago and DC restaurants, according to Michelin

🐝 Interested in starting your own newsletter?

DAILY SHARES

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