☕️ Good Morning. Fed interest rate announcement today at 2pm ET.

The Fast Five → Three things to watch for in Fed announcement, FTX sues SBF’s parents, White House no longer sending officials to Detroit, U.S. national debt hits $33 trillion for the first time, and Musk's Neuralink to start human trial of brain implant…

Here’s your MarketBriefing for Wednesday:

BEFORE THE OPEN

As of market close 9/19/2023.

MARKETS:

  • Stocks dipped Tuesday as investors await Fed policy meeting results

  • Dow down 0.31%, S&P 500 down 0.22%, Nasdaq down 0.23%

  • Disney falls 3% due to increased cruise and parks investment; Deere drops 3% after downgrade

  • Instacart soars 12% on market debut

  • Fed expected to keep rates unchanged, with a 99% probability; 29% chance of November hike

  • Today’s focus: on Fed's economic forecasts, inflation, and monetary policy

  • Crude oil prices drop, lifting market sentiment; 10-year Treasury yield reaches a high

  • UAW union may expand strike; Stellantis up 2%, Ford and GM rise over 1%

EARNINGS

NEWS BRIEFING

Today at 2p.m. ET the Federal Reserve will announce its decision on interest rates. No change in rates is expected.

FTX was a self-described ‘family business,’ lawsuit says. Advisers allege fraud was perpetrated for insiders’ benefit.

  • U.S. stocks close lower as investors take cover ahead of Fed decision (more)

  • U.S. national debt hits $33 trillion for the first time (more)

  • White House no longer sending top officials to Detroit for UAW strike talks this week (more)

  • Ford avoids strike at Canada plants with late-night union deal (more)

  • US housing starts tumble in August; building permits jump (more)

  • FTX accuses Sam Bankman-Fried’s mother of being key advisor to son on political contributions (more)

  • Instacart closes up 12% in Nasdaq debut, after first-day rally sputters (more)

    • Instacart founder exits with $1.1 billion fortune after IPO (more)

  • Goldman sees investor interest in deals, IPOs: future of finance (more)

  • Musk's Neuralink to start human trial of brain implant for paralysis patients (more)

  • Hackers who breached casino giants MGM, Caesars also hit 3 other firms (more)

  • Disney plans $60B expansion of theme parks business (more)

  • Brokers woo rich Japanese worth $2 trillion with private assets (more)

  • Amazon to hire 250,000 logistics workers for holidays, boost hourly wages (more)

  • Target to hire 100,000 workers for holiday season, start promotions in October (more)

  • Oracle to use Ampere's newest chips in its cloud offering (more)

  • TikTok is launching new tool that will help creators label AI content on the app (more)

  • Google announces new Bard features as traffic continues to lag ChatGPT (more)

  • SocGen’s bargain-basement price does little to win over analysts (more)

  • Olive oil prices surge over 100% to record highs, sparking thefts (more)

  • After a year of chaos, CNN bets on new CEO Thompson to focus on long-term viability (more)

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DEALFLOW

  • Philip Morris to consider stake sale in biggest pharma unit (more)

  • HiBob, a provider of an HR platform for organizations to operate in the modern world of work, added $150M in funding (more)

  • Flex (formerly known as Flexbase), a B2B FinTech company, raised $120M Series A debt and equity funding (more)

  • Pryon, a company specializing in bringing AI to knowledge management, raised $100M in Series B funding (more)

  • Magnet Biomedicine, a biotechnology company advancing molecular glue discovery with rational selection and design, raised $50M in funding (more)

  • ReCode Therapeutics, a clinical-stage genetic medicines company using precision delivery mRNA and gene correction therapeutics, closed an extension to its Series B financing, raising an additional $50M, for a total of $260M (more)

  • HiddenLayer, a security provider for artificial intelligence (AI) models and assets, raised $50M in Series A funding (more)

  • ZayZoon, an Earned Wage Access (EWA) provider for small and mid-sized businesses, raised $34.5M in debt and equity for its Series B financing (more)

  • Airna, a biotech company which specializes in RNA editing therapeutics, raised $30M in funding (more)

  • Virtual Incision, a developer of a miniaturized robotic-assisted surgery (RAS) system, raised additional $30M extension to its previous $46m Series C financing (more)

  • Tabular, a provider of an independent data platform based on Apache Iceberg, closed a $26M funding round (more)

  • Take Command, a provider of an end-to-end individual healthcare benefits platform for small and mid-market employers, received a $25M investment from Edison Partners (more)

  • Alcion, a modern data management startup, raised $21M in Series A funding round, bringing total funding to $29M (more)

  • Yurts, a provider of an enterprise-ready Generative AI platform connecting people at work, raised $16M in Series A funding (more)

  • Briya, an end-to-end healthcare data exchange platform, closed an $11.5M Series A financing round (more)

  • BioLoomics, a biotech company, raised $8.7M in Seed funding (more)

  • Nanofiber Qunatum Technologies, a startup company focused on fiber connectable quantum computing hardware, raised $8.5M in funding (more)

  • Mural Health Technologies, Inc., a clinical trial participant management platform provider, raised $8M in seed funding (more)

  • Paxton, a generative AI legal assistant that helps law professionals with regulatory intelligence, raised $6M in seed funding (more)

  • Discern Security, an AI-driven policy management cybersecurity startup, raised $3M in Seed funding (more)

  • Pliable, a provider of an AI-powered SaaS platform that simplifies organizing and leveraging data without an engineer, raised $2.5M in Seed funding (more)

  • wamo, a digital SME business account provider, raised $1.5M in Seed extension (more)

  • NEC X, Inc., a venture studio backed by NEC’s technological innovation and expertise, launched a new initiative called “Elev X! (more)

  • age1, a venture capital firm investing in the next generation of founder-led longevity biotech companies, officially launched (more)

  • Brainlabs, a media agency, received an investment from Falfurrias Capital Partners (more)

M & A:

  • Middle East’s first SPAC to merge with ID printing company (more)

  • WILsquare Capital purchases Screenflex Portable Partitions (more)

  • AIP-backed CES Power acquires Euro Touring Power (more)

  • HotelRunner, a hospitality and travel technology provider, acquired PayPad, a high-end point-of-sale system provider (more)

  • Cogency Global Inc., a global provider of corporate compliance and transactional legal support services, acquired Tax Guard, LLC, a tax risk due diligence and monitoring services provider, from Falfurrias Capital Partners (more)

CRYPTO

  • Citigroup debuts token service in latest foray into digital assets (more)

  • New York cracks down on Crypto coin listings with fresh guidance (more)

  • U.S. SEC’s Crypto Enforcement Chief warns more charges coming to exchanges, DeFi (more)

  • OPNX’s $30 million Hodlnaut bid spurned due to ‘illiquid’ token (more)

BULLISH BITES

🤑 The $2 Billion Powerball Winner is Making the Worst Mistakes Financial Planners Warn People of After They Come Into Money → Fortune

🔥 The Most Popular Options Trade Turns $1 Investment Into a $1,000 Stock Bet
Investors are wagering on the daily gyrations of American equity benchmarks by dashing in and out of trading contracts that expire within 24 hours — known by the “0DTE” moniker. The hidden fuel for the frenzy? Quirks in the ecosystem of the derivatives marketplace that makes these zero-days-to-expiry options look cheap → Bloomberg

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