BEFORE THE OPEN

MARKETS:

• Stocks plummet as 10-year Treasury yields reach 2007 levels.

• Dow down 430.97 points (1.29%), S&P 500 drops 1.37%, Nasdaq falls 1.87%.

• Dow slips into the red for the year (-0.4%), but S&P 500 still up 10% for 2023.

• 10-year Treasury yield hits 4.8%, 30-year at 4.925%, 30-year mortgage rates near 8%.

• Stocks and bond yields move opposite; job openings survey indicates tight labor market.

• Fear escalates, Cboe Volatility Index at highest since May.

• SPDR S&P Homebuilders ETF (XHB) down over 2%, impacting Home Depot and Lowe's.

• Big Tech, including Nvidia and Microsoft, hit by higher interest rates.

EARNINGS

Here’s what we’re watching this week:

• Today: Tilray (TLY)

• Thursday: Lamb Weston (LW), Conagra (CAG)

• Full earnings calendar here

NEWS BRIEFING

The Internet Is Really Just The “Google Web,” Microsoft CEO Says During Google’s Antitrust Trial

Sam Bankman-Fried Shows Up for Court Leaner, With Famous Locks Shorn

• Kevin McCarthy ousted as US House Speaker in historic vote (more)

• Here’s who might testify in Sam Bankman-Fried fraud trial: Parents, ex-girlfriend Ellison, Scaramucci (more)

• 10-year Treasury yield reaches highest level in 16 years (more)

• Short fast food credit because of Ozempic, Barclays says (more)

• Taiwan tech companies are helping Huawei build a secret network of chip plants (more)

• New ETF boom defies saturation warnings in $7 trillion industry (more)

• Tech IPOs could burn firms who bought into hot startups too late (more)

• Wall Street thinks America's homes are overvalued (more)

• Mortgage rates plunge for biggest one-day drop in 6 months (more)

• More than 40% of labor force to be affected by AI in 3 years, Morgan Stanley forecasts (more)

• Ford sweetens wage offer in proposal to striking UAW workers (more)

• Intel plans to IPO programmable chip unit within three years; stock rises after hours (more)

• Chipotle tests automation for burrito bowls and salads (more)

• Macy’s to triple small-format store count in move away from malls (more)

• UPS and FedEx customers regain upper hand in delivery price battle (more)

• TikTok testing out advert-free monthly subscription (more)

• Samsung to develop AI chips with Canadian startup Tenstorrent (more)

• Dish Is First Company to Be Fined By F.C.C. Over Space Junk Rule (more)

• Gucci, Chanel and other luxury retailers splurge on American real estate (more)

• Colleges find real estate bargains in empty office spaces (more)

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DEALFLOW

• BP explores $1 billion US pipelines stake sale (more)

• Krispy Kreme looks to sell Insomnia Cookies unit (more)

• Lilly eyes targeted cancer therapies with $1.4 billion Point Biopharma deal (more)

• Carlyle seeks $2.5B debt for Medtronic units bid (more)

• Defense startup Anduril is in talks to raise more than $400 million from investors (more)

• Kelso closes Fund XI at $3.25B (more)

• Farther, a wealth management firm, raised $31M in Series B funding; valued at $131M (more)

• League One Volleyball (LOVB), a volleyball professional league, raised $35M in funding (more)

• Health Data Analytics Institute (HDAI), an artificial intelligence (AI) company focused on empowering clinicians, optimizing care pathways, and improving patient outcomes, received $31M in Series C financing (more)

• AI Clearing, a provider of an AI-powered autonomous construction progress tracking and quality control platform, raised $14M in Series A funding (more)

• Kafene, a provider of a point-of-sale financing platform, raised additional $12.6M in Series B funding (more)

• Cultivate Power, a distributed solar and storage project developer, raised a $10M investment from Generate Capital (more)

• Titan Flood, a managing general agent (MGA) specializing in the private residential flood market, received an investment from K2 Insurance (more)

• Health Data Innovations, a healthcare data integration platform for care providers and payers, received an investment from Hughes & Company (more)

• Health Data Analytics Institute (HDAI), an artificial intelligence (AI) company focused on empowering clinicians, optimizing care pathways, and improving patient outcomes, received $31M in Series C financing (more)

• Qube Technologies, a provider of continuous emissions monitoring technology, received a Series B funding from Riverbend Energy Group (more)

• BXVentures, a venture studio and climate tech specialist, launched a global climate tech venture studio fund (more)

• InvestBev invests in Thomas Ashbourne Craft Spirits (more)

M & A:

• Ex-BTG Partners’ investment firm buys Brazil fund manager (more)

• Alterna-backed Mod Op purchases DPrism (more)

• PNC buys book of Signature Bank’s private equity loans From FDIC (more)

• ACP buys Avenu (more)

• Solace-backed Fabcon acquires Bristol Precast (more)

• iA Financial Group purchases J.C. Flowers-backed Vericity (more)

• Pritzker Private Capital buys Sugar Foods (more)

CRYPTO

• SEC pushes ahead with case against Coinbase crypto exchange (more)

• Cryptoverse: 'It's a knife fight' as traders get tokenized (more)

• Binance collaborates with Royal Thai Police to seize $277M from scammers (more)

BULLISH BITES

⌛️ The Pros and Cons of Starting a Business as an Older Entrepreneur → WSJ

🧐 The Inside Story of Dave Clark’s Tumultuous Last Days at Flexport: Standoffs, Politics, and Spin → CNBC

💬 Social Media Is Entering a New, Less Toxic Era
People are leaving big platforms for smaller online circles. Is it the start of a new, healthier era of social media? → Insider

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