☕️ Good Morning.
The Fast Five → Microsoft CEO says they can’t compete with Google during antitrust trial, Kevin McCarthy ousted as US House Speaker in historic vote, SBF shows up for court, 10-year Treasury yield at 16-year high, and Chipotle tests burrito bowl automation…
Here’s your 5-minute MarketBriefing for Wednesday:
BEFORE THE OPEN
As of market close 10/3/2023.
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)
NEWS BRIEFING
Microsoft CEO Satya Nadella said the tech mammoth is simply unable to compete with Google.
The 31-year-old FTX co-founder arrived in Manhattan federal court for jury selection Tuesday dressed in a navy suit that seemed bigger on him than in previous appearances.
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)
Was this briefing forwarded to you? (Sign up here.)
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
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
Know someone who would enjoy this?
What did you think about today's briefing?
Like what you see? Subscribe Now
Keep the curation going! Buy the team a coffee ☕️
Have any suggestions for MarketBriefing? We’d love to hear it.
Share your thoughts here -mb
