BEFORE THE OPEN

MARKETS:

• Stock futures slightly lower ahead of Fed policy decision.

• Yum China Holdings down 9.2% after missing revenue estimates.

• Match Group falls 6.9% on disappointing revenue guidance.

• Advanced Micro Devices beats earnings and revenue estimates.

• Fed expected to maintain rates after policy meeting today.

• Chair Jerome Powell's news conference to follow at 2:30p ET.

• Stocks rally this week after downbeat October.

• First three-month losing streak for Dow and S&P 500 since March 2020.

• Investors watch for impact of higher bond yields.

EARNINGS

• Today: Airbnb (AIR), DuPont (DD)

• Thursday: Apple (AAPL), DraftKings (DKNG), Palantir Technologies (PLTR), Starbucks (SBUX)

• Full earnings calendar here

NEWS BRIEFING

Here’s Everything to Expect From the Fed’s Policy Announcement Today

Treasury Department Announces New Series I Bond Rate of 5.27% for the Next Six Months

• Israel War Latest:

  • Deadly airstrikes hit Gaza refugee camp (more)

  • Biden would veto House GOP’s Israel aid package, White House says (more)

  • No ceasefire in Gaza, no votes, Muslim Americans tell Biden (more)

• Biden administration to crack down on ‘junk fees’ in retirement plans (more)

• 62% of Americans live paycheck to paycheck, making it ‘the main financial lifestyle’ among consumers (more)

• Credit strength is baffling Fed watchers ahead of rate decision (more)

• The housing market is headed back to a 1980s-style recession, Wells Fargo says—and it’s all because of ‘higher for longer’ mortgage rates (more)

• Japan ramps up Yen intervention warning after BOJ-fueled selloff (more)

• China vows system to resolve local government debt risks (more)

• Evergrande will struggle to revive its debt restructuring plan (more)

• Druckenmiller says he has ‘massive’ bullish bets on 2-year notes (more)

• JPMorgan says global outlook will limit Latin America’s interest rate cuts (more)

• US seeks to block JetBlue, Spirit Airlines merger at trial (more)

• WeWork plans to file for bankruptcy as early as next week (more)

• SAG-AFTRA says sides remain ‘far apart’ on key strike issues (more)

• Tesla erases $145 billion in valuation on demand woes (more)

• Musk says Tesla aims to make 200,000 Cybertrucks a year (more)

• Toyota more than doubles investment and job creation at North Carolina battery plant (more)

• Silicon Valley elites ‘strong armed’ farmers to sell their land for a would-be tech utopia, lawsuit says (more)

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DEALFLOW

• Vodafone to sell Spanish arm to Zegona for $5.3 billion (more)

• Shield AI, a defense technology company building an AI pilot for aircraft, raised $200M in Series F funding which valued it at $2.7 billion (more)

• Kasa Living, Inc., a tech-powered hospitality brand, closed a $70M Series C funding (more)

• Alianza, a cloud communications platform for service providers, raised $61M in equity and debt financing (more)

• Graylog, a security information and event management (SIEM) and log management company, raised $39M in funding (more)

• Imagine Pharma, a biotech company focused on the commercialization opportunities related to its novel IMG-1 polypeptide, raised $32.5M in Series A funding (more)

• Engine Biosciences, a company leveraging machine learning and biology to discover and develop precision oncology medicines, raised $27M in Series A extension (more)

• Neuros Medical, a bioelectric technology company focused on alleviating chronic post-amputation pain and restoring quality of life, received $25M in Growth Capital (more)

• Espresa, a provider of a personal benefits platform designed for global enterprises, raised $23M in Series A funding (more)

• Charlie, a banking services company for 62+ community, raised $23M in Series A funding (more)

• Access Vascular, a company addressing the vascular access complications via a biomaterial platform, raised $22M in Series C funding (more)

• Guidde, a provider of a video documentation platform leveraging generative AI, raised $15.6M in funding (more)

• GreenLite, a technology company that streamlines construction and development, is announcing its official public launch along with $8M in seed funding (more)

• Connectly, a company specializing in conversational commerce, raised $7.85M in Series A funding (more)

• ESG Flo, a provider of an AI-powered data infrastructure platform, raised $5.25M in Seed funding (more)

• Cedar, a provider of a generative building design platform for housing and urban development, raised $3M in Seed funding (more)

• iQ3Connect, a provider of a web-based immersive training and collaboration platform, raised a seed round of funding of undisclosed amount (more)

• Aembit, a workload identity and access management (IAM) company, received an investment from CrowdStrike, via its strategic investment vehicle, the CrowdStrike Falcon Fund (more)

• Mainstream Fiber Networks, an FTTP internet service provider, received an investment from Searchlight Capital Partners (more)

• NaNotics, a preclinical-stage biopharmaceutical company, received an investment from LifeSpan Vision Ventures (more)

• Princeton Equity Group invests in Pirtek (more)

M & A:

• Shein acquires British fast fashion brand Missguided (more)

• Graycliff Partners acquired XCEL NDT, a US provider of non-destructive testing services for critical infrastructure assets in the petrochemical, pipeline and general industrial industries (more)

• The Futurum Group, a global technology advisory, media and research firm, acquired Business Podcast Network, a media company known for its flagship show The Drill Down (more)

• Aileron Therapeutics, Inc. (NASDAQ: ALRN) acquired Lung Therapeutics, Inc., a biopharmaceutical company focused on developing novel therapies for the treatment of orphan pulmonary and fibrosis indications that have no approved or limited effective treatments (more)

• PE-backed Offen Petroleum buys Douglass Distributing’s Wholesale Business (more)

• IKS Health acquires Aquity Solutions for $200M (more)

• Vista, Blackstone purchase Energy Exemplar (more)

• Davis-Standard buys Extrusion Technology Group (more)

• Treasury Wine Estates acquires DAOU Vineyards (more)

• Madison Dearborn Partners purchases Shaw Development (more)

• DIG Capital Partners, EDF Invest buy Fjord1 (more)

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CRYPTO

• Here are the key takeaways from SBF’s third day on witness stand (more)

• Bitcoin’s big moves are being magnified by a protracted lack of liquidity (more)

• Tokenized U.S. Treasury market grows nearly 600% to $698M as Crypto's RWA race intensifies (more)

BULLISH BITES

🚀 Bernstein analysts are predicting that the price of Bitcoin will surge to $150,000 by the middle of 2025

🙌 Unions are winning big for the first time in decades

📢 Charlie Munger says there's not much 'low-hanging fruit left' as he discusses Apple, Costco vs. Walmart, and EVs

☀️ The solar-panel backlash is here

👓 Audio: How Warby Parker got its name (it only took 6 months and 2,000 names)

DAILY SHARES

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