Tesla tumbles

Powell to hold policy news conference today at 2:30p ET (watch live), it’s a ‘no’ from Biden for House GOP Israel aid package, Treasury announces new Series I bond rate of 5.27% for next 6/mo., Tesla erases $145 billion in valuation, and WeWork set to file for bankruptcy next week…

☕️ Good Morning.

The Fast FivePowell to hold policy news conference today at 2:30p ET (watch it live), it’s a ‘no’ from Biden for House GOP Israel aid package, Treasury announces new Series I bond rate of 5.27% for next 6/mo., Tesla erases $145 billion in valuation, and WeWork set to file for bankruptcy next week…

Here’s your 5-minute briefing for Wednesday:

BEFORE THE OPEN

As of market close 10/31/2023.

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

What investors will watch are the signals that come from Chair Jerome Powell and the rest of the Federal Open Market Committee about where they’re leaning for the future.

Series I bonds, an inflation-protected and nearly risk-free asset, will pay 5.27% through April 2024, the U.S. Department of the Treasury announced Tuesday.

  • 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)

TOGETHER WITH CLICKUP

Connect your teams in ClickUp.

Turn TBD into EOD with the world’s most powerful productivity tool. With ClickUp, you can: Automate sprints and routine tasks, Streamline communication in one Workspace, Recover cash spent on multiple work apps!

Sign Up and switch to ClickUp in minutes!

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)

Was this briefing forwarded to you?  (Sign up here.)

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

Know someone who would enjoy this?

Like what you see? Subscribe Now

Keep the curation going! Buy the team a coffee ☕️

Have a comment or suggestion for MarketBriefing? We’d love to hear it!
Send us a message -mb

T1ed$145tumb

Reply

or to participate.