BEFORE THE OPEN

MARKETS:

• U.S. stocks drop in a challenging week

• Dow down 0.31%, S&P 500 falls 0.23%, Nasdaq slips 0.09%

• Ford up 1.9% amid union negotiations; Stellantis up, GM down

• Four-day losing streak follows Fed's rate hike signal

• S&P 500, Nasdaq down 2.9% and 3.6% this week, worst since March

• Bond yields surge, 10-year Treasury at highest since 2007, 2-year at highest since 2006

• Concerns over government shutdown's impact persist

EARNINGS

Here’s what we’re watching this week:

• Tuesday: Costco Wholesale (COST)

• Wednesday: Micron Technology (MU)

• Thursday: Nike (NKE)

• Full earnings calendar here

NEWS BRIEFING

Deion Sanders Is Writing College Football’s New Playbook Into Must-See TV

Biden to Visit Michigan to Support Auto Strike, a Day Before Trump

• US House panel approves four funding bills; government shutdown deadline approaches (more)

• Hollywood screenwriters reach tentative deal to end strike (more)

• Defeating inflation without higher unemployment is still unlikely

  (more)

• Even the Fed is cutting jobs — for the first time in more than a decade (more)

• Stocks flash recession warning as trouble spreads to industrials (more)

• US finalizes rules to prevent China from benefiting from $52 billion in chips funding (more)

• Wells Fargo preps for wealth battle after $1 billion turnaround (more)

• Another top Silicon Valley investor is splitting off its China business as pressure mounts (more)

• Rite Aid plans to shut down hundreds of stores in bankruptcy (more)

• McDonald’s to raise royalty fees for new franchised restaurants for first time in nearly 30 years (more)

• Credit card losses are rising at the fastest pace since the Great Financial Crisis (more)

• More than 75,000 Kaiser Permanente workers threaten to strike (more)

• Tyson and Perdue are facing child labor investigations (more)

• Amazon to run ads in Prime video shows and movies (more)

• Rupert Murdoch's retirement raises the curtain on his next act (more)

• Tinder offers $500-a-month subscription to its most active users (more)

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

DEALFLOW

• Golden State Warriors to be valued at $7 billion in potential stake sale (more)

• KKR-backed BrightSpring said to revive IPO seeking $1B (more)

• Alibaba’s Cainiao plans to raise $1B in Hong Kong IPO soon (more)

• Shell and Trinidad's National Gas Company sign new supply agreement (more)

• Supermarket franchisee Spinneys Dubai plans IPO in 2024 (more)

• Keensight Capital raises $3 billion for growth buyouts (more)

• European private lending giant Hayfin is said to explore sale (more)

• Vodafone in talks to sell challenged Spanish unit to Zegona (more)

• Keensight Capital, one of the largest PE managers dedicated to European Growth Buyout investments, raised €2.8 billion in funds to invest in leading tech and healthcare companies (more)

• Astanor Ventures, an agrifood tech impact investment firm, closed its second venture fund, at €360M (more)

• EJF Capital LLC, an Arlington, VA-based global alternative asset management firm, closed EJF Ventures Fund LP with approximately $104m in capital commitments (more)

• bolttech, an insurtech company, received a $50m investment from LeapFrog Investments as an extension of its Series B round (more)

• Rev1 Ventures, a venture studio that helps entrepreneurs and corporations accelerate innovation, Nationwide Children’s Hospital, and The Ohio State University, announced the launch of a $30M fund (more)

• Mesh, a provider of a financial operating system that enables digital asset transfers and account aggregation, $22M in Series A funding (more)

• Day Zero Diagnostics Inc., an infectious disease diagnostics company leveraging whole-genome sequencing and AI to combat the rise of antibiotic-resistant infections, raised $16M in financing (more)

• Fuze, a digital assets startup, raised $14M in Seed funding (more)

• EzPag, a provider of lease-to-own financing for the latest cell phones, raised $10M in Debt funding (more)

• Katalys, a provider of a commerce media platform, raised $5.4M in Seed funding (more)

• Mona Lee, a solar installation company, raised $3.25M in Seed funding (more)

• Layup, a provider of a bank offering prize-linked savings accounts for sports fans, raised $2.3M in Seed funding (more)

• Canid, a provider of an end-to-end platform for vaccine automation and management, raised $1.5M in funding (more)

• Atropos Health, a company which specializes in evidence-based healthcare, received an undisclosed amount in strategic financing (more)

• Numem Inc., a provider of NuRAM MRAM Memory and SmartMem SOC IP cores and chiplets, raised a Series A funding round of undisclosed amount (more)

• Voda.ai, a provider of an AI-powered asset management solution for water and wastewater utilities, received an investment from Ferguson Ventures (more)

• OnSight Technology, a robotics and computer vision company for the PV solar industry, raised an undisclosed amount in Seed funding (more)

M & A:

• Cadence Design Systems, Inc. and Ceva, Inc., a licensor of wireless connectivity and smart sensing technologies, entered into an agreement to acquire Intrinsix Corporation, a subsidiary of Ceva and provider of design engineering solutions focused on the U.S. aerospace and defense industry (more)

• Extendly, a provider of white label support services for marketing agencies and SaaSprenuers, acquired SaaS Boltons, a platform dedicated to HighLevel users and SaaS businesses (more)

• Wynnchurch-backed Trimlite buys Francis-Schulze (more)

• Gurnet Point, Novo Holdings acquire Paratek (more)

• Lee Equity-backed Atria purchases Grove Point Financial (more)

• Eldridge, Brightstar, Claure Group buy Ausenco (more)

CRYPTO

• Andreessen Horowitz vet Katie Haun sees now as prime time for Crypto investments (more)

• Cryptocurrencies in online casinos: A game-changer for the industry (more)

• Coinbase holds 5% of all Bitcoin in existence: Data (more)

• NFT Crash: 95% of the market may now be worthless (more)

BULLISH BITES

☠️ Private Equity’s Slow Carnage Unleashes a Wave of Zombies
A historic shakeup is threatening to snare many small, struggling or fading money managers unable to raise fresh funds → Bloomberg

😎 Deion Sanders Got Shade, Then Sold $1.2 Million Worth of Sunglasses
A slight on the University of Colorado’s “Coach Prime” turned his endorsement deal with Blenders into a bonanza → Bloomberg

👔 What We Lose When We Loosen Dress Codes…
Senate majority leader Chuck Schumer's new dress code alllowing senators to wear what they please on the Senate floor may seem like liberation, but abandoning the dress code could wind up symbolizing the failure to achieve consensus → NYTimes

DAILY SHARES

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