BEFORE THE OPEN

MARKETS:

• Stock futures dip on rising 10-year Treasury yield.

• Dow futures down 0.2%, S&P 500 down 0.3%, Nasdaq 100 down 0.4%.

• 10-year Treasury yield tops 5% for the first time in 16 years.

• SolarEdge shares fall 21% on Q3 revenue guidance cut, while Knight-Swift Transportation gains 15%.

• Stocks react to Fed Chair Jerome Powell's inflation and rate remarks.

• Market expects no November rate hike, with a 92% probability of no change.

• Major indexes headed for weekly losses: S&P 500 down 1.2%, Nasdaq down 1.7%, Dow down 0.8%.

• Earnings reports expected from Comerica, Regions Financial, American Express, and SLB.

EARNINGS

• Full earnings calendar here

NEWS BRIEFING

Rare Oval Office Address Makes Case to Fund Israel, Ukraine — President Casts Russia, Hamas as Parallel Threats to Democracy 

Powell Says Fed Has to Let the Rise in Bond Yields Play Out — Leaves Door Open to Hike

• Israel War Latest:

  • U.S. State Department issues ‘worldwide caution’ alert as tensions in the Middle East soar (more)

  • US Navy warship near Yemen intercepted Iran-aligned projectiles potentially toward Israel (more)

• Treasury yields edge toward 5% for first time since 2007 (more)

  • US Treasuries at 5% are a buy, Morgan Stanley says (more)

• Blackstone warns of looming hit to consumers from surge in bond yields (more)

• US weekly jobless claims hit nine-month low (more)

• Americans must earn $114,000 a year to afford a typical home (more)

• UAW workers at ZF plant in Alabama ratify labor deal, end strike (more)

• Trump is winning over swing-state voters wary of Biden’s economic plan (more)

• Big banks are quietly cutting thousands of employees, and more layoffs are coming (more)

• Walgreens to settle Rite Aid investors' merger claims for $192 million (more)

• Corporate America weighs risks of the Ozempic effect (more)

• New York sues crypto firms for alleged $1 billion fraud, cites SBF hedge fund bet (more)

• Meta, Apple and Google cheer FCC ruling that could pave the way for new AR and VR applications (more)

• As Google pushes deeper into AI, publishers see fresh challenges (more)

• Shein, the fast fashion darling mulling a U.S. IPO, opens up about forced labor, data privacy (more)

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DEALFLOW

• Pfingsten, an operationally focused private equity firm, closed its sixth investment fund, Pfingsten Fund VI, with total capital commitments of $435M (more)

• HqO, a provider of a real estate experience platform, raised over $50M in Series D funding (more)

• EnergyX, a lithium extraction and refinery technology company, raised $50M in Series B funding (more)

• Debut, a vertically integrated synthetic biology company focused on beauty, raised $40M in Series B funding (more)

• Petfolk, a modern veterinary care company providing services for pets, pet owners, and veterinarians, raised $40M in Series B funding (more)

• Transfix, a provider of an intelligent freight platform, raised $40M in Series F funding (more)

• Position Imaging, a developer of location tracking technologies, raised $30M in funding (more)

• EarthGrid Public Benefit Corporation (EarthGrid PBC), a plasma boring technology and infrastructure development company, raised $30M in seed funding (more)

• Finzly, a provider of payments infrastructure for financial companies, raised $10M in Series A funding (more)

• Pair Team, a provider of a virtual and community-based primary care solution, raised $9M in Series A funding (more)

• Ventricle Health, a provider of a virtual cardiology care network, raised $8M in Seed funding (more)

• SwingVision, a company on a mission to democratize the professional sports experience for athletes of all levels, raised $6M in Series A funding (more)

• Gardenuity, a provider of a curated platform bringing gardening and its wellness benefits to companies and consumers, raised $5.5M in Seed funding (more)

• Bluebirds, a provider of an AI powered platform for outbound teams to reach their revenue targets, raised a $5M Seed funding (more)

• Beluga, a provider of a crypto platform that onboards and guides new users through their crypto journey, raised $4M in Seed funding (more)

• Tia Lupita Foods, a Mexican inspired food brand, raised $2.6M in Seed funding (more)

• aPriori, a provider of an end-to-end digital twin solution for manufacturers, received a growth investment from Vista Credit Partners, a subsidiary of Vista Equity Partner (more)

• Skipify, a fintech company focused on improving shopping experiences, received an investment from Samsung Next, an investment group within Samsung Electronics (more)

• Variantyx, a company specializing in genomic precision medicine, raised additional funding of undisclosed amount (more)

• Lovell Minnick Partners invests in ACU-Serve (more)

• Charlesbank invests in Petra (more)

• Vista Credit Partners invests in aPriori (more)

• Pfingsten closes oversubscribed fund VI (more)

• KKR closes third tech growth fund at $3B (more)

M & A:

• Quext, a technology company for the multifamily industry, acquired Homebase, a provider of a smart building technology platform (more)

• Landsea Homes purchases homebuilding assets from Richfield Homes (more)

• Consello Capital acquires majority stake in ProSearch (more)

• CenterGate Capital purchases Broadtree-backed CTI (more)

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CRYPTO

• US Clearinghouse DTCC buys Securrency to deepen blockchain push (more)

• New York sues crypto firms for alleged $1 billion fraud, cites SBF hedge fund (more)

• NFT market slump shows it’s maturing toward ‘genuine utility,’ execs argue (more)

• France rumored to be adopting XRP for digital euro, how will price react? (more)

BULLISH BITES

🦄 Thiel’s Unicorn Success Is Awkward for Colleges → Bloomberg
The billionaire investor’s fellowship has helped build 11 startups valued at $1 billion or more along with a host of other innovative companies — all by enticing smart kids to forgo higher education.

🛠 How to Fix the Internet → MIT
If we want online discourse to improve, we need to move beyond the big platforms.

🍷 Here’s What You’ll Get for $30,000 at Carbone’s New Private Club → Bloomberg
ZZ’s Club, which opens soon in West Manhattan, will feature the inaugural Carbone Privato.

DAILY SHARES

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