📈 Big bank breach

☕️ Good Morning.

The Fast Five → Powell: Fed is ‘not confident’ it’s done enough to curb inflation, world’s largest bank hit by ransomware gang, Humane’s wearable AI pin drops 11/16, Softbank posts $6.2 billion loss after WeWork bankruptcy, and ex-Goldman Partner stars in cabaret about life after Wall Street…

Here’s your 5-minute briefing for Friday:

BEFORE THE OPEN

MARKETS:

• U.S. stock futures remain largely flat after S&P 500 ends eight-day winning streak.

• Wynn Resorts shares drop nearly 5% after weak revenue report from Encore Boston Harbor.

• The Trade Desk stock plunges 30% due to disappointing Q4 revenue guidance.

• S&P 500, Nasdaq, and Dow all decline around 0.8%, ending multi-day winning streaks.

• Federal Chair Powell's comments on inflation trigger stock selloff and bond yield surge.

• S&P 500 and Dow poised for modest weekly losses, while Nasdaq holds slight gain.

• Focus on preliminary consumer sentiment data and speeches from Fed officials today.

EARNINGS

• Full earnings calendar here

NEWS BRIEFING

Powell Says Fed is ‘Not Confident’ it Has Done Enough to Bring Inflation Down

World’s Largest Bank Hit By Ransomware Gang Linked to Boeing, Ion Attacks - Forced to Trade Via USB Stick

• US forces under fire in Middle East as America slides towards brink (More)

• Biden launches ad blitz to counter voter worries on age, economy (More)

• New US jobless claims edge down; continued claims on the rise (More)

• Fed’s Barkin, Bostic say full impact of rate hikes to come (More)

• Individual investors pull most cash from US stocks in two years (More)

• SoftBank posts $6.2 billion loss after WeWork bankruptcy (More)

• Vince McMahon plans to unload a big chunk of his shares in WWE parent TKO (More)

• JPMorgan’s $290M payout to Epstein victims wins approval (More)

• Thousands line up to try out Elon Musk’s brain chip (More)

• Citadel’s Griffin, business leaders say AI to change economies (More)

• Humane’s wearable Ai pin promises an ‘ambient computing’ future for $699 (watch)

• AI will cut cost of animated films by 90%, Jeff Katzenberg says (More)

• Amazon dedicates team to train ambitious AI model codenamed 'Olympus' (More)

DEALFLOW

M&A / Investments

• Germany is on the cusp of announcing a deal to acquire its largest power grid from state-owned Dutch operator Tennet Holding for ~$23.6B (More)

• A consortium led by Blackstone and Permira is in advanced talks with European online classified company Adevinta and hope to reach an agreement as soon as next week; a deal could value Adevinta at over $12B (More)

• Abu Dhabi National Oil offered $2.1B to acquire most of a 38.3% stake in Latin America’s leading petrochemicals company Braskem (More)

• Software services provider Bill Holdings denied a report that it was pursuing a $2B acquisition of Melio Payments (More)

• Aerospace manufacturing company TransDigm Group will acquire the Electron Device Business of Communications & Power Industries, a portfolio company of TJC, for $1.4B cash (More)

• Dubai port operator DP World is in talks to acquire Cargo Services Far East from Hong Kong tycoon John Lau in a transaction that could value the cargo company at ~$800M (More)

• Mizuho Financial Group will invest $576M in Rakuten Group’s online securities arm and raise its stake in the company to 49% (More)

CRYPTO

• The CFTC is crafting a proposal to ensure that more exchanges keep client funds separate from cash (More)

• BlackRock is seeking to create an ETF that holds Ethereum's ether, sending the price of the token up over 10% (More)

BULLISH BITES

❓ How well did Klaviyo, Arm and Instacart actually do in their first test on the public markets?

💃 The ex-Goldman Partner singing and dancing about her retirement

📈 The tech stocks that will eventually become the New Magnificent Seven

🎁 Barbie who? Gen Alpha kids ‘obsessed’ with skin care could fuel holiday spending

DAILY SHARES