📈 Fed is done

Powell hints Fed is done with hikes, JPMorgan is seeking out a private credit partner, The US and European economies are diverging, China agreed to an arms-control talk with the US, and BofA indicator shows S&P 500 gaining 16%…

Author

Smart Owl
November 02, 2023

The Fast Five → Powell hints Fed is done with hikes, JPMorgan is seeking out a private credit partner, The US and European economies are diverging, China agreed to an arms-control talk with the US, and BofA indicator shows S&P 500 gaining 16%…

Here’s your 5-minute briefing for Thursday:

BEFORE THE OPEN

As of market close 11/1/2023.

MARKETS:

  • US stocks rallied after the Fed announced that it would keep interest rates unchanged for a second consecutive time

  • The Nasdaq led indices with a 1.64% gain

  • Information technology stocks gain about 2%.

  • Semiconductor companies AMD and Micron surge.

  • Fed Chair Powell doesn't rule out a hike next month.

  • Bond yields slide, with 10-year Treasury yield below 4.8%.

EARNINGS

NEWS BRIEFING

Contrarian gauge has record as reliable forward-return signal. Companies, consumers ‘could hold up better than expected.’

US government debt was once among the sleepiest corners of finance. No longer.

  • Powell hints Fed is done with hikes in pivot cheered by markets (Read More)

  • JPMorgan is seeking out a partner to accelerate its private credit push (Read More)

  • Legal scrutiny signals shift in how US homes are bought and sold (Read More)

  • Apple loses bid to shutdown UK iPhone class action suit (Read More)

  • The US and European economics are diverging (Read More)

  • Toyota gives 9% pay bump to most US auto-factory workers, following UAW gains in Detroit (Read More)

  • Jamie Dimon warns Texas to stop pushing anti-business bond laws (Read More)

  • China agrees to arms-control talks with US (Read More)

  • Zillow rebounds after NAR’s guilty verdict rattled investors (Read More)

  • Space Force awards $2.5B in rocket contracts to SpaceX and ULA for 21 launches (Read More)

DEALFLOW

M&A / Investments

  • PE firm Silver Lake Management is in talks to team up with Abu Dhabi wealth fund Mubadala Investment for a potential takeover bid for UFC-owner Endeavor Group Holdings, which has a market cap of $11.2B (Read More)

  • Nasdaq completed its $10.5B acquisition of software provider Adenza, which will help the company transform into a full-fledged financial services firm (Read More)

  • Australia's Origin Energy received a sweetened best and final takeover bid from a Brookfield consortium that valued the power producer at $10.5B after Origin’s top shareholder rejected the previous offer (Read More)

  • Walt Disney formally began the process of buying Comcast's 33% stake in Hulu that will give Disney full ownership of the streaming platform; Disney expects to pay Comcast ~$8.6B by December 1 (Read More)

  • Brookfield Infrastructure Partners will acquire most of bankrupt data center firm Cyxtera Technologies for $775M (Read More)

  • Zillow Group will acquire real estate CRM system Follow Up Boss for $400M with an additional $100M potential cash earnout (Read More)

  • Blackstone’s IQ Student Accommodation business acquired London and Edinburgh student properties for $449M from Downing Students (Read More)

  • Medical device company Inari Medical will acquire artery disease treatment developer LimFlow for up to $415M cash (Read More)

  • Velo3D, a metal 3D printing technology company with a $250M market cap, is exploring strategic options including a potential sale (Read More)

  • Singapore’s Health Management International is purchasing a majority stake in Harley Street Heart & Vascular Centre (Read More)

CRYPTO

  • SBF’s lawyer said SBF was unfairly cast as a “villain” and a “monster” in closing remarks; the jury may begin deliberations on SBF’s fate as soon as today (Read More)

  • US prosecutors charged crypto token SafeMoon’s founder and two top executives of fraud (Read More)

BULLISH BITES

😱 Why is Wall Street so worried about ‘refunding’?

👻 Spirit Halloween lives on, even when the holiday ends and stores close

🍎 Apple has plans to eventually, maybe revolutionize health care

😩 Divide between CMOs and CEOs is growing, research finds

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