📈 They got screwed

Oil and gas markets eye escalation risk as Gaza war deepens, the big bond market event Wednesday is at Treasury, which is also the day we get the next Fed rate hike decision, BofA says boomers won the housing market and millennials got screwed, and ‘X’ launches two new subscription tiers...

October 30, 2023

☕️ Good Morning.

The Fast Five → Oil and gas markets eye escalation risk as Gaza war deepens, the big bond market event Wednesday is at Treasury, which is also the day we get the next Fed rate hike decision, BofA says boomers won the housing market and millennials got screwed, and ‘X’ launches two new subscription tiers…

Here’s your 5-minute briefing for Monday:

BEFORE THE OPEN

As of market close 10/27/2023. Bitcoin as of 10/29/2023.

MARKETS:

  • Dow drops 366.71 points (1.12%) on recession fears.

  • S&P 500 slips 0.48%, entering correction territory down 10.3% from July peak.

  • Nasdaq rises 0.38% due to Amazon's strong Q3 performance.

  • All three major indexes record steep weekly losses.

  • Ford down 14% this week after missing Q3 expectations.

  • Chevron shares down 13% this week following earnings report.

  • Nasdaq enters correction territory, down over 10% from July high.

  • New inflation data shows core PCE increased 0.3% in September, year-over-year increase of 3.7%.

  • Upcoming Federal Open Market Committee meeting Nov 1.

EARNINGS

  • Monday: McDonald’s (MCD), SoFi Technologies (SOFI)

  • Tuesday: Advanced Micro Devices (AMD), Caterpillar (CAT), JetBlue Airways (JBLU)

  • Wednesday: Airbnb. (AIR), DuPont (DD)

  • Thursday: Apple (AAPL), DraftKings (DKNG), Palantir Technologies (PLTR), Starbucks (SBUX)

  • Full earnings calendar here

NEWS BRIEFING

Dealers see the US Treasury lifting note and bond sales again. Meanwhile, Fed officials have prepped market for another skip.

The ‘great wealth transfer’ isn't $73 trillion but $129 trillion. 'Everyone locked in 3% mortgage rates, except Millennials.'

  • Fed Meeting: Consumer resilience is about to be tested by rate decision (link)

  • Strained markets face added tension as Israel-Hamas war heats up (link)

  • One last make-or-break week of 2023 has Treasury traders on edge (link)

  • Oil and gas markets eye escalation risk as Gaza war deepens (link)

  • UAW expands strike with GM after reaching tentative agreement with Stellantis (link)

  • Hedge funds pile into uranium stocks poised for ‘dramatic’ gains (link)

  • A new White House plan to create affordable housing: convert empty office buildings (link)

  • X starts subscription tiers that cost up to $16 a month (link)

  • Louis Vuitton juggles volume and value as luxury boom ebbs (link)

  • SBF admits 'mistakes' but testifies he did not defraud anyone (link)

  • Kim Kardashian breaks record with Skims for Men launch, making millions in just a few minutes (link)

DEALFLOW

  • Node Raises $2.75M in Seed Funding (link)

  • Abingworth Closes Clinical Co-Development Co-Investment Fund, at $356M (link)

  • SquadUP Receives Investment From Performant Capital (link)

  • OfficeRnD Receives Strategic Investment from Blue Star Innovation Partners (link)

  • Ascendant Receives Funding from Decathlon Capital Partners (link)

M & A:

  • Laborie Medical Technologies Acquires Urotronic (link)

  • Omnicom Acquires Flywheel, for Approx. $835M (link)

  • Squeeze.com Acquires Youtility (link)

  • BibliU Acquires Texas Book Company (link)

  • Shift4 Completes Acquisition of Finaro (link)

CRYPTO

  • End of ‘Uptober’ targets $40K BTC price — 5 things to know in Bitcoin this week (link)

  • First Bitcoin ETF trades $1.5B as GBTC ‘discount’ echoes $69K BTC price (link)

  • Gary Gensler’s Bitcoin ETF position is ‘inconsistent’… says Gary Gensler (link)

  • Standard Chartered-owned crypto platform Zodia launches in Hong Kong (link)

BULLISH BITES

🏦 Can AI Replace Your Financial Adviser? Not Yet. But Wait.

⛳️. The Soho House model meets the Country Club — upscale indoor golf clubs woo a new generation of social climbers.

🇸🇦 Saudi Arabia’s ‘New Middle East’ has a problem: The old one.

🤣 Martin and Francesca Scorsese have become TikTok’s ’dynamic duo’.

DAILY SHARES