📈 Schwab Unlocks the Pre-IPO Vault

Good Morning…

The average retail investor is about to gain access to a $9+ trillion asset class that, until now, has been reserved for venture capitalists, hedge funds, and the ultra-wealthy—and Charles Schwab just paid $660 million to hand you the keys.

🔎 Market Trends → Wall Street ends higher as solid data, strong earnings offset valuation concerns

🖥️ Market Movers from Fintech.tv → [WATCH] Building Connections: How Venmo and Bilt Rewards Are Transforming Consumer Payments

And now…

⏱️ Your daily briefing for Thursday, November 6, 2025:

MARKET BRIEF
Before the Open

Pre-Market

Fear & Greed

Markets in Review

Tariffs on the Brink, AI Reawakens

U.S. stocks closed higher Wednesday as the Supreme Court signaled skepticism toward Trump-era tariffs, while an AI rebound lifted chip names.
Dow +0.48% to 47,311 • S&P 500 +0.37% to 6,796 • Nasdaq +0.65% to 23,499

The Big Picture:

Investors got a double dose of optimism: legal pressure on tariffs and a resilient AI trade. The Supreme Court’s probing questions suggested the White House may have limited authority under IEEPA, fueling hopes that sweeping levies could be rolled back—an underappreciated tailwind for global supply chains.

That prospect sent tariff-sensitive names sharply higher. Ford (F), GM (GM) and Caterpillar (CAT) jumped as traders priced in a less punitive import environment. Small-caps followed suit, with the Russell 2000 outperforming.

Meanwhile, investors warmed back to AI after a bruising start to the week. Advanced Micro Devices (AMD) reversed early weakness after posting stronger-than-expected Q3 results. The AI complex rallied alongside, with Broadcom (AVGO) and Micron (MU) climbing. Oracle (ORCL) snapped back as well, helping tech find its footing.

Commodities were subdued; oil drifted sideways as markets balanced slower imports against lingering geopolitical risk. No panic—just cautious positioning.

Strong ADP payrolls and a hotter ISM services print underscored an economy still firing—enough to keep recession fears contained, even as firm demand complicates Federal Reserve rate-cut expectations.

Market Movers:

• CAT +4% — The market’s cleanest macro hedge: a tariff rollback would ease global machinery flows and lift margins.

• MU +~9% — Benefiting from renewed demand optimism across data-center memory.

• Palantir (PLTR) –1% — Lofty 200x forward P/E continues to scare off valuation-sensitive buyers.

• Super Micro Computer (SMCI) –11% — Missed Q1; investors questioning whether hyperscale demand is cooling.

What They’re Saying:

“We’re in a strong labor market… This is a very bullish signal for the U.S. economy,”
— Phil Blancato, Osaic

WHAT WE’RE WATCHING
Events

There are no events scheduled for today

Earnings Reports

• Today: AstraZeneca, ConocoPhillips, Parker Hannifin, Airbnb, Petrobras, TransDigm, Canadian Natural Resources, Monster Beverage

• Tomorrow: Constellation Energy Corporation, KKR & Co. Inc., Enbridge Inc, Duke Energy Corporation, Brookfield Asset Management

MARKET INSIGHTS
Leading News 

Schwab's $660M Bet Opens the Pre-IPO Floodgates

Why it matters:

Retail investors are about to get unprecedented access to unicorn startups and pre-IPO shares—potentially the most significant democratization of private markets since online brokerages killed commission fees.

Zoom Out:

Charles Schwab (SCHW) just agreed to acquire Forge Global (FRGE) for $660 million, or $45 per share—a fat 75% premium that sent Forge shares rocketing in after-hours trading. This isn't just M&A theater. Forge operates the premier private marketplace where investors have traded over $17 billion in private company shares, and Schwab's 46 million client accounts will now get the keys to this kingdom.

The timing is exquisite. Private share marketplaces have exploded as employees and early investors hunt for liquidity during the IPO drought of recent years. Meanwhile, companies are staying private longer—capturing massive valuations before ever going public. Morgan Stanley already snapped up EquityZen last month, signaling that Wall Street's giants see the secondary market as the next major battleground.

Key Insights:

• The access play: Forge offers qualified investors both direct marketplace access and forthcoming interval funds designed to broaden participation with lower costs and reduced minimums. Translation: Your average investor won't need $100K minimums or country-club connections anymore.

• The liquidity multiplier: Schwab CEO Rick Wurster emphasized the platform will "deepen liquidity, improve transparency, and further democratize access to this increasingly important source of wealth creation." When tech employees at SpaceX or Databricks need to sell shares before IPO, Schwab's massive client base creates instant demand.

• The competitive moat: Major financial institutions are racing to build infrastructure connecting clients with pre-IPO companies as investor demand for early exposure to high-growth startups accelerates. Schwab just leapfrogged the competition by buying the established player.

Market Pulse:

"Through Forge's leading marketplace, we're uniquely positioned to deepen liquidity, improve transparency, and further democratize access," said Schwab President Rick Wurster—echoing the same revolutionary rhetoric that defined Charles Schwab's discount brokerage movement decades ago.

Bull’s Take:

This deal cracks open a $9+ trillion private market that's been Wall Street's exclusive playground. Expected to close in H1 2026, it positions Schwab investors to capture wealth creation at the source—before the IPO pop gets priced in.

Market Stories of Note

Snap Monetizes Its Billion Eyeballs:

Snapchat just landed a $400 million deal with Perplexity AI to integrate conversational search for nearly 1 billion monthly users, transforming itself from an ad-dependent social app into an AI distribution channel. The partnership, combining cash and equity over one year, suggests CEO Evan Spiegel has found a smarter way to monetize Gen Z's attention than bombarding them with ads. With shares up 23% after-hours despite being down 35% year-to-date, Snap (SNAP) may have finally discovered how to turn eyeballs into enterprise value.

Robinhood's $100 Million Side Hustles Add Up:

Robinhood doubled Q3 revenue to $1.27 billion by finally diversifying beyond meme-stock trading—Prediction Markets and Bitstamp each now generate over $100 million annually, suggesting the platform is maturing into an actual financial services company. The 3.9 million Gold subscribers (up 77% year-over-year) and $20.4 billion in quarterly net deposits reflect genuine customer stickiness, while 61-cent EPS crushed estimates by 15%. Still, at current valuations, much of this optimism is already priced in—today's 271% net income surge may prove tomorrow's earnings multiple compression if growth rates inevitably normalize.

CRYPTO
Fear & Greed 

Headlines

• Bitcoin Holds Above $103K as Crypto Market Shows Early Signs of Recovery (link)

• Ripple’s RLUSD to Power Mastercard Credit Card Settlements on XRP Ledger (link)

• Chainlink and Dinari bringing S&P crypto stock index on-chain (link)