📈 SBF testifies

☕️ Good Morning.

The Fast Five → Mike Johnson elected House speaker, Ford and UAW in tentative deal to end strike, PE wants a piece of your retirement savings, US Fed set to revise debit card fee caps pitting banks against retailers and SBF set to testify at his fraud trial today…

Here’s your 5-minute briefing for Thursday:

BEFORE THE OPEN

MARKETS:

• Nasdaq 100 futures down 0.7% after regular session selloff.

• Meta beats Q3 earnings but reports $3.7 billion loss in Reality Labs division, shares down 3%.

• Align Technology drops 25% due to weak Q4 revenue guidance and Q3 earnings miss.

• Alphabet suffers 9.5% decline, its worst day since March 2020.

• S&P 500 falls 1.4%, closing below 4,200, Nasdaq down 2.4%, Dow down 0.3% in regular session.

• US 10Y gained 12.3 bps, climbing to 4.96%

• Today's focus on Q3 GDP estimate, expected at 4.7%, and weekly jobless claims data.

• Upcoming major earnings reports from Amazon, Ford, and Chipotle after the close.

• US stocks dropped as investors reacted to disappointing Alphabet earnings and a rebound in interest rates

EARNINGS

• What we're watching this week:

• Today: Amazon, Chipotle, Comcast, UPS, Intel, Ford, US Steel

• Friday: Exxon, Chevron, AbbVie, Piper Sandler, T. Rowe Price

• Full earnings calendar here

NEWS BRIEFING

Private Equity Wants a Piece of Your Retirement Savings

Huawei Smartphone Chip That Alarmed US Was Made by ASML Machine

• Mike Johnson elected House speaker, putting Louisiana Republican in the spotlight (Read More)

• Sam Bankman-Fried set to testify at his fraud trial (Read More)

• Deficit doubling as US economy grows shows why yields are at 5% (Read More)

• What can the Fed do about the deficit? Nothing (Read More)

• Surging yields flip from burden to boon in Big Tech earnings (Read More)

• Adjustable-rate mortgage demand hits highest level in a year as interest rates continue to climb (Read More)

• U.S. luxury market Is set for an active fall (Read More)

• America's No. 1 emerging real-estate market is in Kansas. 'Life is easy over here.' (Read More)

• Only 19% of Americans boosted emergency savings in 2023. It ‘puts households in a bind,’ expert says (Read More)

• US Fed set to revise debit card fee caps pitting banks against retailers (Read More)

• Honda, GM scrap $5 bln plan to co-develop cheaper EVs (Read More)

• Barclays to lay off dozens of US consumer bank employees (Read More)

• Social media platform X rolls out audio, video calling (Read More)

• Amazon brings conversational AI to kids with launch of ‘Explore with Alexa’ (Read More)

DEALFLOW

• UK’s competition regulator extended its deadline to review Adobe’s $20B acquisition of cloud-based designer platform Figma by eight weeks to February 2024 (Read More)

• $8.5B UFC-owner Endeavor Group Holdings is reviewing strategic options; PE firm Silver Lake is working on a proposal to take the talent and media company private (Read More)

• Choice Hotels requested the board of US budget hotel operator Wyndham Hotels and Resorts to engage in merger talks after it rejected Choice’s $7.8B acquisition offer (Read More)

• Bain Capital is exploring options including a sale of Rocket Software, which could be valued at $5B or more, including debt (Read More)

• Buyout shop Alpine Investors will extend its ownership of HVAC, plumbing and electrical services leader Apex Service Partners in a $3.4B continuation fund transaction (Read More)

• Vector Solutions, a provider of training and software solutions for schools, acquired PATHWAYos, a platform for connecting K-12 schools and students to work-based learning opportunities (Read More)

• TSCP’s Isto Biologics merges with Biologica Technologies (Read More)

• DataCore, a software-defined storage company, acquired Workflow Intelligence Nexus, a workflow services and software firm (Read More)

CRYPTO

• A civil fraud case against bankrupt crypto lender Genesis Global could lead to a bankruptcy liquidation that does not resolve claims against its parent company Digital Currency Group (Read More)

• SBF plans to testify in his fraud trial (Read More)

• Crypto delistings from exchanges are already running at a record pace this year (Read More)

• Crypto market sentiment at highest point since BTC’s $69K all-time high (Read More)

BULLISH BITES

⛽️ Why Exxon and Chevron are doubling down on fossil fuel energy with big acquisitions.

🍿 Confessions of a venture capital-backed startup founder.

🍌 CEO morning routines are bananas. So I tried a few.

👭 The Pew Research Center surveyed Americans to find out how many friends they have.

💡 Get key insights from bestselling non-fiction books, distilled by experts into bitesize text and audio.

DAILY SHARES