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Good evening,
Wall Street ended Friday on a mixed note, with the Nasdaq edging at a record high, the S&P 500 finishing nearly flat, and the Dow Jones and small-cap Russell 2000 retreating. Despite the uneven day, the week as a whole was positive for stocks, with the Nasdaq indices gaining around 2% driven by optimism about the AI boom on the back of Oracle’s earnings update. This week’s best-performing sectors were IT, Utilities, and Communication Services, while the top-performing large-cap stocks included Oracle, Micron, and Tesla.
In interest rate markets, the short-end of the Treasury curve closed the week a few basis points higher with 2-year yields at 3.57%, ahead of the Fed meeting next week. The DXY $ index traded sideways on Friday to end the week almost unchanged. Crude oil advanced 2% WTD despite warnings of oversupply.
Data: U.S. consumer sentiment declined in September (prelim), with the University of Michigan's index falling to 55.4 from 58.2 in August, marking the lowest level since May. UK’s GDP (July) was confirmed at +1.4% YoY, France's (Aug) inflation at 0.8% YoY and Spain’s at 2.7%.
Deals: In Spanish banking, Sabadell’s (mcap €17bn) board unanimously rejected BBVA’s €15.3bn bid today, with BBVA confirming it does not plan to raise the offer.
In private markets, CVC Capital is close to buying a majority stake in privately held Namecheap, a big domain registrar and web-hosting provider, for $1.5bn, including debt.
IPOs: Gemini Space Station, the crypto exchange founded by the Winklevoss twins, was priced at $28, raised $425mn for a valuation of $3.3bn. Shares gained 14% on their debut.
Arizona-based Black Rock Coffee Bar went public at $20 on Nasdaq. It raised $294mn, bringing its valuation to $956mn. The stock rallied 37% to close at $27.5.
Legence, a San Jose, California–based engineering & maintenance services firm (HVAC, energy-efficiency), raised $728mn, went public at $28 and closed at 30.50.
New York-based Via Transportation, known for its transit-tech platform, listed at $46, it gained 9% to $50. It secured $493mn in proceeds, for a valuation close to $3.65bn.
Week Ahead: Busy for central banks. Mon: China retail sales and industrial production. Tue: US retail sales, Canada inflation. Wed: Fed (95% chance for a 25bp cut, 5% for 50bp) and BoC policy meeting, UK inflation. Thu: BoE policy meeting. Fri: BoJ policy meeting, Japan inflation, UK retail sales.
That’s all for this week.
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