Markets are getting some breathing room as Treasury yields and oil prices ease, but financing conditions are still shaping where capital flows. AI infrastructure remains a major spending priority, while healthcare dealmaking continues to produce multibillion-dollar partnerships.
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Futures at a Glance📈
Futures are moving higher as Treasury yields and oil prices ease ahead of the September jobs report. Tech is leading the early move, while traders look to payrolls and wage growth for clues on whether the Fed can stay on hold this month.
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What to Watch
Earnings (Time Not Supplied):
· Celularity Inc. [CELU]
· Enlivex Ltd. [ENLV]
· Lunai Bioworks Inc. [LNAI]
Economic Reports:
· Employment report (September): 8:30 am
· Unemployment rate (September): 8:30 am
· Average hourly earnings, month over month (September): 8:30 am
· Average hourly earnings, year over year (September): 8:30 am
· Factory orders (August): 10:00 am
· Dallas Fed President Lorie Logan speech: TBA
Market Pulse
Wall Street headed higher as Treasury yields and oil prices retreated, with chipmakers and megacaps leading the rebound after borrowing costs hit multi-decade highs earlier this week.
Oil slipped back below $100 a barrel, while buyers returned to Treasuries after this week’s bond selloff, easing two of the biggest pressures that recently weighed on stocks.
AI & Infrastructure
Amazon is seeking to shift about $8 billion of Nvidia chips off its balance sheet through a special-purpose financing vehicle before leasing the hardware back for AI data centers.
Euro zone companies are funding AI mostly with their own cash after ECB data showed 72% plan to use internal funds, highlighting limited access to external financing.
Healthcare & Biotech
Novartis signed a deal worth about $7.8 billion with China’s Abogen to license RNA-based therapies, including an experimental treatment targeting B cells in autoimmune diseases.
AstraZeneca and Daiichi Sankyo are teaming with Summit Therapeutics to test Datroway alongside ivonescimab across several tumor types, including lung and breast cancers.
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Finance & Deals
Global M&A activity fell 41% from the second quarter to $993 billion as higher borrowing costs slowed megadeals, although full-year dealmaking remains well above 2025 levels.
Italgas agreed to buy 22.5% of Portuguese gas distributor Floene for around €120 million, expanding Europe’s largest gas distributor further into Portugal’s energy infrastructure market.
Capital & IPOs
Finnish nuclear technology company Steady Energy fell nearly 6% in its market debut after an oversubscribed Helsinki IPO, testing investor appetite for nuclear infrastructure plays.
Egyptian fintech MNT-Halan plans to sell 20% of its shares through one of Egypt’s largest recent IPOs, potentially bringing the $1.4 billion unicorn public this month.
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Movers and Shakers
Synaptics [SYNA]: Premarket Move: +14%
Synaptics surged after agreeing to revised acquisition terms with onsemi that value the company at roughly $5.7 billion. Under the amended deal, Synaptics shareholders will receive $123 per share in cash, replacing the companies’ previous all-stock agreement and providing investors with greater certainty after Synaptics received a competing takeover proposal.
ON Semiconductor Corp [ON]: Premarket Move: +6%
ON Semiconductor jumped after renegotiating its Synaptics acquisition at a substantially lower price. The chipmaker will now pay about $5.7 billion versus roughly $7 billion under the original agreement, with management saying the revised transaction should immediately add to adjusted earnings per share and create a more attractive deal for onsemi shareholders.
Nike [NKE]: Premarket Move: −10%
Nike plunged after forecasting a much steeper full-year sales decline than Wall Street expected. First-quarter revenue slipped about 4% to $11.21 billion, China sales tumbled 26%, and management expects fiscal 2027 revenue to fall by a high-single-digit percentage while launching another round of job cuts and restructuring.
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Everything Else
🧲 Smart capital is already moving away from the Mag 7, and seven stocks are quietly building toward the leadership that tends to follow
🧸 Mattel surged after drawing takeover interest from Authentic Brands Group, with a potential offer reportedly valuing the company above $6 billion.
💻 onsemi reworked its Synaptics acquisition into a $5.7 billion cash deal, sending shares of both companies higher.
🌶️ McCormick beat quarterly sales and profit expectations as price increases offset softer consumer demand.
💡 Acuity reported a 56% jump in quarterly EPS, alongside higher sales and strong cash generation.
📱 Twilio is set to join the S&P 500, replacing Warner Bros. Discovery following its acquisition by Paramount.
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