|  | Nasdaq | 22,141.10 | |
|  | S&P | 6,584.29 | |
| | Dow | 45,834.22 | |
| | 10-Year | 4.061% | |
| | Bitcoin | $115,833.45 | |
| | Moderna | $23.51 | |
| | Data is provided by |  |
*Stock data as of market close, cryptocurrency data as of 6:00pm ET. Here's what these numbers mean. | - Markets: Investors are still waiting for the big show (next week’s Fed rate-setting meeting), but in the meantime, the Nasdaq scored a full week of record gains. The S&P 500 and the Dow dipped slightly yesterday amid data showing declining consumer sentiment, but both managed winning weeks.
- Stock spotlight: Pfizer and Moderna fell following a report that US officials plan to tie Covid vaccines to the deaths of 25 children.
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FINANCE Retail investors—a term used interchangeably with “individual buyers” or “dumb money,” depending on how mean you are as a person—are becoming big players in the IPO market. Yesterday capped a busy and likely profitable week for those single-minded stock mavericks now that they’re receiving more opportunities to get in on the ground floor of IPOs, which were historically reserved for “smart money” investors handpicked by banks handling the initial offering. Companies typically allocate ~6% of shares for individuals, but: - The Winklevoss-twin-founded crypto exchange, Gemini, set aside 30% of its IPO for the retail market. After debuting at $28 yesterday, the stock closed up ~14% at $32.
- On Wednesday, Klarna sold a little more than 10% of its IPO shares to individuals and saw shares climb 15% in trading, which is a target sought by most bankers overseeing IPOs.
- Angel Studios, the distributor of 2023’s film Sound of Freedom, IPO’d on Thursday. Leaning on crowdfunding from ~70,000 individual investors, shares rose 8.4% on day one.
And Bullish, another crypto exchange, made 20% of its IPO available to the retail crowd when it went public last month and saw shares climb 84% in its debut, although it’s now down ~45%. Why court retail traders? Some of the push to bring in people who are at a desk in their apartments is about their loyalty, but companies aren’t just altruistically rewarding them for that. Allowing more in early leaves fewer lone wolves to grab the stock later at a higher price—an existing trend among the group. Those later purchases can lead to 2x or 3x explosions in the weeks after an IPO…and sell-offs from institutional investors looking for a quick profit that then end up tanking the price. Zoom out: This shift in strategy could also help target younger traders. A study from the World Economic Forum found 45% of Gen Z and millennials began investing in early adulthood, and a recent Seeking Alpha survey showed 52% of Gen Z respondents already had a brokerage account, while another 20% planned to open one.—DL | | |
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Presented By HeartSciences Wall Street analyst projects this stock will jump to $15. But you can still invest for $3.50. HeartSciences (Nasdaq: HSCS) is a technology leader in AI that makes heart disease easier to detect on the front lines. Their patented software can be added to any ECG device. With 1 billion ECGs performed every year, it’s no surprise Wall Street is bullish. HSCS shares closed as high as $5.73 recently. But you can get preferred stock for $3.50, which can be converted into Nasdaq-traded common stock anytime. Even better? HeartSciences is targeting FDA submission soon. Invest at $3.50 in HeartSciences here. |
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WORLD  Suspect arrested in the assassination of Charlie Kirk. A suspect was arrested on suspicion of aggravated murder, felony discharge of a firearm causing serious bodily harm, and obstruction of justice in the murder of right-wing activist Charlie Kirk during a speaking engagement at a Utah college earlier this week. The alleged shooter has been identified as 22-year-old Utah resident Tyler Robinson, and officials believe he acted alone. “We got him,” Utah Gov. Spencer Cox said at a news conference yesterday. Cox also said that inscriptions were discovered on unfired bullet casings found with the gun believed to be used in the shooting, including one that said “Hey, fascist! Catch!” Robinson’s voter registration reportedly lists him as unaffiliated with a political party, but charging documents state that relatives recounted that Robinson had become “more political” recently and disagreed with Kirk’s views.
 Armani’s will calls for fashion empire to be sold or publicly listed. It’s rare for a will reading to be as dramatic as they make it look in the movies, but the late Italian fashion legend Giorgio Armani’s might have been. After spending his life keeping his fashion company independent and Italian-owned as other brands joined luxury conglomerates, Armani, who died last week at age 91, said in his will that his heirs should sell the company, with priority given to French luxury giant LVMH, beauty brand L’Oreal, eyewear maker EssilorLuxottica, or another large player. Alternatively, the will says the empire that minimalist suiting built should be publicly listed in Italy or another major market.
 China won’t get the thin iPhone right away. Apple has delayed the launch of the iPhone Air in China while it waits for regulatory approval for the device there. The company had originally planned to allow preorders in its second-biggest market for its phones as of yesterday, but had to postpone because rather than having space in its svelte frame for a physical SIM card, the new phone uses eSIM tech, which requires a special license for sales in China. Other new models, which don’t use the tech, will be available in China. Separately, Apple pushed the date for delivery of the iPhone 17 Pro Max to US customers from Oct. 6 to Oct. 13, which Bloomberg reports could indicate strong demand.—AR
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TECH The new iPhone Air may have sucked up a lot of the oxygen at Apple’s launch event this week, but another product has something to say, too. And it can say it in multiple languages. Apple’s new AirPods Pro 3 headphones (and some older models) will be able to live translate conversations. If you’re talking to someone who speaks another language, the AI-powered headphones will dial down the sound of their voice and insert a translated version into your ear. In other words, if your French-speaking neighbor constantly says “blesser” to you (translation: to injure), now you know he’s not just being polite. Budding trend: Apple already has some competition. Per CNBC: - Google’s Pixel Buds have had the feature since 2017, and the new Pixel 10 phone can translate calls (and mimic the speaker’s voice).
- In May, Meta announced its Ray-Ban smart glasses would have live translation capabilities.
- Some existing devices can handle dozens of languages, while Apple’s can only do five, for now.
Coming to fruition: Apple’s entrance into the space could signal that live translation technology is ready to hit its stride, potentially revolutionizing travel, work, and school. It’s also another way for Apple to further lock consumers into its ecosystem.—BC | | |
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Together With Kalshi Pickleball comes to prediction markets: Kalshi and the PPA Tour (Pro Pickleball Tour) have announced an exclusive partnership to offer trading on professional pickleball in all 50 states. This marks the first time you can legally put money on pickleball on top of Kalshi’s 2,000+ active sports markets. Learn more. |
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ICYMI Here’s everything that didn’t make it into this week’s newsletters but we immediately sent to the group chat.  The actual lightsaber prop that Darth Vader used in two Star Wars movies was sold at auction for $3.6 million, and they won’t even let us play with it a little bit.
Former Two and a Half Men star Charlie Sheen, who was once the highest-paid male TV actor—raking in $1.8 million per episode—dropped his memoir, and it’s about as wild as you would expect from a man who brought the phrase “tiger’s blood” into the lexicon. Like, yeah, he flew a passenger plane after eight shots of Scotch. New research suggests that queen Iberian harvester ants are able to mate with different species of ants, specifically male builder harvester ants, and clone the sperm to create a hybrid ant species of specifically male worker ants. It’s a kind of reproduction scientists have never seen before in nature, and is definitely the metaphor at the beginning of a not-yet-written Apple TV drama. Ed Sheeran performed his first Tiny Desk concert at NPR’s namesake tiny desk this week. The singer, who has churned out way too much grocery store background music, did his first Tiny Desk at his home during the pandemic, and it snagged 15 million views. Forget staying together for the kids, couples are now staying together for the mortgage rate, the Wall Street Journal reports. Exes are opting to keep their children in the family home full time and to live there in shifts, while they wait for the housing market to cool and mortgage rates to drop back down. This defeats the whole purpose of divorce: two Christmases.—MM |
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NEWS - The EPA plans to end a program that required major polluters, including oil refineries and industrial sites, to report their greenhouse gas emissions.
- President Trump said he would deploy the National Guard to Memphis to fight crime, opting for a city in a Republican-controlled state.
- An ICE officer fatally shot a man in a Chicago suburb who authorities say dragged an officer with his car in an attempt to flee a traffic stop.
- Nepal has appointed former Supreme Court Chief Justice Sushila Karki as prime minister after protests led by Gen Z ousted the country’s last leader. She will be the first woman to serve in the role.
- Perplexity was sued by Encyclopedia Britannica and Merriam-Webster. They allege that the AI answer program plagiarized their definitions, including that of the word “plagiarize.”
- Swiss watchmaker Swatch brought out a watch with the 3 and the 9 in swapped positions on its face to mockingly reference the US’ 39% tariff on Swiss goods. The company’s website describes it as “hopefully, just a limited edition.”
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Together With Public.com Finding the balance. AI’s making its way into the retail investing space, but where can it be used outside of research? (And should it be?) Brew Markets’ Ann Berry sits down with the COO of Public to discuss that and help retail investors build customized portfolios. Save your virtual seat. |
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COMMUNITY Last week, we asked: “What’s the most unusual mom-and-pop establishment you’ve ever visited, and what did you buy there?” Here are some of our favorite responses: - “There is a vegan okonomiyaki place in Osaka that has a huge line to get in. It’s run by a woman who does everything by herself. She takes all the orders and prepares all the food. Guests can pour their own beer or wine (included with food!). After she takes your order, you go upstairs to one of several rooms, all with their own vibe. There is a microphone in each of the rooms that you can use to communicate with the lady while she is in the kitchen. The walls are covered in graffiti and there is loud Japanese girl band rock playing over the speakers. And of course, there are signs asking guests to clean after themselves because the woman is too busy cooking and taking orders to clean up after guests. Amazing experience if you’re ever in Osaka!”—Jossie from Boston, MA
- “In Southern California, near the Salton Sea, there used to be a place called the International Banana Museum. It was just that: a museum celebrating the banana, with displays of thousands of pieces of banana related merchandise, from salt and pepper shakers to furniture and clothing. It closed during Covid, never to reopen.”—Cindy from Indio, CA
- “I was hitchhiking across British Columbia when I saw a sign that said ‘Feta next left.’ I was expecting a traditional mom-and-pop stop, and I'm assuming there was a mom and pop somewhere, but the feta was just in a refrigerator next to a stable. There was a list of prices and a pot of money inside, along with the best feta cheese I’ve ever eaten.”—Phillip from the Bronx
This week’s question “What’s the last luxury item you splurged on and didn’t regret?” Matty’s answer to get the juices flowing: “I bought a hand-beaded purse that looks like a little anthropomorphic piece of bread at the Renegade Craft Fair last weekend. On one side, it’s smiling, and on the other side, it’s frowning—and it has some “mold” on it. It is so cute, and the artist said I would be one of only three people in the city who owned one.”
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