MARKET RECAP → The S&P 500 (VOO) closed higher Thursday on bets that the Fed can achieve a soft landing and chip-maker Arm sends signals that the IPO window might have been reopened. The Dow Jones (DIA) rose +0.96% for its best day since early August.
ARM’S BIG MOVE → ? ARM’s blockbuster IPO at $51/share made waves, with tech giants like Apple (AAPL), Google (GOOG), and NVIDIA (NVDA) jumping on board. Shares of ARM closed nearly 25% higher to $63.59 on Thursday. Quite the debut!
MORE INFLATION DATA → ? August headline PPI came in above expectations, with energy prices fueling a 0.7% surge, making wallets feel the heat. However, “core” (excluding food and energy) PPI rose just 2.2% over the last 12 months, marking the lowest level since Jan 2021. |
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| Sean Horgan Head of Investor Relations @ MoneyLion
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? ARM, a chip design firm, priced its IPO at $51/share, valuing the company at over $54 billion. Trading began on Thursday under the symbol ARM. ? SoftBank, ARM’s current owner, retained about 90% ownership post-offering. ARM’s technology is prevalent, being used in 99% of mobile processors globally.
? Despite a slight revenue dip in the fiscal year ending March, ARM’s IPO was set to be the year’s largest tech offering. Major clients like Apple (AAPL), Google (GOOG), and NVIDIA (NVDA) expressed interest in buying shares.
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? August’s Producer Price Index (PPI) saw a seasonally adjusted rise of 0.7%, surpassing the expected 0.4% and marking the largest monthly gain since June 2022.
? Excluding volatile components like food and energy, the core PPI climbed by 0.2%, aligning with estimates. Annually, this core PPI rose 2.2%, the lowest since January 2021. ⛽ The significant PPI increase was majorly driven by a sharp uptick in energy prices, with the PPI energy index soaring by 10.5% in August, fueled by a 20% hike in gasoline prices. |
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Mila Kunis and Ashton Kutcher’s ‘Stoner Cats’ NFTs get smoked by the SEC (TechCrunch) More companies, especially airlines, warn higher costs will eat into profits (CNBC)
Caesars paid millions in ransom to cybercrime group prior to MGM hack (CNBC)
All the big conferences and events in tech, entertainment, and automotive coming this fall (The Verge)
Elon Musk’s X finally agrees to settlement talks with unpaid laid off Twitter employees (Mashable)
Wall Street’s most powerful woman shakes up Citibank in bid to narrow gap with rivals (Fortune)
New York expands legal marijuana licenses — but some would-be retailers feel left behind (CNBC) |
And if you want more, be sure to check out the MoneyLion blog for tips, hacks and all things money. ? |
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Source: Wolfram Alpha. Note: The table above includes rough estimates and the actual monthly payments may vary based on additional factors such as property taxes, homeowner’s insurance, and other fees. |
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