Consulting, Newsletter, Tech

Weekly Market Recap | Sep 15 – Sep 21

Posted on by Ali

Analyst Highlights

  • Breadth improved: Small caps (R2K +1.81%) outperformed large caps (R1K +0.71%), hinting at risk-on rotation.
  • Risk pricing eased: VIX 15.45—sub-16 volatility alongside rising equities suggests supportive liquidity into quarter-end.
  • Funding window open: Eight IPOs priced; cybersecurity (NTSK) and consumer (STUB) drew heavy demand—pipeline momentum likely into Q4.
  • Crypto mixed: BTC +0.21%, ETH −1.23%, SOL +1.79%, XRP −0.17%; new multi-token ETF should broaden access and flows beyond BTC-only products.
  • Commodities softer: WTI 62.68 (−0.98%), Brent 66.68 (−1.13%)—eases input costs; Gold 3,671.50 (−0.29%) as dollar firmness capped gains.
  • Corporate/tech catalysts: Meta Ray-Ban Display launch, Oracle–Meta OCI talks (~$20B), and Uber–Flytrex pilots underscore sustained AI/infrastructure and logistics investment themes.

IPO’s in the week

  • Galata Acquisition Corp. II (LATAU, Nasdaq Global) – A Cayman Islands–incorporated SPAC focused on energy, fintech, real estate, and technology sectors. Priced at $10.00 per share, the IPO raised $150M with 15M shares offered. The blank check company is led by CEO Craig Perry and backed by Callaway Capital.
  • Pattern Group Inc. (PTRN, Nasdaq Global Select) – Ecommerce accelerator platform leveraging AI, data, and marketplace expertise to grow global brand sales. Priced at $14.00 per share, the IPO raised ~$370M from 21.4M shares. The Utah-based company partners with 200+ brands across 60 marketplaces in 100+ countries.
  •  Platinum Analytics Cayman Ltd (PLTS, Nasdaq Capital) – Singapore-based developer of FX trading software and data analytics; also runs a spot FX ECN for institutional clients. Priced at $4.00 per share, offering 2.0M shares to raise $8.0M (up to ~$9.2M incl. greenshoe).
  • Netskope Inc. (NTSK, Nasdaq Global Select) – Cloud security and AI-driven networking platform protecting enterprise data and digital interactions. IPO priced at $19.00 per share, raising $908.2M from 47.8M shares. The California-based firm counts 30% of the Fortune 100 among its 4,300+ customers.
  • StubHub Holdings Inc. (STUB, NYSE) – Online ticketing marketplace. Priced at $23.50 per share, the IPO raised $800M from 34.0M shares. IPO date: Sept 17, 2025.
  • WaterBridge Infrastructure LLC (WBI, NYSE) – Pure-play produced-water infrastructure operator in the Delaware Basin. Priced at $20.00 per share, the IPO raised $634.0M from 31.7M shares. IPO date: Sept 17, 2025.
  • Chenghe Acquisition III Co. (CHECU, Nasdaq Global) – Blank check company targeting Asia-focused growth businesses. Priced at $10.00 per unit, the IPO raised $110.0M from 11.0M units. IPO date: Sept 16, 2025.
  • ChowChow Cloud International Holdings Ltd (CHOW, NYSE American) – Cloud transformation and managed IT services provider in Asia-Pacific. Priced at $4.00 per share, the IPO raised $10.4M from 2.6M shares. IPO date: Sept 16, 2025.

Markets Weekly

  1. S&P 500 closed at 6,664.36, +49.08 pts and +0.74% for the week.
  2. Russell 1000 ETF closed at 364.84, +2.58 pts and +0.71% for the week.
  3. Russell 2000 closed at 2,448.77, +43.64 pts and +1.81% for the week.
  4. Russell 3000 closed at 3,797.36, +30.89 pts and +0.82% for the week.
  5. CBOE (VIX) closed at 15.45, -0.24 pts and -1.53% for the week.
  6. Dow Jones closed at 46,315.27, +431.82 pts and +0.94% for the week.
  7. NASDAQ closed at 22,631.48, +282.73 pts and +1.27% for the week.
  8. Bitcoin (USD) closed at 115,688.86, +243.98 and +0.21% for the week.
  9. Ethereum (USD) closed at 4,470.92, -55.90 and -1.23% for the week.
  10. Solana (USD) closed at 238.55, +4.19 and +1.79% for the week.
  11. XRP (USD) closed at 2.9919, -0.0052 and -0.17% for the week.
  12. Gold closed at 3,671.50, -10.70 and -0.29% for the week.
  13. Silver closed at 42.536, +0.02 and +0.04% for the week.
  14. WTI Crude closed at 62.68, -0.62 and -0.98% for the week.
  15. Brent Crude closed at 66.68, -0.76 and -1.13% for the week.
  • Treasury’s Scott Bessent said the RMB is “actually stronger” vs the dollar this year, despite euro weakness, with China–EU trade up and a smaller US trade gap likely.
  • Gold edged higher as traders await Fed rate-cut signals, with a firmer dollar on Powell’s stance tempering gains; markets still price nearly two cuts this year.
  • SEC cleared Grayscale to convert its Digital Large Cap Fund into the first US multi-token crypto ETF (>70% BTC, ~17% ETH; also XRP, SOL, ADA).
  • Core PCE is expected to cool in August, giving the Fed breathing room to focus on labor softness, with Powell and other officials speaking ahead of Friday’s report.
  • Argenx SE will join the Euro Stoxx 50 on Monday—the index’s first biotech addition since at least 2002—buoyed by blockbuster Vyvgart sales.
  • Abu Dhabi and Dubai tapped banks to prepare a potential IPO of Emirates Global Aluminium, which could value the firm at $10–15B and rank among the Middle East’s biggest listings.
  • Santander’s Openbank began offering retail cryptocurrency trading, extending big-bank moves into digital assets.
  • South Korea’s won fell as the $350B US investment deal implies heavy dollar demand, with uncertainty over its structure capping gains despite a YTD rise.
  • China’s rare-earth magnet exports to the EU surged in August, highlighting the bloc’s heavier dependence and spurring moves on recycling and alternative supply.
  • Hedge funds have crowded into dispersion trades; contrarians like QVR are betting on reverse-dispersion (long index vol, short single-name vol) and warning of crowding risks.
  • Traders expect Fed rate cuts and a softer dollar to extend this year’s emerging-market bond rally after ~15% gains in local-currency debt.

Politics Weekly

  • Syria set its first post-Assad parliamentary elections for Oct. 5, with the electoral commission saying voting will be held across all districts.
  • A bipartisan US House delegation met Premier Li Qiang in Beijing—the first official House visit since 2019—aiming to stabilize ties and revive military-to-military dialogue.
  • South Korea’s President Lee Jae Myung said a dollar–won swap line is needed to meet the $350B US investment pledge without risking a 1997-style crisis.
  • Macron said the EU’s Russian energy imports are “very marginal,” citing 80%+ cuts and a 2026 ban on refined products.
  • UK, Canada and Australia formally recognized a Palestinian state as part of a coordinated push for a two-state solution, drawing criticism from Trump and Netanyahu.
  • Trump renewed pressure on Europe to stop buying Russian oil, urging a tougher NATO push to cut prices and squeeze Moscow.
  • The Taliban rejected Trump’s demand to return Bagram Air Base, with military chief Fasihuddin Fitrat warning of the “strongest” response to any hostility.
  • Trump and UK PM Starmer unveiled a US–UK AI/digital-assets partnership and steps to cut trade barriers and boost US farm access, as London touted ~$250B in US investment.
  • Bolivian voters ended two decades of socialist rule, sending Rodrigo Paz and Jorge “Tuto” Quiroga to an Oct. 19 runoff.
  • Venezuela’s Nicolás Maduro wrote to President Trump on Sept. 6 calling for direct talks to defuse tensions, proposing engagement via envoy Richard Grenell.
  • Trump said he disagrees with UK PM Starmer’s plan to recognize a Palestinian state, reiterating US opposition.
  • Argentina’s Javier Milei will meet President Trump in New York on Tuesday as his government seeks to halt a market selloff, stabilize the peso, and avert a debt crisis.

Technology Advancements in the week

  • Meta unveiled the $799 Ray-Ban Display smart glasses with a screen and AI features (texts, video calls, live captions, wristband gestures), on sale Sept. 30.
  • Apple’s iPhone 17 Pro/Pro Max and iPhone Air went on sale with strong early demand for the Pro line on battery/camera upgrades; Pro starts at $1,099.
  • Uber will trial Uber Eats drone deliveries with Flytrex in select markets by year-end, alongside a strategic investment in the startup.
  • Oracle is in talks with Meta on a multiyear ~$20B cloud deal to supply AI compute on OCI for training and deployment.
  • Doña Ana County approved $165B in industrial revenue bonds and tax breaks for BorderPlex/STACK data centers across four sites near the US–Mexico border.

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