Weekly Market Recap | Jan 06 – Jan 12

IPO’s in the week

• The Mint Corporation, a global provider of prepaid financial products for underserved communities, has gone public on the Nasdaq under the ticker MIMI. The IPO, launched on January 9, 2025, offered 1,750,000 shares at $4.00 each. Mint specializes in customized prepaid card programs, advancing financial inclusion worldwide while offering investors a stake in its growing impact.
• 3E Network Technology Group, through its subsidiaries, delivers B2B information technology solutions across industries such as food establishments, real estate, exhibitions, and clean energy utilities. The company debuted on the Nasdaq under the ticker MASK on January 8, 2025, offering 1,200,000 shares at $4.00 each.
• Cantor Equity Partners I, Inc., a blank check company formed to pursue mergers, acquisitions, and business combinations, has gone public on the Nasdaq under the ticker CEPO. The IPO, launched on January 7, 2025, offered 20,000,000 shares at $10.00 each, positioning the company to target strategic opportunities across various sectors.
• Zhengye Biotechnology Holding, through its operating entity Jilin Zhengye Biological Products Co., Ltd. in Jilin, China, specializes in the research, development, manufacturing, and sales of veterinary vaccines, particularly for livestock. The company went public on the Nasdaq under the ticker ZYBT on January 7, 2025, offering 1,500,000 shares at $4.00 each.

Markets this week

1. 1. The S&P 500 lost 155.041 points or 2.59% during the week.
   2. The Russell 1000 dropped 8.79 points or 2.68% during the week.
   3. The Russell 2000 fell 86.48 points or 3.80% during the week.
   4. The CBOE Volatility Index rose 2.77 points or 16.52% during the week.
   5. Bitcoin USD dropped $3,613.50 or 3.67% during the 5-day trading period. 
   6. Ethereum USD declined by $366.62 or 10.09% over the 5-day trading period.
   7. Gold gained $71.90 or 2.72% during the week.
   8. Silver rose by $0.93 or 3.06% during the week.
   9. WTI gained $2.52 or 3.4% during the week.
   10. Brent Crude Oil increased by $3.09 or 4.04% during the week.

• The US stock market faces a key test as earnings season begins, with investors assessing whether strong gains align with corporate profits.
• China’s stock market sees its worst start to a year since 2016, with the CSI 300 Index down over 5%, driven by policy uncertainty and trade tensions.
• According to government data released on Friday, US core inflation likely eased slightly in December 2024, with core CPI rising 3.3% year-over-year, reinforcing the Fed’s cautious approach to rate cuts.
• The S&P 500’s $18 trillion rally is at risk due to rising Treasury yields, with experts warning of a potential market correction if the 10-year yield surpasses 5%.
• The People’s Bank of China is deploying additional measures to defend the yuan as weak fiscal stimulus and growth, along with US tariff threats, put pressure on the currency.
• Steve Cohen’s Point72 Asset Management will return $3 billion to $5 billion to investors after a 19% return in 2024 and shift some costs to clients in early 2025.
• Circle CEO Jeremy Allaire confirmed a $1 million donation to Trump’s inaugural committee as crypto industry leaders seek influence and seats on the upcoming digital-asset advisory council.
• Despite the Fed cutting rates by 100 basis points since mid-September, 30-year Treasury yields have risen, driven by concerns over persistent inflation and ongoing government borrowing.
• Warren Buffett’s middle child, Howie, will become nonexecutive chairman of Berkshire Hathaway.
• Constellation Energy is buying Calpine for $29.1 billion, combining its nuclear fleet with Calpine’s natural gas power, highlighting the growing value of power stocks.
• In 2024, large-cap growth mutual funds continued their strong performance, largely driven by top stocks like Nvidia, Tesla, and Amazon, with megacap names such as Alphabet, Apple, Meta, and Microsoft dominating fund portfolios.
• Japanese stocks hit new highs in 2024, but the U.S. blocking Nippon Steel’s acquisition of U.S. Steel has strained ties with Japan.
• The People’s Bank of China will issue 60 billion yuan in bills in Hong Kong to stabilize the yuan’s offshore rate amid growing U.S. trade tensions.
• Commodity Futures Trading Commission Chairman Rostin Behnam will step down on January 20, ahead of a second Trump term.
• Australian wealth manager Insignia Financial received a US$1.8 billion takeover offer from CC Capital Partners, two weeks after rejecting a US$1.7 billion bid from Bain Capital.
• Ligado Networks filed for bankruptcy, accusing the U.S. government of blocking its licensed spectrum and seeking compensation through a lawsuit.
• Sixth Street has partnered with Northwestern Mutual to manage $13 billion of assets, primarily invested in asset-based finance. Northwestern Mutual will also take a minority stake in Sixth Street to support its growth.
• Payroll-services company Paychex is acquiring Paycor HCM for $4.1 billion, offering $22.50 per Paycor share, a 19% premium.