Analyst Highlights
- Equities: Broad drawdown (S&P -2.79%, Dow -2.60%, Russell 3000 -2.88%) with small caps lagging (R2K -3.69%); volatility spiked (VIX +31.8%).
- Macro drivers: Escalating US–China tariff rhetoric (incl. 100% threat) raised earnings and supply-chain risk; markets still “orderly” per derivatives flows.
- Crypto deleveraging: 1.6M traders liquidated; altcoins saw outsized pain—monitor for residual forced selling.
- Commodities & FX: Energy slid (WTI/Brent -4%+), while gold firmed; dollar eased Friday but stayed strong on the week.
- Primary markets: Alliance Laundry (ALH) priced a large $826M deal; PXED was secondary (no primary proceeds); several small/mid offerings priced.
- Tech developments: OpenAI platform push deepens AI ecosystem; survey shows ~⅔ see AI outperformance continuing, but spend/ROI misalignment heightens bubble risk; data-center demand driving new gas capacity (Entergy/MISO).
IPO’s in the week
- Lake Superior Acquisition Corp (LKSPU, Nasdaq Global) — Blank-check company (BVI) targeting energy storage, social media, and consumer staples. IPO: Oct 7, 2025 • 10,000,000 units at $10.00 • $100M raised • Proceeds to pursue an initial business combination.
- POMDOCTOR Ltd (POM, Nasdaq Global) — China-based online medical platform focused on chronic disease management. IPO: Oct 8, 2025 • 5,000,004 shares at $4.00 • $20.0M raised • Funds to scale its one-stop telehealth and pharmaceutical services platform.
- Turn Therapeutics Inc. (TTRX, Nasdaq Global) — Pharma/med-device developer using its PermaFusion™ platform for dermatology and wound-care; exploring thermostable intranasal vaccines. IPO: Oct 8, 2025 • 17,868,760 shares at $5.83 • ~$104.2M raised • Proceeds to advance clinical programs and platform development.
- Alliance Laundry Holdings Inc. (ALH, NYSE) — Largest designer/manufacturer of commercial laundry systems. IPO: Oct 9, 2025 • 37,560,974 shares at $22.00 • ~$826.3M raised • Focus: high-reliability machines for laundromats, healthcare, hospitality, and other commercial end markets.
- LEIFRAS Co., Ltd. (LFS, Nasdaq Capital) — Japan-based youth sports schools & community coaching provider. IPO: Oct 9, 2025 • 1,250,000 shares at $4.00 • $5.0M raised • Focus: expand sports education programs and social-care services.
- One & one Green Technologies Inc. (YDDL, Nasdaq Capital) — Cayman holding operating via VIEs in the Philippines; recycles and trades scrap metals (e-waste, copper/alloy ingots, aluminum, plastics). IPO: Oct 9, 2025 • 2,000,000 shares at $5.00 • $10.0M raised.
- Phoenix Education Partners, Inc. (PXED, NYSE) — Parent of University of Phoenix, online education for working adults. IPO: Oct 9, 2025 • 4,250,000 shares at $32.00 • $136M raised (secondary; proceeds to selling shareholders) • Purpose: liquidity for existing holders; no primary proceeds to the company.
Markets Weekly
- S&P 500 closed at 6,552.51, down 187.77 points (2.79%) for the week.
- Russell 1000 (IWB) closed at 358.39, down 10.45 points and 2.83% for the week.
- Russell 2000 closed at 2,394.59, down 91.76 points (3.69%) for the week.
- Russell 3000 closed at 3,725.56, down 110.31 points (2.88%) for the week.
- Cboe (VIX) closed at 21.66, up 5.29 points (31.8%) for the week.
- Dow Jones closed at 45,479.60, down 1,215.37 points (2.60%) for the week.
- Nasdaq Composite closed at 22,204.43, down 737.24 points (3.21%) for the week.
- Bitcoin (BTC/USD) closed at 115,169.77, down 9,582.76 (7.68%) for the week.
- Ethereum (ETH/USD) closed at 4,164.43, down 523.34 (11.16%) for the week.
- Solana (SOL/USD) closed at 197.51, down 35.01 (15.05%) for the week.
- XRP (XRP/USD) closed at 2.5350, down 0.456 (15.24%) for the week.
- Gold closed at $3,975.90/oz, up $27.40 (0.69%) for the week.
- Silver closed at $46.94/oz, down $1.14 (2.38%) for the week.
- WTI crude closed at $58.90/bbl, down $2.79 (4.52%) for the week.
- Brent crude closed at $62.73/bbl, down $2.74 (4.19%) for the week.
- US stocks fell 2% after Trump’s China-tariff shock as VIX topped 21; correction fears grew amid wobbling AI leaders.
- Record $19B in crypto bets wiped out in 24 hours as Trump’s China tariff shock triggers broad selloff; 1.6M traders liquidated, with outsized damage in thinly traded altcoins.
- Stocks slid broadly as Trump’s China tariff threat hit risk assets: S&P 500 -2.7%, Nasdaq 100 -3.5%, Dow -1.9%; VIX topped 21.
- Safety bid intensified: 10Y Treasury yield fell 11 bps to 4.03% while gold rose 0.8% to $4,010; dollar eased after its best week of 2025.
- Oil dropped on growth jitters: WTI crude -4.3% to $58.84 as trade tensions stoked demand concerns.
- Global equities retreated: MSCI World -2.3%; Russell 2000 -3.0%; Magnificent 7 TR -3.8% as AI leaders wobbled.
- FX moves were mixed: euro $1.1619 (+0.5%), pound $1.3360 (+0.4%), yen 151.19 (+1.2%) as haven demand supported JPY.
- Crypto slumped: Bitcoin -5.6% to $114,341 and Ether -11% to $3,870 amid broad deleveraging.
- Commodities weakened beyond oil: copper, soybeans, wheat and cotton fell on growth and trade anxiety.
- Tariff rhetoric escalated: Trump threatened a “massive increase” on China and saw “no reason” to meet Xi, stoking supply-chain fears.
- Strategists warned of fragility: overvaluation and complacency raise correction risk even as big threats don’t always become big actions.
- Flows stayed robust: EPFR showed $20B into equities, $25.6B into bonds, $5.5B into crypto and $73B into cash—ample dry powder remains.
- Tariff shock deepens selloff as traders fear more downside amid shutdown risk and doubts over pricey AI leaders.
Politics Weekly
- Trump to impose additional 100% tariff on Chinese imports and curb “any and all critical software” exports starting Nov 1, escalating the trade war.
- China warns of retaliation; tech supply chains and rare-earth access face fresh uncertainty, pressuring risk assets.
- Trump and VP JD Vance signal openness to a China deal, even as Beijing’s new export controls remain a major obstacle to talks.
- Trump heads to the Middle East to cement the Israel-Hamas ceasefire and greet freed hostages, testing his peacemaker image.
- Macron names a new cabinet as reappointed PM Sébastien Lecornu races to pass a budget and avert another government collapse.
- Kim marks Workers’ Party 80th with a showcase of diplomatic clout—hosting China’s Li, Russia’s Medvedev, Vietnam’s To Lam—and debuting the Hwasong-20 ICBM.
- Ukraine claims drone strike on Bashneft’s Ufa refinery hit a crude-processing unit, third attack this year, causing airport disruption.
- Zelenskiy and Trump hold a second “very productive” call on air defense, long-range weapons, and energy ahead of a Ukrainian delegation’s US visit.
- China accuses the US of Cold War-style bullying after Treasury Secretary Scott Bessent said Argentina’s president is “committed to getting China out.”
- Canada vows to protect auto jobs and reduce US dependence, unveiling an industrial strategy to open new markets and prioritize domestic procurement amid US tariffs.
Technology Advancements in the week
- OpenAI opens ChatGPT to third-party developers, letting apps plug in so tasks run inside the chatbot—aiming to make it a unified gateway for digital services.
- Entergy moves to add new gas generation in Louisiana to power surging data-center demand; projects entered MISO’s expedited queue.
- Korea’s film industry turns to AI to slash costs and timelines after Mofac’s “King of Kings” breakout, fueling hopes alongside anxiety over jobs and creative integrity.
- Markets Pulse survey: ~2/3 see AI outperformance continuing, but most say spend isn’t justified; EPS +11% seen too optimistic.
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