Weekly Newsletter October 05 – October 11

• Uneven gains. The S&P 500 rose 1.15%, but the Russell 2000 fell 0.91%, a 2.06-percentage-point gap.
• Inflation pressure. Services prices reached 74.0 and year-ahead inflation expectations rose to 4.7%, complicating the Fed’s next decision.
• Cost of capital. The 10-year yield ended at 5.261% and mortgage rates reached 7.40%, keeping financing expensive.
• Energy risk. Gulf production shut-ins added a near-term supply shock as the IEA pressed for faster release of pledged reserves.
• Crypto flows. Bitcoin ETFs lost about $731 million over October 7–8; seven-day crypto returns still await the agreed cutoff.
• AI funding. Constellation plans over $4.3 billion in nuclear investment, while SpaceX seeks $40 billion to finance chips.

• TRex Bio (NASDAQ: TRXB) priced approximately 8.33 million shares at $14, raising $117 million; shares finished Friday at the offer price.
• Retension Pharmaceuticals (NASDAQ: RTSN) priced 3.75 million shares at $12, raising $45 million in an upsized IPO; shares finished Friday 12% below the offer price.
• Pine Tree Acquisition (NASDAQ: PAXGU) priced 10 million units at $10, raising $100 million in a SPAC IPO; units finished Friday approximately flat.
• DayOne Data Centers (NASDAQ: DODC, proposed) filed for a U.S. IPO that Renaissance Capital estimates could raise $3 billion; offering terms remain pending.
• OPay (NYSE: OPAY, proposed) filed for a U.S. IPO that Renaissance Capital estimates could raise $500 million; offering terms remain pending.
• vVardis (NYSE: VVVV, proposed) filed for a U.S. IPO that Renaissance Capital estimates could raise $200 million; offering terms remain pending.

1. S&P 500 closed at 7,811.54, rising 88.82 points, or 1.15% for the week.
2. Russell 1000 closed at 4,247.06, rising 49.36 points, or 1.18% for the week.
3. Russell 2000 closed at 2,806.98, falling 25.92 points, or 0.91% for the week.
4. Russell 3000 closed at 4,419.32, rising 47.77 points, or 1.09% for the week.
5. CBOE (VIX) closed at 14.84, falling 0.47 points, or 3.07% for the week.
6. Dow Jones closed at 51,654.95, rising 477.99 points, or 0.93% for the week.
7. NASDAQ (IXIC) closed at 27,366.17, rising 175.31 points, or 0.64% for the week.
8. Bitcoin closed at $83,679.47, falling $2,800.83, or 3.24% for the week.
9. Ethereum closed at $2,534.70, falling $191.81, or 7.04% for the week.
10. Solana closed at $111.24, falling $10.29, or 8.47% for the week.
11. XRP closed at $1.4092, falling $0.1110, or 7.30% for the week.
12. Gold futures closed at $4,216.30, rising $54.00, or 1.30% for the week.
13. Silver futures closed at $61.048, rising $1.071, or 1.79% for the week.
14. WTI crude futures closed at $91.85, rising $0.74, or 0.81% for the week.
15. Brent crude futures closed at $104.72, rising $2.47, or 2.42% for the week.

1. Fed minutes showed officials concerned that energy costs and AI investment could sustain inflation; most anticipated another rate increase by year end.
2. September’s ISM services index eased to 54.9, while its prices index reached 74.0, the highest since July 2022.
3. Preliminary October consumer sentiment fell to 46.3 from 48.1 in September; year-ahead inflation expectations rose to 4.7%.
4. The 10-year Treasury yield ended Friday near 5.261%, down 3.5 basis points for the week after reaching a 24-year high.
5. Freddie Mac’s average 30-year mortgage rate climbed to 7.40% from 7.28%, increasing homebuyer borrowing costs.
6. Hurricane Isaias prompted producers to shut in approximately 1.5 million barrels per day of Gulf of Mexico oil output by Friday.
7. The IEA said roughly 100 million barrels of previously pledged emergency stocks remained unreleased and urged faster action on diesel supplies.
8. U.S. spot Bitcoin ETFs recorded roughly $487 million in outflows October 7 and $244 million October 8, reversing recent inflow momentum.

1. Iran called the U.S. response to its conditions for reopening the Strait of Hormuz insufficient; Qatar continued relaying messages between both sides.
2. Trump said the U.S. would not attack Iran before November’s midterm elections, while the governments remained divided over enrichment and Hormuz access.
3. Washington temporarily eased sanctions on Russian fuel after Trump said Moscow agreed to supply more than 300,000 metric tons of diesel to global markets.
4. Trump announced a Russia–Ukraine energy ceasefire, but Zelenskiy said Kyiv awaited details and reported continuing Russian strikes on energy infrastructure.
5. Houthi attacks struck Riyadh’s airport over the weekend, killing 13 in Saturday’s strike and causing additional injuries on Sunday.
6. China allocated 550 billion yuan ($82 billion) in unused government debt quotas to support local finances and infrastructure investment.
7. The U.S. suspended Microsoft, Adobe and several IT services firms from a key employment-based green-card process while investigating alleged program abuse.
8. Spain’s Pedro Sánchez called a November 29 snap election after parliament rejected his government’s housing relief measures.

• Google and Constellation signed a 20-year agreement to add 890 megawatts of nuclear capacity, backed by more than $4.3 billion in planned investment.
• SpaceX sought $40 billion in financing to buy Nvidia AI chips, according to Reuters sources; the funding had not been completed.
• Samsung projected third-quarter operating profit of approximately 107.4 trillion won, up from 12.17 trillion won a year earlier.
• TSMC reported record third-quarter revenue of T$1.49 trillion ($46.71 billion), up 50% year over year as AI-chip demand accelerated.
• Black Hills planned $1.8 billion in generation investment for a proposed Google data center in Wyoming, including 564 megawatts of new capacity.
• Marvell raised its fiscal 2028 revenue target to approximately $20 billion and set a $70–90 billion fiscal 2031 target.
• Microsoft unveiled an AI coding model designed to run on PCs and new controls restricting agents’ access to sensitive data.
• SpaceX agreed to acquire nationwide 800 MHz spectrum for Starlink Mobile, strengthening its direct-to-phone plans; the transaction requires FCC approval.

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