Instacart’s Nasdaq debut initially saw its shares surging over 43% but then pulled back to only 13% before the market closed. This brings
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2023-09-20 | Sign Up | View Online | Advertise
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Market Snapshot 📷
S&P 500 4,443.95 -0.22%
Nasdaq 13,678.19 -0.23%
Dow 34,517.73 -0.31%
10-Year 4.365% +0.046%
Oil 91.65 +0.19%
Gold 1,952.90 -0.03%

*All data as of the previous day’s market close.

Markets & Economy
Canadian inflation jumps; October rate hike bets rise (2 min read)

Canada's annual inflation rate rose to 4% in August from 3.3% in July, indicating possible further rate hikes as it stays well above the Bank of Canada’s 2% target. The increase was mainly driven by higher gasoline prices, which had dropped significantly in the previous year. Money markets are now predicting a 36% chance of a rate hike in October, up from 23% before the data release. However, some experts still believe the chance of a rate hike is low due to the economic slowdown in Canada.
Striking unions impacting the economy at a level not seen in decades (4 min read)

The United Auto Workers (UAW) strike, part of a growing trend of labor disputes, could impact the US economy if it expands. Currently, the strike has a limited impact, but if it escalates and affects the 146,000 union members at major automakers, it might lead to a 1.7% GDP hit. Labor conflicts have already caused a substantial loss of work hours this year, with unions becoming more assertive in demanding higher wages due to rising inflation.
Business & Stocks
Instacart valuation zooms above $14 bln after stock pops 43% in debut (2 min read)

Instacart’s Nasdaq debut initially saw its shares surging over 43% but then pulled back to only 13% before the market closed. This brings the company’s valuation above $9 billion which is still considerably lower than the $39 billion it had in 2021. But the overall success in Instacart’s debut, along with other recent IPOs, may encourage more startups to explore going public, reviving the IPO market that has been relatively quiet in the last several years.
Disney plans to nearly double its investment in parks and cruises business (2 min read)

Disney said it will nearly double its initially planned investment to roughly $60 billion in its park business over the course of 10 years. Despite challenges in its media and entertainment business, Disney's theme parks, experiences, and products division has performed well. It seems that Disney plans to leverage its brands and intellectual property to enhance its theme parks, domestic and international, to reverse the company’s overall slowing business.
Funds & ETFs
What Is a Genomics ETF? A Complete Guide to the Breakthrough Biotech (4 min read)

With a growing prevalence of genetic diseases and advancements in gene editing, the genomics sector shows promise, though it still carries risks and volatility. This article takes a closer look at genomics and some of the top companies in this sector. For investors interested in this space, genomics ETFs are a great way to gain broad exposure without the need to pick stocks. The current largest genomics ETFs are highlighted in this article.
Here’s Why Grayscale’s Bitcoin Trust Discount Isn't Lower (2 min read)

The Grayscale Bitcoin Trust's (GBTC) legal victory against the SEC to become an ETF has raised hopes for the first spot Bitcoin ETF in the US, but uncertainties still remain. The GBTC discount, which is a way to measure investor sentiment on the trust's conversion likelihood, has shrunk to its lowest level as a result of the court victory. However, the discount did not reach zero despite the big win which may suggest lingering doubts about the ETF conversion.
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