Oura Pulls it’s IPO Last Minute, FICO’s Monopoly Comes Under Fire
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Public.com presents the rundown, your daily market update in 10 minutes. My name is Zayd Mani, and today is Tuesday, September 29th. In today's episode, we'll break down why many stocks in the SP are making lows despite the overall index sitting near record highs. We'll also tell you why Aura Ring just
delayed their highly anticipated IPO just hours before they were supposed to go live. Then stick around to the end of the show to find out why minivans are making a comeback.
We got a great show for you today. Let's go.
Stock started the week in the red. Yesterday the SP 500 fell 0.8%, which was its worst day in more than a month, while the NASDAQ dropped by 0.9% as oil and bond yields kept climbing. And by the way, the Dow Jones, which we haven't talked about, has had a rough month. It's now on track for its worst September in three years, but nobody cares about the Dow. So, all things considered though, I'd say the stock market is holding up pretty well given the elevated oil prices and bond yields. Both the SP and NASDAQ are near record highs. But there is something weird happening when you dig in a bit deeper in the indices. According to Goldman Sachs, about 45% of stocks in the SP 500 have had a negative beta over the last three months.
Basically, what that means is that nearly half the stocks in the SP. Have been moving in the opposite direction of the overall market. Now, a big reason that this is happening is the concentration at the top. A handful of mega cap tech and AI companies have gotten so large that they have so much weight and influence on the S P 500 that they can make the index look stronger, even when a large chunk of the market isn't doing so hot. And that's because oil prices and bond yields keep climbing, which is a drag on many companies. Companies because it means higher input costs and borrowing costs for businesses. The 10-year treasury yield keeps going up. It jumped to 5.25% yesterday, which is a 19-year high.
And the 30-year yield hit 5.57%, which is its highest since 2004. And oil is still hovering near $100 a barrel. Now, there was some good news to report on that front. Saudi Arabia just got their East-West pipeline back online. This pipeline Let's Saudi Arabia move oil to the Red Sea to bypass the short of Hormuz, but it was damaged earlier this month by a drone strike. Before the attacks, though, this pipeline carried 4 million barrels a day, which is about 4% of the global oil supply. So this pipeline coming back online should help improve supply and hopefully bring down prices. And by the way, the other good news here is that negotiations are still happening between the US and Iran. So if that actually goes somewhere,
We could get even more relief on oil prices. We'll continue to keep an eye on the oil market, bonds, and stocks, along with everything else happening. By the way, there are some interesting earnings happening this week as well. Micron reports on Wednesday and Nike reports on Thursday. And then, of course, we have the big jobs report on Friday. We'll break all that down later in the week. So definitely get subscribed to the podcast if you haven't already and tune in every day to stay in the loop.
Let's run through some headlines. Starting with Aura Ring. Aura was supposed to go public today, but at the last minute, the
Smart Ring Maker postponed their IPO, blaming uncertainty in the IPO market. Now, this is very strange for a company that pulled the plug like this last minute. Before we dive into that, a quick background on the company. Aura was founded back in 2013. They make those smart rings that you've probably seen some people wear that track things like sleep, heart rate, body temperature, and activity. Now these rings are pretty expensive, they cost like four to five hundred dollars. And then Aura also has a subscription service on top of that, which is like $70 a year, which gives you more detailed health data and AI powered insights. And look, these rings are popular. Business has been growing fast. Aura has 5.7 million paying subscribers, and revenue for the first nine months of the year jumped 74% to 1.21 billion dollars.
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