Business & Markets Update

*Public markets are on a tear, with 7 of the last 8 trading sessions higher across major US indices. Tariff concerns from the Trump administration have been a go-to talking point this week, which initially lifted the US Dollar and pushed treasury yields higher, but the equity markets have largely gone higher despite that, as most inflation data points from the last couple of months have kept rate fears subdued.

The S&P 500 has gone up +3.6% since the US Presidential election 3.5 weeks ago, and the small-cap Russell 2000 is +9.9% in that same time period. Year-to-date, the two closely watched indices are up +25.5% and +20.94%, respectively, thru Nov 27. The smaller-cap stocks inside the Russell index have been viewed as a larger beneficiary to the Trump administration & broader economic plan, and have outperformed both right before & certainly after the election.

Consumer confidence has trended higher headed into the holiday season (currently at a 16-mo high), and a recent survey from private equity firm Apollo suggests that a record high of 51.4% of Americans believe that stock prices in the US will be higher 12 months from now

Bitcoin is climbing back towards the elusive $100k price level (again). Since the election, Bitcoin is up ~ 40% as traders price in a more friendly regulatory environment with a President who fully supports the industry. The digital asset reached an all-time-high of $98,943 just last week.

Top Reads

Starbucks employees to get only 60% of bonus on worst year since Covid ( Link )

Fed officials see rate cuts ahead, but only 'gradually' ( Link )

Macy's says accounting employee hid ~$150M in delivery expenses ( Link )

GM / Cadillac will join F1 in 2026 ( Link )

Chipmaker Nvidia debuts Fugatto, an AI model that creates audio from text prompts and can modify existing songs ( Link )

New Treasury Secretary Scott Bessent Sees a Coming ‘Global Economic Reordering.’ He Wants to Be Part of It ( Link )

59% of polled Americans say that the ability to spend money on things that make you happy is a top sign of success ( Link )

Public & Private Dealmaking

Strength Training app Ladder secured $105m, including a $15m Series B led by Point72 Ventures, plus $90m from General Catalyst ( Link )

Paine Schwartz Acquires Promix, a High-Growth, Better-for-You Nutrition and Supplements Business ( Link )

Performance beverage maker BARCODE landed an undisclosed investment from former NBA star Metta World Peace ( Link )

Smart ring maker Oura landed a $75m investment from Dexcom, valuing the company @ $5b ( Link )

Front Row Group, an accelerator for health and wellness brands, secured a significant investment from HighPost Capital ( Link )

From the Team @ HPLT 12/2