Adjacent

The timing of today's market crash is noteworthy. As selling pressure spreads, the Nasdaq 100 is now down nearly -5% on the day. Meanwhile, the market-implied odds of a Democrat "sweep" in the Midterms next week has surged from 65% to 72% today, a record high. That's +7 percentage points in 2 days amid this market downturn. We have yet to receive a comment from the Trump Administration regarding the current situation in the market. However, what is clear is that the timing of today's market crash will be consequential. And, even as technology stocks drop sharply, US Treasury Yields are barely seeing any relief. This leaves us with high rates, a falling stock market, $100+ oil prices, and rising CPI, PPI, and PCE inflation. Next week is going to be interesting, to say the least.

trade[XYZ] and ICE, owner of the New York Stock Exchange, are joining forces to bring 24/7 perpetual futures on Hyperliquid to the United States. In just over a year, our markets on Hyperliquid have surpassed $650 billion in volume. They provide continuous price discovery for stocks, indices, and commodities, and have become trusted reference points for retail and institutions alike when traditional markets are closed. Much of the world trades them. Until now, Americans could only watch. We intend to change that. Subject to CFTC approval, trade[XYZ] and ICE plan to establish a new, dedicated U.S. market, with novel exchange and clearing infrastructure built on Hyperliquid. Planned contracts span equities, indices, commodities, FX, and crypto, with access through participating brokers and platforms. We’ll share more on products, eligibility, and timing as approvals progress. ICE brings more than 25 years of experience operating regulated markets, clearing, and managing risk. trade[XYZ] brings the product development, market design, and technology behind the most liquid and robust markets on Hyperliquid. Innovation and the protections of U.S. regulation shouldn’t be a trade-off. Together, we plan to prove it. ICE is making a strategic investment in trade[XYZ] and joins us in building towards the future of Hyperliquid. A small group of market luminaries is joining as well, beginning with Stan Druckenmiller. For more than four decades, few investors have anticipated the great turns in markets as often as Stan. We’re proud to have him with us for the next one. We’re building the U.S. market in parallel with our existing HIP-3 markets, which we’ll continue to expand and innovate on. We expect both to flourish. They each have a long road map ahead, from new asset classes to new ways to trade them. To the Hyperliquid community, whether you were here before us or came because of us, thank you. You took a chance on new markets and you made them matter. You’ll forever be a part of this story. Anything. Anytime. On ICE[XYZ].

Carolina Panthers will face déjà vu moment at Green Bay. Can they rebound again? heraldsun.com/sports/article…

This is an insane graph that was not imaginable at the beginning of the year when we thought the main battleground states would be GA & NC. Now we have five battleground states in Trump +11 to +16. There are going to be a lot of close races on election night. The seven races that will decide control of the Senate washingtonpost.com/politics/…

The odds of October: based on Fed speak chances of a hike are still 40%

Voter turnout in Israel is reaching levels not seen in more than 50 years as Prime Minister Benjamin Netanyahu faces a critical election. @TreyYingst reports from Tel Aviv, where 55.7% of eligible voters had already cast their ballots by 4 p.m. local time, the highest turnout at that point in the day since 1973. Security is front and center for voters, from the aftermath of the October 7 massacre to the ongoing conflict with Iran. But even after the results come in, forming a new government could take weeks. Stay up to date with the latest headlines and breaking news download the FOX News app: foxnews.onelink.me/xLDS/z2jy…

BIG NEWS FOR ROBINHOOD $HOOD! Bernstein predicts Robinhood’s prediction markets could generate $1.7 billion annually by 2028. That’s higher than its projected $1.6 billion in crypto trading revenue. The business is expected to grow from roughly $650 million in 2026. Prediction markets could account for nearly 18% of Robinhood’s total revenue by 2028. Bernstein also maintains its $160 price target for $HOOD. 🚀

I am shocked, absolutely shocked, that Anthropic ARR has likely gone vertical in October after they cut token prices. Except the exact same thing happened for the entire AI market, which is why GPU rental prices have surged while token prices declined. $100b plus in year-end ARR looks possible again.

Brazil’s Supreme Court extended voting hours across the nation until 7 p.m. in Sunday’s election, after separate requests from President Luiz Inácio Lula da Silva and challenger Flávio Bolsonaro. bloomberg.com/news/articles/…

BREAKING: The total value of the US stock market has surged to 350% of the US M2 money supply, the highest level since the 2000 Dot-Com Bubble. Since the 2022 bear market, this ratio has surged +170 percentage points. Over this period, the S&P 500 has rallied +118%, while M2 has risen +9%. In other words, the stock market's gain has outpaced the money supply growth by 13x. The last time equity market growth exceeded M2 growth by a larger amount was from 1995 to 1999. Asset owners are winning.