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Major Averages Decline as September Rate Hike Probability Rises to 60%

The major averages finished lower for the day, though still advanced on a monthly basis in August. The pullback to start the week followed renewed fighting between the U.S. and Iran, which has pushed oil sharply higher and raised concerns about another inflationary shock.Markets are now pricing roughly a 60% probability of a September rate hike, up from about 41% a week ago. Fed Chair Kevin Warsh's hawkish Jackson Hole comments, combined with renewed energy-price pressures, have pushed investors to reconsider expectations for monetary easing.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:PG&E, Edison Internationaland Sempra Energywere trading lower after the California Legislatureto address the state's wildfire risk reduction and recovery frameworkAon plcUSI from KKRfor $17BOpenAI plans toproviding AI models to SpaceX'sCursorEli Lillywillfor $2.88B in cashSLBKelvion from Apollo Globalfor a total consideration of $4.1B2. WALL STREET CALLS:Deereraised to Outperform as Bairdfour agriculture names on 2027 recoveryPG&Eat Wells Fargo, Mizuho and BMO on lack of California wildfire reformBraveheart Biowaswith a Buy or equivalent rating at no less than five firmsAbercrombie & Fitchto Buy at Argus on evidence of improved salesGuggenheimTenax Therapeuticson clinical, regulatory uncertainty3. AROUND THE WEB:Apple'sPhil Schiller is stepping down from his position leading the tech giant's App Store and product events, Bloomberg reportsSoftBank-backedSB Energy issued warrants worth an estimated $5.5B to OpenAI in order to secure it as a data-center tenant for a 20-year lease ahead of its initial public offering, WSJ saysGlencorehas taken a provision of $480M on its exposure to Radiant World, which covers Glencore's entire outstanding net exposure to Radiant, Bloomberg reportsGeneral Motorsworkers in Canada approved an agreement to invest over $720M in Canadian plants, Reuters reportsMetaremoves advertisements from Facebook and Instagram after India flagged a pattern of ads using sexually explicit content to lure users into downloading malware that could steal banking information and drain accounts, Reuters says4. MOVERS:CrowdStrikewas higher afterwith Cognizant, expanding its Project QuiltWorks, and announcing the availability of its Falcon platform on Google CloudTeslagained after, "SpaceX and Tesla are each building 100GW/year of solar production capacity as fast as possible, but natural gas will still be needed to supplement and bootstrap solar for several years"XP Inc.increased in New York after Itau BBAthe stock to OutperformHerbalifewas lower after announcing Gratziani willAmazon (AMZN) fell after the FTC and 22 U.S. statesover an alleged secret ad surcharge scheme5. EARNINGS/GUIDANCE:SAICand raised its outlook for FY27GameStopreportedNextech3D.AI, with revenue higher year-over-yearPulsenmore, with CEO Dr. Elazar Sonnenchein commenting on "a transformative period"BioLineRx, with revenue lower year-over-yearINDEXES:The Dow fell 374.09, or 0.70%, to 53,185.90, the Nasdaq lost 31.53, or 0.12%, to 26,370.89, and the S&P 500 declined 25.62, or 0.33%, to 7,686.14.

Major Averages Broadly Lower as Oil Prices Rise

The major averages were broadly lower near noon as higher oil prices added to inflation risks and consolidated concerns of an incoming rate hike by the Federal Reserve. The pullback follows renewed fighting between the U.S. and Iran, which has pushed oil sharply higher and raised concerns about another inflationary shock.Markets are now pricing roughly a 60% probability of a September rate hike, up from about 41% a week ago. Fed Chair Kevin Warsh's hawkish Jackson Hole comments, combined with renewed energy-price pressures, have pushed investors to reconsider expectations for monetary easing.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:PG&E, Edison Internationaland Sempra Energywere trading lower after the California Legislature amended Senate Bill 492 to address the state's wildfire risk reduction and recovery frameworkAon plcUSI from KKRfor $17BOpenAI plans toproviding AI models to SpaceX'sCursorEli Lillywillfor $2.88B in cashSLBKelvion from Apollo Globalfor a total consideration of $4.1B2. WALL STREET CALLS:Deereto Outperform as Baird upgraded four agriculture names on 2027 recoveryPG&Eat Wells Fargo, Mizuho and BMO on lack of California wildfire reformBraveheart Biowaswith a Buy or equivalent rating at no less than five firmsAbercrombie & Fitchto Buy at Argus on evidence of improved salesGuggenheimTenax Therapeuticson clinical, regulatory uncertainty3. AROUND THE WEB:SoftBank-backedSB Energy issued warrants worth an estimated $5.5B to OpenAI in order to secure it as a data-center tenant for a 20-year lease ahead of its initial public offering, WSJ saysGlencorehas taken a provision of $480M on its exposure to Radiant World, which covers Glencore's entire outstanding net exposure to Radiant, Bloomberg reportsGeneral Motorsworkers in Canada approved an agreement to invest over $720M in Canadian plants, Reuters reportsMetaremoves advertisements from Facebook and Instagram after India flagged a pattern of ads using sexually explicit content to lure users into downloading malware that could steal banking information and drain accounts, Reuters saysChangXin Memory Technologies, or CXMT, is suing the Pentagon to overturn its designation as a Chinese military company, WSJ reports4. MOVERS:CrowdStrikehigher after announcing awith Cognizant (CTSH, expanding its Project QuiltWorks, and announcing the availability of its Falcon platform on Google CloudTeslagains after, "SpaceX and Teslaare each building 100GW/year of solar production capacity as fast as possible, but natural gas will still be needed to supplement and bootstrap solar for several years"XP Inc.increases in New York after Itau BBAthe stock to OutperformHerbalifelower after announcingfrom role as CEOPinterestfalls after announcing theJulia Brau Donnelly5. EARNINGS/GUIDANCE:SAICand raised its outlook for FY27GameStopNextech3D.AI, with revenue higher year-over-yearPulsenmore, with CEO Dr. Elazar Sonnenchein commenting on "a transformative period"BioLineRx, with revenue lower year-over-yearINDEXES:Near midday, the Dow was down 305.95, or 0.57%, to 53,254.04, the Nasdaq was down 89.50, or 0.34%, to 26,312.92, and the S&P 500 was down 33.45, or 0.43%, to 7,678.31.

Several Companies Successfully Debut, BlossomHill Therapeutics Opens at $16.08

Several companies made their market debuts in the past week, highlighted by strong demand for new biopharma listings and a rare secondary only bank offering that drew attention for its structure.LATEST IPOS AND DIRECT LISTINGS:BlossomHill Therapeuticsopened on August 7 at $15.75. The company priced 9.375M shares at $16.00. The deal size was increased to 9.375M shares of common stock from 7.8M shares of common stock and priced within the $15.00-$17.00 range. BlossomHill Therapeutics is a clinical-stage biopharmaceutical company applying an intentional, chemistry-based approach to develop innovative small molecule medicines for the treatment of cancer.Latigo Biotherapeuticsopened on August 7 at $21. The clinical-stage biopharmaceutical company committed to developing innovative non-opioid pain medicines priced 19.2M shares at $18.00. The deal size was increased to 19.2M shares of common stock from 16M shares of common stock and priced at the high-end of the $16.00-$18.00 range.Ticketplusopened on August 7 at $7. The company priced 1.875M shares at $8.00. The deal priced at the low end of its $8.00-$10.00 range. Ticketplus is a technology company that operates a proprietary, full-stack technology platform powering live entertainment across Latin America.Braveheart Bioopened on August 6 at $30.20. The clinical-stage biopharmaceutical company developing next-generation therapeutics for hypertrophic cardiomyopathy and other serious cardiovascular diseases priced 21.25M shares at $18.00. The deal size was increased to 21.25M shares of common stock from 18.75M shares and priced above the $15.00-$17.00 range.River City Bankopened on August 6 at $45. The company priced its initial public offering of 2.7M shares of its common stock at a public offering price of $45.00 per share. The offering consists solely of existing shares held by two of the bank's longtime shareholders associated with the family of the bank's founder, Jon Kelly. As a result, the IPO is structured as a 100% secondary offering, with no new shares issued by the bank, River City noted. As of June 30, River City Bank had approximately $6.0B in assets, $4.7B in gross loans, and $5.4B in deposits.Attoviaopened on August 5 at $21.00. The company priced 17M shares at $17.00. The deal size was increased to 17M shares of common stock from 12.5M shares. The deal priced at the top of the $15.00-$17.00 range. All shares of common stock to be sold in the offering will be sold by Attovia. Attovia is a clinical-stage biopharmaceutical company developing next-generation biotherapeutics for immune-mediated diseases with high unmet need.RECENT SPAC IPOS:Pinnacle Acquisitionopened on August 7 at $9.97. Santander and CIBC Capital Markets are acting as joint book-running managers.TCGX Acquisitionopened on August 5 at $10.30. While the company may pursue an acquisition opportunity in any business, industry, sector or geographical location, it intends to focus its search on the healthcare and healthcare-related industries, particularly in the life sciences and medical technology sectors.PERFORMANCE:Prices as of 10:45 am ET on Monday, August 10 -BlossomHill Therapeutics – fractionally up at $16.08;Latigo Biotherapeutics – up over 1% at $18.47;Ticketplus – up more than 2% at $7.17;Braveheart Bio – fractionally up at $30.11;River City Bank – fractionally down at $46.76;Attovia – down almost 6% at $19.04;RECENT IPOS TO WATCH:Standard Nuclearand Csquareare already seeing coverage roll out, while QumulusAIis among stocks that could see new coverage this week as the quiet periods for banks that underwrote the companies' IPOs expire.UPCOMING IPOS:Upcoming IPO and direct listings expected include EvoAirand Inspire Brands.Clickto see upcoming IPO calendar on TipRanks.EvoAir Holdingshas filed for a firm commitment initial public offering of shares of common stock and anticipates that the initial public offering price of shares will be between $4.00 and $5.00 per share. The company said it will apply to list its common stock on the Nasdaq Capital Market under the symbol "EVOH". EvoAir Group is an emerging green technology focusing on eco-friendly heating, ventilation, air conditioning inventions and efforts in the environmental, social and governance initiatives. The Group is principally engaged in the research and development, manufacturing, sale and marketing of HVAC products for residential, commercial and industrial uses.Inspire Brandsannounced that it has confidentially submitted a draft registration statement on Form S-1 with the Securities and Exchange Commission relating to the proposed initial public offering of its common stock. Inspire Brands expects to use the net proceeds of the proposed offering to repay outstanding indebtedness under its existing term loan facility and pay offering fees and expenses."Opening Day" is The Fly's recurring series of stories on the latest initial public offerings, their performance, and upcoming IPOs.