Dollar Hits 4-Year Low

Dollar weakens as markets price Fed cut; equities at record high

September 17, 2025

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🎯 In this issue:

  • Banana Bits: Finance headlines that actually matter

  • Market Recap: Razor-thin losses

  • What’s Ripe / Rotten: The tastiest and most disgusting stocks 

  • Technical Trip: Interview Q&A from UBS

  • Deal Dispatch: M&A, IPOs, and other transactions 

Market Snapshot

📉 Banana Bits

How 433 Investors Unlocked 400X Return Potential

Institutional investors back startups to unlock outsized returns. Regular investors have to wait. But not anymore. Thanks to regulatory updates, some companies are doing things differently.

Take Revolut. In 2016, 433 regular people invested an average of $2,730. Today? They got a 400X buyout offer from the company, as Revolut’s valuation increased 89,900% in the same timeframe.

Founded by a former Zillow exec, Pacaso’s co-ownership tech reshapes the $1.3T vacation home market. They’ve earned $110M+ in gross profit to date, including 41% YoY growth in 2024 alone. They even reserved the Nasdaq ticker PCSO.

The same institutional investors behind Uber, Venmo, and eBay backed Pacaso. And you can join them. But not for long. Pacaso’s investment opportunity ends September 18.

Paid advertisement for Pacaso’s Regulation A offering. Read the offering circular at invest.pacaso.com. Reserving a ticker symbol is not a guarantee that the company will go public. Listing on the NASDAQ is subject to approvals.

Market Recap

Stocks Dip, Year Still Strong

U.S. equities closed modestly lower as investors held back ahead of the Fed’s policy announcement. 

The Dow Jones slipped 0.27% to end the day, while the S&P 500 and NASDAQ were also slightly lower. Small-cap names were also weaker, with the Russell 2000 down about 0.08%, showing that caution spread across the market. 

Even with today’s dip, stocks are still having a strong year overall. The S&P 500 is up more than 12% in 2025, the Nasdaq nearly 16%, and the Dow around 8%. 

Sector performance was mixed. Energy stocks climbed after Brent crude rose to $68.52 a barrel, while utilities and real estate dropped as Treasury yields moved lower. The 10-year yield finished around 4.04% and the 2-year yield at 3.95%, reinforcing expectations that the Fed is most likely cutting rates soon.

Economic data added another layer to the day’s trading. 

August retail sales grew 0.6%, beating forecasts of about 0.2-0.3% and showing consumer spending remains resilient. However, high borrowing costs are taking a toll on households, with rising loan and delinquency and slipping credit scores raising concerns. 

Fund managers remain cautiously optimistic that the U.S. can achieve a soft landing, but valuations and political pressure on the Fed add uncertainty. Until tomorrow’s Fed decision, markets are likely to stay cautious.

What's Ripe

Bloom Energy Corporation (BE) 9.4%

  • BE jumped after an analyst upgraded the stock, pointing to accelerating orders in its clean-energy segment and expanding margin potential.

  • Recent contract wins and growth expectations fueled the rally. 

Steel Dynamics, Inc. (STLD) 6.2%

  • STLD climbed after the company raised its full-year guidance, stating strong demand in construction and automotive steel production.

  • The positive outlook increased investor confidence in cyclical recovery plays.  

What's Rotten

Bionano Genomics, Inc. (BNGO) 35.7%

  • BNGO collapsed today after the company warned of weaker-than-expected quarter results and announced upcoming restructuring. 

  • The heavy drop reflected deep investor concern over the sustainability of its business model. 

Rocket Lab USA, Inc. (RKLB) 12.6%

  • RKLB fell following news of a potential $750 million share offering, raising fears of dilution and capital raise ahead of planned launches. 

  • The timing scared investors already weary about execution risk in space ventures. 

🧠 Technical Trip

Q&A Interview with UBS

👉 Want 1-on-1 recruiting help from UBS bankers & 2,000+ top mentors? Apply to WSO Academy

🦈 Deal Dispatch

M&A, IPOs, And Other Notable Transactions

Banana Brain Teaser

Previous

The price of lunch for 15 people was $207.00, including a 15% gratuity for service. What was he average price per person, excluding the gratuity?

Answer: $12.00

Today

There are 8 teams in a certain league, and each team plays each of the other teams exactly once. If each game is played by 2 teams, what is the total number of games played?

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The trick is to survive first and make money afterward.

George Soros

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Happy Investing,
Chris, Vyom, Ankit, Mitchell, Colin & Patrick