TLDR

🟢 MARKET RECAP → The tech-heavy Nasdaq (QQQ) closed a perfect week of all-time highs as markets shook off inflation data, AI continued to drive investor optimism, and traders bet a quarter-point rate cut is nearly certain at next week’s FOMC meeting.

🎢 OPENDOOR SLASHES STAFF → Opendoor (OPEN) stock rose nearly 80% during Friday’s trading session as it is set to fire ~85% of its 1,400 employees, leaving ~200, as new leadership, including Kaz Nejatian and returning co-founder Eric Wu aim to trim costs and restore mission focus. However, shares gave up the initial boost and closed ~14% lower.

🌕️ GEMINI SKYROCKETS → Gemini (GEMI) IPO’d at $28, then rocketed over 30% in its Nasdaq debut, raising $425M and landing at a ~$4.4B valuation — strong demand but heavy losses remain. GEMI ultimately closed at $32/share, up ~14% on its first day of trading.

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MARKETS

Market Snapshot

Today’s S&P 500 Heatmap

Notable Earnings:
Week Beginning September 15, 2025

Chart of The Day

REAL ESTATE

Opendoor Slashes Staff

🪓 Massive layoff ahead. Opendoor (OPEN) board chair Keith Rabois says he plans to reduce the company’s workforce by about 85%, cutting from roughly 1,400 employees to just 200, calling the current team “bloated.”

📉 Board shake-up plus CEO return. Alongside his elevation, former Shopify exec Kaz Nejatian is now Opendoor’s CEO, and co-founder Eric Wu is returning as a board member. Rabois criticizes remote work and says the company has drifted from its original mission.

🔥 Burning cash blamed. The cuts are positioned as necessary to stem Opendoor’s cash burn and refocus on core operations. The move follows investor pressure and concerns over operational inefficiency.

IPO

Gemini Skyrockets

📈 IPO pops big. Gemini Space Station (GEMI) shares surged as much as 32.2% in their Nasdaq debut, opening at $37.01 — well above the $28 IPO price. The spike valued the company at ~$4.4 billion.

💰 Strong demand, high price. The IPO raised $425 million through the sale of ~15.2 million shares at $28 each — slightly fewer shares than initially planned, but the raised trading price range (above the original $24–$26) marked strong investor interest.

📉 Still growing fast, still losing. Gemini reported a net loss of $282.5 million in the first half of 2025, with revenue declining year-over-year even as user base, trading volume, and assets under management rose.

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