**Market Pulse**
In a significant development, T-Mobile US has agreed to pay $31.5 million to settle data breach cases with the Federal Communications Commission. The settlement, which includes a $15.75 million civil penalty and an additional $15.75 million investment in cybersecurity over two years, resolves multiple investigations into breaches affecting millions of US customers between 2021 and 2023.
Meanwhile, CVS Health is considering a company breakup as part of its strategic review, according to reports. The board is exploring options amid shareholder pressure, including separating its retail and insurance units. However, a decision is not imminent, and the review may result in no major changes.
In another major deal, PepsiCo is reportedly in advanced talks to acquire Siete Foods, a grain-free and dairy-free Mexican-American food company, for over $1 billion. Founded in 2014, Siete Foods has become one of the fastest-growing Latino food brands in the US, with projected sales of $250 million by 2022.
**Earnings and Events**
PepsiCo is set to report earnings on October 8. Other notable events include Harmony Biosciences’ Investor Day, Apollo Global Management’s Investor Day, and FedEx’s Forward Service Provider Summit. Curbline will start trading on the New York Stock Exchange, while South Bow Corporation will begin trading as a standalone company after spinning off from TC Energy.
**Market Update**
As of 6 am, Dow, S&P, and Nasdaq futures are in the red. Crude oil is down 1.6% at $67/barrel, while Bitcoin is up 0.6% at $63,000. In global markets, the FTSE 100 and DAX are both down 0.3%. Li Auto is leading the premarket movers, up nearly 4% after announcing a 48.9% year-over-year increase in September vehicle deliveries.
Today’s economic calendar includes the PMI Manufacturing Final at 9:45 am and a session with Federal Reserve Board Governor Lisa Cook at the “Technology-Enabled Disruption” conference.
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