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Illustration: Sarah Grillo/Axios

This is more than just a stock market rebound. The stock market is so frothy now that it's driving a whole slew of corporate actions that otherwise might well not have happened.

Why it matters: The IPO market, in particular, is white-hot. Lemonade, for example, a small home-insurance company, originally indicated that it would go public at between $23 and $26 per share. In the end it priced at $29 — and traded above $70 on its opening day.

  • Palantir, the secretive intelligence tech company that has delayed an IPO for years, cannot resist any longer — it filed to go public this week.

By the numbers: There were 28 IPOs in June, which raised $13.5 billion in total. On average second-quarter IPOs rose 38% on their first day of trading. And the Renaissance IPO Index rose an astonishing 54% over the course of the quarter.

  • Blank-check companies, or SPACs, also had a record quarter. (They're the companies that raise a lot of money by going public, without any idea of what industry they're in; later, they'll use the money to buy a company.) Twenty-four SPACs raised $7.2 billion in the second quarter, with Bill Ackman's $3 billion Pershing Square Tontine Holdings yet to come.
  • Eight previously-existing SPACs became proper companies, including Draft Kings (now worth $11 billion) and Nikola, an early-stage electric-truck company that the stock market values at $20 billion.

Uber didn't IPO again, but it did manage to issue 84 million new shares in order to acquire rival money-losing food-delivery service Postmates — and was rewarded for doing so by seeing its share price go up. That's despite the fact that key terms of the deal still haven't been disclosed.

The bottom line: Even Softbank, the butt of a million jokes and the controlling shareholder in the disaster that is WeWork, is trading at its highest level in 20 years. With valuations like these, expect more companies to start taking advantage of their share price to raise new equity or fund ambitious takeover bids.

Go deeper: Airbnb revives internal IPO conversations

Go deeper

What banks' booming profits say about the economy

Illustration: Sarah Grillo/Axios

Some of America's biggest banks are making more money now than they were before the pandemic hit.

Why it matters: Quarterly earnings out this week hint that the worst economic scenarios haven't yet come to pass. Still, executives are warning there could be a rocky road ahead for the economy.

Updated 1 hour ago - World

17 U.S. and Canadian missionaries kidnapped in Haiti

Haitian soldiers guard the public prosecutor's office in Port-au-Prince this month. Photo: Richard Pierrin/AFP via Getty Images

American officials and authorities in Haiti are working to try and free 17 hostages from a U.S.-based missionary group who were kidnapped in Port-au-Prince over the weekend, AP reported Monday.

The latest: Christian Aid Ministries said in a statement Sunday, "The group of 16 U.S citizens and one Canadian citizen includes five men, seven women, and five children." The Ohio-based organization said they were on a trip to visit an orphanage when they were kidnapped Saturday.

China's economic growth slows

A worker assembles heavy truck engines in Hangzhou in eastern China's Zhejiang Province, on Monday. Photo: Long We/Costfoto/Barcroft Media via Getty Images

China's economy grew 4.9% in the third quarter of 2021 compared with a year earlier, the country's National Bureau of Statistics announced Monday.

Why it matters: The gross domestic product growth in the July-September period in the world’s second-largest economy marked the "weakest pace since the third quarter of 2020 and slowing from 7.9% in the second quarter," Reuters notes.