The major averages were broadly higher near noon, recovering ground after Friday’s pullback as investors grow increasingly confident that the Federal Reserve will ease monetary policy soon. A softer nonfarm payrolls report last week has pushed the market-priced odds of a 25 basis-point rate cut in September to around 90%, with some even contemplating a potential half-point cut.
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Barclays has raised its projection to three rate cuts for 2025, up from two, while Standard Chartered now expects 50 basis points of easing in September alone. Markets are also positioning for key inflation data due later this week, including upcoming CPI readings that could sway the Fed’s decision.
Safe-haven assets remain a theme as gold continues its relentless ascent, breaking through the $3,600-an-ounce threshold for the first time and even fast-approaching $3,700, buoyed by the combination of dovish policy expectations, central bank demand, and geopolitical uncertainty. Meanwhile, oil prices are climbing higher as well, recovering from last week’s declines.
Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.
1. STOCK NEWS:
- EchoStar (SATS) agreed to sell WS-4, H-block spectrum licenses to SpaceX for $17B
- StubHub (STUB) announced the launch of its initial public offering, expected to price 34.04M shares at $22-$25
- Databricks has surpassed (APP), Robinhood (HOOD), and Emcor (EME) are set to join the S&P 500 at the open on September 22
- PNC Financial (PNC) agreed to acquire FirstBank with nearly 100 branches in Colorado and Arizona
2. WALL STREET CALLS:
- Boeing (BA) upgraded to Buy at Vertical amid “mid-cycle” shift in aerospace upcycle
- Chewy (CHWY) upgraded at Mizuho, here’s why
- Alphabet (GOOGL) downgraded to Accumulate from Buy at Phillip Securities
- Bullish (BLSH) coverage started with mix of Buy and Neutral ratings from Wall Street firms
- Duolingo (DUOL) initiated with an Underweight at Wells Fargo
3. AROUND THE WEB:
- Amazon (AMZN)– and Alphabet (GOOGL)-backed Anthropic has agreed to pay $1.5B to settle a class-action lawsuit from a group of authors who accused the AI company of using their books to train its AI chatbot Claude without permission, Reuters says
- Elliott Investment Management, an investment firm that has led past activist campaigns, has amassed a roughly $4B stake in PepsiCo (PEP), WSJ reports
- Volkswagen (VWAGY) was in discussions with the U.S. over investments in the country, Reuters says
- ASML (ASML) is set to become the top shareholder of AI startup Mistral AI, Reuters reports
- Jim Momtazee’s Patient Square Capital is exploring an acquisition of Premier (PINC), Bloomberg says
4. MOVERS:
- Rapport Therapeutics (RAPP) gains after announcing its Phase 2a trial of RAP-219 met its primary endpoint
- Innoviz (INVZ) increases in New York after being selected as a future series production supplier by a major commercial vehicle OEM
- Dianthus (DNTH) higher after reporting results from its Phase 2 MaGic trial of claseprubart
- Summit Therapeutics (SMMT) lower after announcing data from its Phase III HARMONi trial
- New Fortress Energy (NFE) declines after Capital One downgraded the stock to Underweight
5. EARNINGS/GUIDANCE:
- Children’s Place (PLCE) reported Q2 results, with EPS and revenue lower year-over-year
- UnitedHealth (UNH) reaffirmed its guidance for FY25
- Planet Labs (PL) reported Q2 results and provided guidance for Q3 and FY26
- Dynagas LNG (DLNG) reported Q2 results, with EPS and revenue higher year-over-year
- Toyo (TOYO) reported results for 1H and provided guidance for FY25
INDEXES:
Near midday, the Dow was up 0.06%, or 28.37, to 45,429.23, the Nasdaq was up 0.64%, or 138.13, to 21,838.52, and the S&P 500 was up 0.24%, or 15.24, to 6,496.74.
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Read More on BA:
- Alphabet downgraded, Boeing upgraded: Wall Street’s top analyst calls
- Boeing upgraded to Buy at Vertical amid ‘mid-cycle’ shift in aerospace upcycle
- BWX Technologies names Rik Geiersbach chief strategy officer
- Boeing upgraded to Buy from Hold at Vertical Research
- “Permanent Replacement Workers”: Boeing Stock (NYSE:BA) Slips as Scabs Come In