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Kraft Heinz announces separation, Elliott builds $4B PepsiCo stake: Morning Buzz

The major averages were broadly lower near noon following the long weekend. Investors are weighing the latest developments on U.S. tariffs, as a U.S. appeals court late last week ruled that most of President Trump’s proposed tariffs are illegal, including the so-called “reciprocal” tariffs and a separate slate of levies imposed against China, Canada, and Mexico. In response, the president posted on Truth Social that all of his proposed tariffs “are still in effect,” accusing the court of partisanship. The case is anticipated to be appealed to the U.S. Supreme Court, according to Reuters.

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Meanwhile, the early September landscape shows a market caught between the pull of safe havens and the drag of policy uncertainty, with tech leadership under scrutiny, political headlines intruding into financial stability, and the jobs data looming as the next catalyst. Looking to commodities, “safe haven” asset gold prices have reached a new record high, approaching the $3,600 threshold. Oil prices, meanwhile, were also surging amid continued market volatility.

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1. STOCK NEWS:

2. WALL STREET CALLS:

3. AROUND THE WEB:

  • Klarna (KLAR) is looking to raise up to $1.27B in its U.S. IPO, Reuters reports
  • Apollo Global (APO) plans to launch a $5B sports investment vehicle, FT says
  • JPMorgan (JPM) has poached approximately 100 managing directors from competitors since early last year, FT reports
  • Tesla (TSLA) has received orders for just over 600 cars since launching sales in India in mid-July, a number that has fallen short of the company’s own expectations, Bloomberg says
  • Palo Alto Networks (PANW) suffered a data breach that exposed customer data and support cases after attackers abused compromised OAuth tokens from the Salesloft Drift breach to access its Salesforce instance, BleepingComputer reports

4. MOVERS:

5. EARNINGS/GUIDANCE:

INDEXES:

Near midday, the Dow was down 1.13%, or 514.78, to 45,030.10, the Nasdaq was down 1.73%, or 370.94, to 21,084.62, and the S&P 500 was down 1.41%, or 91.25, to 6,369.01.

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