Nvidia to invest $5B in Intel, ABC pulls ‘Jimmy Kimmel Live!’: Morning Buzz

The major averages were broadly higher near noon, as traders show renewed energy after the Federal Reserve delivered its first interest-rate cut of the year, reducing the policy rate by 25 basis points to a range of 4%-4.25%. The Fed emphasized labor-market weakness as a key concern, suggesting that further interest-rate cuts might follow in October and December. However, Chair Jerome Powell was careful to characterize the policy easing as “risk management” rather than a full-throated pivot, signaling that each future move will depend heavily on economic data. Meanwhile, U.S. initial jobless claims fell back 33,000 to 231,000 in the week ended September 13.

Across the pond, the Bank of England’s Monetary Policy Committee voted by a majority of 7-2 to maintain Bank Rate at 4%. Two members voted to reduce Bank Rate by 0.25 percentage points, to 3.75%.

Looking to commodities, gold prices have dropped for the second day in a row, with the “safe haven” asset falling below the $3,700 after reaching record highs in recent weeks. Oil, meanwhile, was trading lower near noon as the commodity continues to experience market volatility.

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1. STOCK NEWS:

• Nvidia (NVDA) announced plans to invest $5B in Intel (INTC)
• After Disney’s (DIS) ABC said it would remove “Jimmy Kimmel Live!” from its schedule indefinitely following his remarks about the “MAGA gang” trying to score political points off the killing of Charlie Kirk, President Trump praised the move and targeted late night hosts Seth Meyers and Jimmy Fallon as well
• Darden (DRI) reported downbeat Q1 results and provided its FY26 guidance
• Cracker Barrel (CBRL) reported mixed Q4 results and provided a conservative outlook for FY26
• Roche (RHHBY) entered into a definitive merger agreement to acquire 89bio (ETNB)

2. WALL STREET CALLS:

• RBC Capital (NKE) to Outperform, sees “steeper revenue recovery”
• Stepstone Group (STEP) upgraded to Buy at Goldman Sachs, here’s why
• UBS downgraded Dropbox (DBX) to Sell from Neutral after a transfer in coverage
• Progressive (PGR) downgraded to Equal Weight from Overweight at Wells Fargo
• Quantum Computing (QUBT) initiated with a Buy rating at Lake Street, which called the stock a “compelling way to participate in the rapidly growing market of quantum computing”

3. AROUND THE WEB:

• Sumitomo Mitsui (SMFG) is in talks to increase its stake in Jefferies Financial (JEF) from the current 15% to about 20% as part of deepening ties between the companies, Bloomberg says
• Spruce Point Capital says it is short Uranium Energy (UEC)
• GE Healthcare (GEHC) is weighing options for its China business, including the sale of a stake in the unit, Bloomberg reports
• Spirit Airlines (FLYY) is set to reduce its flights by 25%, CEO Dave Davis said in a memo to staff, Business Insider says
• Tencent (TCEHY) and Baidu (BIDU) have sold roughly $3.3B combined in offshore bonds so far in 2025, the most ever for Chinese tech companies, Bloomberg reports

4. MOVERS:

• Intella Therapeutics (NTLA) higher after completing enrollment in its Phase 3 HAELO study of Ionov-z
• Rigetti Computing (RGTI) increases after being awarded a three-year $5.8M contract from AFRL
• Vita Coco (COCO) falls after announcing a 3M share offering
• Red Cat (RCAT) lower after announcing a 15.6M share offering
• Nano Dimension (NNDM) declines after reporting quarterly results

5. EARNINGS/GUIDANCE:

• Intuit (INTU) backed its guidance for Q1 and FY26
• Barfresh Food Group (BRFH) raised its guidance for FY25
• DuPont (DD) cut its guidance for Q3 and FY25
• FactSet (FDS) reported Q4 results, with EPS missing consensus
• NGR Energy (NRG) raised its guidance for FY25

INDEXES:

Near midday, the Dow was up 142.94, or 0.31%, to 46,161.26, the Nasdaq was up 235.59, or 1.06%, to 22,496.91, and the S&P 500 was up 40.45, or 0.61%, to 6,640.80.