2025-09-03 20:57

Wall Street shares post muted comeback, Alphabet jumps US jobs data softer than expected Fiscal worries send global long bond yields higher Gold races above $3,500 amid safe-haven scarcity Oil prices settle down more than 2% Sept 3 (Reuters) - Wall Street stocks recovered some ground on Wednesday after technology conglomerate Alphabet rose on a favorable antitrust ruling, but gains were muted as investors digested softer-than-expected labor market data and a selloff in long-term global government bonds. Job openings, a measure of labor demand, dropped 176,000 to 7.181 million by the last day of July, the Labor Department's Bureau of Labor Statistics said in its "JOLTS" report on Wednesday. Economists polled by Reuters had forecast 7.378 million unfilled jobs. Sign up here. The Dow Jones Industrial Average (.DJI) , opens new tab dipped 0.05%, the S&P 500 (.SPX) , opens new tab rose 0.5%, and the Nasdaq Composite (.IXIC) , opens new tab added about 1%. Alphabet (GOOGL.O) , opens new tab jumped around 9%, while Apple (AAPL.O) , opens new tab also gained nearly 4% as the ruling allowed Google to continue lucrative payments to the iPhone maker. However, a selloff in global long-dated bonds sent Japan's borrowing costs to record highs on Wednesday, as mounting concerns over government debt sustainability and long-term inflation also rattled investors in Europe. One concern is that the upward pressure on long-term government bond yields "creates headwinds for equity valuations," Bill Sterling, global strategist at GW&K Investment Management, said in an email. But he added that markets continue to anticipate a Federal Reserve interest rate cut this month, which "should help deliver a soft landing for the economy and broad-based re-acceleration of economic growth next year." Spot gold hit an all-time high of $3,577 as the rush out of long-term government debt, traditionally considered low-risk, sparked a hunt for alternative safe-haven assets. The 30-year Japanese government bond yield hit an unprecedented 3.28% on Wednesday, a day after selloffs in similarly dated British gilts , U.S. Treasuries and Canadian bonds . "The economic reforms needed to really cover increasing debt are lacking, and the capital market sees that," Deutsche Bank CEO Christian Sewing said about the long-dated debt selloff at a conference on Wednesday morning. The trend may continue, he added, "if we see a further increase in political instability, if we don't see any reforms." British finance minister Rachel Reeves is expected to raise taxes in her autumn budget to remain in line with her fiscal targets, while in France, Prime Minister Francois Bayrou looks set to lose a confidence vote as opposition parties balk at his spending cuts. In Japan, government departments have just presented record budget requests and senior aides to Prime Minister Shigeru Ishiba, including Secretary-General Hiroshi Moriyama, have offered to resign following their party's defeat in July's upper house election. On Wednesday, British 30-year gilt yields rose 6 basis points to a fresh post-1998 high of 5.752%, before recovering to last trade at 5.6%. Germany's 30-year yield stood at 3.37%, remaining close to its highest level in 14 years. RIPPLE EFFECTS U.S. Treasury yields dropped on Wednesday on news that job openings fell in July. The 30-year U.S. Treasury yield briefly rose above 5% during Asia trade and last stood at 4.9%. The gap between 2-year and 30-year U.S. government bond yields stands at about 129 bps, around its highest since December 2021, while the comparable measure in Britain is the highest since 2017. Britain's pound briefly fell to a four-week low of $1.34 , before recovering a little. Japan's yen was a touch higher at 148 per dollar after sliding 0.8% in the previous session. The U.S. dollar extended losses against major currencies, including the yen, Swiss franc and euro on Wednesday. The dollar index , which measures the greenback against a basket of currencies, fell 0.2%. European stock markets remained unscathed as traders pinned their hopes on an anticipated U.S. rate cut later this month, with Europe's STOXX index (.STOXX) , opens new tab up 0.66%. But Japan's broad Topix share index (.TOPX) , opens new tab closed almost 1.1% lower and MSCI's broad index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) , opens new tab dropped 0.4%. TARIFF TREMORS European purchasing managers' indexes on Wednesday, viewed as barometers of overall economic conditions, showed expansion in Germany had slowed and France remained in contractionary territory as businesses dealt with U.S. President Donald Trump's unpredictable tariff policies. Trump said on Tuesday his administration would ask the Supreme Court for an expedited ruling on tariffs that an appeals court found illegal last week. The court allowed for the tariffs to stay in place until October 14. Oil prices settled down more than 2% on Wednesday ahead of a weekend meeting of OPEC+ producers that is expected to consider another increase in production targets in October. Brent crude settled $1.54, or 2.23%, lower at $67.60 a barrel while U.S. West Texas Intermediate crude lost $1.62, or 2.47%, to $63.97 a barrel. https://www.reuters.com/world/china/global-markets-update-6-2025-09-03/

2025-09-03 20:52

Alphabet gains after court ruling on Chrome browser; Apple also jumps Macy's soars after annual forecast hike Investors digest Fed officials' comments on rates Indexes: Dow down 0.1%; S&P 500 up 0.5%; Nasdaq up 1% NEW YORK, Sept 3 (Reuters) - The Nasdaq rose 1% and the S&P 500 also ended higher on Wednesday as Alphabet jumped after a U.S. judge ruled against breaking up the Google parent and as investors were optimistic that the Federal Reserve would cut interest rates this month. The Dow finished slightly lower, with shares of Boeing (BA.N) , opens new tab down 2.1%. Sign up here. Alphabet (GOOGL.O) , opens new tab and Apple (AAPL.O) , opens new tab gave the S&P 500 and Nasdaq their biggest boosts. Shares of Alphabet rose 9.1% after the late Tuesday ruling, which allows Google to retain control of its Chrome browser and Android mobile operating system, while barring certain exclusive contracts with device makers and browser developers. Shares of Apple gained 3.8% as the ruling also preserved lucrative payments to the iPhone maker from Google. "Google and Apple got a lifeline ... They won the sweepstakes," said Jake Dollarhide, chief executive officer of Longbow Asset Management in Tulsa, Oklahoma. "The courts just cemented their reputation." Several Fed officials said labor market concerns continue to animate their belief that rate cuts lie ahead. Fed Governor Christopher Waller said he thinks the central bank should be cutting at its next meeting. Atlanta Fed President Raphael Bostic reiterated his view that a rate cut is in the cards, although he did not say how soon it might happen. Data earlier showed U.S. job openings fell in July, suggesting a softening labor market. The Dow Jones Industrial Average (.DJI) , opens new tab fell 24.58 points, or 0.05%, to 45,271.23, the S&P 500 (.SPX) , opens new tab gained 32.72 points, or 0.51%, to 6,448.26 and the Nasdaq Composite (.IXIC) , opens new tab gained 218.10 points, or 1.03%, to 21,497.73. September is historically a weak month for the stock market. But Peter Cardillo, chief market economist at Spartan Capital Securities in New York, said he did not think the month would be "as trying as it usually is because of the fact that the Fed is expected to lower rates." U.S. rate futures now widely expect the Fed to lower rates this month, pricing in a 96% chance of a 25 basis point cut at the end of the two-day Fed policy meeting on September 17, according to the CME Group's FedWatch tool. Investors were still anxious to see Friday's monthly jobs report. Shares of Macy's (M.N) , opens new tab jumped 20.7% after the company raised its annual forecasts. On the flip side, discount retailer Dollar Tree (DLTR.O) , opens new tab shares fell 8.4% after the company forecast current-quarter profit below estimates, with tariffs seen driving up costs for the retailer. With the second-quarter U.S. earnings season now at its end, investors are paying close attention to estimates for third-quarter results and possible impacts from President Donald Trump's tariff war. Advancing issues outnumbered decliners by a 1.33-to-1 ratio on the NYSE. There were 224 new highs and 45 new lows on the NYSE. On the Nasdaq, 2,259 stocks rose and 2,337 fell as declining issues outnumbered advancers by a 1.03-to-1 ratio. Volume on U.S. exchanges was 14.95 billion shares, compared with the 16.18 billion average for the full session over the last 20 trading days. https://www.reuters.com/business/nasdaq-sp-500-end-higher-with-alphabet-apple-rate-cut-hopes-dow-dips-2025-09-03/

2025-09-03 20:49

TSX ends up 0.5% at 28,751.36 Surpasses Tuesday's record closing high Technology advances 1.4% Alimentation Couche-Tard rises after earnings beat Sept 3 (Reuters) - Canada's main stock index rose to another record high on Wednesday, as technology and metal mining shares notched gains ahead of employment data this week that could offer clues on the prospect of a Bank of Canada interest rate cut. The S&P/TSX composite index (.GSPTSE) , opens new tab ended up 135.74 points, or 0.5%, at 28,751.36, surpassing Tuesday's record closing high. Sign up here. Both Canada and the U.S. are due to release employment reports for August on Friday. Economists forecast that Canada's economy added 10,000 jobs and the unemployment rate edged up to 7% from 6.9%. "It is probably the biggest jobs number we've seen in recent times coming out of both sides of the border," said Allan Small, senior investment advisor of the Allan Small Financial Group with iA Private Wealth. "I think a bad number in Canada solidifies a cut here." Investors see a roughly 60% chance the BoC lowers interest rates on September 17 for the first time since March. The benchmark rate is at 2.75%. "Gold reaching all-time highs, that's what's carrying the TSX right now," Small said. The materials group (.GSPTTMT) , opens new tab, which includes metal mining shares, added 0.8% as the price of gold climbed to another all-time peak. Teck Resources (TECKb.TO) , opens new tab announced that it has undertaken a company-wide operations review and would defer approving major growth projects until its Quebrada Blanca copper mine in Chile achieves steady operations and target output. Shares of Teck ended 0.7% higher. Technology (.SPTTTK) , opens new tab was up 1.4% and consumer staples (.GSPTTCS) , opens new tab added 2%. Alimentation Couche-Tard (ATD.TO) , opens new tab climbed 6.3% after its quarterly adjusted earnings beat estimates. Energy (.SPTTEN) , opens new tab was a drag, falling 1.7%. The price of oil settled 2.5% lower at $63.97 a barrel ahead of a weekend meeting of OPEC+ producers that is expected to consider another increase in production targets in October. https://www.reuters.com/markets/europe/tsx-extends-record-setting-run-led-by-tech-metal-mining-shares-2025-09-03/

2025-09-03 20:30

FORT WORTH, Texas Sept 3 (Reuters) - A U.S. judge on Wednesday held a three-hour hearing to consider objections to a deal between the Justice Department and Boeing (BA.N) , opens new tab that allows the planemaker to avoid prosecution on a charge stemming from two fatal 737 MAX plane crashes that killed 346 people. Judge Reed O'Connor in Texas questioned the government's decision to drop a requirement that Boeing face oversight from an independent monitor for three years and instead hire a compliance consultant, but did not immediately issue a decision. He heard anguished objections from relatives of some of those killed in the crashes in Indonesia in 2018 and Ethiopia in 2019 to the non-prosecution agreement. Sign up here. About two dozen relatives -- some from as far as Indonesia, Africa, Europe and Canada -- traveled to the Texas courthouse to argue that Boeing should not be allowed to avoid pleading guilty after last year agreeing to do so. "It's been going almost seven years since these crashes and we still haven't gotten any justice," said Ike Riffel, a California father whose two sons were killed in the Ethiopia crash. Boeing will no longer face oversight by an independent monitor under the agreement but will hire a compliance consultant, and O'Connor asked why the government no longer thinks a monitor is needed. A government lawyer said Boeing has improved and the Federal Aviation Administration is providing enhanced oversight. Boeing and the government argue O'Connor has no choice but to dismiss the case and cannot appoint a special prosecutor as some relatives have sought. 'Connor said in 2023 that "Boeing's crime may properly be considered the deadliest corporate crime in U.S. history." Boeing has now agreed to pay an additional $444.5 million into a crash victims' fund to be divided evenly per victim of the two fatal 737 MAX crashes, on top of a new $243.6 million fine and over $455 million to strengthen the company’s compliance, safety, and quality programs. "The eyes of the world are on American to see if it is going to hold Boeing accountable," said lawyer Paul Cassell, who represents some of the victims. "Essentially this is an effort by Boeing to bribe their way of out accountability." Boeing did not immediately comment. https://www.reuters.com/sustainability/boards-policy-regulation/us-judge-questions-doj-decision-drop-boeing-independent-monitor-2025-09-03/

2025-09-03 20:27

Between 2,600 and 3,250 employees to be affected Company shares down 4.5% to $94.55 Falling oil prices put pressure on energy companies HOUSTON, Sept 3 (Reuters) - U.S. oil and gas producer ConocoPhillips (COP.N) , opens new tab will cut 20-25% of its workforce as part of a broad restructuring, a company spokesperson said on Wednesday, after five sources told Reuters that CEO Ryan Lance detailed the plans in a morning video message. Shares of the third-largest U.S. oil producer declined 4.5% to $94.55, outpacing a 2.6% drop in the broader S&P 500 Energy Index (.SPNY) , opens new tab. Sign up here. A fall in oil prices has put ConocoPhillips and its rivals under pressure this year, forcing them to cut staff, curb capital spending, and reduce drilling. U.S. oil major Chevron (CVX.N) , opens new tab announced it would lay off up to 20% of its staff in February, and other energy companies, including SLB (SLB.N) , opens new tab and BP (BP.L) , opens new tab, are also cutting workforces. "I know these changes create uncertainty, and they are unsettling," Lance said in the video heard by Reuters. Costs have risen by about $2 per barrel, making it harder for the company to compete, Lance said. He said controllable costs had risen to $13 per barrel in 2024 from $11 in 2021. "As we streamline our organization and take work out of the system, we will need fewer roles," Lance said. MOST JOB CUTS COMING BY YEAR-END Last month, ConocoPhillips identified more than $1 billion of ways to cut costs and improve margins, on top of the more than $1 billion in cost savings from its acquisition of Marathon Oil last year. The company has about 13,000 employees globally, meaning between 2,600 and 3,250 employees will be affected. Most of the cuts will be made before the end of the year, ConocoPhillips spokesperson Dennis Nuss said in an email. The new structure and management will be made public in mid-September, and the reorganization will be completed by 2026, two of the sources said. The company is set to hold a town hall meeting on Thursday at 9 a.m. Central Time (1400 GMT), the sources said. In April, two sources told Reuters that Houston-based ConocoPhillips had hired management consulting firm Boston Consulting Group to advise on the restructuring and layoff program, referred to internally as "Competitive Edge." ConocoPhillips' net income shrank in the second quarter to about $2 billion, the lowest since the quarter ended March 2021, when COVID-19 ravaged demand. Benchmark U.S. crude futures prices have decreased by about 11% this year as OPEC and its allies increase output and battle with U.S. oil producers for market share. As of Wednesday afternoon, the company's shares have fallen 4.7% this year, compared with a 5% rise in the S&P 500 Energy Index. "Companies are figuring out how to do more with less," said Dan Pickering, chief investment officer at Pickering Energy Partners. https://www.reuters.com/business/world-at-work/conocophillips-says-it-will-cut-workforce-by-20-25-shares-fall-2025-09-03/

2025-09-03 20:04

Brady Stewart leaves Tyson Foods after conduct violation Devin Cole appointed COO, overseeing multiple business segments Tyson's beef business struggles with low cattle supplies CHICAGO, Sept 3 (Reuters) - Tyson Foods' (TSN.N) , opens new tab chief supply chain officer, who has also overseen its beef, pork and prepared foods businesses, left the U.S. meatpacker after violating the company's code of conduct, according to a statement. The departure of Brady Stewart is the latest management change at Tyson Foods, which replaced former Chief Financial Officer John R. Tyson last year following arrests related to drinking. Sign up here. Stewart could not immediately be reached for comment on Wednesday. "It's concerning to see yet another senior leader at Tyson Foods involved in a code of conduct violation," said Arun Sundaram, equity analyst at CFRA Research. Tyson Foods named Devin Cole as chief operating officer and said he will oversee its beef, pork, prepared foods, poultry and international business segments. Cole previously led the poultry and international segments. Tyson's beef business has been losing money as low U.S. cattle supplies have forced meatpackers to pay more to buy livestock to slaughter. Stewart joined Tyson in January 2023 after previously working for rival Smithfield Foods (SFD.O) , opens new tab, where he was chief operating officer. "The company determined certain actions taken by Brady violated the Tyson Foods Code of Conduct," Tyson said in a statement on Tuesday. The company did not respond to a request for more information. With Stewart's departure, functions including supply chain, food safety and transportation will report directly to CEO Donnie King, according to the statement. The company said it will provide further leadership and organizational updates before its 2026 fiscal year begins on September 28. On Thursday, Cole and CFO Curt Calaway are slated to speak at an investor conference. Tyson Foods suspended former CFO John R. Tyson last year after police in Arkansas arrested and charged him with driving while intoxicated and careless driving. In August 2024, the company named Calaway as CFO. Top management's conduct has come under intense scrutiny in the corporate world. Food company Nestle (NESN.S) , opens new tab said on Monday it dismissed CEO Laurent Freixe for failing to disclose a romantic relationship with a subordinate. https://www.reuters.com/world/us/tyson-foods-says-supply-chain-chief-leaves-after-violating-conduct-rules-2025-09-03/