2025-09-08 22:44

Robinhood, AppLovin jump on S&P 500 inclusion plans EchoStar jumps on spectrum licenses deal with SpaceX Barclays, StanChart revise Fed rate cut projections S&P 500 +0.21%, Nasdaq +0.45%, Dow +0.25% Sept 8 (Reuters) - The Nasdaq notched a record high close on Monday, lifted by a rally in Broadcom, while the S&P 500 also gained as investors bet the Federal Reserve will soon lower borrowing costs to shore up economic growth. Investors expect multiple interest rate cuts this year after a troubling nonfarm payrolls report on Friday added to concerns about a weakening U.S. job market. The report, which had dragged down Wall Street in the previous session, has stoked fears of a potential slowdown in the world's biggest economy. Sign up here. Traders have fully priced in at least a 25 basis point interest rate cut when the Fed wraps up its two-day policy meeting on September 17, with interest rate futures reflecting a 10% chance of a 50 basis point cut, according to CME Group's FedWatch tool. "The focus is on next Wednesday's Fed rate cut. The market is greedy. It's already discounted 25 basis points. Now, if people are buying because they expect 50, well, that's not going to happen," warned Jake Dollarhide, chief executive officer of Longbow Asset Management in Tulsa, Oklahoma. Numerous brokerages have revised calls for Fed interest rate cuts. Barclays now anticipates three cuts of 25 bps each in 2025 compared with two earlier, while Standard Chartered expects a 50-bps trim in September - double its earlier projection. Broadcom (AVGO.O) , opens new tab climbed 3.2%, extending its rally since the chipmaker said last Thursday it expects sharp artificial intelligence-related revenue growth. Its market capitalization has reached $1.6 trillion, and it is Wall Street's seventh most valuable company. The S&P 500 climbed 0.21% to end at 6,495.15 points. The Nasdaq gained 0.45% to 21,798.70 points, its highest close ever. The Dow Jones Industrial Average rose 0.25% to 45,514.95 points. The S&P 500 is up about 10% so far in 2025, and the Nasdaq has climbed about 13%. Six of the 11 S&P 500 sector indexes declined, led by utilities (.SPLRCU) , opens new tab, down 1.07%. The S&P 500 technology index (.SPLRCT) , opens new tab rose 0.67%. This week, investors will keep a close watch on inflation data and the Bureau of Labor Statistics' benchmark payroll revision for further clues on the U.S. economic health and to see if they could strengthen the case for a bigger rate cut. "The growth scare from the labor market is going to overwhelm even hot inflation because the Fed right now is viewing any tariff-induced inflation as a one-time price increase," said Jeff Schulze, head of economic and market strategy at Clearbridge Investments. Among other stocks, retail trading platform Robinhood Markets (HOOD.O) , opens new tab jumped 16% and marketing platform AppLovin (APP.O) , opens new tab soared 12%, with the two companies set to join the S&P 500, effective September 22. EchoStar (SATS.O) , opens new tab rallied 20% after the telecommunications services firm agreed to sell wireless spectrum licenses to SpaceX for its Starlink satellite network for about $17 billion. Other telecommunications companies fell, with AT&T (T.N) , opens new tab and Verizon (VZ.N) , opens new tab both down more than 2% and T-Mobile (TMUS.O) , opens new tab losing almost 4%. Declining stocks outnumbered rising ones within the S&P 500 (.AD.SPX) , opens new tab by a 1.0-to-one ratio. The S&P 500 posted 18 new highs and eight new lows; the Nasdaq recorded 136 new highs and 95 new lows. Volume on U.S. exchanges was relatively heavy, with 16.2 billion shares traded, compared to an average of 16.1 billion shares over the previous 20 sessions. https://www.reuters.com/business/nasdaq-notches-record-high-close-traders-focus-rate-cuts-2025-09-08/

2025-09-08 22:39

Sept 8 (Reuters) - Social platform Discord was down for tens of thousands of users on Monday, according to outage tracking website Downdetector.com. As of 6:19 pm ET, there were 93,800 reports of people facing issues. Sign up here. The company's status page said it is investigating an issue where some guilds are unavailable to some members. "This issue has worsened and is causing widespread availability issues. We are working as quickly as possible to restore traffic," the status page showed. Downdetector's numbers are based on user-submitted reports. The actual number of affected users may vary. https://www.reuters.com/technology/discord-down-over-90000-users-us-downdetector-shows-2025-09-08/

2025-09-08 22:08

EQT to purchase 1 mtpa of LNG for 20 years Last week, EQT had signed a similar deal with NextDecade Sept 8 (Reuters) - U.S.-based energy company EQT Corp (EQT.N) , opens new tab will purchase 1 million tonnes per annum (mtpa) of liquefied natural gas from Commonwealth LNG's export facility under development on the Gulf Coast near Cameron, Louisiana, for 20 years, the companies said on Monday. EQT said it will acquire the LNG on a free-on-board basis at a price indexed to Henry Hub and will market and optimize its cargos internationally. Sign up here. The additional export capacity will allow EQT to further expand its domestic direct-to-customer strategy into the global energy markets, the company said in a statement. The United States has been working to cement its position as the world's biggest exporter of LNG, surpassing previous leaders Qatar and Australia. In January, President Donald Trump lifted a pause on new LNG export permits, which had been imposed by the previous administration in 2024 to review public interest criteria, shortly after assuming office. Last week, Commonwealth LNG secured final non-free trade agreement export authorization from the U.S. Department of Energy for its export facility in Louisiana. Commonwealth's facility is designed to produce 9.5 million tonnes of LNG annually and received approval from the Federal Energy Regulatory Commission in June. The company plans to make a final investment decision in the fourth quarter of this year, with first production targeted for 2029. "This is another marketing agreement that enhances EQT's LNG portfolio, signaling potential upside from international pricing arbitrage and supporting long-term production growth," said Gabriele Sorbara, analyst at Siebert Williams Shank. Sorbara added that the recent supply and marketing deals are strategic positives that could differentiate EQT from domestic gas peers in the coming years. EQT recently signed a similar 20-year deal with NextDecade (NEXT.O) , opens new tab to purchase 1.5 mtpa of LNG from its Rio Grande export facility in Texas. https://www.reuters.com/business/energy/eqt-purchase-lng-commonwealth-lngs-louisiana-facility-20-years-2025-09-08/

2025-09-08 22:03

Sept 8 (Reuters) - Madrone Partners-backed StubHub is targeting a valuation of up to $9.2 billion in its U.S. initial public offering, the ticket reseller said on Monday, becoming the latest company to resume listing plans delayed in April due to tariff uncertainty. The New York-based firm is seeking up to $851 million by offering 34 million shares priced between $22 and $25 each. Sign up here. Buoyant equity markets and robust tech earnings have sparked a long-awaited recovery in the IPO market this fall, after uncertainty from U.S. trade policy forced a slew of companies including StubHub to delay listing plans earlier in the year. In an IPO market led by crypto and other tech-heavy companies, StubHub's debut could be a barometer of investor appetite for consumer-focused firms, which tend to be more sensitive to macroeconomic downturns. StubHub was co-founded in 2000 by Jeff Fluhr and current CEO Eric Baker, who had initially left the firm — and launched viagogo, a rival ticket reseller — in Europe in 2006. Baker had exited StubHub ahead of its $310-million sale to e-commerce firm eBay (EBAY.O) , opens new tab, completed in 2007. More than a decade later, in 2020, viagogo bought StubHub from eBay for $4.05 billion. StubHub was valued at $16.5 billion in 2021, according to data from Tracxn. "I think the bankers will also try to sell the deal on its valuation, which is below prior expectations," said Matt Kennedy, senior strategist at IPO-focused research and exchange-traded funds provider Renaissance Capital. Eye popping first day gains by recent market debutantes like design software firm Figma (FIG.N) , opens new tab and Bullish (BLSH.N) , opens new tab have led many to wonder if underwriters — cautious of volatility and economic uncertainty from sweeping U.S. tariffs — are pricing conservatively. The company is valued at $14 billion or $15 billion by other investors, far greater than the targeted $9.2 billion, according to a current StubHub investor that declined to be named publicly. "I think they will end up pricing higher than that number for sure," the investor told Reuters. StubHub declined to comment on its pricing strategy. The live events industry has benefited from an explosion in consumer preference for out-of-home experiences and entertainment. Record-smashing concert ticket sales such as those seen for singer Beyoncé's "Cowboy Carter" tour this summer have boosted revenues for rival Ticketmaster's parent, Live Nation Entertainment (LYV.N) , opens new tab. StubHub's revenue rose 3% to $827.9 million for the six months ended June 30 from a year ago, while its losses more than doubled to $111.8 million in the same period. J.P. Morgan and Goldman Sachs are the lead underwriters. StubHub will list on the New York Stock Exchange under the "STUB" ticker symbol. https://www.reuters.com/business/media-telecom/ticketing-platform-stubhub-eyes-up-9-billion-valuation-us-ipo-2025-09-08/

2025-09-08 21:27

Sept 8 (Reuters) - U.S.-based energy company EQT Corp (EQT.N) , opens new tab will purchase 1 million tonnes per annum (mtpa) of liquefied natural gas from Commonwealth LNG's export facility under development on the Gulf Coast near Cameron, Louisiana, for 20 years, the companies said on Monday. EQT said it will acquire the LNG on a free-on-board basis at a price indexed to Henry Hub and will market and optimize its cargos internationally. Sign up here. The additional export capacity will allow EQT to further expand its domestic direct-to-customer strategy into the global energy markets, the company said in a statement. Last week, Commonwealth LNG secured final non-free trade agreement export authorization from the U.S. Department of Energy for its export facility in Louisiana. Commonwealth's facility is designed to produce 9.5 million tonnes of LNG annually and received approval from the Federal Energy Regulatory Commission in June. The company plans to make a final investment decision in the fourth quarter of this year, with first production targeted for 2029. The United States has been working to cement its position as the world's biggest exporter of LNG, surpassing previous leaders Qatar and Australia. In January, President Donald Trump lifted a pause on new LNG export permits, which had been imposed by the previous administration in 2024 to review public interest criteria, shortly after assuming office. EQT recently signed a similar 20-year deal with NextDecade (NEXT.O) , opens new tab to purchase 1.5 mtpa of LNG from its Rio Grande export facility in Texas. https://www.reuters.com/business/energy/eqt-corp-signs-20-year-lng-deal-with-commonwealth-lngs-louisiana-facility-2025-09-08/

2025-09-08 21:15

ORLANDO, Florida, Sept 8 (Reuters) - Making sense of the forces driving global markets By Jamie McGeever, Markets Columnist Sign up here. World stocks rallied and gold leaped to new highs on Monday as investors cemented bets that U.S. interest rates will be cut next week, while political ructions in Argentina, Japan and France raised uncertainty in these countries' markets. The long end of sovereign bond markets has rightly grabbed the headlines lately, with 30-year yields spiking to historic highs in many countries. But in my column today I look at the ultra-short end of the U.S. curve, where Treasury has reached a $100 billion issuance milestone. If you have more time to read, here are a few articles I recommend to help you make sense of what happened in markets today. Today's Key Market Moves Today's Talking Points: * Fed 50? Could the Fed cut rates by 50 basis points next week? It's unlikely, but markets are beginning to price in the possibility. Fed funds futures are now attaching around a 10% chance, and big banks Standard Chartered and Societe Generale are calling for it. The argument is the labor market is even weaker than soft headline numbers show. If benchmark preliminary revisions for April 2024-March 2025 jobs data on Tuesday are big enough, the case for 50 bps could mushroom. * Pesky politics From France to Japan, Argentina to Indonesia, political upheaval around the world is swaying financial markets. Some of Monday's moves were dramatic, especially in Argentina where the peso slumped to an all-time low and stocks and bonds tanked following a local election on Sunday. Each country has its own issues, but there are common themes - high inflation and cost of living, rising government debt and deficits, economic uncertainty, populism, and distrust in 'elites'. Political volatility sometimes has next to no impact on markets, sometimes it's huge. * Going for gold Gold's march higher shows little sign of slowing, never mind reversing. It is up 10% in barely over two weeks and nearly 40% this year, hitting record highs on a near daily basis as investors seek safety and an inflation hedge. It's long-term investment allure isn't dimming either, even at these record prices. Official figures from Beijing on Sunday showed that China's central bank added gold to its reserves in August for a 10th straight month. The $100 billion Treasury record you probably missed The recent spike in 30-year yields has been the headline story in world bond markets, for good reason. But with so much attention on the long end of the curve, few seem to have noticed the historic developments in the ultra-short U.S. Treasury market. The weekly sales of four-week T-bills have now reached the landmark threshold of $100 billion, with the September 4 auction marking the fifth consecutive sale at that record-high amount. This flood of bill sales reflects the government's new strategy. President Donald Trump's administration is seeking to reduce the country's debt maturity profile – and overall interest costs – by borrowing more at the ultra-short end of the curve, while simultaneously pushing the Federal Reserve to lower rates. So far, it seems to be working. The Fed appears certain to resume its interest rate-cutting cycle later this month, with investors anticipating at least 150 basis points of easing by the end of next year. Not only is that bringing down bill rates and short-term bond yields, it's also pulling down longer-term yields. The benchmark 10-year yield is the lowest since April's 'Liberation Day' tariff chaos, while the 30-year yield is again backing away from 5%. The upshot is that investors lending to Uncle Sam for 10 years, with all the risk that entails, are getting paid an annual 4.08%, while investors lending to the U.S. government for four weeks are getting 4.20%. Unsurprisingly, these bill auctions have elicited strong demand: last week's $100 billion sale was 2.78 times oversubscribed. So what's the problem? LET ME ROLL IT The biggest concern is 'rollover' risk. Concentrating sales at the front end of the curve means the government has to refinance a large chunk of its debt much more frequently. This leaves it vulnerable to unforeseen financial, political or economic shocks that could cause short-term borrowing costs to spike or force the Fed to suddenly raise its policy rate. True, Fed expectations are skewed to the downside right now, but what if inflation expectations become unanchored, and the Fed has to pause its easing cycle or even consider raising rates? That's not an outlandish scenario. The Fed looks set to ease in an environment with 3% inflation, record-high equity markets, the loosest financial conditions in three-and-a-half years, according to Goldman Sachs, and economic growth tracking at 3.5%, based on the Atlanta Fed's latest GDPNow model. And that's not even taking into account the full inflationary impact of Trump's tariffs. Increased bill issuance has been well absorbed so far, but cash going into bills is depleting liquidity pools and buffers in other parts of the system. The Fed's overnight reverse repo facility is almost empty, and total bank reserves at the Fed are declining. No one knows what the lowest comfortable level of reserves for the banking system is. It proved to be around $1.5 trillion in late 2019, when a sudden drop below that level triggered significant money market volatility and a spike in overnight rates. Experts reckon it is higher today, as the economy and banking system have expanded. But reserves are steadily decreasing and look set to fall below $3 trillion. Analysts at Citi warn they will "continue marching" below that level as T-bill issuance grows, potentially putting upward pressure on repo rates and funding costs. THRESHOLD With the Treasury leaning more on T-bills for funding, new issuance over the next 18 months could perhaps exceed $1.5 trillion, according to some Wall Street bank estimates. As a result, the share of bills in the total outstanding federal debt stock is likely to grow too. This portion currently stands at just under 21%, slightly below the historical average of around 22.5% but above the 15-20% range recommended by the Treasury Borrowing Advisory Committee. Analysts at T Rowe Price reckon the share could soon reach 25%, a level last seen during the pandemic and the Global Financial Crisis, suggesting borrowing policies previously seen in crises could become the new normal. Of course, none of this will be a problem if increased issuance continues to be met with solid demand. And there's reason to believe that will be the case. First, money market funds – the biggest buyers of T-bills with holdings representing 36% of the $6.4 trillion market – have seen their assets explode from $4.7 trillion in early 2020 to more than $7 trillion today. And there is now also massive demand from stablecoin issuers looking to back their crypto assets with safe, liquid assets like T-bills. In short, the market could continue to 'play ball' with the government's new funding strategy. With over $1 trillion of new issuance coming, the Trump administration certainly hopes so. What could move markets tomorrow? Want to receive Trading Day in your inbox every weekday morning? Sign up for my newsletter here. Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles , opens new tab, is committed to integrity, independence, and freedom from bias. https://www.reuters.com/world/americas/global-markets-trading-day-graphic-2025-09-08/