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Update: Nasdaq Composite Rallies to Record as AI Trade Lifts Chipmakers

(Updates with market moves at the end of the day, and other changes, if any.)The Nasdaq Composite reached a new high on Monday, leading a rally on Wall Street as chip-related stocks advanced ahead of President Donald Trump's meeting with Chinese leader Xi Jinping.The technology-heavy Nasdaq jumped 2.3% to a record closing high of 27,122.09. The S&P 500 jumped 1.5% to 7,764.70, while the Dow Jones Industrial Average added 0.7% to settle at 52,048.83. Among sectors, communication services led the gainers, followed by tech, while energy saw the steepest decline.Chipmaking giant Intel (INTC) was the third-best performer on the S&P 500, up 12%. Other semiconductor stocks that gained included Advanced Micro Devices (AMD), which saw its market capitalization hit the $1 trillion mark for the first time, and Qualcomm (QCOM). Nvidia (NVDA) rose 2.3%, the biggest gain on the Dow.On Sunday, US Treasury Secretary Scott Bessent said he had "successful" preliminary talks with Chinese Vice Premier He Lifeng over the weekend, ahead of Xi's expected visit to the US, according to multiple media outlets.The discussions between Bessent and Lifeng centered on artificial intelligence and trade, among other topics, CNBC reported. Talks between Trump and Xi are expected to take place Thursday.The US camp has proposed a new AI safety notification mechanism, Reuters reported.Trump said Monday that the US Department of Justice and other law enforcement agencies "will rein things in if we have to, but I will only encourage AI," in his latest remark following recent warnings on increasing safety risks tied to AI advancement."Expectations are low for any major breakthroughs or announcements (from the Trump-Xi meeting), but trade relations are always a wild card," D.A. Davidson said Monday in a report. "The two countries have a tariff escalation truce in place until November, so an extension or agreement is needed."West Texas Intermediate crude oil was down 4.7% at $95.56 a barrel in Monday late-afternoon trade, while Brent dropped 3.7% to $100.06.Trump reportedly said he would be open to meeting Iranian President Masoud Pezeshkian, who is expected to attend the upcoming United Nations General Assembly in New York.US Treasury yields were mixed, with the 10-year yield down 4.1 basis points at 4.96% while the two-year yield rose half a basis point to 4.75%.Policymakers can no longer afford to look through supply shocks that have become a regular feature of the economy, Chicago Fed President Austan Goolsbee said Monday."We need evidence that these shocks are actually fading, or it's hard to see a credible path back to 2% inflation -- and harder still to justify continuing to look through them," Goolsbee said in remarks at an event in London.In other company news, Paramount Skydance (PSKY) has agreed to settle a multistate antitrust lawsuit involving its proposed deal with Warner Bros. Discovery (WBD), multiple attorneys general said Monday in separate statements. Shares of Warner Bros. jumped nearly 11%, among the biggest gains on the S&P 500, while Paramount fell 2.9%.Novo Nordisk's (NVO) US-listed shares slumped 8% as the Danish drugmaker unveiled its long-term growth ambitions ahead of patent expirations for semaglutide, the active ingredient in its weight loss and diabetes drugs.Spot gold moved down 0.8% to $4,345.22 per troy ounce, while silver lost 0.7% to $66.65.

Dow JonesNasdaq CompositeS&P 500$AMD$INTC$NVDA$NVO$PSKY$QCOM$WBD

US Markets3h ago

Paramount Settles Multistate Lawsuit Over Proposed Warner Bros. Deal

Paramount Skydance (PSKY) has agreed to settle a multistate antitrust lawsuit involving its proposed acquisition of Warner Bros. Discovery (WBD), several attorneys general said Monday in separate statements.Earlier this year, a California-led coalition of 12 states sought to block the deal, alleging that the merger would lessen competition by lowering output and raising prices.Paramount announced a deal in February to buy Warner Bros. after streaming giant Netflix (NFLX) withdrew from its proposed purchase of the HBO Max owner.Paramount's proposed settlement with the states includes a five-year commitment to increase film output and a provision to spend at least $1.5 billion on domestic film production, the attorneys general of California, New Jersey, Washington, Oregon, Arizona, Colorado and New York said.A $47.5 million fund for merger-impacted workers and restrictions on cable price negotiations are also part of the deal, which is subject to court approval."Today's settlement protects workers, jobs, and Hollywood," California Attorney General Rob Bonta said in a post on X.New Jersey Attorney General Jennifer Davenport said the settlement should protect consumers from hikes to cable fees and workers from cuts to film and TV production.Washington's Nick Brown, Arizona's Kris Mayes, Oregon's Dan Rayfield, Colorado's Phil Weiser and New York's Letitia James separately endorsed the concessions secured.Paramount and Warner Bros. didn't reply to' requests for comment.Paramount has also reached a settlement with the Writers Guild of America, which had filed a case against the Warner Bros. deal, Reuters reported Monday.Earlier this month, Paramount said that it had satisfied all closing conditions under the merger agreement and that the lawsuits filed by the state attorneys general and the Writers Guild of America were the only remaining barrier to closing the deal.Shares of Warner Bros. gained nearly 11% on Monday, while Paramount's fell 2.9%."The combined company would have greater scale in content asset and production capabilities, across a range of content formats," Barrington Research Associates said in a report in August. "While the combined entity will have a substantial market share in parts of the entertainment ecosystem, it will remain a highly competitive market, particularly in streaming, where the combined company would also gain meaningful scale."

$NFLX$PSKY$WBD

US Markets4h ago

Planet Fitness Growth Could Be Pressured Amid Rising High Volume, Low Price Competition, Deutsche Bank Says

Planet Fitness' (PLNT) growth and market share in the high volume, low price fitness space could take a hit in the coming years amid a projected rise in competition from new entrants and smaller, well-established companies, Deutsche Bank said Monday.Although the fitness center operator continues to be the industry leader in terms of "sheer" size and scale, it is facing challenges from new companies, as well as smaller, well-established names in the high volume, low price -- or HVLP -- market, Deutsche Bank analyst Chris Woronka said in a note to clients."We expect this trend to accelerate which, if correct, has key implications for HVLP market share over the next several years," Woronka wrote, adding that Planet Fitness' same-store sales and net unit growth could take a hit from the projected development.The company benefits from a massive footprint and a "generally stable" franchisee operator base, but growth could become much harder if gym-goers start prioritizing better workout experiences over low prices, according to the note.HVLP fitness competitors are trying to lure members away with differentiated perks such as larger clubs, modern ambiance, connected fitness tracking and dynamic pricing models. This indicates budget-conscious gym-goers may be increasingly willing to pay a bit more for a premium experience, Deutsche Bank said.While some investors are worried that Planet Fitness could see reduced net membership growth if thrifty consumers decide to cancel their memberships, "the real risk" is that an increasing number of consumers are seeking a more premium fitness experience, Woronka said."While difficult to prove at this time, we think the early evidence is in how newer entrants to the HVLP space are building their facilities, in terms of size, offerings, and flexibility," the analyst said. "If we are correct, a long-anticipated recovery of the value-seeking customer may not be much of a benefit at all to (Planet Fitness)."The company's shares were down 4.8% in Monday late-afternoon trade, bringing its year-to-date losses to nearly 57%.Last month, Planet Fitness cut its full-year adjusted earnings outlook to reflect higher interest expense. Separately, connected fitness company Peloton (PTON) forecast fiscal 2027 revenue below Wall Street's estimates following last year's subscription price hike.Earlier this month, Morgan Stanley downgraded its rating on the Peloton stock, citing potential "structural" challenges that will likely impact its gross additions. "We believe this is a reflection of structural headwinds as consumers are shifting towards strength training and gyms," the brokerage said in a note to clients at the time.Price: $47.16, Change: $-2.33, Percent Change: -4.71%

$PLNT$PTON

US Markets5h ago

Smart Ring Maker Oura Launches US IPO

Oura, a smart ring maker, said Monday it launched a US initial public offering of 50 million common shares, expected to be priced in a per-share range of $40 to $44.The health intelligence platform is offering 13.5 million shares in the IPO, with the rest offered by certain company stockholders. The selling stockholders plan to grant a 30-day overallotment option to the IPO underwriters to buy up to 7.5 million additional shares, the company said in a statement.Drugmaker Eli Lilly (LLY) has indicated an interest in buying up to $100 million of the shares in the IPO, Oura said in a filing with the US Securities and Exchange Commission. Funds affiliated with investment firm Dragoneer Investment Group have shown an interest in purchasing up to $300 million of the shares.Oura expects its shares to trade on the Nasdaq Global Select Market under the OURA ticker.For the nine months through June 30, the company reported revenue of about $1.21 billion, up 74% year over year, the filing showed. Oura now expects to end its fiscal 2026 with about 5.7 million paid members, representing an annual growth of 96%, according to the Monday statement.The company said its competition includes general-purpose smartwatches and trackers made technology giants such as Apple (AAPL), Alphabet's (GOOG, GOOGL) Google and Samsung, as well as wrist-based fitness or activity-specific wearables such as Coros, Garmin and Whoop, according to the filing.The company sold 3.6 million Oura Rings in the year through June, representing roughly 2% penetration of the global wearables market. Oura is early in its international expansion efforts and aims to expand into "underpenetrated" markets, it said in the filing.The company estimates net proceeds of about $532.6 million from its share of the IPO, based on the midpoint of its proposed offering price range. It plans to use roughly $526.4 million of the proceeds to help cover expected tax withholding and remittance obligations related to the net settlement of restricted stock units.Earlier this year, artificial intelligence firms Anthropic and OpenAI confidentially filed for their respectively potential IPOs in the US.Price: $1164.74, Change: $+11.81, Percent Change: +1.02%

$AAPL$GOOG$GOOGL$LLY

US Markets5h ago

Update: Equities Rise Intraday as Chip Stocks Rally

(Updates with latest market prices and developments.)US benchmark equity indexes were higher intraday, with chip-related stocks advancing ahead of President Donald Trump's meeting with Chinese leader Xi Jinping.The technology-heavy Nasdaq Composite was up 2% at 27,044.3 after midday Monday, while the S&P 500 rose 1.4% to 7,755.5. The Dow Jones Industrial Average climbed 0.7% to 52,034.3. The Nasdaq and the S&P 500 finished Friday trading higher, while the Dow closed lower.Except energy, all sectors were in the green intraday Monday, led by communication services.Chipmaking giant Intel (INTC) was the best performer on the S&P 500, up nearly 12%. Other semiconductor stocks that were advancing included Advanced Micro Devices (AMD), which saw its market capitalization top the $1 trillion mark for the first time, and Qualcomm (QCOM). Nvidia (NVDA) rose 2.2%, the biggest gain on the Dow.On Sunday, US Treasury Secretary Scott Bessent said he had "successful" preliminary talks with Chinese Vice Premier He Lifeng over the weekend, ahead of Xi's expected visit to the US, according to multiple media outlets.The discussions between Bessent and Lifeng centered on artificial intelligence and trade, among other topics, CNBC reported. Talks between Trump and Xi are expected to take place Thursday.The US camp has proposed a new AI safety notification mechanism, Reuters reported.Trump said Monday that the US Department of Justice and other law enforcement agencies "will rein things in if we have to, but I will only encourage AI," in his latest remark following recent warnings on increasing safety risks tied to AI advancement.West Texas Intermediate crude oil was down 5.6% at $94.72 a barrel intraday, while Brent dropped 4.2% to $99.44.Trump reportedly said he would be open to meeting Iranian President Masoud Pezeshkian, who is expected to attend the upcoming United Nations General Assembly in New York.US Treasury yields were mixed intraday, with the 10-year yield down 3.3 basis points at 4.96% while the two-year yield was little changed at 4.74%.Policymakers can no longer afford to look through supply shocks that have become a regular feature of the economy, Chicago Fed President Austan Goolsbee said Monday."We need evidence that these shocks are actually fading, or it's hard to see a credible path back to 2% inflation -- and harder still to justify continuing to look through them," Goolsbee said in remarks at an event in London.In other company news, Novo Nordisk's (NVO) US-listed shares slumped 8.1% intraday as the Danish drugmaker unveiled its long-term growth ambitions ahead of patent expirations for semaglutide, the active ingredient in its weight loss and diabetes drugs.Costco Wholesale (COST), Cintas (CTAS), AutoZone (AZO), Paychex (PAYX), Darden Restaurants (DRI), and General Mills (GIS) are expected to report their latest financial results this week.Spot gold moved down 0.8% to $4,343.04 per troy ounce, while silver lost 0.9% to $66.57.

Dow JonesNasdaq CompositeS&P 500$AMD$AZO$COST$CTAS$DRI$GIS$INTC$NVDA$NVO$PAYX$QCOM

US Markets6h ago

'Resident Evil' Opening Record Boosts Third-Quarter Domestic Box Office Outlook, B. Riley Says

"Resident Evil" delivered a franchise-record opening weekend that topped pre-release domestic expectations and boosted third-quarter revenue projections for the entire sector, B. Riley Securities said Monday.Zach Cregger's "Resident Evil" earned $60 million, higher than estimates that pointed to between $45 million and $55 million, B. Riley analyst Drew Crum said. The outperformance bodes well for the domestic box office, particularly IMAX (IMAX)."We're constructive on the near-term fundamental outlook for the group, as 'Resident Evil' provides another boost to the (third quarter domestic box office) where our estimate for September leans to the upside," Crum said.The brokerage expects $515 million in domestic box office collections this month.B. Riley said its market cap-weighted theater stocks index has surged over 60% year to date and outperformed the 15% gain for the Russell 2000, leaving limited room for further upside."We remain selective with our stock-picking with IMAX as our only buy-rated name," Crum added.B. Riley last week raised its price target on Angel Studios (ANGX) to $9 from $8 and reiterated a buy rating.IMAX's stock was up 2.6% in Monday trade, while Angel Studios' shares fell 2%. They are up 46% and 11% so far this year, respectively.Earlier this month, IMAX said it generated a record $728 million in global box office receipts from Memorial Day through Labor Day and expects record world-wide collections of $1.4 billion in 2026.Macquarie on Sept. 1 raised its third-quarter domestic box office estimate to $2.81 billion from $2.6 billion, pushing the 2026 outlook to $10.3 billion.Price: $54.10, Change: $+1.33, Percent Change: +2.52%

$ANGX$IMAX

US Markets6h ago

Restaurant Investors Cautious on Headwinds Despite 'Solid' Demand Trends, Outlook, UBS Says

US restaurant investors are cautious regarding industry headwinds and surging energy prices even as demand trends and outlook continue to be "solid," UBS Securities said Monday.Some restaurant management teams fear that higher gas and diesel prices and broader inflationary pressures would eventually curb consumer demand and increase their operating costs heading into 2027, according to the brokerage. However, recent discussions with many restaurants also pointed to continued "solid" demand trends and outlook, UBS analyst Dennis Geiger said in a note to clients."Our investor discussions last week highlighted concerns around industry valuations and potential impacts from higher gas prices and rates, with an expectation that the upcoming week could bring additional negative headlines," Geiger wrote. "Investors now appear to be struggling with identifying restaurants to short with valuations pressured across much of the sector."Crude oil prices have rallied this month amid intensifying hostilities in the Middle East. The average per-gallon price of diesel in the US hit a fresh record high Monday. Gasoline prices also continued to move higher.McDonald's (MCD) investor day is scheduled for Wednesday, the same day when Cracker Barrel Old Country Store (CBRL) reports its fiscal fourth-quarter results. Darden Restaurants (DRI) is slated to announce its fiscal first-quarter results Thursday."Some investors have questioned whether (the McDonald's) event is already anticipated to be a potential negative read-across for the industry, possibly representing a clearing event and a positive catalyst," Geiger said Monday. "Our discussions suggest investor expectations for the event are reasonably low, with sentiment on shares remaining more negative given concerns around pressured US sales trends, a challenging industry backdrop, and potentially incremental cash flow headwinds."Last month, McDonald's second-quarter revenue fell short of market expectations, as comparable sales growth in the US slowed on a yearly basis amid a challenging consumer backdrop.For Cracker Barrel, the focus is likely to be on initial fiscal 2027 outlook, updates on sales and margin turnaround initiatives, and remarks by its new chief executive, David Deno, UBS said Monday. Investors are also awaiting discussion around the company's recent strategic actions, including the $77 million of net proceeds earmarked for debt reduction from a recent sale-leaseback transaction and the divestiture of Maple Street Biscuit, according to the note.Darden is expected to largely reiterate its full-year outlook, UBS said. "We believe investor sentiment has been skewed more negative largely given concerns around pressured (Olive Garden same-store sales) trends, but our discussions suggest sentiment has improved some recently," Geiger wrote.Price: $248.74, Change: $+0.50, Percent Change: +0.20%

$CBRL$DRI$MCD

US Markets7h ago

General Mills Likely to Miss Quarterly Earnings Estimates on Inflation, Shipment Timing, RBC Says

General Mills (GIS) is likely to fall short of market consensus on its fiscal first-quarter earnings amid peak inflation, lower cost savings, and shipment timing headwinds, RBC Capital Markets said in a Monday client note.The brokerage expects the foods company to report per-share earnings of $0.71 for the first quarter, compared with the consensus of $0.72. The maker of Cheerios cereal is scheduled to release its latest financial results on Wednesday. Analysts polled by FactSet are looking for GAAP and non-GAAP EPS of $0.73 and $0.72, respectively."We sit below consensus on the bottom line given that (the first quarter) faces the highest inflation, costs savings will likely be at their lowest for the year, and shipment timing headwinds lead to lower volumes/volume deleverage," RBC's co-head of global consumer and retail research, Nik Modi, wrote in the note.RBC is expecting General Mills to record sales of $4.34 billion for the quarter, while the Street is looking for $4.35 billion.North America retail sales have tracked down about 1.7%, in line with the roughly 2% decline management cited in June, Modi said. The brokerage forecasts that organic sales in the segment will fall 3.5% in the quarter, assuming a negative impact of 1% to 1.5% from shipment timing.Consumption trends in the company's North America pet division were flat on a yearly basis, while RBC's estimates for the foodservice and international segments are "ahead" of consensus."All in all, we believe that (General Mills) will be able to meet topline expectations," Modi said.RBC also expects General Mills to reiterate its full-year outlook, which the company reaffirmed on Sept. 8. At the time, the company said it continued to anticipate adjusted EPS in a range of $3 to $3.20 for fiscal 2027 and organic net sales ranging from a 1.5% decline to growth of 0.5%.The Street is looking for non-GAAP EPS of $3.08 and reported sales to decrease by 3.4%."Consumption data is tracking in line with the company's expectations," Modi said. "Management noted that it is aware of the current increasing cost inflation environment and added that its estimate for (4% to 5%) inflation this year is still intact."RBC has an outperform rating on General Mills with a price target of $45.Last month, rival food producer J.M. Smucker (SJM) lifted its full-year outlook after recording stronger-than-expected fiscal first-quarter results. Packaged food company Kraft Heinz (KHC) narrowed its full-year earnings guidance in August.Price: $36.03, Change: $-0.30, Percent Change: -0.81%

$GIS$KHC$SJM

US Markets8h ago

Novo Sets Long-Term Targets Ahead of Semaglutide Patent Expirations

Novo Nordisk's (NVO) US-listed shares declined as the Danish drugmaker unveiled its long-term growth ambitions ahead of patent expirations for semaglutide, the active ingredient in its weight loss and diabetes drugs.At its capital markets day in London, the company said it is targeting risk-adjusted pipeline sales, including existing assets, of more than 150 billion kroner ($23.04 billion) by 2035.It projects a compound annual revenue growth rate from 2026 to 2030 in line with peers such as Eli Lilly (LLY), Johnson & Johnson (JNJ), AbbVie (ABBV), Novartis (NVS), Merck (MRK) and Pfizer (PFE).Novo plans to launch more than five medications that the company described as "multi-blockbusters" by 2030. It aims to conduct at least 10 phase 3 programs, including five in obesity and diabetes.Novo's US patent for semaglutide, the main ingredient in its Wegovy and Ozempic drugs, is set to expire in 2032, according to media reports. Novo, which has already lost patent protection in certain international markets, loses exclusivity in China this year, The Wall Street Journal reported.The company is seeing early signs of price pressures associated with the loss of exclusivity, but it aims to become a larger and more diversified company by 2035, Chief Executive Mike Doustdar said at the event, according to a FactSet transcript.Novo intends to "fiercely compete" for semaglutide volumes in both pre and post-loss of exclusivity markets, and launch new diabetes and obesity drugs every year through 2030, the slide deck showed.Novo's New York Stock Exchange-listed shares declined 8% in Monday trade, with the stock down 22% so far this year.Novo plans to expand its manufacturing capacity to serve 10 times more people that suffer from obesity and use its oral glucagon-like peptide-1, or GLP-1, drugs. It aims to serve more than 60 million patients worldwide by 2030.Ahead of the capital markets day, some Novo shareholders urged it to develop new medicines and pursue potential acquisitions to reduce its dependence on weight-loss treatments, the Financial Times reported, citing the investors."We established a lot of collaborations in the recent years," Chief Scientific Officer Martin Lange said during the Monday event. "We've also done some acquisitions, and we'll continue doing that not only in diabetes and obesity, but specifically also when we move into novel therapy areas."The company has eliminated about 13,000 jobs in the 12 months to August."We're using the funds coming through this exercise to fuel for the future, fuel the (research and development) organization, as well as of course make ourselves more competitive," Doustdar said.Last week, Novo agreed to collaborate with artificial intelligence firm Anthropic to help accelerate the discovery and development of new medicines, following similar partnerships with Amazon.com's (AMZN) cloud-computing unit, Amazon Web Services, and GenAI chatbot ChatGPT maker OpenAI.The Danish company recently struck an up to $1.4 billion licensing deal with Orbis Medicines over cardiometabolic diseases. Last year, it acquired Akero Therapeutics.Separately, Novo said its investigational drug CagriSema was more effective in reducing weight in patients with type 2 diabetes than Eli Lilly's tirzepatide in phase 3 trials.Price: $39.80, Change: $-3.45, Percent Change: -7.97%

$ABBV$AMZN$JNJ$LLY$MRK$NVO$NVS$PFE

US Markets8h ago

Priority Technology Shares Surge on $1.6 Billion All-Cash Go-Private Deal

Priority Technology (PRTH) shares soared after the company agreed to be acquired by an investor group led by its Chief Executive Thomas Priore in an all-cash transaction for an enterprise value of about $1.6 billion.Priority's stock climbed 33% in Monday trade, taking its year-to-date gain to 42%.The investor group will acquire all the shares of the payments and banking services provider that it does not already own for $8.05 per share in cash, representing a premium of about 38% to its closing price on Sept. 18. The price is 30% higher than the investor group's initial proposal.Funds advised by Searchlight Capital Partners will provide equity financing of up to $160 million for the transaction, while the remaining amount will be funded with the existing revolving credit facility and available cash, Priority said in a filing."I am pleased to have reached an agreement that delivers meaningful value to our stockholders and positions the company to achieve our vision for connected commerce," Priore said in a statement.The deal, which requires approval from Priority's shareholders and regulatory clearance, is expected to close in the first half of 2027. Following completion, the company will no longer trade on the Nasdaq Global Select Market, according to the statement.Under the agreement, Priority will owe a $15.8 million termination fee if it accepts a superior proposal, changes its recommendation, or breaches the deal, while the investor group must pay a $35.3 million reverse-termination fee if it breaches or fails to close as required."We believe this is the best path for the unaffiliated stockholders to realize the significant value from their investment in the company," Michael Passilla, chair of the special committee evaluating the proposal, said.Priority affirmed its full-year 2026 outlook in August after it posted better-than-expected second-quarter results driven by an expanding base of partner firms using the platform for payments and treasury services.Barrington Research said that a stock group of 40 electronic transaction processors marked the fifth straight month of positive price performance in August. Out of 39 companies that reported results, 30 exceeded consensus and only seven missed, according to the note.In September, a consortium that includes the family investment firm of Dell Technologies (DELL) Chief Executive Michael Dell agreed to acquire and take Baldwin Insurance (BWIN) private in a deal worth $7.7 billion. In April, private equity firm Hg acquired and took private enterprise finance management platform OneStream for about $6.4 billion.Corpay (CPAY) and TPG completed their $2.2 billion take-private acquisition of accounts payable automation platform AvidXchange last year. In December, Advent finalized its transaction to take insurance software provider Sapiens private for $2.5 billion.Price: $7.78, Change: $+1.95, Percent Change: +33.36%

$BWIN$CPAY$DELL$PRTH

US Markets8h ago

Policymakers Must Not Look Through Supply Shocks, Fed's Goolsbee Says

Policymakers can no longer afford to look through supply shocks that have become a regular feature of the economy, Chicago Fed President Austan Goolsbee said Monday.Lately, supply shocks such as wars and tariffs have occurred more frequently and lasted longer than they used to in the past, Goolsbee said in remarks at an event in London."We need evidence that these shocks are actually fading, or it's hard to see a credible path back to 2% inflation -- and harder still to justify continuing to look through them," said Goolsbee, who is an alternate member of the Federal Open Market Committee this year.Alternate members get to vote on policy decisions if a scheduled voter is not available.In a unanimous vote last week, the FOMC lifted the policy rate for the first time in just over three years to combat sticky inflation. At the time, the committee signaled another hike later this year.Annual headline personal consumption expenditure inflation held steady at 3.7% in July, while the annual core measure, which excludes food and energy, was unchanged at 3.3%.Oil prices have retreated in recent days, with US benchmark West Texas Intermediate crude back below $100 a barrel, but they remain on track for their third consecutive monthly gains amid continuing hostilities in the Middle East that have disrupted supplies."Our policy response to persistent supply shocks may not need to be as large as it would be if the inflation were coming from demand overheating," Goolsbee said. "But it won't be painless either."This is exactly the painful trade-off between employment and inflation that stagflationary shocks always impose on a central bank. Unfortunately, in environments like that, the only way back is the hard way."Morgan Stanley recently said that higher oil prices had slowed the progress of US inflation toward the Fed's 2% target. The Wall Street giant, along with Deutsche Bank and Macquarie Group, expects two more Fed rate hikes of 25 basis points each by March.Goolsbee expressed concerns that the US economy may be overheating especially amid the artificial intelligence boom, which could be fueling inflation."I'm especially attuned to elevated inflation in service-sector industries, and to any evidence that AI data center construction is spilling out of its own lane and raising aggregate output beyond what the economy can absorb," Goolsbee said. "Either could be signs of old-fashioned demand overheating -- and if demand overheats, there is no ambiguity about how the Fed needs to respond. Both are areas of concern in the recent data."

US Markets11h ago

Equity Futures Rise Pre-Bell as Traders Look Ahead to Potential Trump-Xi Meeting

The benchmark US equity futures were tracking in the green before the opening bell Monday, as traders look ahead to a potential meeting between President Donald Trump and his Chinese counterpart, Xi Jinping, later in the week.The S&P 500 was up 0.7%, the Dow Jones Industrial Average gained 0.6% and the Nasdaq advanced 1.1% in premarket activity. The Nasdaq and the S&P 500 finished Friday trading higher, while the Dow closed lower.On Sunday, US Treasury Secretary Scott Bessent said he had successful preliminary talks with Chinese Vice Premier He Lifeng over the weekend, ahead of Xi's expected visit to the US, according to multiple media outlets.The discussions between Bessent and Lifeng centered on artificial intelligence and trade, among other topics, CNBC reported. Talks between Trump and Xi are expected to take place Thursday, according to news reports.Treasury yields were down, with the two-year rate declining 2 basis points to 4.72% and the 10-year rate retreating 4.3 basis points to 4.95%.Trump reportedly said he is in "deciding mode" regarding Iran and warned that "very big things" could happen in the near future if Tehran doesn't cooperate, according to Fox News, citing an interview with the US leader. Trump reportedly said he would be open to meeting Iranian President Masoud Pezeshkian, who is expected to attend the upcoming United Nations General Assembly in New York.West Texas Intermediate crude oil was down 3% at $97.31 a barrel, while Brent decreased 2.9% to $100.84.Iran's military said its intelligence was preparing for a new large-scale strike by the US and warned of "painful" retaliation across the Middle East, news outlets reported.Monday's thin economic calendar has the Federal Reserve Bank of Chicago's national activity index for August at 8:30 am ET. Chicago Fed President Austan Goolsbee was slated to speak at 6:30 am.Costco Wholesale (COST), Cintas (CTAS), AutoZone (AZO), Paychex (PAYX), Darden Restaurants (DRI), and General Mills (GIS) are expected to report their latest financial results this week.Gold moved down 0.9% to $4,387 per troy ounce, while bitcoin climbed 3.7% to $84,173.

Dow JonesNasdaq CompositeS&P 500$AZO$COST$CTAS$DRI$GIS$PAYX

US Markets12h ago

Telix to Buy Germany's ITM Isotope in Deal Worth Up to $2.35 Billion

Telix Pharmaceuticals (TLX) agreed to acquire Germany-based ITM Isotope Technologies Munich in a deal potentially worth up to $2.35 billion, as the Australian company looks to strengthen its radiopharmaceutical operations.Founded in 2004, ITM is a private company that focuses on therapeutic radioisotope production and radiopharmaceutical development. It has a distribution network spanning more than 65 countries.Under the terms of the deal, Telix will acquire ITM for $1.65 billion upfront on a cash- and debt-free basis, including $1.25 billion, to be paid to sellers in 105.8 million Telix shares. Telix will also assume $302 million of net debt at closing.The deal includes an additional consideration of up to $700 million, based on ITM's investigational radiopharmaceutical cancer treatment, ITM-11, achieving certain regulatory approvals and sales milestones, according to Telix.ITM-11 is being evaluated in a second indication expansion phase 3 trial, with interim analysis expected in the first half of next year. Telix anticipates that, if regulators approve the product, it will accelerate its entry into the commercial therapeutic market and expand its presence in neuroendocrine tumors."By combining our complementary strengths, we will create a company with commercial scale, world-leading supply and the most exciting theranostic drug portfolio in the sector," Telix Chief Executive Christian Behrenbruch said in a statement. "Importantly, this combination further expands our late-stage therapeutic pipeline with two completed phase 3 trials and deepens radioisotope security."Telix's Nasdaq-listed American depositary receipts were down 9.6% in premarket activity Monday.The combined company is estimated to generate unaudited pro forma revenue and income of more than $1.3 billion for 2026. ITM logged annual revenue of $273 million last year, Telix said. The potential launch of ITM-11 could also generate additional high-margin therapeutic revenue in the near term, Telix said.The transaction, which requires approvals from regulators and Telix shareholders, is expected to complete by the end of 2026.Earlier this year, Telix entered into a collaboration with Regeneron Pharmaceuticals (REGN) to jointly develop and commercialize radiopharmaceutical therapies in a 50/50 cost- and profit-sharing model. Separately, Telix received approval from the US Food and Drug Administration for its new drug application for Pixclara, an amino acid positron emission tomography drug for brain cancer.In July, the company said its full-year revenue was tracking at the top end of its guidance for $950 million to $970 million, plus $40 million in nonrefundable other income from Regeneron.In the broader industry, Telix's radiopharmaceuticals competitor, Lantheus (LNTH), said last month it agreed to be acquired and taken private by Curium in an up to $8 billion deal.

$LNTH$REGN$TLX

US Markets13h ago

Fount Trust Now IHC's Ultimate Parent Under New Ownership Framework

International Holding Co (ADX:IHC), d/b/a IHC, confirmed that Fount Trust became its ultimate parent entity and now sits above Royal Group under a new ownership framework following a restructuring.The restructuring of the ownership arrangements is part of the United Arab Emirates-based holding company's long-term stewardship and continuity plans, according to a Monday release.Under the updated structure, the Pal Group of Companies continues to be IHC's majority shareholder, while Royal Group remains the majority shareholder of Pal Group.IHC emphasized that the restructuring does not affect its operations, strategy or business activities. Its corporate governance framework, board of directors, executive team, approval processes and ultimate beneficial owners also remain unchanged."Our responsibility is to build an institution capable of creating value over generations. That requires clear responsibilities and an ownership framework that can endure as people and circumstances change. The establishment of Fount Trust provides a framework for long-term stewardship, while Royal Group continues to operate and fulfil its role within the ownership structure," IHC Chief Executive Officer Syed Basar Shueb said in a statement. "For IHC, our Board and management remain focused on disciplined execution, the ability to adapt and invest, and building lasting value for our shareholders."Abu Dhabi-listed IHC has a market capitalization of 840 billion Emirati dirhams, with more than 1,300 subsidiaries across the technology, infrastructure, financial services and consumer industries.

ADX:IHC

US Markets14h ago

Trafigura Launches Super Tanker Arm, Plans Oslo Listing

Commodities trader Trafigura Group on Monday launched Volare Shipping, a company dedicated to owning and operating a fleet of super oil tankers, with plans to sell shares and subsequently list on Norway's Euronext Growth Oslo.Trafigura plans to raise $500 million through a private placement of Volare Shipping shares before seeking a listing of the stock by Oct. 5. The planned offer price of 154 Norwegian kroner per share gives Volare Shipping a pre-money equity valuation of 6.1 billion kroner.Incorporated in Singapore, Volare Shipping's fleet consists of 14 very-large crude carriers, or VLCCs, with six vessels currently in operation and eight newbuild vessels scheduled for delivery between May 2027 and October 2028.Proceeds from the placement will fund payments of the new vessels. Volare Shipping will also use the proceeds to reduce debt and for general corporate purposes.Trafigura, which manages around 500 vessels across multiple segments, including around 250 oil tankers, will remain the majority-owner of Volare Shipping following the planned listing."Trafigura's growing footprint in the VLCC segment has revealed a clear opportunity to invest further in modern tonnage, alongside outside investors," Andrea Olivi, Volare Shipping's chair and Trafigura's global head of shipping, said. "Long-term fundamentals in crude oil transportation remain supportive, and a dedicated, listed company gives Volare Shipping investors direct exposure to the sector."The listing remains subject to the Euronext Oslo Børs' approval and completion of the private placement.

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US Markets14h ago

Société Générale Shares Rise Amid 2029 Strategic Plan to Boost Profitability via Cost Cuts, AI

Société Générale's (GLE.PA) stock rose 3% on Monday after the French lender presented its 2029 strategic roadmap, which includes plans to cut costs through the deployment of artificial intelligence.To lower its cost base by 2% to below 16.3 billion euros by 2029, the bank aims for 1.9 billion euros in gross savings by cutting procurement costs and IT spending, as well as through natural headcount reduction. The savings are expected to largely offset 1 billion euros in expected inflation between 2026 and 2029 and 600 million euros in planned technology investments.Additionally, SocGen anticipates its group-wide implementation of AI-related initiatives will generate 500 million euros to 600 million euros in savings, with 350 million euros already identified by 2029. To support this plan, the Paris-listed lender signed a strategic deal with Anthropic to deploy corporate AI across its businesses to optimize costs and improve service quality.Meanwhile, SocGen's distribution policy targets over 13 billion euros in ordinary payouts from 2026 to 2029 through a 50% net income payout ratio, split between cash dividends and share buybacks. Aside from this low-to-mid-teens annual dividend growth target, SocGen could distribute up to 8 billion euros in excess capital above its 13% common equity tier 1 ratio, bringing total potential shareholder returns to over 21 billion euros.As part of its updated financial targets, SocGen expects average annual revenue growth of 3% through 2029. The bank also aims for a cost-to-income ratio below 55%, return on tangible capital of 13% to 14%, and a CET1 ratio surpassing 13% by 2029."Today, we are entering a new phase. Our ambition is clear: to accelerate our profitable growth and maintain rigorous risk and cost discipline. This will enable us to achieve high profitability, offer new opportunities to our teams, increase our capacity to support the growth of our clients, and offer an attractive distribution policy," SocGen Chief Executive Officer Slawomir Krupa said.

$GLE.PA

US Markets17h ago

Singapore Second-Quarter Unemployment Rate Comes In Lower Than Initial Print

Singapore's overall unemployment rate dropped to 1.9% in the second quarter of 2026, down from the government's preliminary estimate and market forecasts of 2.0%, according to final Ministry of Manpower data released Monday.The decline was supported by a stronger job market for younger workers, with the jobless rate among residents aged 30 and below falling to 5.7% in June from 6.2% in March. In contrast, unemployment among older residents aged 50 and above edged up to 3.1% from 2.9% over the same period.Total employment expanded by 11,400 during the quarter, accelerating from the 9,400 positions added in the first quarter and surpassing the 10,400 jobs added in the second quarter of 2025. Non-resident employment drove the bulk of the gains, adding 9,200 workers, while resident employment grew by 2,200.Hiring for residents was concentrated in transportation and storage, public administration and education, and health and social services. Inflows of non-resident workers were primarily absorbed by the construction and manufacturing sectors.Despite job gains, retrenchments rose to 4,620 from 3,830 in the preceding quarter, driven largely by corporate reorganization and business restructuring. Layoffs were most prevalent in manufacturing, information and communications, and financial services.The city-state's retrenchment rate is now at its highest level since COVID-19 pandemic levels.

^STI

US Markets17h ago

CXMT Begins Mass Production of Fifth-Generation Chip Manufacturing Platform

ChangXin Memory Technologies (SHA:688825) began mass production of its fifth-generation chip process technology platform, according to a Monday filing with the Shanghai bourse.The platform, called G5, consists of an active area half-pitch of 11.95 nanometers for memory arrays using self-aligned quadruple patterning, "closing the gap with the world's most advanced volume-production memory platforms," CXMT said.In comparison, Samsung Electronics (KRX:005930) and SK Hynix (KRX:000660) use 10-nanometer process technology.The G5 has yet to reach large-scale sales, CXMT said in its bourse disclosure.China's most valuable chip company also showcased its high-capacity LPDDR5X products built on the G5 platform during the 2026 World Manufacturing Convention in Hefei, China.The chips feature a capacity of 24 gigabits, with 50% higher gross die per wafer than the previous product generation, it said.Among the users of CXMT's LPDDR5X products is Nubia's NaviX Ultra, backed by ZTE (SHE:000063, HKG:0763), according to a separate report by the South China Morning Post.The mass production comes as CXMT recently swung to a profit of 77.6 billion yuan in the first half from an attributable loss of 2.33 billion yuan the previous year.Amid strong demand for chips, its first-half revenue surged 874% year over year to 150.3 billion yuan from 15.4 billion yuan.

HKG:0763KRX:000660KRX:005930SHA:688825SHE:000063

US Markets19h ago

China Keeps Key Lending Rates Unchanged as Policymakers Weigh Weak Domestic Demand

China kept its benchmark lending rates at record lows for a 16th consecutive month in September, signaling continued caution from policymakers as they weigh weak domestic demand.The one-year Loan Prime Rate, the benchmark for most corporate and household borrowing, was held at 3%, while the over-five-year LPR, a key reference for mortgages, remained at 3.5%, according to the People's Bank of China.The decision was in line with expectations and came as the yuan continued to strengthen, while some other central banks moved toward higher rates.The steady stance also suggests policymakers remain mindful of the pressure that further easing could place on banks' margins.Recent data have offered a mixed picture of the economy. Industrial production growth accelerated, while retail sales growth slowed and fell short of expectations.New yuan lending returned to growth in August after a contraction in July, but remained below forecasts as weak household and corporate borrowing demand continued to weigh on credit growth.The property market remained a drag, with home prices declining in August. The pace of the decline, however, was the slowest in eight months, suggesting government support measures may be beginning to cushion the downturn.The decision leaves the LPRs unchanged as policymakers appear to be relying on targeted support and existing measures to shore up growth, while keeping room to respond if domestic demand weakens further.

Shanghai Composite^SZSE

US Markets20h ago

RBA's Research Finds International GDP Forecasts Often Fail Rationality Tests, Differ Little in Accuracy

Real gross domestic product growth forecasts by major international organizations frequently fail standard tests of forecast rationality, though differences in accuracy between the organizations are rarely statistically significant, according to a Monday research discussion paper by the Reserve Bank of Australia.The paper examined forecasts by four international organizations, the International Monetary Fund, the World Bank, the European Commission and the Organisation for Economic Co-operation and Development, alongside private-sector forecasts, noting that such projections influence policy decisions by governments and receive significant attention from markets.When comparing accuracy between organizations for individual economies, the researchers found that one forecaster almost always outperformed another over the sample period, but those differences were rarely statistically significant, meaning they could have been by chance rather than reflecting superior capability.By contrast, each forecaster showed statistically significant departures from forecast rationality for the majority of economies, meaning their forecasts did not minimize the chosen measure of forecast error given the information available at the time, the paper added.Common reasons included optimistic bias, overly large revisions and forecasts that were too extreme, with the researchers noting that accuracy would have improved had forecasts been slightly lower, revisions smaller and extremes avoided, though this does not mean the forecasts were irrational in the everyday sense, per the paper.The researchers explored two explanations particularly relevant to international organizations, the first being that forecasts are often conditional on assumed future outcomes for a set of explanatory variables, which can make them look irrational under the standard test.The second explanation is that organizations may produce modal forecasts, reflecting their view of the most likely outcome, while standard rationality tests assume a probability-weighted average forecast, with evidence suggesting the modal forecasts tend to run slightly higher, the paper added.The researchers said both practices are reasonable, and concluded that while failures of rationality tests may point to ways of improving accuracy, they could also reflect legitimate forecasting practices, making rigorous evaluation essential to interpreting performance and guiding better methods.

ASX 200

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US Markets3h ago

Update: Nasdaq Composite Rallies to Record as AI Trade Lifts Chipmakers

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