Stocks Turn Mixed as US Job Growth Less Than Previously Stated

Market Overview - The S&P 500 Index is up +0.02%, the Dow Jones Industrials Index is up +0.07%, while the Nasdaq 100 Index is down -0.08% [1] - Stock indexes turned mixed after a revision to US payrolls showed fewer jobs than previously stated, indicating a weaker labor market [2][4] - M&A activity is supporting stocks, with Anglo American acquiring Teck Resources for over $50 billion and Novartis AG buying Tourmaline Bio for approximately $1.4 billion [4] Economic Indicators - Preliminary revisions to US payrolls indicated a loss of -911,000 jobs, exceeding expectations of -700,000, marking the largest markdown in job growth since at least 2000 [4] - Market focus includes upcoming trade or tariff news, with August PPI and CPI data expected to show slight increases [5] - The markets are pricing in a 79% chance of a second -25 bp rate cut at the upcoming FOMC meeting in October, up from 54% [6] Tariff Developments - A federal appeals court ruled that President Trump exceeded his authority by imposing global tariffs without Congressional approval, but the tariffs remain in place during appeals [7] - If implemented as announced, the average US tariff is expected to rise to 15.2%, up from 13.3% earlier [7] Company Movements - Albemarle is down more than -10% due to a retreat in lithium stocks following news of CATL's lithium mine resuming production [12] - SailPoint is down more than -8% after forecasting weaker Q3 adjusted income than consensus [12] - Fox Corp is down more than -5% as trusts for Rupert Murdoch's children sell shares [13] - Energy producers are climbing, with WTI crude oil up more than +1% and several companies like Valero Energy and Phillips 66 seeing gains [15] - Tourmaline Bio is up more than +57% following Novartis AG's acquisition announcement [16] - UnitedHealth Group is up more than +4% after announcing a high percentage of its Medicare Advantage members will be in highly rated plans [17]