OPENING CALL
U.S. stock futures pointed to a higher open Tuesday as investors were likely to focus on revised job figures for the year through March.
“The U.S. labor market looks set to remain in focus today, as the BLS’ preliminary benchmark revisions to the establishment survey stand as the main event of the upcoming session,” Pepperstone said .
The office was expected to show companies hired fewer workers than initially reported which comes after recent data indicated the country’s labor market was slowing.
Danske Bank said a negative revision of 400,000 jobs was likely.
Stocks to Watch:
Anglo American shares in London were up 9% after it said it would merge with Teck Resources. Teck shares were up nearly 11% in New York.
ASML shares rose by 0.35% after saying it would invest in France’s Mistral AI.
Casey’s General Stores fell 1.1% despite posting better-than-expected quarterly profit per share and revenue.
Nebius shares soared 52% after it agreed to provide GPU infrastructure capacity to Microsoft Corp.
Tourmaline Bio shares rose by nearly 57% after Novartis said it agreed to buy the company in a roughly $1.4 billion-dollar deal.
Watch For:
Oracle Corp earnings for 1Q
Today’s Top Headlines/Must Reads:
– Nvidia’s ‘Wow’ Factor Is Fading
– Cases on Trump’s Powers Raise Stakes for Congress
– NYC Developers, Resigned to Mamdani Winning, Now Want to Work With Him
MARKET WRAPS
Forex:
The dollar fell to a nearly seven-week low against a basket of currencies after Friday’s worse-than-expected U.S. jobs data.
The euro traded steady against a weaker dollar but fell to five-week low against the Swiss franc after the ousting of French Prime Minister Francois Bayrou on Monday.
The euro could rise if the European Central Bank indicates an end to its interest-rate cutting cycle on Thursday, Monex Europe said.
Bonds:
Treasury yields edged higher, with benchmark payrolls revisions in focus.
Other drivers for the Treasury market included a $58 billion auction of three-year notes, according to Pepperstone.
Treasury investors continued to price in multiple rate cuts over the coming months, leaving the yield curve vulnerable to renewed declines if inflation surprises to the downside, Kudotrade said.
It added that Wednesday’s PPI and Thursday’s CPI data for August will be pivotal in shaping near-term sentiment.
“Softer readings would reinforce expectations of aggressive easing [by the Federal Reserve] and extend pressure on the dollar and yields.”
Metals:
Gold continued its rally , supported by central bank buying and demand from investors seeking alternatives to Treasurys, Swissquote Bank said, which added that the metal was technically overbought.
Gold futures hit a fresh record high amid expectations the Federal Reserve will cut interest rates next week.
“The metal has already gained nearly 40% in 2025, supported by strong central bank purchases, safe-haven demand amid geopolitical and trade tensions, and heightened concerns over President Trump’s attacks on Fed independence,” MUFG said.
Energy:
Oil prices rose, lifted by prospects of tighter sanctions on Russian energy exports and OPEC+’s overall modest output increase for October.
“While OPEC+ has slowed the pace of production hikes compared with earlier months, its focus on reclaiming market share continues to pressure sentiment,” MUFG said separately.
Saudi Aramco’s selling price for its flagship Arab Light crude for Asian buyers was cut by more than expected, according to DNB Carnegie .
This signals the exporter was making its barrels more attractive amid a continued ramp-up in production and “might be an indication that Saudi is using price to push the increased production into the market.”
TODAY’S TOP HEADLINES
OpenAI Executives Rattled by Campaigns to Derail For-Profit Restructuring
OpenAI executives are growing concerned that mounting political scrutiny in California could stymie their efforts to become a for-profit company and have discussed a last-ditch option of moving out of the state.
Some of California’s biggest philanthropies, nonprofits and labor groups are joining forces to push back on the startup’s high-stakes restructuring plan. Because OpenAI is controlled by a nonprofit, they are asking the state’s attorney general to ensure the new company it creates doesn’t violate the state’s charitable trust law.
Hyundai Raid Exposes Shortage of Visas for Asian Companies Trying to Move Staff
The Trump administration wants tougher immigration enforcement. It also wants Asian manufacturing powerhouses to pour investment into U.S. factories.
Those goals are now clashing because Asian companies are having trouble getting enough work visas for personnel needed to get the U.S. plants running, say immigration specialists.
Murdoch Family Settles Battle Over Trust
The Murdoch family has reached a deal to end its yearslong battle over control of its media empire.
Lachlan Murdoch is set to take control of his father’s media assets as part of an agreement announced Monday between the patriarch and his children. Lachlan will control all the votes in a new trust that will hold sizable stakes in Fox Corp. and News Corp once the deal is completed.
Global Markets Rise on Increasing Fed Rate-Cut Expectation
U.S. stock futures and international equities markets were mostly higher early in Europe after another strong close on Wall Street in the prior session. The Bureau of Labor Statistics will release revised job figures that are expected to show U.S. companies hired fewer workers than initially reported. That comes on the heels of recent data that indicate a slowing labor market, and which have cemented expectations that the Federal Reserve will cut rates next week. August producer and consumer inflation data land on Wednesday and Thursday, respectively. In corporate action, Oracle reports earnings later.
The dollar continued to ease, while gold hit a fresh record high.
White House Prepares Report Critical of Statistics Agency
Five weeks after President Trump fired the chief of the agency that gathers the country’s labor and price data, his advisers are preparing a report laying out alleged shortcomings of the Bureau of Labor Statistics’ jobs data, according to people familiar with the matter.
The report takes a critical look at the BLS and lays out a historical overview of the agency’s jobs-data revisions, they said.
Fall of French Government Prompts Muted Market Reaction
Markets were little changed after the collapse of France’s government, foreshadowing a period of political paralysis as France scrambles to get a grip on its spiraling public finances.
Prime Minister Francois Bayrou was pushed out of office late Monday after failing to secure a majority in a confidence vote, which he called two weeks ago in a bid to push through 44 billion euros ($51.76 billion) in spending cuts in order to tackle France’s debt.
French Industrial Output Retreated in July
French industrial production fell back modestly in July, retreating from its strong growth in the prior month, as uncertainty reigns over the country’s economic direction after the ousting of its government this week.
Industrial output was 1.1% lower on month in July, offsetting some of the 3.7% rise in June, France’s statistics agency Insee said Tuesday. That was a tad weaker than the 1.0% decline in production expected by a consensus of economists polled by The Wall Street Journal.
Japan’s Ruling Party Seeks Leader With Trump Appeal
TOKYO-Among the questions facing ruling-party members who will choose Japan’s likely next leader is who will get along best with President Trump.
Would it be Sanae Takaichi, a conservative and adherent of former Prime Minister Shinzo Abe’s expansive economic policies? Or Shinjiro Koizumi, a moderate but inexperienced member of a new generation of Japanese politicians who has the kind of energy and polish that Trump often likes?
Israel Issues Evacuation Order for All of Gaza City as It Expands Offensive
The Israeli military issued an evacuation order for all of Gaza City, where hundreds of thousands of Palestinians are sheltering and some Israeli hostages are believed to be held, as it expands a ground offensive against Hamas in the area.
In a notice posted online early Tuesday, Israel’s Arabic language military spokesman said: “For your safety, evacuate immediately via Al-Rashid Road to the humanitarian zone in al-Mawasi. Remaining in the area is extremely dangerous.”
U.S.-China Rivalry Sparks a Submarine Arms Race
China is on the verge of becoming a world-class submarine power, with new technology and a bigger, better fleet that is gaining on the U.S. and its allies-spurring a new undersea arms race in the Pacific.
Rapid improvements are making Beijing’s underwater navy quieter and faster, capable of carrying more advanced weapons and better sensors and able to remain submerged for longer.
Kenya Uses U.S.-Funded Antiterrorism Courts for Political Crackdown
NAIROBI, Kenya-The Kenyan government is using special antiterrorism courts-established with U.S. money to combat al Qaeda-to threaten political dissidents with decades in prison.
Prosecutors have charged 75 Kenyans with terrorism in recent weeks, the majority for allegedly destroying government property during street demonstrations against President William Ruto.
Epstein Birthday Letter With Trump’s Signature Revealed
Lawyers for Jeffrey Epstein’s estate have given Congress a copy of the birthday book put together for the financier’s 50th birthday, which includes a letter with President Trump’s signature that he has said doesn’t exist.
On Monday, House Oversight Committee members confirmed that they received a copy of the birthday book including the letter bearing Trump’s signature and a second letter that references Trump with a crude joke about a woman from another Epstein associate.
(MORE TO FOLLOW) Dow Jones Newswires
September 09, 2025 06:29 ET (10:29 GMT)
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