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The S&P 500 Index closed up 0.27% on Tuesday, while the Dow Jones Industrial Average rose 0.43%, and the Nasdaq 100 increased by 0.33%. The preliminary revision to US payrolls through March 2025 revealed a downward adjustment of 911,000 jobs, the largest markdown since 2000, enhancing expectations for future interest rate cuts by the Federal Reserve.
Markets are anticipating a 25 basis point rate cut during the FOMC meeting on September 16-17 and a 10% chance for a more aggressive 50 basis point cut. Additionally, the markets forecast a total of 72 basis points cut in the federal funds rate by the end of the year, lowering it to 3.66% from 4.38%.
In new M&A activity, Anglo American has agreed to acquire Teck Resources for over $50 billion, and Novartis AG is purchasing Tourmaline Bio for approximately $1.4 billion, or about $48 per share. The U.S. market has also seen increased trading activity in the wake of these announcements, underlining shifts in key sectors.
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