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Monday, September 8

Noteworthy macro moves today: Oil (WTI) +1.7%. Gold +1.0%. Noteworthy US mega-cap moves today: UnitedHealth Group Inc (UNH) +2.5%. 

Recent market movements are significantly influenced by economic data releases and political developments. The U.S. jobs report on Friday revealed a mere 22,000 job additions in August, far below expectations of 75,000 and marking the weakest growth since early 2020; this has heightened speculation about potential interest rate cuts from the Federal Reserve at their upcoming meeting on September 17.

In Europe, Germany's industrial production rose unexpectedly by 1.3% month-over-month for July after previous declines. This positive news helped bolster European equity indices like the DAX, which saw gains amid broader optimism despite ongoing concerns over trade dynamics with China following reports that Chinese exports to the U.S. plummeted by approximately 33%.

Additionally, Japan is experiencing notable shifts as Prime Minister Shigeru Ishiba announced his resignation amidst internal party conflicts. This development led to increased volatility in Japanese markets while also contributing to a weaker yen against major currencies—a situation compounded further as investors anticipate forthcoming inflation data that could influence monetary policy decisions globally.

United States Oil Fund LP (USO) [+1.9%]
In premarket trading, WTI crude oil prices rose by nearly 2% to 63.02, following OPEC+'s announcement of an additional production increase for October. OPEC+ will boost oil output by 137,000 barrels per day, part of a strategy to restore production levels incrementally until August 2026. Despite this increase in supply, analysts observed that oil prices remained resilient, attributed in part to significant stockpiling activities in China. Concurrently, Brent crude futures also experienced a similar increase of about 2%, reflecting the broader market dynamics influenced by geopolitical tensions and weak U.S. jobs data. This backdrop has led to heightened demand for safe-haven assets, further shaping the sentiment in the oil market.

iShares MSCI Japan ETF (EWJ) [+1.5%]
The iShares MSCI Japan ETF (EWJ) has seen a price increase of 1.5% in pre-market trading. Japan's economy expanded at an annualized rate of 2.2% in Q2, surpassing the preliminary estimate of 1.0%. This growth was accompanied by a GDP price index that met expectations at 3.0%. However, the current account for July fell short of forecasts, reporting 1.88 trillion yen against an expected 2.60 trillion yen. The Nikkei 225 index has rallied significantly, gaining over 1,075 points or approximately 2.4%, driven by strong performances in financial and technology sectors. Key contributors to EWJ's performance include SONY, Toyota Motor Corporation, and Takeda Pharmaceutical Co Ltd, the latter recently receiving FDA approvals for new treatments. Additionally, the USD/JPY movement negatively impacted the ETF's performance by 0.24%.

SATS | +19.8% | +4.3B
EchoStar Corp | Alternative Carriers
EchoStar Corporation has entered into a definitive agreement with SpaceX to sell its AWS-4 and H-block spectrum licenses for approximately 17 billion. The transaction includes up to 8.5 billion in cash and up to 8.5 billion in SpaceX stock. Additionally, SpaceX will cover around 2 billion in interest payments on EchoStar's debt through November 2027. This deal is expected to enhance SpaceX's Starlink Direct-To-Cell constellation and enable Boost Mobile subscribers to access this service via EchoStar's cloud-native 5G core. EchoStar anticipates that the agreement will address ongoing inquiries from the Federal Communications Commission. Notably, the current operations of DISH TV, Sling, and Hughes will remain unaffected by this transaction. The news has sparked a notable increase in trading activity for EchoStar shares.

APP | +9.5% | +16.7B
Applovin Corp | Application Software
Applovin Corp is set to join the S&P 500 index effective September 22, 2025, a development that has resulted in a notable increase in its stock price. Following the announcement on September 5, shares rose approximately 7%, reaching 526. In after-hours trading on September 7, the stock gained over 6%, reflecting market enthusiasm. Premarket trading on September 8 showed a further increase of 7.6%. Social media activity surrounding this news has been significant, with users congratulating Applovin and discussing its potential impact. Notably, analysts have raised price targets for Applovin following strong earnings, although concerns about increased insider selling were mentioned. The company's market capitalization is reported at 169.1 billion.

HOOD | +8.2% | +7.9B
Robinhood Markets Inc | Investment Banking & Brokerage
Robinhood Markets Inc (HOOD) is experiencing notable pre-market activity, with shares rising significantly since Friday. The stock surged following the announcement that Robinhood will join the S&P 500, confirmed by S&P Dow Jones Indices. This news prompted an immediate increase in stock price, with shares jumping shortly after the announcement. In after-hours trading on Friday, Robinhood's shares saw further gains, reflecting a broader positive market reaction. Social media discussions highlight excitement around this milestone, with reports of substantial price movements and increased market value, now estimated at $91.5 billion. The sentiment surrounding HOOD remains positive as it continues to gain recognition in the financial markets.

BIDU | +7.4% | +22.6B
Baidu Inc | Interactive Media & Services
Baidu Inc. announced its proposal to offer CNY-denominated senior unsecured notes in offshore transactions, specifically targeting non-U.S. persons. This offering is subject to market conditions and will comply with Regulation S under the U.S. Securities Act of 1933. The company intends to use the net proceeds for general corporate purposes, including the repayment of existing indebtedness. Notably, Moody's assigned an A3 rating to these proposed notes, contributing to a price increase of over 4% for Baidu shares. Following this news, Baidu shares jumped significantly in Hong Kong, with pre-market trading reflecting a notable rise. Conversations on social media highlighted that Baidu reached a high of $101, with discussions around support above the $100 mark and potential upside targets between $115 and $116.

SMMT | -17.8% | -2.7B
Summit Therapeutics Inc | Biotechnology
Summit Therapeutics Inc. has seen a notable drop in its share price, attributed to mixed results from the Phase III HARMONi trial of its investigational drug ivonescimab, presented at the World Conference on Lung Cancer. The trial reported an overall survival hazard ratio of 0.78 with a nominal p-value of 0.0332, suggesting some statistical significance; however, concerns have arisen regarding its efficacy compared to historical outcomes. Notably, the North American patient subgroup demonstrated an overall survival hazard ratio of 0.70. Following the release of this data, Summit's stock was down significantly in premarket trading, reflecting the ongoing challenges in establishing clear clinical benefits for ivonescimab amid a competitive landscape.

TMUS | -5.1% | -14.3B
T-Mobile US Inc | Wireless Telecommunication Services
T-Mobile US Inc is experiencing a notable decline, aligning with the broader Wireless Telecommunication Services sector, which is also trading lower. This downward movement follows EchoStar's recent agreement to sell its AWS-4 and H-block spectrum licenses to SpaceX, a development that could significantly impact competitive dynamics within the telecom sector. Additionally, T-Mobile was outbid by SpaceX for the SATS spectrum, raising concerns regarding the company's strategic positioning and potential future challenges. These factors have collectively contributed to the current price movement of T-Mobile shares.

T | -4.5% | -9.1B
AT&T Inc | Integrated Telecommunication Services
AT&T Inc. is experiencing a notable decline, aligned with the broader Integrated Telecommunication Services sector, which is also moving lower. The company's pressure stems from EchoStar's recent announcement of a $17 billion sale of its AWS-4 and H-block spectrum licenses to SpaceX. This transaction includes $8.5 billion in cash and an equivalent amount in SpaceX stock, alongside $2 billion designated for interest payments on EchoStar's debt until November 2027. The deal enhances SpaceX's satellite connectivity services, potentially altering competitive dynamics within the telecommunications sector. In August, AT&T had disclosed plans to acquire EchoStar's spectrum licenses for $23 billion, aiming to bolster its network capacity. Social media discussions highlight competitive shifts, particularly noting T-Mobile's loss in the satellite spectrum bidding to SpaceX, which may indirectly affect AT&T's market positioning.

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