2025-09-26 20:47
August PCE figures in line with expectations Truck maker Paccar shares up as Trump imposes new tariffs Indexes: Dow up 0.7%, S&P 500 up 0.6%, Nasdaq up 0.4% NEW YORK Sept 26 (Reuters) - U.S. stocks ended higher on Friday after mostly in-line U.S. inflation data, but the three major indexes posted losses for the week. The S&P 500 and Nasdaq snapped three-week streaks of weekly gains. Sign up here. The Commerce Department's personal consumption expenditures index report for August showed inflation behaving as expected while personal income and consumer spending surprised to the upside. Prices rose by 0.3% last month, and by 2.7% year-over-year, hitting the consensus estimate. The PCE index is considered the Federal Reserve's preferred inflation measure. Market participants have been weighing signs of a stronger economy against expectations for more interest rate cuts from the Fed. Last week, the U.S. central bank cut rates for the first time since December and indicated more cuts were on the way. Investors are questioning what the Fed's path is going to be from here, and are positioning for quarter-end, said Bruce Zaro, managing director at Granite Wealth Management in Plymouth, Massachusetts. "To me, it's typical of quarter-end window dressing... You're going to have some volatility during this period and in the subsequent weeks because you have earnings coming," he said. The S&P 500's third-quarter earnings season kicks off around mid-October. Also, shares of truck maker Paccar (PCAR.O) , opens new tab, which makes most of its trucks for the U.S. market domestically, rose 5.2% the day after President Donald Trump unveiled fresh import tariffs, including on heavy-duty trucks. Trump also slapped new tariffs on branded pharmaceutical products, kitchen cabinets and bathroom vanities along with upholstered furniture. Drugmaker Eli Lilly (LLY.N) , opens new tab gained 1.4%. Electronic Arts (EA.O) , opens new tab shares jumped 14.9% after reports that the videogame publisher was in advanced talks to go private. The Dow Jones Industrial Average (.DJI) , opens new tab rose 299.97 points, or 0.65%, to 46,247.29, the S&P 500 (.SPX) , opens new tab gained 38.98 points, or 0.59%, to 6,643.70 and the Nasdaq Composite (.IXIC) , opens new tab gained 99.37 points, or 0.44%, to 22,484.07. For the week, the Dow was down 0.2%, the S&P 500 was down 0.3% and the Nasdaq fell 0.7%. Investors also took in the latest comments from Fed officials. Richmond Fed Bank President Thomas Barkin, in an interview with Bloomberg Television, said he had very low confidence in inflation forecasts, as tariffs continue to impact the economy. However, Fed Vice Chair Michelle Bowman cited recent labor market data and said it was time "to act decisively and proactively to address decreasing labor market dynamism and emerging signs of fragility." Investors are anxious to see the September U.S. employment report, due next Friday. Also on the horizon, a potential government shutdown could disrupt data releases and add uncertainty to the markets. Costco Wholesale (COST.O) , opens new tab fell 2.9%, a day after the company reported quarterly results. Advancing issues outnumbered decliners by a 2.25-to-1 ratio on the NYSE. There were 205 new highs and 53 new lows on the NYSE. On the Nasdaq, 2,920 stocks rose and 1,729 fell as advancing issues outnumbered decliners by a 1.69-to-1 ratio. Volume on U.S. exchanges was 16.98 billion shares, compared with the 18.11 billion average for the full session over the last 20 trading days. https://www.reuters.com/business/wall-street-futures-mixed-investors-brace-inflation-data-2025-09-26/
2025-09-26 20:41
NEW YORK/WASHINGTON, Sept 26 (Reuters) - U.S. Securities and Exchange Commission workers should not be "anxious" about potential mass layoffs if the government shuts down next week, a top union official has told agency staff. SEC preparations for a possible government shutdown and its related communications with the union have been the same as in prior shutdowns, the head of the SEC's union Greg Gilman said in a email on Thursday afternoon, seen by Reuters. Sign up here. "There is no reason at present for SEC employees to be anxious that a shutdown at the SEC would be different than past shutdowns have been, or that it would result in a [further]reduction in our staff," he wrote. Neither Gilman nor the SEC immediately responded to requests for comment on Friday afternoon. The White House this week threatened sharp cuts , opens new tab in the federal workforce if government funding runs out next week and Congress does not pass legislation to keep the government open. In a memo late Wednesday, the White House's Office of Management and Budget asked federal agencies to identify workers in positions that would be unfunded and outside the president's priorities. SEC chairman Paul Atkins on Thursday evening said he had yet to review the memo but believed the SEC was working to meet President Donald Trump's priorities. The SEC has already lost 15-19% of staff across divisions as President Donald Trump pushed for cuts across agencies. The agency recently launched another buyout offer, this time targeted at supervisors. https://www.reuters.com/sustainability/boards-policy-regulation/us-sec-staff-should-not-worry-about-shutdown-layoffs-union-says-2025-09-26/
2025-09-26 20:38
Sept 26 (Reuters) - Hundreds of environmental and human rights groups have urged COP30, the global climate summit to be held in Brazil this November, to confront the historical roots of the climate crisis, and put reparations on the agenda. The letter argues that historical crimes, such as enslavement and colonialism, created global inequalities in resource access, drove asymmetrical contributions to emissions, increased vulnerability to disasters, and continue to exclude many from climate decision-making. Sign up here. "There can be no true climate justice without reparatory justice," the signatories said. Launched by organisations such as Brazil's Instituto Luiz Gama and the Caribbean Pan African Network earlier this week, it has now been signed by more than 240 organisations and public figures, including Amnesty International USA and local chapters of Black Lives Matter. Colombia's environment minister has also backed the letter. It will be sent to the Brazilian government and the United Nations next week. "The climate crisis did not arise recently — it is a continuation of centuries of greenhouse emissions, extraction, dispossession, and racial violence," the letter said, urging COP30 to address historical injustices and the need for reparations as part of any negotiation on climate. The letter said that it would be significant for Brazil, which received more enslaved people than any other country and today has the largest population of African descendants outside Africa, to take the lead on this call. It urged Brazil and COP30 to create an official space at the summit dedicated to climate justice and reparations, led by Africans, people of African descent, and Indigenous communities. It also asked Brazil to incorporate these themes into its political agenda and actively facilitate such conversations at COP30. Centuries-old demands for reparations have been gaining renewed momentum worldwide but the backlash against them has also been growing, with critics saying modern states and institutions should not pay or make other amends for historical wrongs. Anielle Franco, Brazil's minister of racial equality, told Reuters last year the wrongs of the past had long gone unrecognised by those in power, and that reparations were about "building a more dignified future." https://www.reuters.com/sustainability/cop/cop30-urged-link-climate-justice-with-reparations-historical-crimes-2025-09-26/
2025-09-26 20:24
TSX ends up 0.1% at 29,761.28 For the week, the index slips 0.02% Materials sector gains 1.9% as gold climbs Technology falls 2.1% Sept 26 (Reuters) - Canada's main stock index edged higher on Friday as commodity prices rose and economic data pointed to Canada's economy avoiding a recession, but the index still lost its weekly winning streak. Canada's monthly gross domestic product rebounded from three months of contraction to grow by 0.2% in July as mining, manufacturing and wholesale trade boosted growth, data showed. Sign up here. "Canada is likely to avoid a technical recession, with July GDP showing a rebound from the second quarter’s contraction and Q3 growth tracking in line with our forecast," Maria Solovieva, an economist at TD Economics, said in a note. Solovieva's forecast for the third quarter is annualized growth of 0.7%. Toronto's S&P/TSX composite index (.GSPTSE) , opens new tab ended up 29.30 points, or 0.1%, at 29,761.28. It was led by a gain of 1.9% for the materials sector (.GSPTTMT) , opens new tab, which includes metal mining shares, as the price of gold moved closer to its recent record high. Perpetua Resources Corp was a standout, with its shares adding 11.2%. The company said it's in talks with a number of companies, including Glencore (GLEN.L) , opens new tab, about partnership to refine antimony in the United States. The price of oil also rose, settling 1.1% higher at $65.72 a barrel, as Ukraine's drone attacks on Russia's energy infrastructure cut the country's fuel exports. The energy sector (.SPTTEN) , opens new tab and heavily weighted financials (.SPTTFS) , opens new tab both added 0.2%. Still, the TSX inched 0.02% lower for the week, after seven straight weekly gains. "Some of the market participants are simply just locking in some gains here," said Robert Gill, portfolio manager at Fairbank Investment Management. "It's been a very heated market and they're rotating out of some overextended sectors, in particular technology." The technology sector (.SPTTTK) , opens new tab fell 2.1%, with e-commerce firm Shopify (SHOP.TO) , opens new tab down 2.3%. https://www.reuters.com/world/americas/tsx-futures-inch-lower-investors-await-key-domestic-us-data-2025-09-26/
2025-09-26 20:05
Ningyu Chen named interim CTO, previously SVP of global experience technology Starbucks focuses on tech for 'Back to Starbucks' plan, despite Lefevre's departure Company to close underperforming stores, cut 900 non-retail roles by 2025 Shares down 12% over past year, S&P 500 up 16% Sept 26 (Reuters) - Starbucks' (SBUX.O) , opens new tab Chief Technology Officer Deb Hall Lefevre resigned without a permanent replacement, according to an internal memo sent to corporate staff on Monday, seen by Reuters. The memo, written by Chief Financial Officer Cathy Smith, named Ningyu Chen, previously senior vice president of global experience technology, as interim chief technology officer. Sign up here. Lefevre's resignation comes as Starbucks announced its second round of deep cuts in corporate roles, effective Friday, as CEO Brian Niccol pushes a tech revamp in stores to make labor more efficient, part of a turnaround strategy to revive flagging sales after six consecutive quarters of decline. USING AI TO REVAMP HOW CAFES OPERATE The revamp includes an AI-powered automated inventory counter that is in the process of being rolled out to all company-owned stores in North America by the end of September. Other initiatives include an AI assistant for baristas, a new point-of-sales system, and a queuing algorithm meant to help baristas sequence orders during rush hour. Lefevre, a former McDonald’s (MCD.N) , opens new tab executive, was hired in May 2022 as part of the chain's focus on improving its drive-through, mobile ordering and other systems. The memo said she planned to retire. "Our tech priorities aren't changing," the memo said. "We're focused on the tech work needed to deliver our Back to Starbucks plan." Lefevre didn't respond to a request for comment Thursday night. On Thursday, the company said it would close underperforming stores in the United States. Its overall company-owned U.S. and Canada store count is expected to drop by 1%, with several hundred stores expected to close by the end of the 2025 fiscal year. It also said 900 non-retail roles would be eliminated, with affected employees being notified Friday. The technology initiatives are part of a corporate turnaround called "Back to Starbucks" being pursued by CEO Brian Niccol, who took the helm last year to revive the chain's fortunes. He has aimed to revive the chain's "coffeehouse" appeal following six consecutive quarters of sales declines. Starbucks’ February layoffs of 1,100 corporate employees hit the IT team particularly hard, a source familiar with the matter said Thursday. They said an outside contractor named Tata Consultancy Services, based in India, has been given an increasing role in Starbucks IT division. Starbucks in a statement Friday said the company will “continue to have a very significant in-house technology team, but the focus is on the most important capabilities and the most important work.” Shares have lost more than 12% of their value over the last 12 months, compared with a 16% increase in the broad-market Standard & Poor's 500 Index (.SPX) , opens new tab. (This story has been refiled to remove a repetition of paragraph 11) https://www.reuters.com/business/retail-consumer/starbucks-cto-resigned-monday-interim-named-2025-09-26/
2025-09-26 19:22
WASHINGTON, Sept 26 (Reuters) - Britain would face 100% tariffs on pharmaceuticals imported into the U.S. under President Donald Trump's latest plan, sources told Reuters on Friday. Trump announced on Thursday that he was imposing a 100% tariff that would apply to firms unless they build a manufacturing presence in the United States. Sign up here. The European Union and Japan are exempt from Trump's latest tariff threat because both negotiated trade deals that capped pharmaceutical duties at 15%, Reuters previously reported. Britain was the first nation to strike a trade deal with Trump, but the pharmaceutical rate remains under negotiation, so Britain is not shielded from the new tariffs, a source told Reuters on Friday. Trump has framed the move as part of a broader push to onshore drug production and reduce reliance on foreign supply chains, a priority of his administration’s trade and industrial policy. Pharmaceutical imports from Britain accounted for about 3.3% of total pharmaceutical imports to the U.S. in 2024, according to U.S. trade data. https://www.reuters.com/business/britain-would-face-100-tariff-pharmaceuticals-under-latest-trump-plan-sources-2025-09-26/
