Finance

Original title: US Corn, Soy and Wheat Prices Fall on Post-Holiday Profit Taking Grain and oilseed futures fell Tuesday amid profit taking that helped pare back Friday’s gains as the market reopened from the US Labor Day holiday. Chicago wheat was down as much as 2.3%, the biggest intraday drop since the end of July, as global supply prospects continue to improve. Corn, which rallied to its highest level in a month on Friday, was down as much as 1.5%. Soybeans fell as much as 1.7%, with China still avoiding the US in favor of purchasing from Brazil. ...

Original title: US Stocks Drop as Tech Rout Deepens, Hurt by Climbing Yields US stocks fell on Tuesday, extending losses from Friday as Big Tech names declined and yields on 10-year Treasuries advanced, pressured by Bloomberg Terminal mounting corporate issuance. The S&P 500 Index touched a session low, dropping 1.5% at 12:05 p.m. in New York, with all but one of 11 industry groups declining, led by technology firms. The Nasdaq 100 Index lost 1.8%, while a gauge of Magnificent Seven companies slid 2.3%. The Cboe VIX Index rose to near 20. The 10-year Treasury yield rose to 4.28%. ...

Original title: Stocks Get Hit as Global Bond Selloff Lifts Dollar: Markets Wrap Wall Street kicked off September trading on a sour note, with stocks joining a slide in global bonds as budget concerns in developed-world countries resurfaced. The dollar rose. Gold hit a record high. A traditionally weak season for equities started at a time when anxiety had already been brewing about lofty valuations, particularly in the group of big techs. The S&P 500 lost 1.1%. All megacaps fell, with Nvidia Corp. seeing its longest slide since March. ...

Original title: US Manufacturing Activity Contracted in August for a Sixth Month US factory activity shrank in August for a sixth straight month, driven by a pullback in production that shows manufacturing remains bogged down by higher import duties. The Institute for Supply Management’s manufacturing index came in at 48.7 last month, according to data released Tuesday. While a slight improvement from 48 in July, details of the report were mixed and the gauge remained below the level of 50 that separates expansion and contraction. ...

Original title: The Dan Wang Worldview Wins Out Hello and welcome to the newsletter, a grab bag of daily content from the Odd Lots universe. Sometimes it’s us, Joe Weisenthal and Tracy Alloway, bringing you our thoughts on the most recent developments in markets, finance and the economy. And sometimes it’s contributions from our network of expert guests and sources. Whatever it is, we promise it will always be interesting. If you like chatting with us, check out the Odd Lots Discord, where you can hang out and talk with us and with other listeners 24/7. ...

Original title: Gold Hits Record High on US Rate-Cut Bets, Growing Debt Concerns Gold jumped to a record high as the prospect of US interest-rate cuts and growing concerns over the Federal Reserve’s future lent fresh impetus to the multi-year rally in precious metals. Bullion for immediate delivery rose as much as 1.1% on Tuesday to approach $3,516 an ounce — surpassing the previous peak reached in April — as a risk-off mood set in across financial markets. Equities slumped and bond yields surged as budget concerns in developed-world countries resurfaced. ...

Original title: US Stocks Slide as Tech Rout Deepens, Hurt by Climbing Yields US stocks fell on Tuesday, extending losses from Friday as Big Tech names declined and 10-year Treasuries advanced, pressured by Bloomberg Terminal mounting corporate issuance. The S&P 500 Index fell 0.9% at 10:01 a.m. in New York, with all 11 industry groups trading lower, lead by technology firms. The Nasdaq 100 Index lost 1% and the Cboe VIX Index hovered near 18. The 10-year Treasury yield rose to 4.27%. ...

Original title: Economists Rally Behind Cook, Fed Independence in Open Letter Prominent economists are rallying behind Federal Reserve Governor Lisa Cook after President Donald Trump moved to fire her based on allegations that she committed mortgage fraud. Nearly 600 economists have signed an open letter backing Cook, saying there is a high bar for removing Fed governors and that elected officials should refrain from actions and rhetoric that erode the central bank’s independence. ...

Original title: Raizen Owners Said in Talks to Sell Stake to Mitsubishi Brazil sugar and ethanol producer Raizen SA’s controlling shareholders are in talks to sell a stake to Mitsubishi Corp. as part of a plan to raise capital, according to people familiar to the matter. The conversations are in an early stage, and Mitsubishi is still mulling whether to make a proposal for shares of Raizen, the people said, asking not to be identified because negotiations are private. Raizen is a joint venture between Brazilian holding company Cosan SA and London-based oil producer Shell PLC. Cosan is aiming for a capital injection of 10 billion reais ($1.8 billion) for Raizen to reduce its soaring debt, the people said. ...

Original title: Turkish Assets Plunge After Senior Opposition Leader Ousted A Turkish court has ordered the removal of the main opposition party’s Istanbul administration, leading to a slump in local assets. Turkey’s benchmark BIST-100 fell as much as 5.9% following news a court had annulled the Istanbul provincial congress of the CHP, as the opposition party is known. The index trimmed losses later and was down 3.9% at 5:00 p.m. Istanbul. The yield on two-year government bonds soared 85 basis points to 39.78% while five-year credit default swaps — a gauge of the country’s risk — jumped. ...