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Robinhood, AppLovin ( APP ) jump on S&P 500 inclusion plans

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EchoStar ( SATS ) jumps on spectrum licenses deal with SpaceX

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Barclays ( BCS ), StanChart revise Fed rate cut projections

(Updates with end of trading session)

By Noel Randewich and Purvi Agarwal

Sept 8 (Reuters) - The Nasdaq notched a record high

close on Monday, lifted by a rally in Broadcom ( AVGO ), while the S&P

500 also gained as investors bet the Federal Reserve will soon

lower borrowing costs to shore up economic growth.

Investors expect multiple interest rate cuts this year after a

troubling nonfarm payrolls report on Friday added to concerns

about a weakening U.S. job market. The report, which had dragged

down Wall Street in the previous session, has stoked fears of a

potential slowdown in the world's biggest economy.

Traders have fully priced in at least a 25 basis points

interest rate cut when the Fed wraps up its two-day policy

meeting on September 17, with interest rate futures reflecting a

10% chance of a 50 basis point cut, according to CME Group's

FedWatch tool.

"The focus is on next Wednesday's Fed rate cut. The market

is greedy. It's already discounted 25 basis points. Now, if

people are buying because they expect 50, well, that's not going

to happen," warned Jake Dollarhide, chief executive officer of

Longbow Asset Management in Tulsa, Oklahoma.

Numerous brokerages have revised calls for Fed interest-rate

cuts. Barclays ( BCS ) now anticipates three cuts of 25 bps each in 2025

compared with two earlier, while Standard Chartered ( SCBFF ) expects a

50-bps trim in September - up from its earlier projection of a

25-bps reduction.

Broadcom ( AVGO ) has extended its rally since the chipmaker

said last Thursday it expects sharp artificial

intelligence-related revenue growth. Its market capitalization

has reached $1.6 trillion, and it is Wall Street's seventh most

valuable company.

Unofficially, the S&P 500 climbed 0.21% to end the

session at 6,495.15 points.

The Nasdaq gained 0.45% to 21,798.70 points, while the

Dow Jones Industrial Average rose 0.25% to 45,514.95 points.

This week, investors will keep a close watch on inflation

data and the Bureau of Labor Statistics' benchmark payroll

revision for further clues on the U.S. economic health and to

see if they could strengthen the case for a bigger rate cut.

"The growth scare from the labor market is going to

overwhelm even hot inflation because the Fed right now is

viewing any tariff-induced inflation as a one-time price

increase," said Jeff Schulze, head of economic and market

strategy at Clearbridge Investments.

Among other stocks, retail trading platform Robinhood Markets ( HOOD )

and marketing platform AppLovin ( APP ) jumped, with

the companies set to join the S&P 500, effective September 22.

EchoStar ( SATS ) soared after the telecommunications services

firm agreed to sell wireless spectrum licenses to SpaceX for its

Starlink satellite network for about $17 billion.

Other telecommunications companies fell, including AT&T ( T )

, Verizon and T-Mobile.