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Nebius ( NBIS ) soars on $17.4 billion deal with Microsoft ( MSFT )

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UnitedHealth ( UNH ) sees in-line top-rated Medicare plan

memberships

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Albemarle slides on lithium supply easing concerns

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S&P 500 +0.27%, Nasdaq +0.37%, Dow +0.43%

(Updates with details about record highs)

By Noel Randewich

Sept 9 (Reuters) - Wall Street's three main indexes

scored record high closes on Tuesday, while UnitedHealth ( UNH )

rallied, and a downward payrolls revision supported expectations

the Federal Reserve will soon cut interest rates to shore up

economic growth.

The S&P 500, Nasdaq, and Dow Jones Industrial Average each

ended with fresh all-time highs, extending a rally this year

fueled by excitement about artificial intelligence and

expectations of lower borrowing costs.

The U.S. economy likely created 911,000 fewer jobs in the 12

months through March than previously estimated, the government

said, suggesting that job growth was already stalling before

President Donald Trump launched his global tariffs.

Financial markets have priced in a 25 basis point cut at the

Fed's policy meeting next week, and futures trading suggests a

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

FedWatch tool.

Recent nonfarm payroll data for July and August also pointed

to weakening labor market conditions.

"This does nothing to dissuade the Fed from moving 25 basis

points," said Paul Nolte, a market strategist at Murphy &

Sylvest in Chicago, about the payrolls revision. "We don't know

month by month and won't for a few more months yet, but it

points out that labor is weak."

UnitedHealth ( UNH ) jumped after it said it expects enrollment

in top-rated Medicare insurance plans to be in line with its

expectations, which could mean bigger payments from the

government to the health insurer.

JPMorgan Chase ( JPM ) rose 1.7% after a senior executive said

investment banking revenue will grow in the low double digits

for the third quarter and that markets revenue would grow in the

high teens percentage for the third quarter.

"That's all good news, signs of a good, thriving economy.

M&A is coming back after Trump's Liberation Day put a screeching

halt to that," said Jed Ellerbroek, a portfolio manager at

Argent Capital, referring to U.S. tariffs announced in April.

The S&P 500 climbed 0.27% to end the session at 6,512.61

points, surpassing its record last Thursday.

The Nasdaq gained 0.37% to 21,879.49 points, its second

consecutive record high close.

The Dow Jones Industrial Average rose 0.43% to 45,711.34

points, exceeding its previous record close on August 28.

Eight of the 11 S&P 500 sector indexes rose, led by

communication services, up 1.64%, followed by a 0.71%

gain in utilities.

Year to date, the S&P 500 has gained about 11%, while the

Nasdaq is up 13%.

Shares of Apple ( AAPL ) fell 1.5% after the company unveiled

new iPhones that failed to excite investors.

Broadcom ( AVGO ) dipped 2.6% after the world's second most

valuable chipmaker gained in the five previous sessions.

Investors will focus on a producer inflation report on

Wednesday and consumer prices data on Thursday to gauge the

impact of Trump's tariff policies, and whether a case could be

made for more aggressive interest rate cuts.

Nebius ( NBIS ) soared almost 50% after the AI infrastructure

firm signed a $17.4 billion deal with Microsoft ( MSFT ). Rival

CoreWeave ( CRWV ) jumped 7%.

Class B shares of Fox Corp fell 6.7% and News Corp

dipped 4.5%. Rupert Murdoch and his children reached an

agreement that will give the eldest son, Lachlan Murdoch,

control over the media empire.

Albemarle plunged 11.5% due to easing supply concerns as

Chinese battery company CATL is expected to resume production at

a lithium mine.

In extended trade, Oracle surged 12% following its

quarterly report.

Declining stocks outnumbered rising ones within the S&P 500

by a 1.4-to-one ratio.

The S&P 500 posted 19 new highs and no new lows; the Nasdaq

recorded 100 new highs and 64 new lows.

Volume on U.S. exchanges was relatively light, with 15.6

billion shares traded, compared to an average of 16.1 billion

shares over the previous 20 sessions.