Japan' Nikkei 225 Soared 4% After Conservative Takaichi Elected as Ruling Party Leader

The Liberal Democratic Party elected a new leader, which could lead Japan and set the country's economy on a different path.

The Nikkei 225 Stock Average soared more than 4%, and the broader Topix jumped nearly 3% following the election of an ultra-conservative, Sanae Takaichi, as the next leader of the LDP. 

The Japanese yen plunged 2% to 150.13 amid hopes of pro-stimulus policies and additional political pressure to slow future interest rate hikes.

The ruling party's leader is likely to win parliament's confirmation later in the month as the next prime minister of Japan. 

Divided opposition parties are struggling to put a candidate under a unified banner, paving the way for Takaichi to be the first female prime minister of Japan. 

Financial markets soared following the election results on the hopes that the Takaichi government may provide additional stimulus and support economic expansion. 

During her victory speech, Takaichi emphasized the need for closer cooperation between the government and the central bank and set the stage for more stimulus measures to support domestic demand. 

The LDP and its junior political partner, the Komeito Party, have the largest bloc of candidates in parliament, but the minority government needs support from the opposition parties to pass budgets and laws. 

Japan Indexes and Stocks 

The Nikkei 225 Stock Average soared 4.5% to 47,835.36, and the Topix added 2.8% to 3,218.68. 

Technology stocks soared, tracking Friday's gains in New York amid ongoing enthusiasm about AI and earnings optimism. 

Tokyo Electron soared 7.7% to ¥30,690.0, Advantest Corp. jumped 13.3% to ¥17,740.0, and Lasertec Corp. catapulted 6.8% to ¥21,370.0. 

Japan' Nikkei 225 Soared 4% After Conservative Takaichi Elected as Ruling Party Leader

The Liberal Democratic Party elected a new leader, which could lead Japan and set the country's economy on a different path.

The Nikkei 225 Stock Average soared more than 4%, and the broader Topix jumped nearly 3% following the election of an ultra-conservative, Sanei Takaichi, as the next leader of the LDP. 

The ruling party's leader is likely to win parliament's confirmation later in the month as the next prime minister of Japan. 

Divided opposition parties are struggling to put a candidate under a unified banner, paving the way for Takaichi to be the first female prime minister of Japan. 

Financial markets soared following the election results on the hopes that the Takaichi government may provide additional stimulus and support economic expansion. 

During her victory speech, Takaichi emphasized the need for closer cooperation between the government and the central bank and set the stage for more stimulus measures to support domestic demand. 

The LDP and its junior political partner, the Komeito Party, have the largest bloc of candidates in parliament, but the minority government needs support from the opposition parties to pass budgets and laws. 

Japan Indexes and Stocks 

The Nikkei 225 Stock Average soared 4.5% to 47,835.36, and the Topix added 2.8% to 3,218.68. 

Technology stocks soared, tracking Friday's gains in New York amid ongoing enthusiasm about AI and earnings optimism. 

Tokyo Electron soared 7.7% to ¥30,690.0, Advantest Corp. jumped 13.3% to ¥17,740.0, and Lasertec Corp. catapulted 6.8% to ¥21,370.0. 

AI Optimism Supports Fresh Highs On Wall Street

U.S. indexes pointed higher and stretched deeper into record territory amid continued optimism about artificial intelligence-driven companies. 

The S&P 500 index edged up 0.3%, and the tech-heavy Nasdaq Composite gained 0.4% as the federal government shutdown entered the third day.

In the past, the federal government shutdowns have had limited impact on the U.S. economy and market levels; however, this time the economy is in a fragile condition amid a cooling labor market and inflation risks. 

In addition, the U.S. labor department will not release September's nonfarm payrolls on Friday because of the shutdown. 

Over the last three months, the AI-driven market rally has powered the narrow gains, as benchmark indexes scale new record highs.

For the week-to-date, the S&P 500 gained 1.1%, the Nasdaq Composite advanced 1.6%, and the Tollbooth Strategy Index gained 1.2%.

Across the Atlantic, benchmark indexes in France, Germany, and the U.K. extended weekly gains to over 2% and hovered near record highs. 

Japan's market indexes edged lower ahead of the LDP's leadership election on Saturday, and markets in India extended weekly gains to 0.4%, driven by the optimism surrounding the start of the Diwali holiday retail season. 

U.S. Stock Movers 

Applied Materials Inc. decreased 2.2% to $218.90 after the company said in a regulatory filing that new export restrictions will negatively impact revenue. 

The company said new export restrictions to China will reduce revenue in the fourth quarter by $110 million and in fiscal year 2026 by $600 million.

USA Rare Earth Inc. increased 9.5% to $24.98 after CEO Barbara Humpton hinted at a possible investment by the Trump administration in the company. 

AI Optimism Support Fresh Highs On Wall Str

U.S. indexes pointed higher and stretched deeper into record territory amid continued optimism about artificial intelligence-driven companies. 

The S&P 500 index edged up 0.3%, and the tech-heavy Nasdaq Composite gained 0.4% as the federal government shutdown entered the third day.

In the past, the federal government shutdowns have had limited impact on the U.S. economy and market levels; however, this time the economy is in a fragile condition amid a cooling labor market and inflation risks. 

In addition, the U.S. labor department will not release September's nonfarm payrolls on Friday because of the shutdown. 

Over the last three months, the AI-driven market rally has powered the narrow gains, as benchmark indexes scale new record highs.

For the week-to-date, the S&P 500 gained 1.1%, the Nasdaq Composite advanced 1.6%, and the Tollbooth Strategy Index gained 1.2%.

Across the Atlantic, benchmark indexes in France, Germany, and the U.K. extended weekly gains to over 2% and hovered near record highs. 

Japan's market indexes edged lower ahead of the LDP's leadership election on Saturday, and markets in India extended weekly gains to 0.4%, driven by the optimism surrounding the start of the Diwali holiday retail season. 

U.S. Stock Movers 

Applied Materials Inc. decreased 2.2% to $218.90 after the company said in a regulatory filing that new export restrictions will negatively impact revenue. 

The company said new export restrictions to China will reduce revenue in the fourth quarter by $110 million and in fiscal year 2026 by $600 million.

USA Rare Earth Inc. increased 9.5% to $24.98 after CEO Barbara Humpton hinted at a possible investment by the Trump administration in the company. 

AI-Powered Market Rally Lifts Japan's Indexes to New Record Highs

Japan's stock market indexes advanced and scaled new record highs, driven by an AI-powered tech rally on Friday. 

The Nikkei 225 Stock Average jumped 1.4%, and the broader Topix advanced 1.2% amid a mixed outlook for the rate path. 

Stocks powered ahead, tracking overnight gains in New York, and AI-driven semiconductor equipment makers led the gainers. 

Investors are excited for results of the LDP's leadership race on Saturday, as the ruling party loses support among voters. 

The next party leader, Shinjiro Koizumi, is likely to be Japan's prime minister and faces a rapidly changing political landscape as voters flock to new right-wing parties.

Japan's Jobless Rate Advanced In August

Japan's jobless rate advanced to 2.6% in August from 2.3% in the previous month, according to the latest data released by the Ministry of Internal Affairs and Communications. 

The number of unemployed increased by 150,000 to 1.79 million, a 13-month high, according to the government data.

The number of people in the labor force increased by 210,000 to a four-month high of 68.10 million.

The labor force participation rate increased to 64% from 63.6%, and the jobs-to-applicants ratio eased to 1.20, the lowest level since January 2022.

Japan Indexes and Stocks 

The Nikkei 225 Stock Average soared 1.4% to 45,584.54, and the broader Topix advanced 1.2% to 3,125.08. 

For the week, the Nikkei 225 Stock Average gained 1.3%, and the Topix trimmed losses to 0.5%. 

Tokyo Electron advanced 2.2% to ¥28,460.0, Advantest Corp. gained 3.1% to ¥15,515.0, and Disco Corp. fell 0.5% to ¥51,180.0. 

AI-Powered Market Rally Lifts Japan's Indexes to New Record Highs

Japan's stock market indexes advanced and scaled new record highs, driven by an AI-powered tech rally on Friday. 

The Nikkei 225 Stock Average jumped 1.4%, and the broader Topix advanced 1.2% amid a mixed outlook for the rate path. 

Stocks powered ahead, tracking overnight gains in New York, and AI-driven semiconductor equipment makers led the gainers. 

Investors are excited for results of the LDP's leadership race on Saturday, as the ruling party loses support among voters. 

The next party leader, Shinjiro Koizumi, is likely to be Japan's prime minister and faces a rapidly changing political landscape as voters flock to new right-wing parties.

Japan's Jobless Rate Advanced In August

Japan's jobless rate advanced to 2.6% in August from 2.3% in the previous month, according to the latest data released by the Ministry of Internal Affairs and Communications. 

The number of unemployed increased by 150,000 to 1.79 million, a 13-month high, according to the government data.

The number of people in the labor force increased by 210,000 to a four-month high of 68.10 million.

The labor force participation rate increased to 64% from 63.6%, and the jobs-to-applicants ratio eased to 1.20, the lowest level since January 2022.

Japan Indexes and Stocks 

The Nikkei 225 Stock Average soared 1.4% to 45,584.54, and the broader Topix advanced 1.2% to 3,125.08. 

For the week, the Nikkei 225 Stock Average gained 1.3%, and the Topix trimmed losses to 0.5%. 

Tokyo Electron advanced 2.2% to ¥28,460.0, Advantest Corp. gained 3.1% to ¥15,515.0, and Disco Corp. fell 0.5% to ¥51,180.0. 

S&P 500 Index Hits 29th High In 2025 as Federal Government Shutdown Drags On

U.S. benchmark indexes in New York advanced, and investors overlooked the ongoing partial shutdown of the federal government. 

The S&P 500 index gained 0.2%, the tech-heavy Nasdaq Composite advanced 0.3%, and the yield on the 10-year Treasury bond inched higher to 4.10%. 

Tech stocks advanced after OpenAI raised $6.6 billion through a private stock offering at a $500 billion valuation, and the company struck deals with South Korean chipmakers.

The S&P 500 index hit its 29th new record high this year, driven by AI-led rally, earnings optimism, and hopes of additional interest rate cuts. 

The S&P 500 index advanced to a new record high on Wednesday, and investors bid up stocks on hopes that the latest government shutdown is likely to be brief. 

The current disagreement between the Democrats and Republicans hinges on the Republicans' plan to eliminate premium subsidies for low-income individuals. 

As many as 4.2 million Americans are likely to lose their insurance, according to an estimate released by the nonpartisan Congressional Budget Office. 

Republicans are hoping that as many as five Democratic senators are likely to back the funding plan passed by the Republican-controlled U.S. House.

The U.S. Senate is likely to schedule the next vote on Friday, as lawmakers return from a holiday. 

The U.S. Labor Department will not release its previously scheduled September's nonfarm payroll data on Friday because of the government shutdown, adding one more challenge to the Fed's policymakers in deciphering the next step for rate decisions.

U.S. Stock Movers 

Occidental Petroleum Corp. advanced 1.1% to $48.26 after the company said Berkshire Hathaway has agreed to buy its petroleum refining unit for $9.7 billion. 

Berkshire Hathaway's latest deal is the largest since the purchase of Allegheny Insurance in 2022.  

S&P 500 Index Hit 29th High In 2025 as Federal Government Remains Closed

U.S. benchmark indexes in New York advanced, and investors overlooked the ongoing partial shutdown of the federal government. 

The S&P 500 index gained 0.2%, the tech-heavy Nasdaq Composite advanced 0.3%, and the yield on the 10-year Treasury bond inched higher to 4.10%. 

The S&P 500 index hit its 29th new record high this year, driven by AI-led rally, earnings optimism, and hopes of additional interest rate cuts. 

The S&P 500 index advanced to a new record high on Wednesday, and investors bid up stocks on hopes that the latest government shutdown is likely to be brief. 

The current disagreement between the Democrats and Republicans hinges on the Republicans' plan to eliminate premium subsidies for low-income individuals. 

As many as 4.2 million Americans are likely to lose their insurance, according to an estimate released by the nonpartisan Congressional Budget Office. 

Republicans are hoping that as many as five Democratic senators are likely to back the funding plan passed by the Republican-controlled U.S. House.

The U.S. Senate is likely to schedule the next vote on Friday, as lawmakers return from a holiday. 

The U.S. Labor Department will not release its previously scheduled September's nonfarm payroll data on Friday because of the government shutdown, adding one more challenge to the Fed's policymakers in deciphering the next step for rate decisions.

U.S. Stock Movers 

Occidental Petroleum Corp. advanced 1.1% to $48.26 after the company said Berkshire Hathaway has agreed to buy its petroleum refining unit for $9.7 billion. 

Berkshire Hathaway's latest deal is the largest since the purchase of Allegheny Insurance in 2022.  

Japan Indexes Retained Upward Bias Ahead of Key Macroeconomic Data

Japan's benchmark indexes diverged as investors await the release of key economic data this week.

The Nikkei 225 Stock Average increased 0.7%, and the broader Topix decreased 0.3% as investors awaited the outcome of the leadership race for the LDP. 

Agriculture Minister Shinjiro Koizumi is considered a favorite among party members, but the leadership race is likely to head for a runoff.

The Nikkei 225 Stock Average edged higher, tracking overnight gains on Wall Street amid AI optimism and expectations of additional rate cuts by the Federal Reserve. 

Investors overlooked the U.S. government's partial shutdown as politicians struggled to strike an agreement and finalize budgetary spending for the next two months. 

Japan's retail sales and industrial production fell short of market expectations, but sentiment among large businesses improved following the US-Japan trade agreement that averted the aggressive U.S. tariffs. 

Later in the week, investors are looking forward to the release of unemployment data and a construction industry update.

Market sentiment was under pressure in Tokyo as investors rebalanced portfolios at the start of the second half of the fiscal year. 

Japan Indexes and Stocks 

The Nikkei 225 Stock Average increased 0.7% to 44,875.28, and the broader Topix index decreased 0.3% to 3,084.34. 

The company confirmed that a ransomware attack crippled its operations, but there has been no leakage of customer or personal data.

Asahi Group Holdings rose 2.5% to ¥1,734.50, and the beverage company postponed the October release of 12 new products following a system attack because of a cyberattack.

Tokyo Electron increased 7.5% to ¥27,750.0, Advantest Corp. advanced 1.7% to ¥14,930.0, and Lasertec gained 2.7% to ¥20,360.0. 

Toyota Motor Corp. decreased 0.05% to ¥2,820.0, Honda Motor Corp. declined 0.5% to ¥1,504.0, and Nissan Motor Corp. dropped 2.5% to ¥347.70. 

Seven & I Holdings Co. Ltd. decreased 0.4% to ¥1,958.50, Fast Retailing Co. fell 0.9% to ¥44,890.0, and Takashimaya Co. Ltd. added 1.4% to ¥1,742.50.

Japan Indexes Retained Upward Bias Ahead of Key Macroeconomic D

Japan's benchmark indexes diverged as investors await the release of key economic data this week.

The Nikkei 225 Stock Average increased 0.7%, and the broader Topix decreased 0.3% as investors awaited the outcome of the leadership race for the LDP. 

Agriculture Minister Shinjiro Koizumi is considered a favorite among party members, but the leadership race is likely to head for a runoff.

The Nikkei 225 Stock Average edged higher, tracking overnight gains on Wall Street amid AI optimism and expectations of additional rate cuts by the Federal Reserve. 

Investors overlooked the U.S. government's partial shutdown as politicians struggled to strike an agreement and finalize budgetary spending for the next two months. 

Japan's retail sales and industrial production fell short of market expectations, but sentiment among large businesses improved following the US-Japan trade agreement that averted the aggressive U.S. tariffs. 

Later in the week, investors are looking forward to the release of unemployment data and a construction industry update.

Market sentiment was under pressure in Tokyo as investors rebalanced portfolios at the start of the second half of the fiscal year. 

Japan Indexes and Stocks 

The Nikkei 225 Stock Average increased 0.7% to 44,875.28, and the broader Topix index decreased 0.3% to 3,084.34. 

The company confirmed that a ransomware attack crippled its operations, but there has been no leakage of customer or personal data.

Asahi Group Holdings rose 2.5% to ¥1,734.50, and the beverage company postponed the October release of 12 new products following a system attack because of a cyberattack.

Tokyo Electron increased 7.5% to ¥27,750.0, Advantest Corp. advanced 1.7% to ¥14,930.0, and Lasertec gained 2.7% to ¥20,360.0. 

Toyota Motor Corp. decreased 0.05% to ¥2,820.0, Honda Motor Corp. declined 0.5% to ¥1,504.0, and Nissan Motor Corp. dropped 2.5% to ¥347.70. 

Seven & I Holdings Co. Ltd. decreased 0.4% to ¥1,958.50, Fast Retailing Co. fell 0.9% to ¥44,890.0, and Takashimaya Co. Ltd. added 1.4% to ¥1,742.50.

U.S. Indexes Hold Steady Amid Worry About U.S. Government Shutdown Duration

Stock market indexes in New York dipped on Wednesday after the White House ordered the government shutdown for the lack of funding. 

The S&P 500 index decreased 0.4%, and the tech-heavy Nasdaq Composite fell 0.5% amid worries about the length of the latest federal government shutdown. 

The Republican Senate failed to pass a spending bill, triggering a government shutdown at midnight on Tuesday.

The Congressional Budget Office estimated that the federal government shutdown will result in the furlough of about 750,000 employees.

The shutdown is likely to weigh on the market amid a cooling job market and inflation risks, compounded by record-high stock valuations. 

The yield on the 10-year U.S. Treasury inched lower by 1.3 basis points to 4.15%, and gold rebounded to a new record high above $3,890 per ounce following the rise in demand for safe-haven assets amid the federal shutdown. 

Private payrolls dropped in September, according to the latest data released by payroll company ADP on Wednesday.

The private sector trimmed 32,000 jobs in September, following downwardly revised August numbers, to a decline of 3,000 from the previous estimate of the 54,000 gains.

The ADP's data are generally volatile and often sharply revised, but the series takes on added significance in the absence of the government data because of the shutdown.

U.S. Stock Movers 

Nike Inc. jumped 4.4% to $72.79 after the athletic footwear maker reported a surprise increase in sales of 1% to $11.7 billion in the fiscal first quarter. 

The company had previously guided sales to decline in mid-single-digit percentages in the quarter. 

Net income dropped 31% to 49 cents per share, and gross margin declined 3.2 percentage points to 42.2%, indicating that the company is still struggling with unsold inventories.

Lithium Americas Corp. jumped 36% to $7.81 after the U.S. Energy Department announced plans to take a direct 5% stake in the Canadian company and an additional 5% stake in the company's lithium mine, Thacker Pass, in exchange for debt. 

U.S. Indexes Hold Steady Amid Worry About U.S. Government Shutdown

Stock market indexes in New York dipped on Wednesday after the White House ordered the government shutdown for the lack of funding. 

The S&P 500 index decreased 0.4%, and the tech-heavy Nasdaq Composite fell 0.5% amid worries about the length of the latest federal government shutdown. 

The Republican Senate failed to pass a spending bill, triggering a government shutdown at midnight on Tuesday.

The Congressional Budget Office estimated that the federal government shutdown will result in the furlough of about 750,000 employees.

The shutdown is likely to weigh on the market amid a cooling job market and inflation risks, compounded by record-high stock valuations. 

The yield on the 10-year U.S. Treasury inched higher by 1.5 basis points to 4.17%, and gold rebounded to a new record high above $3,890 per ounce following the rise in demand for safe-haven assets amid the federal shutdown. 

U.S. Stock Movers 

Nike Inc. jumped 4.4% to $72.79 after the athletic footwear maker reported a surprise increase in sales of 1% to $11.7 billion in the fiscal first quarter. 

The company had previously guided sales to decline in mid-single-digit percentages in the quarter. 

Net income dropped 31% to 49 cents per share, and gross margin declined 3.2 percentage points to 42.2%, indicating that the company is still struggling with unsold inventories.

Lithium Americas Corp. jumped 36% to $7.81 after the U.S. Energy Department announced plans to take a direct 5% stake in the Canadian company and an additional 5% stake in the company's lithium mine, Thacker Pass, in exchange for debt. 

Japan's Indexes Closed In September, First Decline In Six Months

Japan's market indexes turned lower amid mixed economic signals and worries of a prolonged U.S. government shutdown. 

The Nikkei 225 Stock Average dropped 1%, and the broader Topix index declined 1.5% as investors assessed the future rate path and outlook for international trade. 

The Tankan survey of 8,900 companies showed an improvement in business sentiment in the September quarter, according to a monthly report released by the Bank of Japan.

The sentiment index among manufacturing firms slightly increased from the second quarter, but the expectations for business conditions were stable among smaller businesses. 

The sentiment index for manufacturing businesses improved to 14 from 13, and for non-manufacturing businesses, it remained stable at 34 in the third quarter, respectively.

Meanwhile, economic data released earlier showed weaknesses in retail sales and industrial production. 

August's retail sales declined 1.1%, and industrial production fell 1.2% from a year ago, respectively. 

The Bank of Japan's Summary of Opinions highlighted a divide among policymakers, as some policymakers preferred to hike rates if economic growth and inflation are met, while others advocated holding to stem off the negative impact of the U.S. tariffs. 

Japan Indexes and Stocks 

The Nikkei 225 Stock Average declined 1% to 44,464.33, and the broader Topix dropped 1.5% to 3,091.56. 

IHI Corp. decreased 6.3% to ¥2,585.50, Fujikura Ltd. dropped 1.2% to ¥14,280.0, and Mitsubishi Heavy Industries fell 3.3% to ¥3,753.0. 

Tokyo Electron declined 1.5% to ¥25,955.0, Advantest Corp. increased 0.9% to ¥14,775.0, and Disco Corp. decreased 0.6% to ¥46,250.0. 

Nippon Yusen Corp. fell 0.5% to ¥5,028.0, Mitsui O.S.K. Lines Ltd. decreased 1.4% to ¥4,430.0, and Kawasaki Kisen Kaisha Ltd. declined 1.3% to ¥2,080.0. 

Japan's Indexes Closed In September, First Decline In Six Months

Japan's market indexes turned lower amid mixed economic signals and worries of a prolonged U.S. government shutdown. 

The Nikkei 225 Stock Average dropped 1%, and the broader Topix index declined 1.5% as investors assessed the future rate path and outlook for international trade. 

The Tankan survey of 8,900 companies showed an improvement in business sentiment in the September quarter, according to a monthly report released by the Bank of Japan.

The sentiment index among manufacturing firms slightly increased from the second quarter, but the expectations for business conditions were stable among smaller businesses. 

The sentiment index for manufacturing businesses improved to 14 from 13, and for non-manufacturing businesses, it remained stable at 34 in the third quarter, respectively.

Meanwhile, economic data released earlier showed weaknesses in retail sales and industrial production. 

August's retail sales declined 1.1%, and industrial production fell 1.2% from a year ago, respectively. 

The Bank of Japan's Summary of Opinions highlighted a divide among policymakers, as some policymakers preferred to hike rates if economic growth and inflation are met, while others advocated holding to stem off the negative impact of the U.S. tariffs. 

Japan Indexes and Stocks 

The Nikkei 225 Stock Average declined 1% to 44,464.33, and the broader Topix dropped 1.5% to 3,091.56. 

IHI Corp. decreased 6.3% to ¥2,585.50, Fujikura Ltd. dropped 1.2% to ¥14,280.0, and Mitsubishi Heavy Industries fell 3.3% to ¥3,753.0. 

Tokyo Electron declined 1.5% to ¥25,955.0, Advantest Corp. increased 0.9% to ¥14,775.0, and Disco Corp. decreased 0.6% to ¥46,250.0. 

Nippon Yusen Corp. fell 0.5% to ¥5,028.0, Mitsui O.S.K. Lines Ltd. decreased 1.4% to ¥4,430.0, and Kawasaki Kisen Kaisha Ltd. declined 1.3% to ¥2,080.0. 

Economic Data May Not Arrive On Time as Possible Federal Government Shutdown Approaches Closer

Wall Street indexes turned lower amid rising possibilities of a federal government shutdown starting as early as Tuesday at midnight. 

The S&P 500 index and the tech-heavy Nasdaq Composite decreased 0.3% amid worries that the extended government shutdown could negatively impact the health of the U.S. economy.

The Labor Department confirmed on Monday that September nonfarm payrolls data scheduled for Friday will not be released in the event of a U.S. federal government shutdown. 

Moreover, rating agencies could downgrade the U.S. debt, following the last downgrade by Moody's in May.

The federal government shutdowns in the past have had little impact on the broader market; however, this time the disruptions in government operations could compound uncertainties because of the deteriorating labor market and sharp escalation in trade tariffs. 

For the quarter-to-date, the S&P 500 index rose 7.4% and the Nasdaq Composite advanced 11%. 

U.S. Stock Movers 

Electronic Arts extended two-day gains to over 20% after the company agreed to go private in a deal worth $55 billion. 

The company agreed to be acquired by the Public Investment Fund of Saudi Arabia, Silver Lake, and Affinity Partners in an all-cash deal for $210 a share. 

Firefly Aerospace dropped 10% to $33.20 after the company's rocket booster exploded during a pre-flight test at its facility in Texas.

Progress Software decreased 0.3% to $42.45, and the software company reported better-than-expected earnings for the fiscal third quarter and raised its annual outlook.

Vail Resorts fell 2.2% to $144.75 after the ski resort operator reported a quarterly loss of $5.08 per share on revenue of $271 million. 

CarMax Inc. extended a two-day decline to 22% to $144.75 after the used car retailer reported revenue declined 6% and net income fell 28% from a year ago, respectively. 

The sales weakness reflected elevated used-car prices and a shift in focus to sell luxury automobiles.