Market Beats | Oracle soars to record on aggressive AI cloud forecast; US wholesale inflation unexpectedly declines; New York City’s aging subway cars deepen commuter delays; Trump administration launches employee savings reward program; Hedge fund talent war breaks old rules; Uber expands into air travel with Blade booking integration; Apple launches ultra-thin iPhone Air while holding prices steady

—— Oracle soars to record on aggressive AI cloud forecast; US wholesale inflation unexpectedly declines; New York City’s aging subway cars deepen commuter delays; Trump administration launches employee savings reward program; Hedge fund talent war breaks old rules; Uber expands into air travel with Blade booking integration; Apple launches ultra-thin iPhone Air while holding prices steady

1. Oracle soars to record on aggressive AI cloud forecast

Economists expect the Bureau of Labor Statistics (BLS) to announce a major downward revision to payroll figures through March 2025, casting the US labor market in a weaker light than previously reported.

Wells Fargo, Comerica Bank, and Pantheon Macroeconomics forecast that the BLS benchmark revision on Tuesday could reduce the March payroll count by about 800,000 jobs — roughly 67,000 fewer per month on average. Nomura Securities, Bank of America, and the Royal Bank of Canada warn the downgrade could approach 1 million.

Each year, the BLS benchmarks its payroll data against the Quarterly Census of Employment and Wages (QCEW), which is considered more accurate as it’s based on unemployment insurance tax records covering nearly all US jobs. This comes in addition to the regular monthly revisions. While the adjustment is backward-looking, a second consecutive year of sharp downward revisions would illustrate a labor market that cooled much earlier than headline data suggested and would reinforce expectations for the Federal Reserve to begin cutting interest rates.

“A large downward revision to job growth through March 2025 may not impact immediate monetary policy decisions as much as changes in recent months’ data, but it does provide important context on how the economy has been performing,” said Bill Adams, chief economist at Comerica Bank. “And, all else equal, downward revisions increase pressure on the Fed to ease.”

President Donald Trump, a frequent critic of BLS data accuracy, is expected to intensify his attacks if the revisions prove substantial, raising further political tension over official statistics.

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2. US wholesale inflation unexpectedly declines

The US producer price index (PPI) fell 0.1% in August, the first decline in four months, according to Bureau of Labor Statistics data released Wednesday. July’s figure was also revised lower. Year-over-year, PPI increased 2.6%. The decline suggests companies held back from significant price hikes despite higher costs from President Donald Trump’s tariffs, wary that passing on too much could suppress demand amid ongoing economic uncertainty. US stock futures and Treasuries rallied on the news.

Excluding food and energy, goods prices rose 0.3%, while services costs fell 0.2%. Within services, wholesale and retail trade margins dropped 1.7%, matching the steepest decline since 2009. The volatility reflects uncertainty over how tariffs are affecting pricing and demand. Economists note that the degree to which firms pass tariff costs onto consumers will shape the inflation outlook and the Fed’s policy path.

While officials generally expect tariffs to push inflation higher through the rest of 2025, they remain uncertain whether the impact will be temporary or more sustained. Fed Chair Jerome Powell opened the door to a rate cut at Jackson Hole in August, and recent labor data showing continued hiring weakness into August has reinforced expectations of easing. Policymakers are widely anticipated to cut rates at next week’s meeting.

Some PPI components feed into the Fed’s preferred inflation gauge, the core personal consumption expenditures (PCE) index. In August, portfolio management services and airfares rose solidly, while health care measures were more subdued. Consumer price index data due Thursday will provide further insights on how tariffs have filtered into household costs.

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3. New York City’s aging subway cars deepen commuter delays

New York City’s aging subway cars are worsening commuting headaches, driving an increase in major service disruptions.

About one-quarter of the subway fleet is at or past its 40-year useful life, according to a report released Wednesday by State Comptroller Thomas DiNapoli. Car failures have become the fastest-growing cause of major incidents — defined as delays affecting at least 50 trains. In the first half of 2025, there were 77 such incidents tied to subway car breakdowns, nearly triple the 27 logged a year earlier.

The report highlighted the urgent need to replace rolling stock. The Metropolitan Transportation Authority, which oversees the subway, bus, and commuter rail systems, plans nearly $11 billion in its multi-year capital program for 1,500 new subway cars and more than 500 commuter rail cars.

“Targeting problem areas like signals and subway cars that add to delays can improve riders’ experience and boost ridership,” DiNapoli said. He added that coordination with the Police Department, Fire Department, and Homeless Services can also help reduce disruptions.

In total, there were 385 major incidents in the first half of 2025, up nearly 5% from 368 in the same period last year. Beyond car problems, the system has faced issues ranging from 1930s-era signals and flooding from heavy rains to power failures. At the end of July, outages at West 4th Street station caused severe delays across multiple lines.

Still, on-time performance stood at 82.8% in July on a 12-month rolling basis — an improvement over the 75.4% average recorded in July 2019, before the pandemic.

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4. Trump administration launches employee savings reward program

Rupert Murdoch has resolved his long-running succession fight by buying out three of his children for $3.3 billion, ensuring eldest son Lachlan will control the family’s conservative-leaning media empire.

James, Elisabeth and Prudence Murdoch will each receive $1.1 billion in exchange for giving up their ownership stakes in News Corp and Fox. Meanwhile, Rupert’s daughters with Wendi Deng, Chloe and Grace, will join the family trust alongside Lachlan.

The settlement means Lachlan will inherit control of outlets including Fox News, The Wall Street Journal, the New York Post and The Sun in London. The multibillion-dollar payout ends a decades-long family feud that inspired HBO’s Succession. James Murdoch had been seen as a possible successor with a different political stance, but money ultimately prevailed over ideology.

Rupert’s earlier attempt to alter the trust via “Project Harmony” in favor of Lachlan was rejected by a Nevada commissioner, angering his children. The new deal will be financed by a partial block trade of shares handled by Morgan Stanley, with institutional investors, sovereign wealth funds and family offices lined up to buy in.

The agreement secures the right-leaning direction of Fox and News Corp under Lachlan and preserves Rupert’s influence on politics in the US, UK and Australia even after his death.

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5. Hedge fund talent war breaks old rules

Traditionally, top hedge funds like Millennium, Citadel, and Point72 are ruthless with loss-making traders, often firing them swiftly after big setbacks.

Yet in today’s booming $4.5 trillion industry, a fierce talent war is rewriting those rules. Traders such as Winston Cheong, David Brodsky, Paul Netter, and Rob Banham — who each lost tens of millions of dollars — were given rare second chances because of their past stellar performance. The twist: they left anyway, moving to rivals in even better-paid positions.

Millennium lost Cheong to Schonfeld Strategic Advisors and Netter to Point72 (after a brief retirement). Banham moved from Point72 to Citadel, while Brodsky switched from Citadel to Balyasny Asset Management.

It’s become an expensive game of poaching talent, frustrating some investors and fund bosses, but the demand for skilled traders is relentless. Instead of being seen as “damaged goods,” veterans with past losses are now viewed as “battle-tested hunters” in temporary slumps. Starting fresh at a rival firm allows them to bypass the burden of recovering losses for their previous employer.

As Jason Kennedy, a hedge fund recruiter, put it: “Even a wounded lion is still a lion. He will heal. And when he’s fully back, that lion is worth a lot more money.”

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6. Uber expands into air travel with Blade booking integration

Starting next year, Uber Technologies will allow customers to book Blade’s helicopter and seaplane services directly in its app, expanding its partnership with Joby Aviation.

Blade’s passenger unit, acquired by Joby in August, currently operates routes across the New York metropolitan area and southern Europe through its own app, with lounges and landing points in Manhattan, the Hamptons, and major airports like JFK and Newark. Prices start at $195 per seat between Manhattan and the airports. The integration with Uber aims to give Blade and Joby wider reach through Uber’s millions of users, while laying the groundwork for the rollout of Joby’s electric aircraft.

Joby CEO JoeBen Bevirt said the company is working to certify its air taxi service in multiple global markets, including Dubai, New York, Los Angeles, the UK, and Japan, with the first commercial services slated for early 2026 in Dubai.

For Uber, flight reservations reinforce its “super app” ambitions, adding to its portfolio of cars, two-wheelers, shuttles, and autonomous rides.

Following the announcement, Joby’s shares jumped as much as 7%, while Uber slipped 1.1%. Uber and Joby have partnered since 2020, when Uber sold its flying taxi division to Joby. Uber is also an investor, holding about a 2.6% stake worth $232 million as of June.

Joby agreed in August to buy Blade’s helicopter business for up to $125 million, leaving Blade’s medical transport division as a standalone public company. Founder Rob Wiesenthal continues as CEO of the helicopter unit.

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7. Apple launches ultra-thin iPhone Air while holding prices steady

Lenders to luxury fashion retailer Ssense are asking a Canadian court to approve a quick sale of the cash-strapped company, with first bids due in early October.

A group led by Bank of Montreal filed an application to the Quebec Superior Court, saying creditors had lost confidence in Ssense’s ability to oversee operations. Other lenders include Royal Bank of Canada, JPMorgan Chase, National Bank of Canada, and Bank of Nova Scotia, with total debt of about C$145 million ($105 million).

Creditors want the company placed under court supervision via Canada’s Companies’ Creditors Arrangement Act. They are pushing for a fast-track sale process, with potential buyers contacted next week and non-binding bids due by Oct. 6. They’ve also proposed selling inventory this month to raise cash.

Ssense, once a Montreal family-run success story valued at more than C$5 billion in 2021, is now threatened by debt and eroding trust.

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