LIVE MARKETS-Lithium stocks light up as focus shifts to data
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LITHIUM STOCKS LIGHT UP AS FOCUS SHIFTS TO DATA
U.S. stocks hovered near the flatline on Wednesday, lacking a fresh catalyst after all three major indexes snapped multi-day winning streaks in the previous session. Investors are now looking ahead to a heavy slate of economic data in the back half of the week.
After Federal Reserve Chair Jerome Powell reiterated caution over further rate cuts on Tuesday, focus will be on the GDP report, weekly jobless claims, consumer confidence, PCE data spread across Thursday and Friday.
U.S.-listed shares of Lithium Americas LAC.N soared more than 90% after a report said the Trump administration is seeking up to a 10% stake in the miner. Lithium Americas confirmed it is in talks with the U.S. Department of Energy and General Motors GM.N, its partner in the Thacker Pass JV, regarding the first draw on the $2.26 billion loan, lifting GM shares by 2%.
Other lithium stocks rallied in sympathy: Albemarle ALB.N jumped 5.4% to lead gains on the S&P 500 .SPX, while Sigma Lithium SGML.O up 9.6%, U.S.-listed shares of SQM SQM.N added 3.5%.
In contrast, Freeport-McMoRan FCX.N slumped 9.5% after the miner forecast lower consolidated sales for copper and gold in the third quarter.
Alibaba ADRs BABA.N jumped 7.7% after announcing a tie-up with Nvidia, global data center expansion plans and new artificial intelligence products. Other China stocks got a boost too.
Among S&P sectors, the energy index .SPNY led gains and was trading near a six-month highs. Real estate .SPLRCR dropped the most, down 0.4%.
Here's a market snapshot as of 09:58 a.m. GMT:
(Medha Singh)
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(Medha Singh)
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EARLIER ON LIVE MARKETS:
BAIDU, ALIBABA LEAD CHARGE AS BEIJING’S AI PUSH WINS OVER INVESTORS CLICK HERE
MODERATE TO STRONG DOLLAR SELLING EXPECTED INTO MONTH-, QUARTER-END - BARCLAYS CLICK HERE
INTERNATIONALS VS. DOMESTICS: WATCH THE EURO CLICK HERE
EUROPE OPENS LOWER, POWELL COMMENTS WEIGH CLICK HERE
BEFORE THE BELL: FUTURES DOWN AFTER POWELL'S CAUTIOUS TONE CLICK HERE
'TIS THE SEASON TO BE CHOPPY CLICK HERE
Early trade snapshot Sept 24 
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