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Oct 10 (Reuters) – Corporate travel and expense company Navan said on Friday it was targeting to raise as much as $960 million in its initial public offering in the United States. (Reporting by Prakhar Srivastava in Bengaluru; Editing by Alan Barona)

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* Stocks end week on dour note ahead of 3rd anniversary of bull market * JPMorgan, Goldman among bank reports due in coming week * S&P 500 earnings expected to rise nearly 9% in Q3 (Recasts for Friday's market declines, updates with confirmation of CPI release date, fresh analyst comments) By Lewis Krauskopf NEW YORK, Oct 10 (Reuters) – Investors will look to major banks' quarterly earnings reports in the coming week to help gauge the U.S. economy's health as the federal government shutdown has interrupted the flow of new data. Major U.S. equity indexes slumped on Friday, stalling the market's momentum, after comments from President Donald Trump ratcheted up trade tensions with China. Stocks ended the week on a dour note just before the benchmark S&P 500 is set to mark the third anniversary of the start of its current bull market run on Sunday. Markets had been overbought and due for some volatility, said Matthew Miskin, co-chief investment strategist at Manulife John Hancock Investments. "At the end of the day, it's going to come back to the economy," Miskin said. "It's going to come back to corporate profits, and earnings season is right around the corner." With the U.S. stock market's valuation around its highest level in five years and some concerns about over-inflated investor enthusiasm for technology and artificial intelligence, a strong third-quarter earnings season will be critical for equities to maintain their momentum. Despite Friday's sharp decline, the S&P 500 remains up over 11% year-to-date and within roughly 3% of its all-time high. "The market just keeps grinding higher," said Garrett Melson, portfolio strategist at Natixis Investment Managers Solutions. "The key underpinning of that is stronger earnings outlooks. … When you look at the fundamentals, things continue to look good." The record-breaking run for U.S. stock indexes has been accompanied by recent strong gains for other assets, including gold, silver and bitcoin. Several high-profile officials have recently made cautious comments about markets, including Kristalina Georgieva, head of the International Monetary Fund, and JPMorgan CEO Jamie Dimon. JPMorgan is among the major banks kicking off the earnings season when it reports on Tuesday, along with Goldman Sachs, Wells Fargo and Citigroup. Bank of America and Morgan Stanley are due on Wednesday. Recent weak labor market data has raised concerns about growth and prompted the Federal Reserve to restart interest rate cuts. "Banks are a window into the U.S. economy," said Irene Tunkel, chief U.S. equity strategist at BCA Research. "If we see that consumers are still spending, if we see that demand for loans is improving, then I will start to think that perhaps we're not really edging towards contraction." Other companies due to report next week include healthcare company Johnson & Johnson and asset manager BlackRock . S&P 500 companies overall are expected to have increased earnings by 8.8% in the third quarter from a year earlier, according to LSEG IBES. "A lot of the bullishness is built around the expected earnings growth," said Chuck Carlson, chief executive officer at Horizon Investment Services. "If we start to see cracks in that, that would not be good for the market in general." Attention also will be on Washington to see if Republican and Democratic lawmakers break an impasse and end a government shutdown that began on October 1. Markets have largely shrugged off the shutdown so far, but investors have warned that risks to the economy will increase the longer it goes on, while it is already hamstringing U.S. travel. Another issue for investors is the interrupted publication of key economic reports by government agencies. The monthly employment report, due on October 3, already has been delayed. Investors have been concerned that the shutdown also could affect next week's data, including releases related to inflation and retail sales. The monthly consumer price index report, which is closely watched for inflation trends, will be published on October 24, the U.S. Bureau of Labor Statistics said on Friday, after the CPI report was originally scheduled for this coming Wednesday. While the CPI report will allow the Social Security Administration to meet deadlines necessary for payment of benefits, the BLS said no other releases will be rescheduled or produced until regular government services resume. If the shutdown drags on through next week, there will be an impact on the October employment report when it is released, "which would make the numbers harder to interpret," Michael Pearce, deputy chief U.S. economist at Oxford Economics, said in a note on Friday. "With much of the regular economic data unavailable during the shutdown," Pearce wrote, "the data fog is thickening." (Reporting by Lewis Krauskopf; Editing by Alden Bentley, Richard Chang and Aurora Ellis)

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Panthers running back Chuba Hubbard will miss his second straight game when Carolina hosts the Dallas Cowboys on Sunday. Hubbard (calf) didn't practice this week and was ruled out on Friday's injury report. He last played on Sept. 28 against the New England Patriots. Hubbard's services weren't missed during last week's 27-24 victory over the Miami Dolphins as Rico Dowdle stepped in and ran for a career-high 206 yards and one touchdown on 23 carries. That tied Jonathan Stewart (2009) for the second-highest single-game rushing output in Panthers history, trailing DeAngelo Williams (210 in 2012). Dowdle, 27, will again be the lead back against the Cowboys. Dowdle rushed for a career-high 1,079 yards for Dallas last season. "There are going to be emotions, but we have to set those things aside," Carolina coach Dave Canales said of Dowdle playing his former team. Dowdle was a member of the Cowboys from 2020-24. After the game against the Dolphins, Dowdle warned the Cowboys that it was time to "buckle up." Dallas coach Brian Schottenheimer showed that the message was received. "It'll be good to see Rico this weekend," Schottenheimer told reporters. "I know we're gonna have to buckle up, he said. We'll bring our seat belts, Rico. We'll buckle up. Can't wait to see him, though." Dowdle has a team-leading 289 yards and two touchdowns on 51 rushing attempts this season. Hubbard has 217 rushing yards on 53 carries. Right tackle Taylor Moton (elbow), defensive tackle Tershawn Wharton (toe) and cornerback Akayleb Evans (hamstring) also were ruled out for Carolina. Four players are questionable: receiver Jalen Coker (quadriceps), tight end Ja'Tavion Sanders (ankle) and cornerbacks Mike Jackson (ribs) and Chau Smith- Wade (chest). Coker would need to be activated from injured reserve to play Sunday. –Field Level Media

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EU: WELCOMES THE AGREEMENT ON THE FIRST PHASE OF THE COMPREHENSIVE PLAN TO END THE GAZA CONFLICT PUT FORWARD BY PRESIDENT TRUMP TO SECURE AN IMMEDIATE CEASEFIRE AND THE RELEASE OF ALL HOSTAGES

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* Indexes down: Dow 1.90%, S&P 500 2.71%, Nasdaq 3.56% * S&P 500, Nasdaq see biggest one-day pct drop since April 10 * Indexes erase weekly gains * U.S.-listed shares of Chinese firms tumble (Updates with closing prices) By Stephen Culp NEW YORK, Oct 10 (Reuters) – Wall Street tanked on Friday after U.S. President Donald Trump rattled markets by unleashing a string of bellicose threats against China after Beijing tightened its rare earth restrictions. In a post on Truth Social, Trump said he is weighing a "massive" tariff increase on Chinese imports and said there is no reason to meet with China's President Xi Jinping in two weeks as planned, adding that there are "many other countermeasures" under consideration. The tirade shocked markets and threatened further damage to already strained relations between the world's two largest economies. All three major U.S. stock indexes sold off sharply in the wake of Trump's remarks. The S&P 500 and the Nasdaq suffered their largest single-day percentage drops since April 10. On a weekly basis, the S&P 500 logged its biggest drop since May, while the Nasdaq's Friday-to-Friday decline was its steepest since April. "The second largest economy and the first largest economy are arguing again, and we're seeing a sell first, ask questions later mentality to end the week," said Ryan Detrick, chief market strategist at Carson Group in Omaha. "President Trump's post did truly come out of nowhere, which opened the door for some extreme volatility." "And it's important to remember we haven't had this level of volatility in a long time," Detrick added. "One could argue we were due for some spookiness this October." Trump's erratic trade policies have rattled markets since his April 2 "Liberation Day" tariff announcement, with on-again, off-again trade negotiations, causing turbulence across asset classes. The Dow Jones Industrial Average fell 878.82 points, or 1.90%, to 45,479.60, the S&P 500 lost 182.60 points, or 2.71%, to 6,552.51 and the Nasdaq Composite lost 820.20 points, or 3.56%, to 22,204.43. The Philadelphia Stock Exchange Semiconductor Index dropped 6.3%, in the wake of Trump's announcement. China produces over 90% of the world's processed rare earths and rare earth magnets, which are critical for products ranging from electric vehicles and aircraft engines to military radars. Renewed tensions between the two largest global economies could trigger major supply chain disruptions, particularly for the technology, electric vehicle and defense industries. The CBOE Volatility Index, viewed as a reflection of market anxiety, reached its highest closing level since June 19. U.S.-listed shares of Chinese companies dropped sharply, with heavyweights Alibaba Group Holding, JD.com Inc and PDD Holdings down between 5.3% and 8.5%. Qualcomm fell 7.3% after China's market regulator said the country had launched an antitrust investigation into the semiconductor manufacturer over its acquisition of Israel's Autotalks. The U.S. government is currently in its 10th day of shutdown as a congressional impasse has so far yielded few signs of progress or serious negotiation. This has resulted in a data blackout, with official government economic indicators postponed for the time being. Still, data from independent sources continues unabated. The University of Michigan released its preliminary take on October consumer sentiment, which is drifting along near historic lows as high prices and weakening job prospects remain at the forefront of consumer worries. In the absence of official data, investors look to the U.S. Federal Reserve for clues regarding near-term interest rate cuts. Fed Governor Christopher Waller said that while private employment data continues to show labor market weakness, the central bank should act with caution when reducing the Fed funds target rate as it evaluates the economy. St. Louis Fed President Alberto Musalem echoed that sentiment, saying that another rate cut could be warranted as insurance against a weakening labor market. "I believe that we have to tread with caution" before monetary policy becomes too accommodative, he said. A spate of large financial firms – including JPMorgan Chase , Goldman Sachs, Citigroup, and Wells Fargo – is set to release quarterly results on Tuesday, marking the unofficial launch of third-quarter earnings season. Analysts currently expect third-quarter S&P 500 earnings growth of 8.8% year-on-year, on aggregate, compared with annual growth of 13.8% last quarter and 9.1% in Q3 2024, according to LSEG data. Declining issues outnumbered advancers by a 4.36-to-1 ratio on the NYSE. There were 215 new highs and 167 new lows on the NYSE. On the Nasdaq, 799 stocks rose and 3,936 fell as declining issues outnumbered advancers by a 4.93-to-1 ratio. The S&P 500 posted 18 new 52-week highs and 19 new lows while the Nasdaq Composite recorded 102 new highs and 145 new lows. Volume on U.S. exchanges was 24.26 billion shares, compared with the 20.15 billion average for the full session over the last 20 trading days. (Reporting by Stephen Culp; Additional reporting by Niket Nishant, Sukriti Gupta, Purvi Agarwal and Johann M Cherian in Bengaluru; Editing by Aurora Ellis)

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BARDELLA, FROM FRANCE'S FAR-RIGHT NATIONAL RALLY PARTY, SAYS HIS PARTY WILL VOTE DOWN LECORNU GOVERNMENT

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* Macron seeks PM to resolve political crisis * Hard left and far right parties not invited to crunch talks * Socialists say no guarantee they won't vote down next government * Crisis denting economic growth, central bank chief warns (Recasts with Lecorn named) By Elizabeth Pineau PARIS, Oct 10 (Reuters) – French President Emmanuel Macron on Friday named Sebastien Lecornu as prime minister, reappointing him after he quit the job earlier this week, hoping the loyalist can draw enough support from deeply divided parliament to pass a 2026 budget. In naming Lecornu, Macron, 47, risks the wrath of his political rivals, who have argued that the best way out of the country's deepest political crisis in decades was for Macron to either hold snap parliamentary elections or resign. Lecornu's immediate task will be to deliver a budget to parliament by the end of Monday. "I accept – out of duty – the mission entrusted to me by the President of the Republic to do everything possible to provide France with a budget by the end of the year and to address the daily life issues of our fellow citizens," Lecornu wrote on X. "We must put an end to this political crisis that exasperates the French people and to this instability that is harmful to France's image and its interests." LEFTISTS UPSET Macron earlier convened a meeting of mainstream party leaders to rally support around his choice. Leftist leaders expressed dismay Macron would not be picking a prime minister from their ranks, their indignant response suggesting his future government might be as fragile as those that preceded it. Another collapsed government would raise the likelihood of Macron calling a snap election, a scenario seen benefitting the far right the most. "We're not looking for parliament to be dissolved, but nor are we afraid," Socialist Party leader Olivier Faure told reporters as he left the meeting. CRISIS SAPS ECONOMIC GROWTH France's political turmoil, which has dented growth and spooked financial markets, was in large part triggered by Macron's decision last year to hold a legislative election, a gamble that delivered a hung parliament split between three ideologically opposed blocs. The country's push to get its finances in order, requiring budget cuts or tax hikes that no party can agree on, has only deepened the malaise. So, too, has manoeuvring by political leaders seeking to succeed Macron in the 2027 presidential election. If the National Assembly cannot find common ground on a budget in the time given, emergency legislation may be needed to keep the country running next year on a roll-over budget. Macron shut out Marine Le Pen's far-right National Rally (RN) and the hard left France Unbowed (LFI) from the meeting of party chiefs. RN resident Jordan Bardella said the president's strategy was about avoiding a legislative election rather than defending the interests of French people. "The RN is honoured not to have been invited. We are not for sale to those around Macron," Bardella wrote on X. RACE TO DELIVER BUDGET The country's central bank chief, Francois Villeroy de Galhau, forecast on Friday that the current political uncertainty would cost the economy 0.2 percentage points of gross domestic product. Business sentiment was suffering but the economy was broadly fine, he said. "Uncertainty is … the number one enemy of growth," Villeroy told RTL radio. Fraught budget negotiations this year and last as France seeks to rein in its public finances and tame a gaping budget deficit have cost Macron three prime ministers in less than 12 months. Central to the most recent budget negotiations have been the left's desire to repeal Macron's 2023 pension reforms that lifted the retirement age, and tax the wealthy more heavily. Those demands have been hard to square with the conservatives, whose support Macron also needs to pass a budget. In the meeting, Macron offered to delay raising the retirement age as far as 64 by a year to 2028. Green leader Marine Tondelier described the concession as insufficient. Villeroy said it would be preferable if the deficit did not exceed 4.8% of GDP in 2026. The deficit is forecast to hit 5.4% this year, nearly double the European Union's cap. Macron's second-to-last prime minister, Francois Bayrou, was ousted by the National Assembly over his plans for 44 billion euros in savings to bring the deficit down to 4.6% of GDP. (Reporting by Dominique Vidalon and Benjamin Mallet Writing by Richard Lough Editing by Alison Williams, Frances Kerry and Toby Chopra)

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FOR THE WEEK, RUSSELL 2000 SMALL CAP INDEX FALLS 3.29% FOR BIGGEST WEEKLY LOSS SINCE WEEK BEGINNING JULY 28

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By Sarah Kinosian Oct 10 (Reuters) – Venezuelan opposition leader Maria Corina Machado, a 58-year-old industrial engineer, was awarded the Nobel Peace Prize on Friday. Over the past two years, she has reenergized a politically disengaged population after more than a decade of economic and social collapse. Machado has been in hiding in Venezuela since 2024, when electoral authorities allied with President Nicolas Maduro declared Maduro's reelection in a vote widely seen as rigged. The government never posted official election results, but results collected by the opposition, verified by an independent election monitor, found the Machado-backed candidate had won in a landslide. Married to a constitutional lawyer and mother of three, Machado impressed both experts and ordinary citizens with her work ethic and ability to connect with voters. Her message was simple: Maduro leads a "mafia" that has looted the country and represses its people. Venezuelans are fed up, and the fight for democracy will continue until the government changes. The Maduro government has called Machado a fascist and terrorist, accusing her of fomenting a right-wing conspiracy to overthrow his rule. The Norwegian Nobel Committee honored Machado "for her tireless work promoting democratic rights for the people of Venezuela and for her struggle to achieve a just and peaceful transition from dictatorship to democracy," noting she had done so "in the face of ever-expanding authoritarianism." In mid-2023, Machado organized a primary election without official support, breathing life back into the opposition in a country where protests had been crushed and dissidents jailed. According to Caracas-based rights group Foro Penal, Venezuela currently holds 841 political prisoners. She is the latest in a line of opposition leaders who have failed to unseat Maduro, who has ruled for 12 years. The United Nations has documented his government's use of torture and imprisonment against opponents, and the International Criminal Court has launched an investigation into alleged crimes against humanity. Venezuela's communication ministry did not respond to a Reuters request for comment. MACHADO HAS UNCOMPROMISING STANCE The eldest daughter of a prominent steelmaking family, Machado was described as stubborn by her mother. She campaigned across Venezuela, cooking corn pancakes at roadside stands and traveling by boat through rivers and jungles. Educated at a Catholic girls' school in Caracas and a boarding school in Massachusetts, Machado studied engineering and finance before joining her family's business. In 2002, she founded Sumate, a voter rights group that became a key opposition force against Hugo Chavez, Maduro's predecessor and founder of Venezuela's socialist governing movement. Fluent in English and known for her strong voice, her fierce personality led to confrontations in the National Assembly, where she served starting in 2010. In 2012, she famously told Chavez, "Expropriating is stealing." Her uncompromising stance has drawn criticism, even from fellow opposition members. More recently, her vocal support for military strikes by the administration of U.S. President Donald Trump on boats allegedly transporting narcotics has caused friction within some parts of the opposition. Machado has forged a close alliance with Trump and personally thanked him in her Nobel acceptance statement. Trump has called her a "freedom fighter." Last year, then-Senator Marco Rubio — now Secretary of State and a longtime ally of the Venezuelan opposition — signed a letter nominating her for the Nobel Peace Prize. MASSIVE SUPPORT PERSUADED HER TO CAMPAIGN Before organizing the 2023 primary, Machado had long abstained from participating in Venezuela's elections due to distrust in the electoral authorities. She reversed course when massive public support propelled her into the campaign. Machado's speeches—often delivered from trucks or car rooftops to bypass government obstruction—championed economic and democratic freedom and the reunification of families separated by migration. The Maduro government frequently attacks Machado, accusing her of sabotage and involvement in power blackouts. Maduro's opponents blame the blackouts on deteriorating infrastructure and mismanagement. In early 2024, Venezuela's highest court barred Machado from running for president, citing alleged financial irregularities from her time as a legislator. She then backed Edmundo Gonzalez Urrutia, a little-known diplomat and academic, who ran and was widely considered the winner after vote tallies showed he had received nearly 70% of the vote. The Carter Center confirmed the opposition's count. But backed by the military, Maduro declared himself the victor, ignoring international pressure to concede. Protests and a subsequent crackdown led to two dozen deaths and thousands of arrests, according to rights groups. Gonzalez fled to Spain in September 2024, saying he feared imprisonment or torture. Nearly all of Machado's senior advisers have been detained or forced into exile. From hiding, Machado continues to lead a largely exiled opposition movement. (Reporting by Sarah Kinosian in Mexico City and Reuters; Editing by Rosalba O'Brien)

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(Recasts, updates yields, adds comment from St Louis Fed president) * Trump's tariff threats cause stock selloff, bond yields drop * Fed officials open to possible interest rate cuts * Consumer sentiment survey shows slight decline WASHINGTON, Oct 10 (Reuters) – U.S. Treasury yields fell to multi-week lows on Friday as investors moved to a safe haven following President Donald Trump's threats to impose a "massive" increase in tariffs on Chinese imports, accusing Beijing of seeking to stymie trade in rare earths. The president's lengthy statement on Truth Social sparked a selloff in stocks and pushed rates out of their recent range-bound pattern, with the 10-year Treasury yield hitting its lowest level since mid-September. Movement in U.S. sovereign debt yields had been in a holding pattern in recent days as a government shutdown, now in its tenth day, has halted the production of crucial economic indicators. "It’s fuel on the fire. For a while it looked like things were going well between Trump and Xi, but China’s latest export controls on rare earth minerals set Trump off," said Brian Jacobsen, chief economist at Annex Wealth Management. "A lot can happen between now and the APEC summit where they were supposed to meet, so it wouldn’t be surprising to see tempers cool before then." In afternoon trading, the yield on the benchmark U.S. 10-year Treasury note fell to a more than one-month low and was last down 9.1 basis points (bps) at 4.057%. The yield on the 30-year bond was last down 9.6 bps to 4.637% after earlier falling to its lowest since September 5 On the short-end of the curve, the two-year U.S. Treasury yield, which typically moves in line with interest rate expectations, slid 7.5 bps to 3.512%. Meanwhile, St Louis Federal Reserve Bank President Alberto Musalem said he was "open minded" about the possible need for an additional interest rate cut. Earlier, Fed Governor Christopher Waller had likewise told CNBC the central bank could make "cautious" moves to lower benchmark lending rates, helping comfort investor expectations that the central bank would not be driven to excessive rate cutting by changes in staffing and a weakening labor market. A closely watched part of the U.S. Treasury yield curve measuring the gap between yields on two- and 10-year Treasury notes, seen as an indicator of economic expectations, flattened to a positive 52.8 bps compared to a positive 54.30 late Thursday. Also on Friday, the University of Michigan reported that a survey of consumer sentiment had modestly beaten expectations while still recording a slight deceleration in October, marking the third monthly decline and adding to fears from private indicators of labor market weakness. (Reporting by Douglas Gillison in Washington and Chuck Mikolajczak in New York; Editing by Nia Williams and Toby Chopra)

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