MARKET WRAPS

STOCKS: U.S. stocks slid after private data showed an increase in layoffs.

TREASURYS: Treasury yields fell after the layoff survey.

FOREX: The U.S. dollar fell against rivals as the government shutdown dragged on.

COMMODITIES: Crude futures fell as traders weighed a buildup in U.S. crude stock and Saudi Arabia's decision to cut its official selling prices for December to Asian destinations.

HEADLINES

Cleveland Fed's Beth Hammack Skeptical of Further Cuts

Cleveland Fed President Beth Hammack suggested Thursday that she is skeptical the Fed can afford to opt for further interest-rate cuts, given the persistence of inflation and the monetary easing from the rate cuts the Fed has already completed.

Speaking to a club of economists in New York, Hammack said that after a percentage point of rate cuts last year and another half point of cuts over the past two Fed meetings, the central bank's policy stance is now doing very little, if anything, to restrain an economy that is still producing above-target price increases.

She acknowledged that the labor market has cooled, a trend that typically calls for lower interest rates. But she said that weighing that risk against stubborn inflation, the Fed has limited room to move toward easier policy.

Trump rolls out pricing deal with weight-loss-drug giants Eli Lilly, Novo Nordisk. Analysts say the pact raises more questions than it answers.

The Trump administration on Thursday announced a much-anticipated deal with drugmakers Eli Lilly and Novo Nordisk that aims to deliver lower prices for their popular GLP-1 drugs to certain Medicare and Medicaid beneficiaries and to users of TrumpRx.gov, the administration's new direct-to-consumer drug website.

Analysts said the deal raised more questions than it answered.

"There are still a lot of unanswered questions about how this will all work," said Matthew Fiedler, senior fellow at the Center on Health Policy at the Brookings Institution. "It seems likely that Medicare will pay lower prices for these drugs than it pays today. But the prices of these drugs were already slated to become eligible for price negotiation under the Medicare price-negotiation program created under President [Joe] Biden. How far this goes beyond what was already in the pipeline, if at all, is not clear."

Ford Considers Scrapping Electric Version of F-150 Truck

Ford Motor executives are in active discussions about scrapping the electric version of its F-150 pickup, according to people familiar with the matter, which would make the money-losing truck America's first major EV casualty.

The Lightning, once described by Ford as a modern Model T for its importance to the company, fell far short of expectations as American truck buyers skipped the electric version of the top-selling truck. Ford has racked up $13 billion in EV losses since 2023.

Overall EV sales, already falling short of expectations, are expected to plummet in the absence of government support. And big, electric pickups and SUVs are the most vulnerable.

Airbnb Sales Rise 10% as Travelers Book Vacations Further in Advance

Airbnb logged another quarter of sales growth, as travelers are feeling more confident about making future vacation plans.

Travel demand strengthened in the third quarter and continued to do so in October, the short-term rental company said Thursday. Customers are booking travel further in advance, which is a contrast from earlier in the year, when many were waiting to plan trips amid economic uncertainty.

Revenue rose 10% to $4.1 billion. Analysts surveyed by FactSet forecast revenue of $4.08 billion. Gross booking value was $22.9 billion, ahead of the $21.9 billion expected.

Warner Discovery Moving Fast on Split or Sale, CEO Says

Warner Bros. Discovery Chief Executive David Zaslav said the company's exploration of a possible sale of some or all of its holdings is briskly moving ahead.

"It's fair to say that we have an active process under way," Zaslav told investors on a call Thursday to discuss the company's quarterly results.

Zaslav declined to elaborate on potential suitors for Warner Discovery or a deadline for a decision.

Flight-Cancellation Plans Prompt Scramble Across Travel Industry

Airlines and travelers scrambled to review flight plans after U.S. transportation officials revealed plans to throttle commercial air traffic starting Friday in response to the government shutdown.

Transportation Secretary Sean Duffy said that traffic at 40 major airports would be reduced by as much as 10% as a safety measure. Air-traffic controllers and airport security agents aren't being paid in the shutdown, which federal officials said has led to stretched staffing, flight delays and long security lines.

The Federal Aviation Administration will start with a roughly 4% cut in flights this weekend at select airports, according to a Southwest Airlines internal memo reviewed by The Wall Street Journal. Some of the nation's busiest airports are among those the FAA targeted for flight capacity cuts, including those in Atlanta, Chicago and New York.

OpenAI CEO Says U.S. Shouldn't Bail out AI Companies

OpenAI CEO Sam Altman said the startup doesn't want federal guarantees for its datacenters or a bailout if it fails, laying out what he thinks the government's role should be in America's AI infrastructure build-out.

"If we screw up and can't fix it, we should fail, and other companies will continue on doing good work and servicing customers," Altman wrote in a lengthy X post.

Altman's post came a day after OpenAI Chief Financial Officer Sarah Friar said at The Wall Street Journal's Tech Live conference that the startup hoped financial institutions and perhaps the federal government would support its efforts by helping to guarantee chip financing. Depreciation rates of AI chips remain uncertain, she said, making it more expensive for companies to raise the debt needed to buy them.

Judge Agrees to Dismiss Boeing Criminal Case Tied to 737 MAX Crashes

The Justice Department's request to drop criminal charges against Boeing tied to two fatal plane crashes was granted on Thursday, despite objections from some victims' families who wanted the case to go to trial.

A federal judge in Fort Worth, Texas, agreed with prosecutors' request to dismiss the nearly five-year-old case, which stems from an investigation of Boeing's role in two plane accidents that killed 346 people. The crashes were tied to an automated flight-control feature on the 737 MAX that errantly triggered.

The outcome saves Boeing from the brink of prosecution, which it faced last year after the Justice Department said it had violated an earlier settlement agreement. The aerospace company agreed in July 2024 to plead guilty rather than face trial on the original charge. It was also due to accept an independent compliance monitor.

Peloton Recalls 833,000 Bikes For Seat Post Safety Issues

Peloton Interactive is recalling hundreds of thousands of its stationary bike units again due to a faulty seat post which could break and injure users.

The Consumer Product Safety Commission said Thursday that about 833,000 Peloton Original Series Bike+ units are being recalled due to concerns that the bike's seat post assembly can break during use, posing fall and injury hazards to the user.

The Original Series Bike+ is Peloton's premium stationary exercise bike, and the recall involves all of them that have the model number PL02 and serial numbers beginning with the letter T, agency said.

TALKING POINT Charles Schwab to Allow Investments in Private Companies, Joining a Wall Street Craze

Charles Schwab is the latest Wall Street firm to take a big step into the world of private markets.

The brokerage firm that pioneered discount stock-trading for individual investors agreed to buy Forge Global, one of the major platforms that allows investors to buy shares in promising private companies.

Forge Global is a marketplace where investors can buy a stake in late-stage startups such as crypto exchange Kraken and artificial-intelligence leader OpenAI. The minimum investment can be as low as $5,000.

Investors have bought and sold more than $17 billion in private company shares on Forge's platform, Schwab said. The brokerage will offer Forge's private shares to ultrahigh-net-worth clients once the deal closes, and plans to expand access to those with more than $1 million in assets.

More than a dozen other platforms selling shares in private companies have opened to individual investors in recent years as the number of so-called unicorns, or startups valued at more than $1 billion, have ballooned. Just last week, Morgan Stanley agreed to buy EquityZen, a rival private-stock marketplace.

Some of the fastest-growing companies in the U.S., such as OpenAI and Elon Musk's SpaceX, have remained privately held for longer than previous generations of startups, delaying the moment at which many individuals can invest.

Platforms such as Forge tap in to the growing demand to own pieces of these buzzy companies, either by selling stock directly or by selling interest in the companies through a spiderweb of funds structured as special-purpose vehicles, or SPVs.

--Hannah Erin Lang and Corrie Driebusch

Expected Major Events for Friday

00:01/UK: Oct BRC-Sensormatic IQ Footfall Monitor

02:00/JPN: Oct Imported Vehicle Sales

07:00/GER: Sep Foreign Trade

07:00/UK: Oct Halifax House Price Index

07:45/FRA: Sep Foreign trade

07:45/FRA: Sep Balance of payments

13:00/RUS: Weekly International Reserves

13:30/US: Oct U.S. Employment Report (No data during govt shutdown)

13:30/CAN: Oct Labour Force Survey

15:00/US: Nov University of Michigan Survey of Consumers - preliminary

20:00/US: Sep Consumer Credit

All times in GMT. Powered by Onclusive and Dow Jones.

Expected Earnings for Friday

ALX Oncology Holdings Inc (ALXO) is expected to report for 3Q.

AMC Networks Inc - Class A (AMCX) is expected to report $0.20 for 3Q.

AdvanSix $(ASIX)$ is expected to report $0.53 for 3Q.

Algonquin Power & Utilities Corp (AQN,AQN.T) is expected to report $0.07 for 3Q.

American Axle & Manufacturing Holdings Inc $(AXL)$ is expected to report $0.09 for 3Q.

Ares Commercial Real Estate $(ACRE)$ is expected to report $0.01 for 3Q.

Array Digital Infrastructure Inc $(AD)$ is expected to report $0.30 for 3Q.

Brookfield Asset Management Ltd (BAM.T) is expected to report $0.46 for 3Q.

Brookfield Infrastructure Corp (BIPC) is expected to report for 3Q.

Brookfield Infrastructure Partners LP (BIP,BIP.UN.T) is expected to report for 3Q.

Claritev Corp $(CTEV)$ is expected to report for 3Q.

Conduent Inc (CNDT) is expected to report $-0.11 for 3Q.

Constellation Energy Corp (CEG) is expected to report $2.99 for 3Q.

Delek Logistics Partners (DKL) is expected to report $1.11 for 3Q.

Delek US Holdings Inc (DK) is expected to report $0.23 for 3Q.

Dixie Group Inc (DXYN) is expected to report for 3Q.

DoubleVerify Holdings Inc $(DV)$ is expected to report $0.10 for 3Q.

Duke Energy Corp $(DUK)$ is expected to report $1.77 for 3Q.

Enbridge Inc (ENB,ENB.T) is expected to report $0.54 for 3Q.

Endeavour Silver Corp (EDR.T,EXK) is expected to report $0.04 for 3Q.

Ensign Energy Services Inc (ESI.T,ESVIF) is expected to report $-0.03 for 3Q.

Essent Group Ltd (ESNT) is expected to report $1.79 for 3Q.

Fluor Corp $(FLR)$ is expected to report $0.46 for 3Q.

Franklin Resources Inc (BEN) is expected to report $0.46 for 4Q.

Fulgent Genetics Inc (FLGT) is expected to report $-0.54 for 3Q.

Hain Celestial Group Inc $(HAIN)$ is expected to report $-0.08 for 1Q.

KKR & Co Inc $(KKR)$ is expected to report $1.19 for 3Q.

Karman Holdings Inc $(KRMN)$ is expected to report for 3Q.

Koppers Holdings Inc $(KOP)$ is expected to report $1.25 for 3Q.

Marcus & Millichap Inc $(MMI)$ is expected to report $0.01 for 3Q.

MarketAxess Holdings Inc (MKTX) is expected to report $1.70 for 3Q.

S&W Seed Co (SANW) is expected to report for 4Q.

SCI Engineered Materials Inc (SCIA) is expected to report for 3Q.

Six Flags Entertainment Corp $(FUN)$ is expected to report for 3Q.

TELUS Corp (T.T,TU) is expected to report $0.21 for 3Q.

TELUS International (Cda) Inc (TIXT.T) is expected to report $-0.09 for 3Q.

TaskUs Inc $(TASK)$ is expected to report $0.24 for 3Q.

Telephone & Data Systems Inc (TDS,TDSS) is expected to report $-0.12 for 3Q.

The Wendy's Company $(WEN)$ is expected to report $0.19 for 3Q.

Ultralife Corp $(ULBI)$ is expected to report for 3Q.

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This article is a text version of a Wall Street Journal newsletter published earlier today.

(END) Dow Jones Newswires

November 06, 2025 16:30 ET (21:30 GMT)

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