OPENING CALL
U.S. stock futures pointed to a largely lower open Thursday as sentiment waned after being initially lifted late Wednesday when President Trump signed a spending bill ending the federal government shutdown.
Concerns regarding the impact the shutdown has had on the U.S. economy and the prospect of weak economic data now that the government is reopened, weighed on the dollar.
SEB Research notes the deal may only be a temporary measure which poses a risk of a renewed shutdown.
"The interim spending package only finances the federal government until 30 January and there is therefore risk of a new lockdown as soon as in the beginning of next year."
With the government funded, the release of official data will resume, but their timing and reliability was unclear. FP Market said that it could be a while before economic data releases return to normal.
"The implications for markets and economic data are only just beginning to unfold. It is now all about the economic data and what the Federal Reserve does in December."
Meanwhile, the European Commission opened a new investigation into Google over how the search engine ranks news publishers in search results.
Market Insight
The International Energy Agency said the oil market is becoming increasingly unbalanced
as rising global inventories add to an even larger surplus expected this year.
The IEA's forecasts imply supply could exceed demand by 2.4 million barrels a day this year and 4 million barrels a day in 2026.
Stocks to Watch
Cisco shares rose more than 6% after the company raised its earnings outlook.
Newmont shares 1.8% up after a precious-metal price rally spurred gains in the prior-session.
JD.com's American depositary receipts jumped 4.3% after reporting better-than-expected revenue and net income.
Micron Technology fell 1.9%, Sandisk declined 4.9%, and Western Digital shares were down 3.7%, after peer Kioxia reported its results for the six months ended Sept. 30.
New Fortress Energy shares dropped 5.2% after it said in a filing it was seeking an extension to file its results for the quarter to the end of September.
Sealed Air stock jumped 18% after The Wall Street Journal reported buyout firm Clayton Dubilier & Rice was in talks to take the company private.
Watch For:
The U.S. CPI data for October as well as Weekly Jobless Claims were due; EIA Weekly Petroleum Status Report; Walt Disney 4Q earnings; Federal Reserve Bank of Cleveland President Beth Hammack speaks at Economic Club of Pittsburgh; FRB St. Louis President Alberto Musalem speaks at Evansville Regional Economic Partnership event.
Today's Top Headlines/Must Reads:
- NBCUniversal Launching New Cable Sports Channel
- Builders' Cheap Mortgages Are a Bad Deal for Home Buyers -- Heard on the Street
- China 'Singles' Day' Sales Show Modest Growth
MARKET WRAPS
Forex:
The dollar fell as traders turned cautious over the prospect of weak U.S. data upon the reopening of the government.
There could be as many as three jobs reports and two inflation prints ahead of the December Federal Reserve meeting, according to Danske Bank.
Danske expects the dollar to rise on the expectation that U.S. data could be resilient and prompt the Fed to skip a December rate cut.
Sterling fell to a two-and-a-half-year low against the euro, after the U.K.'s economic growth slowed more than expected in the third quarter.
Sterling could fall further in the near term and a potential interest-rate cut in December could hit the currency as well, ING said.
Sterling rose against the dollar but the currency is expected to remain under pressure.
"We anticipate the pound will remain under pressure in the near term as markets digest the rising risks to the U.K. outlook," Monex said.
Bitcoin edged higher after U.S. lawmakers agreed to provide the U.S. government with funding through Jan. 30. Uncertainty remained elevated, helping to limit the gains.
Bonds:
Treasury yields stabilized, after earlier rising, as caution rose .
"Markets remain cautious as attention shifts to the backlog of economic data soon to be released, which could paint a softer picture of the labor market and overall demand," Exness said.
The outlook for bonds remained attractive , especially given the expectation of further monetary easing in 2026, AXA Investment Managers said.
"Short-term government bond yields reflect monetary policy expectations. Steeper yield curves provide an incentive to increase duration."
Metals:
Spot gold prices rose and Comex gold futures' bullish momentum was growing stronger , according to RHB Retail Research, adding that it follows Wednesday's movements which solidified the futures' position above the 20-day simple moving average.
Gold prices climbed above the $4,200 mark with futures in New York at their highest level in more than three weeks .
"Markets bet that once data flows restart, a softer U.S. economic picture could justify additional rate cuts, which support the non-yielding metal. Still, divisions within the Fed persist, with some policymakers favouring a pause to curb inflation," said MUFG.
Aluminum prices climbed above $2,900 a metric ton, supported by tightening supply expectations in China and easing trade tensions between Beijing and Washington.
"Aluminium has gained more than 13% this year. It is the third-strongest performer on the LME after copper and tin this year," ING said.
Energy:
Oil prices rose after opening the session lower, but prices were rangebound as traders weighed concerns over excess supply against shrinking OPEC+ spare capacity.
"The near-term outlook continues to signal softness amid plentiful supply and weak seasonal demand, yet the longer-term picture has turned more constructive after a significant shift from the IEA," Saxo Bank said.
TODAY'S TOP HEADLINES
Write to pierre.bertrand@wsj.com
TODAY IN CANADA
Earnings:
AtkinsRéalis Group 3Q
AutoCanada Inc.3Q
Ballard Power Systems 3Q
Bragg Gaming 3Q
Brookfield Corp. 3Q
Canaccord Genty 2Q
CES Energy Solus 3Q
Discovery Silver 3Q
Endeavr Mining 3Q
Fiera Capital Corp. 3Q
HLS Therapeutics 3Q
Hydro One Limited 3Q
KP Tissue Inc. 3Q
Peyto Exploration 3Q
Profound Medical 3Q
Sagicor Financial 3Q
Skeena Resources 3Q
South Bow Corp. 3Q
Stantec Inc. 3Q
Tidewater Midstream 3Q
WildBrain Ltd. 1Q
Economic Indicators $(ET)$:
1145 Canadian Budget Overview with Finance Minister François-Philippe Champagne.
Stocks to Watch:
Clairvest 2Q Loss/Shr C$5.43; 2Q Loss C$76.8M
Element Fleet Management 3Q EPS 31c; 3Q Adj EPS 33c; 3Q Rev $306.4M
Pan American Silver 3Q EPS 45c; 3Q Rev $884.4M; 3Q Adj EPS 48c; Named Scott Campbell as Operating Chief on Oct. 20; Campbell Succeeded Steve Busby
Bird Construction 3Q EPS 57c; 3Q Adj EPS 64c; Combined Backlog and Pending Backlog of Over $10B at Sept 30
Morguard Names Angela Sahi as President, CEO; Angela Sahi Succeeds K. Rai Sahi as CEO; Names K. Rai Sahi as Executive Chair
Manulife: Announces Refreshed Enterprise Strategy to Deliver Sustainable, Long-Term Growth; Strategy Further Strengthens Ability to Deliver on 2027 Fincl Targets; Targets Include Core Return on Equity of 18%+ by 2027, Cumulative Remittances of $22 Billion+ Between 2024 and 2027, Asia Region Core Earnings Contribution of 50%
G Mining 3Q EPS 54c; 3Q Rev $161.7M
I-80 Gold 3Q Rev $32M; 3Q Loss/Shr 5c; 3Q Adj Loss/Shr 4c
Pollard Banknote 3Q Sales C$156.3M; 3Q EPS C$0.37
D-Box Technologies 2Q Rev C$16.1M; D-Box Technologies 2Q EPS C$0.02
Wilmington Capital Management Inc.: CEO Chris Killi to Step Down Dec. 31; Chmn Joe Killi to Step Down Dec. 31; Andrew Cockwell Will Assume the Role of Interim Chmn
Northland Power 3Q Loss/Shr C$1.58; 3Q Sales C$554M
Discovery Silver 3Q EPS C$0.05; 3Q Rev C$237M
Dye & Durham 2025 Rev C$440.6M; 2025 Loss C$82.7M; ees 1Q FY26 Rev About C$109.4M; Sees 1Q FY26 Net Loss C$39.2M
Expected Major Events for Thursday
00:01/UK: Oct RICS Residential Market Survey
06:30/FRA: 3Q ILO Unemployment and Labour Market-related indicators
07:00/UK: Sep Index of production
07:00/UK: Sep UK trade
07:00/UK: Sep Index of services
07:00/UK: 3Q Business investment in the UK: provisional results
07:00/UK: 3Q First quarterly estimate of GDP
07:00/UK: Sep Monthly GDP estimates
09:00/FRA: Nov IEA Oil Market Report
09:30/UK: 3Q Mortgage Arrears and Possessions data
11:00/FRA: Sep OECD Harmonised Unemployment Rates
12:30/UK: Oct NIESR Monthly GDP Tracker
13:00/RUS: Weekly International Reserves
13:30/US: Oct CPI (No data during govt shutdown)
13:30/US: Oct Real Earnings (No data during govt shutdown)
13:30/US: 11/08 Unemployment Insurance Weekly Claims Report - Initial Claims (No data during govt shutdown)
17:00/US: 11/07 EIA Weekly Petroleum Status Report
19:00/US: Oct Monthly Treasury Statement of Receipts and Outlays of the U.S. Government
21:30/US: Foreign Central Bank Holdings
21:30/US: Federal Discount Window Borrowings
All times in GMT. Powered by Onclusive and Dow Jones.
Expected Earnings for Thursday
American Shared Hospital Services (AMS) is expected to report for 3Q.
Aspira Women's Health Inc (AWHL) is expected to report for 3Q.
AtkinsRealis Group Inc (ATRL.T) is expected to report for 3Q.
Ballard Power Systems Inc (BLDP,BLDP.T) is expected to report $-0.16 for 3Q.
Broadwind Inc $(BWEN)$ is expected to report $0.21 for 3Q.
Brookfield Corp (BN,BN.T) is expected to report $0.61 for 3Q.
CASI Pharmaceuticals Inc $(CASI)$ is expected to report for 3Q.
CI Financial Corp (CIFAF,CIX.T) is expected to report for 3Q.
Carisma Therapeutics Inc (CARM) is expected to report $-0.12 for 3Q.
DarioHealth Corp (DRIO) is expected to report for 3Q.
Dillard's Inc - Class A $(DDS)$ is expected to report $6.26 for 3Q.
Edgewell Personal Care Co (EPC) is expected to report $0.63 for 4Q.
Endeavour Mining PLC (EDV.T,EDVMF) is expected to report for 3Q.
Enterprise Group Inc (E.T) is expected to report for 3Q.
Fennec Pharmaceuticals Inc (FENC,FRX.T) is expected to report $-0.03 for 3Q.
Fiera Capital Corp (FSZ.T) is expected to report $0.09 for 3Q.
Global Water Resources Inc (GWR-T,GWRS) is expected to report $0.09 for 3Q.
GoHealth Inc (GOCO) is expected to report $-2.03 for 3Q.
HLS Therapeutics Inc (HLS.T) is expected to report for 3Q.
Hydro One Ltd (H.T) is expected to report $0.65 for 3Q.
Immunic Inc $(IMUX)$ is expected to report $-0.11 for 3Q.
Imunon Inc $(IMNN)$ is expected to report for 3Q.
KP Tissue (KPT.T) is expected to report for 3Q.
LiqTech International Inc $(LIQT)$ is expected to report for 3Q.
MarineMax Inc $(HZO)$ is expected to report $-0.21 for 4Q.
New Fortress Energy LLC (NFE) is expected to report $-0.76 for 3Q.
Oblong Inc $(OBLG)$ is expected to report for 3Q.
Ondas Holdings Inc $(ONDS)$ is expected to report $-0.05 for 3Q.
Petrotal Corp (TAL.T) is expected to report for 3Q.
Q32 Bio Inc (QTTB) is expected to report for 3Q.
Sotherly Hotels Inc $(SOHO)$ is expected to report for 3Q.
Star Equity Holdings Inc (STRR) is expected to report $0.03 for 3Q.
Suburban Propane Partners LP $(SPH)$ is expected to report $-0.54 for 4Q.
Superior Industries International Inc $(SSUP)$ is expected to report $-0.08 for 3Q.
The Walt Disney Co $(DIS)$ is expected to report $0.84 for 4Q.
Total Energy Services Inc (TOT.T) is expected to report $0.13 for 3Q.
Vecima Networks Inc (VCM.T) is expected to report for 1Q.
Vislink Technologies Inc (VISL) is expected to report for 3Q.
Yellow Pages Ltd (Y.T) is expected to report for 3Q.
Zura Bio Ltd (ZURA) is expected to report $-0.18 for 3Q.
Powered by Onclusive and Dow Jones.
ANALYST RATINGS ACTIONS
Apyx Medical Raised to Market Outperform From Market Perform by Citizens
Astria Therapeutics Cut to Neutral From Overweight by Cantor Fitzgerald
AT&T Raised to Overweight From Sector Weight by Keybanc
Bath & Body Works Cut to Market Perform From Outperform by Raymond James
Brighthouse Financial Cut to Market Perform From Strong Buy by Raymond James
Centerspace Cut to Market Perform From Strong Buy by Raymond James
CompoSecure Raised to Neutral From Underweight by JP Morgan
Dream Finders Homes Raised to Outperform From Neutral by Zelman & Assoc
Floor & Decor Holdings Raised to Overweight From Neutral by Piper Sandler
Grail Raised to Buy From Neutral by Guggenheim
Ichor Holdings Raised to Outperform From Perform by Oppenheimer
Intellia Therapeutics Cut to Peer Perform From Outperform by Wolfe Research
Outdoor Holding Raised to Buy From Neutral by Roth Capital
OUTFRONT Media Raised to Overweight From Neutral by JP Morgan
Pebblebrook Hotel Trust Cut to Sell From Neutral by Compass Point
Progyny Raised to Overweight From Sector Weight by Keybanc
This article is a text version of a Wall Street Journal newsletter published earlier today.
(END) Dow Jones Newswires
November 13, 2025 06:06 ET (11:06 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.