MARKET WRAPS
STOCKS: Stocks fell slightly ahead of key economic and inflation data.
TREASURYS: Treasury yields fell ahead of key data.
FOREX: The U.S. dollar continued a recent retreat against rivals, which has brought it close to 52-week lows.
COMMODITIES: Oil futures settled lower with expected inventory builds and continued efforts to end the Russia-Ukraine war keeping downward pressure on prices.
HEADLINES
Ford Takes $19.5 Billion Hit in Detroit's Biggest EV Bust
Ford said Monday it expects to take about $19.5 billion in charges, mainly tied to its electric-vehicle business, a massive hit as the automaker retrenches in the face of sinking EV demand.
The sum is among the largest impairments taken by a company and marks the U.S. auto industry's biggest reckoning to date that it can't realize its electric-vehicle ambitions anytime soon.
Ford, which has lost $13 billion on its EV business since 2023, said it would bolster its lineup of gas-powered vehicles while shifting to hybrid and so-called extended-range electric vehicles that include onboard gasoline engines.
New York Factory Activity Unexpectedly Contracts on Shipments Decline
New York State manufacturing activity contracted unexpectedly this month, after reaching its highest level in a year in November, dragged by falling shipments as demand appeared to weaken.
The Federal Reserve Bank of New York said Monday that its statewide manufacturing index of business conditions fell 22.6 points to minus 3.9 in December, pointing to contracting activity as it came in below zero. A consensus of economists polled by The Wall Street Journal had expected the index to decline to a positive reading of 10.0.
"Manufacturing activity contracted slightly in New York State in December after rising over the prior two months" said Richard Deitz, economic research adviser at the New York Fed.
Uber Faces Amended Lawsuit from FTC, Several U.S. States Alleging Deceptive Billing, Cancellation Practices
Several U.S. states joined the Federal Trade Commission in suing Uber over deceptive billing and cancellation practices regarding its subscription service.
The amended complaint, filed Monday, garnered participation from 21 states and the District of Columbia. It includes a request for civil penalties, alleging the company violated state and federal laws.
The lawsuit, which was originally filed by the FTC in April, alleged that the ride-hailing company's Uber One subscription service charged consumers without their consent, failed to deliver promised savings and made it difficult for users to cancel.
NY Attorney General Sues UPS for Allegedly Underpaying Seasonal Workers
The United Parcel Service has been hit with a lawsuit for allegedly shortchanging thousands of seasonal delivery workers.
New York Attorney General Letitia James accused UPS of failing to record all hours worked, requiring off-the-clock labor and manipulating timekeeping systems to reduce paid hours, following an investigation.
James will ask the court to order UPS to pay restitution to current and former seasonal workers, alleging that the practices deprived workers of millions of dollars.
Ben & Jerry's Plans to Set Limits on Board Terms, Removing Three Directors
Ben & Jerry's plans to set a term limit for directors in a move that would push three members off its independent board, part of a package of changes that affect the body that determines the direction of the company's social mission.
The Vermont brand said it was implementing a new guideline that caps board directors' terms to nine years, confirming a report earlier Monday by Dow Jones Newswires. Ben & Jerry's is part of Magnum Ice Cream, which listed earlier this month after a spinoff from Unilever.
Ben Cohen and Jerry Greenfield, the brand's namesake co-founders, have long emphasized the company's social mission. When Unilever acquired the ice cream maker in 2000, an unusual agreement allowed an independent board to make decisions about the brand's mission and marketing.
Roomba Maker Declares Bankruptcy, but Tries to Ease 'Bricking' Fears
The company that makes Roomba robotic vacuums declared bankruptcy Sunday but said its devices will continue to function normally while the company restructures.
Massachusetts-based iRobot has struggled financially for years, beset by foreign competition that made cheaper and, in the opinion of some buyers, technologically superior autonomous vacuums. When a proposed sale to Amazon.com fell through in 2024 because of regulatory concerns, the company's share price plummeted.
Founded in 1990, iRobot's autonomous vacuum cleaners helped pioneer robotics for consumers. Many recent versions of the Roomba have features that are controlled through the brand's app.
TALKING POINT JPMorgan Steps Further Into Crypto With Tokenized Money Fund
JPMorgan Chase is joining the list of traditional financial firms seeking to bring blockchain technology to an investing staple: the money-market fund.
The banking giant's $4 trillion asset-management arm is rolling out its first tokenized money fund, enabling investors to hold digital tokens that represent their ownership in the fund. In tokenized form, crypto executives say, assets such as stocks and funds can be moved more efficiently and traded at any time.
JPMorgan will seed the fund with $100 million of its own capital and then open it to outside investors on Tuesday.
My OnChain Net Yield Fund, or "MONY," will be open to qualified investors, or individuals with at least $5 million in investments and institutions with a minimum of $25 million. The fund has a $1 million investment minimum.
The bank will use the Ethereum blockchain to record investors' MONY transactions.
Wall Street has waded deeper into tokenization since the passage of the Genius Act earlier this year. The landmark measure, which establishes a regulatory framework for tokenized dollars known as stablecoins, has unleashed a wave of efforts to tokenize everything from stocks and bonds to funds and real assets.
"There is a massive amount of interest from clients around tokenization, " said John Donohue, head of global liquidity at J.P. Morgan Asset Management. "And we expect to be a leader in this space and work with clients to make sure that we have a product lineup that allows them to have the choices that we have in traditional money-market funds on blockchain."
--Vicky Ge Huang
Expected Major Events for Tuesday
00:30/JPN: Dec Japan Flash Manufacturing PMI
07:00/UK: Nov UK monthly unemployment figures
08:15/FRA: Dec France Flash PMI
08:30/GER: Dec Germany Flash PMI
09:00/ITA: Nov CPI
09:30/UK: Dec Flash UK PMI
09:30/UK: Sep Card Spending statistics
10:00/ITA: Oct Foreign Trade EU
10:05/GER: Dec ZEW Indicator of Economic Sentiment
13:30/US: Oct Advance Monthly Sales for Retail & Food Services
13:30/US: Nov U.S. Employment Report
13:30/US: Nov New Residential Construction - Housing Starts and Building Permits - To Be Rescheduled
13:55/US: 12/13 Johnson Redbook Retail Sales Index
14:45/US: Dec US Flash Manufacturing PMI
14:45/US: Dec US Flash Services PMI
15:00/US: Sep Manufacturing & Trade: Inventories & Sales
16:00/US: ISM Semiannual Supply Chain Planning Forecast
21:30/US: API Weekly Statistical Bulletin
23:50/JPN: Oct Orders Received for Machinery
23:50/JPN: Nov Provisional Trade Statistics for the Month
All times in GMT. Powered by Onclusive and Dow Jones.
Expected Earnings for Tuesday
Children's Place Inc $(PLCE)$ is expected to report $0.70 for 3Q.
Duluth Holdings Inc (DLTH) is expected to report $-0.03 for 3Q.
$Lennar Corp(LEN/WD)$ - Class A (LEN,LENB) is expected to report $2.21 for 4Q.
Loop Media Inc $(LPTVQ)$ is expected to report for 4Q.
Wilhelmina International Inc $(WHLM)$ is expected to report for 3Q.
Worthington Enterprises Inc $(WOR)$ is expected to report $0.71 for 2Q.
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This article is a text version of a Wall Street Journal newsletter published earlier today.
(END) Dow Jones Newswires
December 15, 2025 16:38 ET (21:38 GMT)
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