MARKET WRAPS

STOCKS: U.S. stocks rose as strong earnings offset concerns about rising oil prices.

TREASURYS: Treasury yields rose amid inflation concerns.

FOREX: The U.S. dollar rose as traders eyed rising tensions on the Strait of Hormuz.

COMMODITIES: Oil futures rose amid doubts about the outlook for the U.S.-Iranian cease-fire due to wrangling over the Strait of Hormuz.

HEADLINES

Tesla Surprises Wall Street With Better Profits, $1.4 Billion in Free Cash Flow

Tesla surprised Wall Street with positive free cash flow of $1.4 billion when it reported first quarter earnings.

The carmaker reported $22.4 billion in revenue for the first quarter, up 16% from the first quarter of last year. Revenue from its automotive business increased 16% from the year before.

Energy business revenue, which comes from selling industrial and residential battery storage, was previously a bright spot for the company on its recent quarterly reports, but it fell 12% in the first quarter.

Trump Administration Nearing Rescue Deal for Spirit Airlines

The Trump administration is nearing a rescue deal for Spirit Airlines, people familiar with the matter said.

Under the agreement being discussed, the U.S. government would loan the embattled discount carrier as much as $500 million, receiving in return warrants to take a potential significant stake in Spirit, the people said.

The Transportation Department and Commerce Department are involved in the discussions, which aren't yet final, and the terms of any agreement could still change.

IBM Posts Higher First-Quarter Sales, Buoyed by AI

IBM reported rising revenue and a higher profit in the first quarter, buoyed by the growing adoption of artificial-intelligence tools in businesses.

"AI continues to be a tailwind for our business," IBM Chief Financial Officer Jim Kavanaugh said in an interview. "You see it play out in the results, as we captured demand for both technology and innovation around AI, but also services that help organizations orchestrate, deploy, govern, scale AI across their journeys."

The technology company on Wednesday reported a first-quarter profit of $1.22 billion, or $1.28 a share, compared with a profit of $1.06 billion, or $1.14 a share, a year earlier.

Boeing's Commercial Jet Business Improves, Reducing Quarterly Loss

Boeing's commercial jet production lines continued to gain steam in the first quarter, helping reduce the company's quarterly loss.

The plane maker's sales jumped 14% from a year earlier to $22.2 billion, helped by its recovering passenger jet business and growth in its defense and space segment. Boeing turned over 143 planes to commercial clients in the quarter, a 10% increase, despite a wiring issue that held up some 737 MAX jet deliveries.

Overall, Boeing posted a $7 million loss for the three months ended March 31, compared with a $31 million loss in the year-earlier quarter. The loss was 11 cents on a per-share basis, compared with 16 cents a year earlier.

Lululemon Is Picking a Former Nike Executive to Be Its Next CEO

Lululemon Athletica is picking longtime Nike executive Heidi O'Neill to be its next leader as the athletic apparel retailer works to shore up its U.S. business.

The company plans to announce the selection Wednesday, capping an extensive search process that kicked off at the end of last year after Lululemon announced that Calvin McDonald was departing.

O'Neill climbed the ranks at Nike for much of her career, playing a key role in helping grow its women's business and boosting apparel sales. She departed Nike last September after spending more than two decades there, most recently serving as president of consumer, product and brand before that position was split into three.

AT&T Revenue Ticks Up on Advanced Connectivity Growth

AT&T recorded higher revenue in its latest quarter on growth in its advanced connectivity business as it continued to add customers for its postpaid phone service and high-speed internet.

The telecommunications company on Wednesday posted first-quarter earnings from continuing operations of 54 cents a share, compared with 61 cents a share a year earlier.

Adjusted earnings per share were 57 cents, compared with estimates of 55 cents a share according to analysts polled by FactSet.

U.S. Tariff Relief on Autos, Metals Must Be Part of Trade Pact, Canada Minister Says

OTTAWA-The Trump administration must provide relief on hefty sectoral tariffs affecting automobiles, steel and aluminum as part of any deal with Canada on extending the current North American trade pact, says the minister in charge of U.S.-Canada trade.

Dominic LeBlanc added Canadian officials won't heed to a never-ending series of U.S. demands just so talks on the renewal of the existing U.S.-Mexico-Canada trade treaty, or USMCA, can shift into a higher gear.

His remarks to attendees at a Toronto conference emerge as concern escalates about the slow pace of talks between Ottawa and Washington regarding USMCA, which faces a formal, U.S.-led review this summer. Talks between the U.S. and Mexico are at an advanced stage. U.S. officials, such as Trade Representative Jamieson Greer, describe discussions with Canada as challenging, adding there are unresolved issues. Greer reiterated those concerns in testimony to Congress on Wednesday.

Fair Isaac Stock Drops After U.S. Agencies Announce Alternative Credit Scores Can Be Used in Mortgage Decisions

Two of the U.S. government's main mortgage agencies will soon let borrowers use alternative credit scores to apply for loans-a move that could open the housing market to more Americans, but challenges the effective control that Fair Isaac Corp. has held on the mortgage market until now.

Fair Isaac shares were down 14% to $888 after the announcement.

The leaders of the Federal Housing Finance Agency and the U.S. Department of Housing and Urban Development made the announcement Wednesday afternoon.

Best Buy CEO Corie Barry Steps Down After Years of Tepid Growth

Best Buy Chief Executive Officer Corie Barry will leave the role later this year after the electronics retailer has reported years of tepid sales growth that weighed on its stock.

Barry, who is 51 years old, will step down as CEO and as a member of the board at the end of October, the company said Wednesday. She will be succeeded by Jason Bonfig, a longtime Best Buy executive who is currently the company's chief customer, product and fulfillment officer.

Bonfig, 49, first joined the retailer as an inventory analyst in 1999, then held a series of merchandising roles. He will join the company's board once he becomes CEO later this year. Barry will stay on as a company adviser for six months after she steps down, the company said.

Google Introduces Specialized Chip for New Wave of AI Computing

Google has raised the stakes in the contest to develop the world's fastest and most efficient artificial-intelligence chips.

The Alphabet unit has developed a new computer processor that is customized for the type of computing operations involved in querying, rather than training, AI models. Demand for that type of computing, known as inference, is exploding as businesses embrace AI agents capable of writing software and performing other tasks.

The company plans to unveil its eighth generation of Tensor Processing Units, or TPUs, this week at a company event in Las Vegas. Google has been developing an inference-specific chip for several years, people familiar with the matter said, and in recent months enlisted a small group of AI companies to test the chip's capabilities.

Dell Signs $1.4 Billion AI Deal. Its Stock Is on Pace for Record Closing High.

Shares of Dell Technologies rose on Wednesday after the company signed a $1.44 billion purchase agreement with Boost Run, an enterprise AI cloud provider.

Analysts called it a sign that AI infrastructure demand is no longer solely the domain of hyperscalers and frontier model companies.

The deal will see Dell provide Boost Run with hardware and software "needed to fulfill long-term client commitments and scale capacity," according to a press release. No details were disclosed around timing of deployment.

GE Vernova Lifts Outlook on Surge From Data Center Demand

GE Vernova is riding the data-center boom, lifting its outlook for the year as demand for the power and grid equipment needed to support artificial intelligence surges.

The energy company, formed from the breakup of General Electric, said Wednesday that accelerating investments in electrification infrastructure helped drive a sharp increase in orders and backlog during the recent quarter.

Shares jumped 15%, to $1,137.47, shortly after the opening bell. The stock is up nearly 70% since the beginning of the year.

TALKING POINT When the Ultrarich Divorce, This Lawyer Calculates What Their Solo Life Will Cost

This week, we're bringing you stories about the financial impact of divorce.For the superrich, divorce can resemble a high-stakes corporate liquidation.

The proceedings offer a peek into the lives of America's growing ranks of millionaires and billionaires, and how wealth can alter the tenor of a marriage and shape its unwinding. In Manhattan, couples might not realize their spending tops $1 million a year until they split, said Jacqueline Newman, an attorney with Berkman Bottger Newman & Schein in New York. Her clients, who often have assets of more than $20 million, have to contend with whether they can maintain their lifestyles after a divorce.

That could include $12,000 a year for pet care and $50,000 a year for beauty expenses such as Botox treatments.

Newman, whose clients include bankers, hedge-fund managers and business owners, recalled one divorce where a spouse sought to retain access to the family plane. Her ex considered it off limits. The client rejected Newman's suggestion of NetJets, which lets people become partial owners of private jets.

"Her response to me was that she doesn't want to go on any other planes other than the private jet because they know how to set her seat," Newman said. "So it's perfect when she comes in and her drink is already ready for her."

Often, the most bitter battles aren't really about the money.

In another case, Newman said the ex-husband, a successful surgeon, likely spent hundreds of thousands of dollars in legal fees to split from his wife. He was willing to walk away from the deal unless he won a grandfather clock, estimated at around $1,000. He won, and secured the heirloom. He planned to film himself burning it and send the video to his ex-wife.

--Gunjan Banerji

Expected Major Events for Thursday

00:30/JPN: Apr Japan Flash Manufacturing PMI

05:00/JPN: Mar Supermarket sales

06:00/UK: Mar Public sector finances

06:45/FRA: Apr Monthly business survey (goods-producing industries)

07:15/FRA: Apr France Flash PMI

07:30/GER: Apr Germany Flash PMI

08:30/UK: Apr Flash UK PMI

08:59/JPN: Apr Monthly Economic Report

10:00/UK: Apr CBI Industrial Trends Survey

12:30/CAN: Feb Employment Insurance

12:30/CAN: Mar Industrial product and raw materials price indexes

12:30/US: Mar Chicago Fed National Activity Index (CFNAI)

12:30/US: 04/18 Unemployment Insurance Weekly Claims Report - Initial Claims

12:30/US: U.S. Weekly Export Sales

13:00/RUS: Weekly International Reserves

13:45/US: Apr US Flash Manufacturing PMI

13:45/US: Apr US Flash Services PMI

14:30/US: 04/17 EIA Weekly Natural Gas Storage Report

15:00/US: Apr Federal Reserve Bank of Kansas City Survey of Tenth District Manufacturing

20:30/US: Foreign Central Bank Holdings

20:30/US: Federal Discount Window Borrowings

23:01/UK: Apr UK Consumer Confidence Survey

23:30/JPN: Mar CPI (Nation), CPI ex-food (Nation)

23:50/JPN: Mar Services Producer Price Index

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Expected Earnings for Thursday

1st Source Corp (SRCE) is expected to report $1.63 for 1Q.

Acme United Corp (ACU) is expected to report $0.48 for 1Q.

American Express Co $(AXP)$ is expected to report $4.00 for 1Q.

Blackstone Inc (BX) is expected to report $1.31 for 1Q.

Bread Financial Holdings Inc $(BFH)$ is expected to report $3.19 for 1Q.

Cass Information Systems Inc $(CASS)$ is expected to report $0.63 for 1Q.

Comcast Corp - Class A $(CMCSA)$ is expected to report $0.58 for 1Q.

Dover Corp $(DOV)$ is expected to report $2.01 for 1Q.

Dow Inc $(DOW)$ is expected to report $-0.39 for 1Q.

First Citizens Bancshares Inc - Class A (FCNCA,FCNCB) is expected to report $39.47 for 1Q.

FirstService Corp (FSV,FSV.T) is expected to report $0.36 for 1Q.

Freeport-McMoRan Inc $(FCX)$ is expected to report $0.44 for 1Q.

Hasbro Inc $(HAS)$ is expected to report $0.95 for 1Q.

Heritage Financial Corp $(HFWA)$ is expected to report $0.31 for 1Q.

HomeTrust Bancshares Inc (HTB) is expected to report $0.82 for 1Q.

Huntington Bancshares Inc $(HBAN)$ is expected to report $0.23 for 1Q.

Independent Bank Corp (Michigan) $(IBCP)$ is expected to report $0.79 for 1Q.

Iridium Communications Inc $(IRDM)$ is expected to report $0.33 for 1Q.

Keurig Dr Pepper Inc (KDP) is expected to report $0.34 for 1Q.

LSI Industries Inc $(LYTS)$ is expected to report $0.15 for 3Q.

Lockheed Martin Corp (LMT) is expected to report $6.73 for 1Q.

Mullen Group Ltd (MLLGF,MTL.T) is expected to report $0.20 for 1Q.

Nasdaq Inc $(NDAQ)$ is expected to report $0.81 for 1Q.

NextEra Energy Inc $(NEE)$ is expected to report $0.92 for 1Q.

PG&E Corp $(PCG)$ is expected to report $0.38 for 1Q.

Popular Inc $(BPOP)$ is expected to report $3.35 for 1Q.

PulteGroup Inc $(PHM)$ is expected to report $1.81 for 1Q.

RPC Inc (RES) is expected to report $-0.07 for 1Q.

Ryder System Inc $(R)$ is expected to report $2.17 for 1Q.

S&T Bancorp Inc $(STBA)$ is expected to report $0.87 for 1Q.

Snap-On Inc (SNA) is expected to report $4.73 for 1Q.

Southwest Airlines Co $(LUV)$ is expected to report $0.48 for 1Q.

Strategic Education Inc $(STRA)$ is expected to report $1.38 for 1Q.

Teck Resources Ltd - Class B (TECK,TECK.A.T,TECK.B.T) is expected to report $0.84 for 1Q.

Texas Capital Bancshares Inc (TCBI) is expected to report $1.40 for 1Q.

Thermo Fisher Scientific Inc $(TMO)$ is expected to report $4.42 for 1Q.

Tri Pointe Homes Inc (TPH) is expected to report $0.20 for 1Q.

Union Pacific Corp $(UNP)$ is expected to report $2.85 for 1Q.

Visteon Corp $(VC)$ is expected to report $1.61 for 1Q.

West Bancorp $(WTBA)$ is expected to report $0.58 for 1Q.

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

(END) Dow Jones Newswires

April 22, 2026 16:42 ET (20:42 GMT)

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