OPENING CALL

Stock futures were climbing Monday with an end to the record-long government shutdown appearing to be in sight.

The Senate late Sunday cleared a key hurdle after Democrats provided just enough votes to advance a measure designed to end the impasse.

"The next 48 hours in Congress should tell us whether this initiative has legs," ING said.

An end to the impasse should bring a resumption of economic data. Releases due this week include inflation data for October and jobless claims on Thursday, followed by October retail sales and producer prices on Friday.

Technology stocks were among the biggest gainers in the premarket rally, but questions over the AI trade continue to swirl.

The Nasdaq composite on Friday posted its worst week since Trump launched a trade war in April, amid concerns about companies overspending and overpromising on AI initiatives.

Stocks to Watch

Trump said the "hundreds of billions of dollars" paid to health insurers under the Affordable Care Act should go directly to the public. Centene, Molina Healthcare and Oscar Health dropped premarket.

Diageo named a new chief executive. Dave Lewis will take over from interim CEO Nik Jhangiani. Shares rose 7%.

Pfizer agreed to buy Metsera in a deal that could be worth more than $10 billion , beating Novo Nordisk. Novo Nordisk skidded 5% in Denmark, while Metsera slid 15% premarket.

Robinhood, Strategy and Coinbase rallied ahead of the open, tracking an upturn in bitcoin prices.

Rumble said it will buy Northern Data in a deal worth up to $970 million. Shares rose 13% premarket.

Visa and Mastercard are nearing a settlement with merchants to end a 20-year-old legal dispute by lowering the fees stores pay and giving them more power to reject cards, The Wall Street Journal reported.

The Federal Aviation Administration ordered all MD-11 planes temporarily grounded after the fatal crash of a UPS jet. UPS and FedEx removed the Boeing-made planes from service shortly before.

Economic Insight

Progress has been made to end the government shutdown, but as long as the lack of mainstream data persists, the market will be left somewhat rudderles , First Abu Dhabi Bank said.

"Moreover, we expect rates volatility and uncertainty to remain elevated for the foreseeable future."

Watch For:

U.S. Employment Trends Index for October; World Agricultural Supply & Demand Estimates (no data during government shutdown); earnings from Barrick Mining, Instacart and Tyson Foods

Today's Top Headlines/Must Reads:

-Microsoft's Dealings With OpenAI Still Need a Lot More Sunlight

-Can the Tallest Running Shoe Out There Chart the Path for Nike's Comeback?

-Italian Pasta Is Poised to Disappear From American Grocery Shelves

MARKET WRAPS

Forex:

The dollar traded steady after the Senate deal.

The greenback has risen during the absence of negative data that would have indicated a slowdown in the economy, Commerzbank said.

The bank added that it will probably take a while for the data to become reliable again after the shutdown ends, meaning the dollar's outlook looks unclear.

Sterling fell against the euro and could continue to weaken if data on Tuesday show U.K. wage growth slowed further, boosting the case for an interest-rate cut in December.

The prospects of a 25bp rate cut from the Bank of England next month are underpriced, according to ING.

Bonds:

Treasury yields rose on renewed hopes for an end to the U.S. government shutdown.

Commerzbank Research said bond market headwinds were intensifying amid improving risk sentiment.

"Against this backdrop, bond markets are feeling the pressure with risk sentiment improving and fears about the damage to the economy subsiding."

UBS said that rapidly-rising debt will mean that investors continue to demand higher term premium to invest in longer-term Treasurys.

LBBW said supply pressure on the long end of the Treasury curve could increase from next summer to meet the U.S. government's persistently high net financing requirements.

"In our view, below-average investor demand could fuel the recent bond-bearish trend once again ."

BlueBay Asset Management said there is structurally less demand for bond duration globally, likely keeping term premia elevated.

The compound yield for 30-year Japanese government bonds was likely to remain within the 3% to 3.2% range for some time, according to Citi Research.

Energy:

Oil prices rose , supported by progress in ending the U.S. government shutdown and as investors awaited a series of industry reports due this week.

Traders are also closely monitoring Russian oil flows following the latest U.S. sanctions, with media reports saying Trump has granted Hungary a one-year exemption for buying Russian energy.

Metals:

Gold prices jumped in early trading, driven by expectations of further rate cuts in December after U.S. data showed a surge in October layoffs and weakening consumer sentiment.

"Signs of a weakening U.S. economy outweighed progress in negotiations to end the record-breaking government shutdown," MUFG said.

Comex gold futures were seeking to resume their uptrend, RHB Retail Research said.

Copper

Prices rose , supported by expectations of a December rate cut and progress in U.S.-China trade relations.

Iron ore

Prices declined amid demand concerns . Inventories at Chinese ports were rising due to higher imports and weaker steel production, ANZ analysts said.

   TODAY'S TOP HEADLINES 

Softer TSMC Sales Shouldn't Set off AI Alarm Bells

Taiwan Semiconductor Manufacturing Co.'s sales slowed to the softest pace in over one and a half years for October. However, with growth still in the double digits and the Taiwanese chip maker guiding for more ahead, analysts see little cause for concern.

Sales at the world's largest chip contract maker-seen as a bellwether of industry trends-rose 17% last month from a year earlier, TSMC said Monday.

Pfizer and Metsera Reach Deal Expected to Top $10 Billion

Pfizer has agreed to buy the weight-loss drug startup Metsera in a deal that could be worth more than $10 billion, besting Novo Nordisk following a heated bidding war.

Under the terms of the cash deal, Pfizer will pay $65.60 a share upfront and a contingent value right worth up to $20.65 a share, Metsera said Friday.

Disney's 'Predator: Badlands' Kicks Off November With $40 Million Box Office Haul

Walt Disney's Predator: Badlands dominated the box office this weekend, hauling in a higher-than-expected $40 million in the U.S. and Canada, and another $40 million in international ticket sales.

The showing is a positive sign for Hollywood heading into the crucial holiday moviegoing season as movie studios and theater chains try to overcome the worst October box office sales in decades.

Global Markets Rise on Hopes for an End to U.S. Government Shutdown

Hopes for an end to the U.S. government's shutdown boosted risk sentiment at the start of the week as international stock markets tracked U.S. futures higher.

The Senate on Sunday cleared a key hurdle in its drive to end the record-long shutdown after Democrats provided enough votes to advance a measure aimed to end the impasse, albeit some procedural steps remain to be cleared. "It looks like we are getting close to the shutdown ending," President Trump told reporters Sunday evening. "You'll know very soon."

U.S.-Stock Funds Push Year's Gain to 12%

Tech stocks have many fund investors counting their blessings so far this year.

It hasn't been a singularly upward advance. But the strong earnings from technology stocks like Amazon.com have put the Nasdaq Composite Index on a seven-month winning streak, the longest stretch since 2018. That, in turn, has supported large-capitalization "growth" funds-which gained 3.3% in October, to push the year-to-date advance to 19%, among the strongest fund categories on the board.

Trump Suggests $2,000 Payouts to Americans as He Defends Tariffs

President Trump suggested tariff revenue could be used to fund payments of at least $2,000 to most Americans.

Days after the Supreme Court appeared skeptical of the legal backing for many of his tariffs, the president on social media Sunday lauded the revenue they have brought in and said the government would soon begin paying down the country's debt. He also said a payment of at least $2,000 would be made to everyone but high-income earners.

Corporate Earnings Were Great This Quarter. Wall Street Is Still Not Impressed.

American companies are turning in one of their best quarters in years. Wall Street has just shrugged.

Of the 446 S&P 500 companies to report third-quarter results so far, more than 80% of them beat analysts' estimates, according to LSEG I/B/E/S data. That is the biggest crop of outperformers since the spring of 2021. But no matter how many times those analysts might have uttered the words, "great quarter, guys," in recent weeks, the message hasn't reached stock investors.

The Nord Stream Investigation That's Splintering Europe Over Ukraine

BERLIN-For three years, a crack team of detectives gathered each weekday morning around a whiteboard at the German Federal Police headquarters in Potsdam, near Berlin. Now their investigation into who was behind the greatest act of sabotage in modern history-the bombing of the Nord Stream pipelines-is threatening to splinter support for Ukraine, the country they hold responsible.

Poland already has refused to extradite one of the suspects to stand trial in Germany. It instead views him a hero for destroying a vital source of revenue for Russian President Vladimir Putin's war machine. Polish Prime Minister Donald Tusk, who has long questioned Germany's dependence on Russian energy, ridiculed the investigation. The problem isn't that the pipeline was blown up, he said. The "problem is that it was built."

Hamas Returns Remains of Israeli Officer That Were Held More Than a Decade

TEL AVIV-Hamas returned the remains of an Israeli army officer that were held by the militant group for more than a decade, authorities said, marking an emotional moment for the country and for his family, which had fought for years to bring his body home.

Hadar Goldin, 23 years old, was killed in action in Rafah in southern Gaza during the 2014 Gaza war, and his body taken by Hamas. His remains were handed over to Israel on Sunday as part of the current cease-fire deal, and forensic authorities confirmed his identity.

Write to gareth.mcpherson@wsj.com

TODAY IN CANADA

Earnings:

ADENTRA Inc 3Q

Barrick Mining 3Q

K92 Mining Inc. 3Q

Lithium Argentina 3Q

Premium Brnds 3Q

Sangoma Tech 1Q

Titanium Transp 3Q

Westport Fuel 3Q

Economic Indicators $(ET)$:

1630 Canadian Budget discussion with Finance Minister François-Philippe Champagne in Calgary

Stocks to Watch:

Dorel Industries 3Q Loss/Shr $1.45; 3Q Adj Loss/Shr 91c; North Amer. Non-Mfg Headcount Reduced to 240 Employees; North Amer. Non-Mfg Headcount Expected to Be Further Cut to 160 Workers

New Pacific Metals 1Q EPS $0.00

Tilt Holdings Seeks Creditor Protection in CCAA Proceedings; Reached Agreements With Noteholders Representing Significant Majority of Outstanding Senior Notes; Doesn't Expect Any Disruption to Customers, Partners, Employees, Creditors or Suppliers; 'Given Continued Pressure on Capital Markets and Our Existing Debt Profile, This Path Is Both Necessary and Responsible to Support the Long-Term Health of the Business'; Announces Closing of Offering of Up to $2M of Bridge Notes From Existing Noteholders to Meet Payment Obligations

Trilogy Metals Enters Into At-The-Market Equity Distribution Agreement for Up to $200M of Stock

Expected Major Events for Monday

05:00/JPN: Sep Indexes of Business Conditions - Preliminary Release

15:00/US: Oct Employment Trends Index (No data during govt shutdown)

23:50/JPN: Oct Provisional Trade Statistics for 1st 20 days of Month

23:50/JPN: Oct Bank Lending

23:50/JPN: Sep Balance of Payments

23:50/JPN: Oct International Transactions in Securities

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

Expected Earnings for Monday

908 Devices Inc (MASS) is expected to report $-0.13 for 3Q.

Agenus Inc $(AGEN)$ is expected to report for 3Q.

Akebia Therapeutics Inc $(AKBA)$ is expected to report $-0.01 for 3Q.

American Vanguard Corp $(AVD)$ is expected to report $-0.08 for 3Q.

BARK Inc $(BARK)$ is expected to report $-0.03 for 2Q.

Barrick Mining Corp (ABX.T,B) is expected to report for 3Q.

Beasley Broadcast Group Inc $(BBGI)$ is expected to report for 3Q.

Blackstone Secured Lending Fund (BXSL) is expected to report $0.79 for 3Q.

CEVA Inc $(CEVA)$ is expected to report $-0.10 for 3Q.

Century Casinos Inc $(CNTY)$ is expected to report $0.00 for 3Q.

EVgo Inc $(EVGO)$ is expected to report $-0.09 for 3Q.

Editas Medicine Inc (EDIT) is expected to report $-0.38 for 3Q.

Enviri Corp $(NVRI)$ is expected to report $-0.04 for 3Q.

FreightCar America Inc $(RAIL)$ is expected to report $0.19 for 3Q.

Global Business Travel Group Inc $(GBTG)$ is expected to report $0.03 for 3Q.

Greenidge Generation Holdings Inc (GREE) is expected to report for 3Q.

Howard Hughes Holdings Inc $(HHH)$ is expected to report $1.46 for 3Q.

Immunovant Inc $(IMVT)$ is expected to report $-0.70 for 2Q.

Interpublic Group of Cos $(IPG)$ is expected to report $0.73 for 3Q.

Koil Energy Solutions Inc (KLNG) is expected to report for 3Q.

Lincoln Educational Services Corp $(LINC)$ is expected to report $0.04 for 3Q.

Lithium Argentina AG (LAR.T) is expected to report for 3Q.

Maplebear Inc $(CART)$ is expected to report $0.49 for 3Q.

Motorcar Parts of America Inc (MPAA) is expected to report $0.04 for 2Q.

Organon & Co $(OGN)$ is expected to report $0.94 for 3Q.

PowerFleet Inc $(AIOT)$ is expected to report $0.00 for 2Q.

Premium Brands Holdings Corp (PBH.T,PRBZF) is expected to report for 3Q.

ProFrac Holding Corp $(ACDC)$ is expected to report $-0.45 for 3Q.

Ranger Energy Services Inc $(RNGR)$ is expected to report $0.11 for 3Q.

Spruce Biosciences Inc (SPRB) is expected to report for 3Q.

Starwood Property Trust Inc (STWD) is expected to report $0.27 for 3Q.

Strata Critical Medical Inc $(SRTA)$ is expected to report $-0.05 for 3Q.

Surgery Partners Inc (SGRY) is expected to report $0.09 for 3Q.

TEGNA Inc $(TGNA)$ is expected to report $0.35 for 3Q.

Telos Corp $(TLS)$ is expected to report $-0.07 for 3Q.

Townsquare Media Inc (TSQ) is expected to report $0.07 for 3Q.

TreeHouse Foods Inc $(THS)$ is expected to report $0.59 for 3Q.

Tyson Foods Inc - A Share $(TSN)$ is expected to report $0.81 for 4Q.

Village Farms International Inc (VFF,VFF-T) is expected to report for 3Q.

WhiteHorse Finance Inc $(WHF)$ is expected to report $0.29 for 3Q.

Powered by Onclusive and Dow Jones.

ANALYST RATINGS ACTIONS

Advanced Micro Devices Raised to Outperform From Market Perform by CICC

Americold Realty Trust Cut to In-Line From Outperform by Evercore ISI Group

Americold Realty Trust Cut to Sector Perform From Outperform by RBC Capital

Black Hills Corp Raised to Sector Outperform From Sector Perform by Scotiabank

BlackLine Cut to Neutral From Outperform by Baird

CarMax Cut to Hold From Buy by Needham

CarMax Cut to Sector Perform From Outperform by RBC Capital

Champion Homes Raised to Outperform From Neutral by Zelman & Assoc

Cogent Communications Cut to Equal-Weight From Overweight by Wells Fargo

Cogent Communications Cut to Neutral From Buy by UBS

Datadog Raised to Overweight From Sector Weight by Keybanc

Dentsply Sirona Cut to Market Perform From Outperform by William Blair

Excelerate Energy Raised to Equal-Weight From Underweight by Morgan Stanley

Expedia Group Raised to Neutral From Underweight by Piper Sandler

First Northwest Bancorp Raised to Overweight From Neutral by Piper Sandler

Globus Medical Raised to Buy From Hold by Truist Securities

Globus Medical Raised to Buy From Neutral by B of A Securities

Golden Entertainment Cut to Market Perform From Market Outperform by Citizens

Host Hotels & Resorts Raised to Buy From Neutral by Compass Point

Intellia Therapeutics Cut to Underweight From Neutral by JP Morgan

Matson Raised to Outperform From Peer Perform by Wolfe Research

Middleby Raised to Neutral From Underweight by JP Morgan

NextCure Raised to Buy From Neutral by Ladenburg Thalmann

Ouster Raised to Overweight From Neutral by Cantor Fitzgerald

PENN Entertainment Cut to Hold From Buy by Needham

PENN Entertainment Raised to Buy From Hold by Stifel

Sangamo Therapeutics Cut to Equal-Weight From Overweight by Barclays

Sonic Auto Raised to Buy From Neutral by Citigroup

Sweetgreen Cut to Market Perform From Outperform by William Blair

Teads Holding Cut to Market Perform From Market Outperform by Citizens

Trade Desk Raised to Buy From Hold by Benchmark

Treace Medical Concepts Cut to Neutral From Buy by BTIG

Treace Medical Concepts Cut to Underweight From Neutral by JP Morgan

Unity Software Raised to Outperform From Neutral by Macquarie

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

(END) Dow Jones Newswires

November 10, 2025 05:59 ET (10:59 GMT)

Copyright (c) 2025 Dow Jones & Company, Inc.