MARKET WRAPS

STOCKS: Stocks were mixed as the U.S. government looked set to reopen.

TREASURYS: U.S. Treasury yields fell as the end of the government shutdown looked imminent.

FOREX: The U.S. dollar ticked up against rivals on the outlook for interest rates.

COMMODITIES: Oil futures fell sharply amid lingering supply concerns.

HEADLINES

White House Says October Jobs, Inflation Reports Unlikely to Be Released

Two major government reports on inflation and the labor market for October are "likely never" to be released, the White House press secretary said Wednesday.

The six-week government shutdown largely halted the release of government data that Wall Street and economic policymakers rely on to measure the economy's health. Though the shutdown is expected to end soon, the White House indicated the reports on inflation and employment for last month will be lost due to the long closure of federal agencies.

"All of that economic data released will be permanently impaired, leaving our policymakers at the Fed flying blind at a critical period," Karoline Leavitt told reporters Wednesday, regarding the Federal Reserve.

Cisco Systems Boosts Outlook as Profit, Revenue Rise

Cisco Systems raised its fiscal year outlook after profit and revenue increased in its latest quarter, driven by demand for its artificial intelligence products.

The networking-equipment company said Wednesday it now expects revenue of $60.2 billion to $61 billion for the fiscal year, up from a prior range of $59 billion to $60 billion.

Cisco now forecasts fiscal-year adjusted earnings per share of $4.08 to $4.14, up from $4 to $4.06 previously.

Atlanta Fed President Bostic to Retire Ahead of Reappointment Process

Atlanta Fed President Raphael Bostic said Wednesday he would retire when his current five-year term expires at the end of next February, avoiding a possibly messy internal row over his reappointment.

Bostic faced scrutiny three years ago after he disclosed he had failed to adhere to rules governing senior officials' personal-financial transactions. He retained the support of his board of directors at the time. Two other Fed presidents resigned in 2021 after facing scrutiny over their financial statements.

Bostic, 59 years old, became the first Black president of a regional Fed bank in its history when he took the job in 2017. He was eligible to serve as the bank's president for another six years until hitting a mandatory retirement age of 65. Bostic, an economist whose research focused on homeownership and real-estate finance, had served as a housing policy official in the Obama administration.

Toyota Doubles Down on Hybrids in the U.S. With $14-Billion Battery Push

LIBERTY, N.C.-Toyota, a longtime hybrid car and truck promoter, is making one of the industry's biggest bets on green transportation and opening a $14 billion battery plant here.

For years, Toyota held out against electric vehicles while rivals retrofitted factories and launched models in preparation for an all-electric future. Now that the EV market in the U.S. is vanishing as tax credits expire and sales disappoint, Toyota is doubling down on its hybrid strategy.

The Japanese automaker's gamble: that American consumers-many of whom won't touch an EV-will buy increasing numbers of hybrids, which often get up to 50% better mileage than a standard gas-powered car.

Chevron Is Getting More Serious About Power

Chevron plans to keep boosting oil-and-gas production through 2030. It is also becoming more serious about entering the power business.

As part of an annual presentation to investors Wednesday, the second-largest U.S. oil producer said it is aiming to bring online by 2027 a power plant that would serve an artificial-intelligence data center in the West Texas shale patch, where it pumps natural gas.

Chevron Chief Financial Officer Eimear Bonner said the company has "entered exclusive negotiations with a premier customer" for the power project. The project is expected to provide 2.5 gigawatts of off-grid power-enough to power almost 2 million homes-with the ability to expand to 5 gigawatts if demand warrants.

Coinbase to Leave Delaware, Reincorporate in Texas

Coinbase Global plans to leave Delaware and reincorporate in Texas, the latest victory for the Lone Star State in its battle to woo businesses away from what has long been the country's corporate capital.

The move suggests Delaware's efforts to change its reputation as being unfriendly to businesses aren't moving the needle yet. It also underscores the continued shift of power away from shareholders and toward founders and company executives.

Coinbase Chief Legal Officer Paul Grewal said in an opinion piece in The Wall Street Journal Wednesday that the company is pursuing the reincorporation because Texas' legal framework is more predictable and efficient than Delaware's. Coinbase, a cryptocurrency exchange, has a market value above $80 billion, meaning its move could encourage other companies to follow suit.

Synopsys to Cut 10% of Workforce, Close Sites in Restructuring

Synopsys will lay off about 10% of its workforce and close certain sites as part of a restructuring plan the company said will allow it to invest in the business and drive efficiencies following its recent acquisition of Ansys.

"We are taking a number of targeted steps to improve our efficiency to scale the business, accelerate our strategy and capitalize on the highest-growth opportunities," the chip-software-design company said Wednesday.

The majority of the job cuts will occur during Synopsys' fiscal 2026, which began Nov. 1, the Sunnyvale, Calif., company said. It expects to substantially complete the restructuring by late 2027.

House Set to Vote to End Shutdown Despite Late Controversy

WASHINGTON-The GOP-led House was set to approve a spending package late Wednesday that reopens the government after a record-length shutdown, with the measure expected to overcome last-minute bipartisan complaints about a provision offering potentially lucrative payouts to some Republican senators.

The package extends funding for the federal government through Jan. 30 and includes full-year funding for the Agriculture Department, military construction and the legislative branch. The bill also includes language guaranteeing the reversal of federal layoffs initiated by the Trump administration during the shutdown-and a moratorium on future cuts.

The House vote is coming days after a band of senators who caucus with the Democrats broke with the party in that chamber to advance a legislative package to reopen the government.

TALKING POINT The AI Boom Is Looking More and More Fragile

Perfect isn't good enough, and any sign of weakness is a disaster: Justified or not, that's the current mood in the markets about the AI boom.

Recent history suggests that the gloom won't last. But the shake-up serves as a strong reminder that the early years of AI pose a challenge for investors accustomed to measuring returns on a 12-month time horizon.

Generative artificial-intelligence services require massive data centers and state-of-the-art chips and server racks that don't come together quickly. The companies at the heart of AI now are talking about years-plural-of major investments still ahead.

The latest episode of fragility started last week, when shares of some of the sector's leading lights lost ground. After a broad-based recovery Monday on news of a possible end to the government shutdown, AI-exposed stocks fell again on Tuesday. Nvidia lost 7% last week and slipped another 3% on Tuesday-leaving it well shy of its $5 trillion market-cap milestone last month.

Even companies posting strong financial results haven't avoided investors' wrath lately. Meta Platforms has shed nearly 17% since its solid third-quarter report two weeks ago that included another plan for blowout capital spending. Palantir, the AI software company that had soared to an absurd price-to-forward-earnings ratio above 250, is down nearly 8% since its respectable earnings last Monday.

There are, of course, real reasons to worry about the sustainability of the boom. Chief among them is that there is far more AI computing infrastructure spending than there is AI revenue, a gulf that is widening by the day.

--Asa Fitch and Dan Gallagher

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.

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

(END) Dow Jones Newswires

November 12, 2025 16:46 ET (21:46 GMT)

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