MARKET WRAPS
STOCKS: Stocks were mixed as artificial-intelligence stocks recouped some losses from a volatile week.
TREASURYS: Treasury yields rose amid doubts about the Federal Reserve's next move.
FOREX: The U.S. dollar ticked up against rivals as the possibility of a pause from the Fed increased.
COMMODITIES: Oil futures rose after Ukraine drone attacks on a Russian Black Sea port.
HEADLINES
Walmart Picks Insider to Take Over as Next CEO
Walmart picked one of its longtime executives, John Furner, to become its next chief executive, preserving its tradition of promoting an insider to steer the nation's biggest retailer. The 51-year-old Furner was seen inside the company as the likely heir apparent and ready for his next step after six years leading Walmart's U.S. business. Outside the company, the Walmart veteran-and son of a Walmart executive-was seen as a potential CEO candidate for other firms too.
Walmart's announcement that Furner will take over in February from longtime CEO Doug McMillon ensures that the board's preferred candidate will lead the massive company at a critical time as it navigates a complex consumer and government landscape. He will be the company's fifth CEO since founder Sam Walton.
McMillon, 59, successfully steered the retailer for over a decade, managing through the Covid pandemic, expanding its online operations and most recently navigating Trump's tariffs. McMillon, who spent 40 years at Walmart, will remain on Walmart's board through next spring and stay on as an adviser through 2027.
September Jobs Report to Come Thursday After Government Reopened
The reopened federal government will on Thursday release the first backlogged monthly jobs report, for the month of September. And a flood of other data is due to start flowing soon.
There is pent-up demand for new numbers after the longest shutdown on record-topping six weeks-delayed a critical batch of indicators that economists, analysts and investors track closely to judge the health of the economy. These include federal reports on the job market, inflation, economic growth and spending.
The U.S. Bureau of Labor Statistics announced the revised schedule Friday afternoon.
The Gold Bar Diplomacy That Won Switzerland a Trade Deal With Trump
The U.S. deal to slash crippling tariffs on Switzerland came together after months of shuttle diplomacy and a charm offensive by the Alpine nation's secret weapon: its billionaires.
Earlier this month, with government negotiations largely stuck, a group of Switzerland's most senior executives including Johann Rupert, the chairman of luxury-goods firm Richemont, and Daniel Jaeggi, president of Swiss commodities trader Mercuria, visited President Trump at the Oval Office.
They promised investments in the U.S. that would reduce Switzerland's trade imbalance with the U.S., according to people familiar with the matter. They also brought gifts: an engraved gold bar and a Rolex desk clock.
Merck to Buy Cidara Therapeutics in $9.2 Billion Deal
Merck & Co. has struck a $9.2 billion deal to buy biotechnology company Cidara Therapeutics in a move that bolsters the drugmaker's respiratory portfolio and pipeline as it braces for the looming loss of patent exclusivity for the blockbuster cancer drug Keytruda.
Merck on Friday said it will pay $221.50 a share for Cidara, more than double Thursday's closing price of $105.99 for the San Diego company.
Merck, based in Rahway, N.J., said Cidara's lead candidate, CD388, is an antiviral agent currently in Phase 3 studies for the prevention of influenza infection in individuals at higher risk of flu complications.
Purdue Pharma Wins Court Approval for $7.4 Billion Opioid Settlement
Purdue Pharma won bankruptcy court approval for an opioid-related settlement of at least $7.4 billion, clearing a path for the OxyContin maker to exit its six-year bankruptcy and resolve mass lawsuits by governments, healthcare providers and individuals.
Friday's ruling in the U.S. Bankruptcy Court in the Southern District of New York marks the probable end of the longest and costliest corporate bankruptcy case stemming from the U.S. opioid crisis.
Purdue filed for chapter 11 in 2019, overwhelmed by lawsuits against the company and its Sackler family owners over the role of its flagship painkiller OxyContin in fueling opioid abuse. Drugmakers Mallinckrodt and Endo have also used chapter 11 to cap their liabilities stemming from opioid sales.
Topgolf in Talks to Be Sold to Private-Equity Firm Leonard Green
Topgolf Callaway Brands is in talks to sell its Topgolf unit to private-equity firm Leonard Green, according to people familiar with the matter.
A deal could come together soon, though it is also possible the discussions won't result in a transaction, the people said.
TALKING POINT Who Will Pay for the AI Revolution? Retirees
The global bet on artificial intelligence could require trillions of dollars of borrowing. Who might lend that much? How about America's retirees?
Tech companies are facing an enormous investment need that will outstrip even their considerable existing resources. Morgan Stanley analysts in July estimated that of the roughly $3 trillion that is expected in global data-center capital expenditures through 2028, only about half of that could be funded by projected cash flows. That would leave a roughly $1.5 trillion financing gap.
To meet such a tremendous need, the companies will need to turn to the biggest funding markets. And when it comes to corporate borrowing, those include the mainstream, high-grade bond market. Issuance in the investment-grade corporate bond market represented around two-thirds of the more than $2 trillion sold this year through October across the U.S. corporate bond and asset-backed securities markets, according to figures compiled by Sifma.
There have recently been several big bond offerings from tech companies in the AI race, including Oracle, Meta Platforms and Google-parent Alphabet. JPMorgan Chase analysts recently forecast that the high-grade bond market could absorb $300 billion of AI-data-center-related issuance over the next year.
The mainstream corporate bond market is among the biggest, and often one of the cheapest, ways for companies to borrow. Historically, though, that market also has some rules of the road: It is for companies with the highest credit ratings and has been focused on bonds featuring public reporting and fairly straightforward structures. Many bonds mature in less than 10 years.
But the more a company borrows beyond what its cash flows support, the more its credit rating can suffer. And AI still has lots of questions around it: How much end-user demand will there ultimately be? What is the lifespan of the chips needed to power it? Will there be enough cheap electricity?
Meanwhile, life-insurance companies need to invest a growing wave of retirement money to help people generate income when they aren't working. This year represents the peak for the number of people turning 65 in the U.S., which has helped fuel another record for sales of U.S. annuities, with $345 billion sold through the first nine months of the year, according to industry group Limra.
--Telis Demos
Expected Major Events for Monday
00:01/UK: Nov Rightmove House Price Index
02:30/JPN: Sep Revised Retail Sales
04:30/JPN: Sep Revised Industrial Production
09:00/ITA: Oct CPI
09:30/UK: S&P Global UK Consumer Sentiment Index
13:30/CAN: Sep New motor vehicle sales
13:30/US: Nov Empire State Manufacturing Survey
13:30/CAN: Sep International transactions in securities
13:30/CAN: Oct CPI
15:00/US: Aug Construction Spending - Construction Put in Place
All times in GMT. Powered by Onclusive and Dow Jones.
Expected Earnings for Monday
ALT5 Sigma Corp $(ALTS)$ is expected to report $-0.36 for 3Q.
ASP Isotopes Inc (ASPI) is expected to report for 3Q.
AgEagle Aerial Systems Inc (UAVS) is expected to report for 3Q.
$Aramark(ARMK-W)$ $(ARMK)$ is expected to report $0.60 for 4Q.
Atlantic American Corp $(AAME)$ is expected to report for 3Q.
Avalon GloboCare Corp (ALBT) is expected to report for 3Q.
Brady Corp - A Share $(BRC)$ is expected to report $1.12 for 1Q.
Broadway Financial Corp $(BYFC)$ is expected to report for 3Q.
Caldwell Partners International Inc (CWL.T) is expected to report for 4Q.
Eledon Pharmaceuticals Inc $(ELDN)$ is expected to report $-0.23 for 3Q.
Golden Minerals Co (AUMN,AUMN.T) is expected to report for 3Q.
Helmerich & Payne Inc $(HP)$ is expected to report $0.29 for 4Q.
Hyperscale Data Inc (GPUS) is expected to report for 3Q.
Interparfums Inc $(IPAR)$ is expected to report for Full year.
J&J Snack Foods Corp $(JJSF)$ is expected to report $1.29 for 4Q.
Jones Soda (JSD-V,JSDA) is expected to report for 3Q.
KALA BIO Inc (KALA) is expected to report $-1.01 for 3Q.
LifeMD Inc $(LFMD)$ is expected to report $-0.04 for 3Q.
Lightwave Logic Inc (LWLG) is expected to report for 3Q.
Lite Strategy Inc $(LITS)$ is expected to report for 1Q.
Northwest Biotherapeutics Inc (NWBO) is expected to report for 3Q.
Oncotelic Therapeutics Inc (OTLC) is expected to report for 3Q.
Patriot National Bancorp Inc $(PNBK)$ is expected to report for 3Q.
Precipio Inc $(PRPO)$ is expected to report for 3Q.
Regional Health Properties Inc (RHEP) is expected to report for 3Q.
Seritage Growth Properties (SRG) is expected to report for 3Q.
Solidion Technology Inc $(STI)$ is expected to report for 3Q.
Spruce Biosciences Inc (SPRB) is expected to report for 3Q.
TOR Minerals International Inc $(TORM)$ is expected to report for 3Q.
Tevogen Bio Holdings Inc (TVGN) is expected to report $-0.06 for 3Q.
XP Inc $(XP)$ is expected to report $2.48 for 3Q.
i3 Verticals Inc $(IIIV)$ is expected to report $0.02 for 4Q.
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This article is a text version of a Wall Street Journal newsletter published earlier today.
(END) Dow Jones Newswires
November 14, 2025 16:45 ET (21:45 GMT)
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