MARKET WRAPS

STOCKS: Stocks were mostly higher as investors considered a likely end to the government shutdown.

TREASURYS: The U.S. Treasury market was closed in observance of Veterans Day.

FOREX: The U.S. dollar ticked down against rivals as investors' risk appetite rebounded.

COMMODITIES: Oil futures rose amid signs that sanctions on Russian oil may be slowing sales to India and China.

HEADLINES

ADP Estimates Private Sector Was Losing Jobs in October

Payrolls firm ADP estimated that the private sector was shedding 11,250 jobs a week in the four weeks through Oct. 25.

The figure is the latest number in a new weekly ADP data series that estimates changes in private-sector employment over the preceding month.

Last week, in a separate data series, ADP estimated that the private sector added 42,000 jobs in October. That figure uses a different methodology intended to replicate the government's monthly jobs report more closely.

AMD Stock Dips After CEO Raises Long-Term Revenue Outlook

Advanced Micro Devices CEO Lisa Su is getting more optimistic about the long-term market opportunity for semiconductors.

On Tuesday, the executive offered a new revenue growth outlook above Wall Street's expectations. Su said the company now expects to grow its revenue at more than 35% a year over the next three to five years, starting with a revenue baseline of $34 billion for 2025.

The current Wall Street consensus for AMD 2025 revenue is $33.8 billion with expected revenue growth of 30% for 2026, 34% for 2027, and 23% for 2028.

One of Blackstone's Top-Ranking Women to Leave Firm

Blackstone's global co-head of real estate Kathleen McCarthy Baldwin, one of Wall Street's highest-ranking female executives, said Tuesday she plans to leave the firm at the end of the year.

Nadeem Meghji, the firm's other co-head of real estate, will become the unit's sole head following her departure, the firm said. Meghji has been with the firm for nearly 18 years and has worked alongside McCarthy for two.

McCarthy Baldwin, 47, joined Blackstone's real-estate business in 2010 in an investor-relations role and became its chief operating officer three years later. She previously worked at Goldman Sachs in the real-estate principal investment group.

Fannie Mae Watchdogs Probed How Pulte Obtained Mortgage Records of Key Democrats

Fannie Mae watchdogs who were removed from their jobs had been probing if Trump appointee Bill Pulte had improperly obtained mortgage records of key Democratic officials, including New York Attorney General Letitia James, according to people familiar with the matter.

Fannie's ethics and investigations group had received internal complaints alleging senior officials had improperly directed staff to access the mortgage documents of James and others, according to the people. The Fannie investigators were probing to find out who had made the orders, whether Pulte had the authority to seek the documents and whether or not they had followed proper procedure, the people said.

That group elevated the probe about the James documents to the more senior Office of Inspector General for the Federal Housing Finance Agency, the agency that oversees Fannie Mae and Freddie Mac and that Pulte heads, the people said. The acting inspector general then passed the report to the U.S. attorney's office in eastern Virginia, some of the people said.

Democratic Lawmakers Say Genesis Insider Sale May Abuse Bankruptcy System

Democratic lawmakers asked the Justice Department to probe the proposed bankruptcy sale of nursing home chain Genesis Healthcare to insiders, saying it may amount to an abuse of chapter 11 aimed at wiping away liabilities to patients and families for alleged negligence.

Sens. Elizabeth Warren of Massachusetts and Richard Blumenthal of Connecticut and Rep. Maggie Goodlander of New Hampshire said in a Monday letter that Genesis has proposed to sell itself out of bankruptcy to some of the same individuals who helmed the company as it accumulated lawsuits for allegedly mistreating patients.

U.S. Small-Business Sentiment Slides on Lower Profits

Optimism among U.S. small businesses continued to fall in October on weaker earnings trends, with labor shortages and the government shutdown also dragging on sentiment.

The National Federation of Independent Business said Tuesday that its small-business optimism index slipped to 98.2 in October from 98.8 in September.

The figure remains above the index's long-term average of 98, and came in line with a forecast of economists polled by The Wall Street Journal.

SoftBank Sells Its Nvidia Stake for $5.8 Billion to Fund OpenAI Bet

SoftBank Group has sold its stake in Nvidia for $5.8 billion, as the global tech investor shakes its pockets for cash to plow into its massive bet on OpenAI.

Playing catch-up in the artificial intelligence race, the Japanese conglomerate led by Masayoshi Son has strongly embraced the ChatGPT maker this year. This spring, it agreed to invest $30 billion into the company by the end of December, more than any other investor thus far.

That commitment to OpenAI-$7.5 billion of which was invested earlier this year-has already bolstered SoftBank. On Tuesday, the company said its quarterly profit more than doubled compared with a year earlier to $16.2 billion, driven by gains in the value of the startup. OpenAI was recently valued by investors at $500 billion, making it the world's most valuable private company.

Parker-Hannifin to Buy Filtration Group for $9.25 Billion

Parker-Hannifin has agreed to buy Filtration Group for $9.25 billion, adding a major filtration-technologies manufacturer to its industrial portfolio.

The motion-control technologies company said Monday that it will finance the purchase with a combination of new debt and cash on hand. The transaction, subject to regulatory approvals and other customary closing conditions, is expected to close within six to 12 months.

Filtration Group, a privately held affiliate of Madison Industries, makes filtration systems for industrial, automotive and heating-and-cooling applications. About 85% of its sales come from the aftermarket, providing steady recurring revenue across multiple product lines, according to Parker-Hannifin.

TALKING POINT Cash-Flush Private Equity Steps On the Gas as Market Rebounds

Private-equity dealmakers hit the accelerator in the third quarter, seizing on a U.S. market rebound that has been bolstered by declining interest rates and a deregulatory tone set by the Trump administration that many see as helpful for business.

Apollo Global Management led the way, with a quarterly record $99 billion in gross capital deployments, including leverage. The firm made $75 billion in new investments, the bulk of it through $69 billion in credit deals.

Meanwhile, buyout giants Blackstone and KKR & Co. each invested some $26 billion in the quarter and both entered the last three months of the year with swollen armories. At the end of September, Blackstone had $188.1 billion in dry powder, or capital ready to invest, while KKR had $126 billion.

Another buyout firm capitalizing on the market rebound, TPG, invested a firm record of almost $15 billion and ended the quarter with nearly $73 billion ready to invest.

"This represents a real strategic asset at a time when...our teams are sourcing very interesting investment opportunities," said Jack Weingart, TPG chief financial officer, on his firm's earnings call, echoing a bullish tone across the industry. Last month, TPG and Blackstone struck a roughly $18.3 billion deal to acquire women's health company Hologic.

"The deal dam is finally breaking," Blackstone President Jon Gray said on the firm's earnings call. He added that a resurgent deals market should also help with asset sales.

--Maria Armental

Expected Major Events for Wednesday

06:00/JPN: Oct Preliminary Machine Tool Orders

07:00/GER: Oct CPI

07:00/GER: Oct WPI

09:00/ITA: Sep Industrial Production

12:00/US: 11/07 MBA Weekly Mortgage Applications Survey

13:30/CAN: Sep Building permits

15:00/US: Oct Online Help Wanted Index

16:59/GER: Sep Balance of Payments

21:30/US: API Weekly Statistical Bulletin

23:50/JPN: Oct Corporate Goods Price Index

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

Expected Earnings for Wednesday

Advanced Flower Capital Inc (AFCG) is expected to report $0.17 for 3Q.

Aimia Inc (AIM.T) is expected to report for 3Q.

Applied Therapeutics Inc $(APLT)$ is expected to report $-0.14 for 3Q.

Arbutus Biopharma Corp (ABUS) is expected to report $-0.03 for 3Q.

Boyd Group Services Inc (BYD.T) is expected to report for 3Q.

Calfrac Well Services Ltd (CFW.T) is expected to report for 3Q.

Clene Inc (CLNN) is expected to report for 3Q.

CorMedix Inc $(CRMD)$ is expected to report $0.95 for 3Q.

Corbus Pharmaceuticals Holdings Inc $(CRBP)$ is expected to report $-1.55 for 3Q.

Crown Crafts Inc $(CRWS)$ is expected to report for 2Q.

DallasNews Corp $(DALN)$ is expected to report for 3Q.

Dixie Group Inc (DXYN) is expected to report for 3Q.

GlobalFoundries Inc $(GFS)$ is expected to report $0.29 for 3Q.

Hudbay Minerals Inc (HBM,HBM.T) is expected to report $0.18 for 3Q.

Humacyte Inc $(HUMA)$ is expected to report $-0.15 for 3Q.

Jade Biosciences Inc (JBIO) is expected to report for 3Q.

Kolibri Global Energy Inc (KEI.T) is expected to report $0.13 for 3Q.

Kopin Corp $(KOPN)$ is expected to report $-0.01 for 3Q.

Legend Biotech Corp - ADR $(LEGN)$ is expected to report $-0.07 for 3Q.

Mastech Digital Inc $(MHH)$ is expected to report $0.06 for 3Q.

Mega Matrix Inc (MPU) is expected to report for 3Q.

NetSol Technologies Inc $(NTWK)$ is expected to report for 1Q.

Nuwellis Inc $(NUWE)$ is expected to report for 3Q.

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November 11, 2025 16:41 ET (21:41 GMT)

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