MARKET WRAPS
STOCKS: Stocks rose after the Federal Reserve cut its benchmark interest rate.
TREASURYS: Treasury yields fell after Fed Chairman Jerome Powell said rate policy would depend on incoming data.
FOREX: The U.S. dollar fell against rivals in the wake of Fed Chair Powell's comments.
COMMODITIES: Oil futures extended gains post-market after the U.S. seized an oil tanker off the coast of Venezuela in what's seen as an escalation of tensions between Washington and Caracas. Silver futures closed at another record high, as a torrid run continues.
HEADLINES
Fed Cuts Rates Again, Signals It May Be Done for Now
Federal Reserve officials cut interest rates at their third consecutive meeting, but signaled a move to the sidelines amid unusual internal divisions over whether inflation or the job market should be their bigger worry.
The Fed voted 9-3 for the reduction on Wednesday, the first time in six years that three officials cast dissents. Chicago Fed President Austan Goolsbee and Kansas City Fed President Jeff Schmid thought the reduction wasn't warranted, while Fed governor Stephen Miran favored a larger, half-point cut.
The decision to reduce the benchmark federal-funds rate by a quarter point-to between 3.5% and 3.75%, a three-year low-is aimed at protecting against a sharper-than-anticipated slowdown in hiring.
Oracle Reports Mixed Earnings. The Stock is Falling.
Oracle reported mixed second-quarter earnings results Wednesday afternoon. Its shares were falling in after-hours trading.
Adjusted earnings-per-share were $2.26, well ahead of Wall Street's consensus estimate of $1.64, up from $1.47 last year. Revenue for the quarter reached $16.06 billion, shy of expectations for $16.19 billion, and up 14% on the year.
Oracle shares were down 3.6% in after-hours trading following the report.
Bank of Canada Holds Policy Rate Steady, Sticks With Tepid Outlook
OTTAWA-The Bank of Canada held its benchmark interest rate steady Wednesday and said officials were sticking with their outlook for modest growth even though recent economic data point to signs of upward momentum.
The central bank left its target for the overnight rate unchanged at 2.25%, adding that policymakers believe it sits at an appropriate level to keep total inflation close to 2% while offering some stimulus for an economy squeezed by U.S. tariffs. All 13 economists surveyed last week by The Wall Street Journal predicted a hold after a quarter-point cut in October.
The decision likely marks the start of a prolonged pause in Canadian rate policy, following aggressive steps over a roughly 16-month period to roll back interest-rate hikes meant to contain historically high inflation. Financial markets have started to price in the possibility of Bank of Canada rate increases in the second half of next year-fueled by three straight months of solid job growth, upward revisions of historical data covering gross domestic product and surprisingly strong growth in the third quarter.
Adobe Earnings Show 'Rapid Adoption' of AI Tools. The Stock Is Up.
Adobe reported better-than-expected financial results as demand for its artificial-intelligence products grows.
Adjusted earnings were $5.50 a share from revenue of $6.19 billion in the software company's fiscal fourth quarter. Analysts surveyed by FactSet were expecting earnings of $5.40 a share from revenue of $6.11 billion.
"Adobe's record FY2025 results reflect our growing importance in the global AI ecosystem and the rapid adoption of our AI-driven tools," CEO Shantanu Narayen said in the earnings release.
U.S. Seizes Oil Tanker Off Venezuela in Escalation of Pressure on Maduro Regime
The U.S. seized an oil tanker off the coast of Venezuela, President Trump said Wednesday, marking a major escalation in the administration's pressure campaign against the country's leader Nicolás Maduro.
The move came just hours after the U.S. sneaked Venezuelan opposition leader María Corina Machado out of the county on a boat, an escape that potentially gave the Trump administration an opening to take more aggressive action against the Maduro regime.
"As you probably know, we've just seized a tanker on the coast of Venezuela-a large tanker, very large. The largest one ever seized, actually," Trump said during an event at the White House on Wednesday afternoon.
Trump Plans Final Interviews With Fed Chair Candidates in Coming Days
President Trump is planning to start his final round of interviews in the coming days with candidates to be the next Federal Reserve chair.
Trump and some of his aides are scheduled to interview former Fed governor Kevin Warsh on Wednesday, according to senior administration officials. Other candidates, including Trump's National Economic Council director Kevin Hassett, are soon expected to meet with the president, the officials said.
One of the officials cautioned that the interviews, similar to a recent round of expected meetings with Vice President JD Vance, could be canceled and postponed as the president continues to deliberate who he will announce to be Fed chair.
U.S. Manufacturers Slow Orders Ahead of Supreme Court Tariff Ruling
U.S. manufacturers are pulling back harder on orders of parts and raw materials because of rising uncertainty around the future of the Trump administration's signature tariffs, a new survey shows.
Buying activity among North American manufacturers, measured in a global poll of 27,000 businesses by GEP and S&P Market Intelligence, in November hit its lowest level since May.
TALKING POINT Silver Tops $60 for the First Time. The White Metal Has 2 Things Going For It-For Now.
Silver prices surged to a fresh all-time high on Wednesday, topping the $60 an ounce mark for the first time on record, as investors continue to seek inflation hedges and industrial alternatives to gold and digital currencies.
The white metal is finding a place in investment portfolios as both a hedge against inflation and the protection against currencies losing value, as well as an industrial play on new technologies powering global growth.
Silver remains a key component in the buildout of artificial-intelligence data centers and the production of electric vehicles, both of which have intensified demand and catapulted prices over the past year. It's also used in solar cells and anti-bacterial medical instruments.
Spot silver prices were 1.6% higher in Wednesday trading, changing hands at $61.62 an ounce. The metal's price has more than doubled this year.
Gold prices, which also hit record highs again last month, have risen around 60% this year.
"Silver's relentless surge in 2025 will be remembered as one of the most dramatic revaluations in modern precious metals history," said Saxo Bank's head of commodity strategy Ole Hansen.
--Martin Baccardax, Barron's
Expected Major Events for Thursday
00:01/UK: Nov RICS Residential Market Survey
09:00/FRA: Dec IEA Oil Market Report
09:00/ITA: 3Q Labour Cost Index
09:30/UK: 3Q Business Finance Review
09:30/GER: ifo Economic Forecast
11:00/FRA: Oct OECD Harmonised Unemployment Rates
13:00/RUS: Weekly International Reserves
13:30/CAN: Sep International merchandise trade
13:30/US: Sep U.S. International Trade in Goods & Services
13:30/US: U.S. Weekly Export Sales
13:30/US: 12/6 Unemployment Insurance Weekly Claims Report - Initial Claims
15:00/US: Sep State Employment and Unemployment
15:00/US: 3Q U.S. Housing Vacancies
15:00/US: Sep Monthly Wholesale Trade
15:00/US: 3Q Quarterly Services
15:30/US: 12/05 EIA Weekly Natural Gas Storage Report
21:30/US: Foreign Central Bank Holdings
21:30/US: Federal Discount Window Borrowings
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Expected Earnings for Thursday
Broadcom Inc $(AVGO)$ is expected to report $1.11 for 4Q.
Ciena Corp $(CIEN)$ is expected to report $0.37 for 4Q.
Comtech Telecommunications Corp $(CMTL)$ is expected to report for 1Q.
Costco Wholesale Corp $(COST)$ is expected to report $4.31 for 1Q.
Destination XL Group Inc (DXLG) is expected to report $-0.05 for 3Q.
Dollarama Inc (DLMAF,DOL.T) is expected to report $1.11 for 3Q.
Empire Co Ltd - Class A (EMLAF,EMP.A.T) is expected to report $0.72 for 2Q.
Frequency Electronics Inc $(FEIM)$ is expected to report $0.27 for 2Q.
Good Times Restaurants Inc $(GTIM)$ is expected to report for 4Q.
Hooker Furnishings Corp $(HOFT)$ is expected to report $-0.14 for 3Q.
Kestra Medical Technologies Ltd $(KMTS)$ is expected to report for 2Q.
Live Ventures Inc (LIVE) is expected to report for 4Q.
Lovesac Co $(LOVE)$ is expected to report $-0.69 for 3Q.
Lululemon Athletica Inc (LULU) is expected to report $2.32 for 3Q.
Mitek Systems Inc (MITK) is expected to report $-0.04 for 4Q.
National Beverage Corp (FIZZ) is expected to report $0.51 for 2Q.
Netskope Inc $(NTSK)$ is expected to report for 3Q.
Quanex Building Products Corp (NX) is expected to report $0.27 for 4Q.
RH $(RH)$ is expected to report $2.11 for 3Q.
Vera Bradley Inc (VRA) is expected to report $0.32 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
December 10, 2025 16:32 ET (21:32 GMT)
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