MARKET WRAPS
STOCKS: Stocks fell ahead of key inflation data, as reports of a hiccup in Oracle and Blue Owl's data-center plans weighed.
TREASURYS: Treasury yields were generally steady as traders awaited inflation data.
FOREX: The U.S. dollar strengthened against rivals ahead of consumer inflation data due Thursday.
COMMODITIES: Oil futures picked up from four sessions of losses after President Trump ordered a blockade of sanctioned tankers entering or leaving Venezuela.
HEADLINES
Micron Technology First-Quarter Sales Jump 57%, Led By Memory Growth
Micron Technology recorded a jump in sales in its fiscal first quarter, as demand for its memory products remains high.
The Boise, Idaho, memory-chip maker on Wednesday posted a profit of $5.24 billion, or $4.60 a share, in the quarter ended in late November, compared with $1.87 billion, or $1.67 a share, a year earlier.
Stripping out certain one-time items, adjusted per-share earnings were $4.78, ahead of the $3.96 anticipated by analysts, according to FactSet.
General Mills Is Cutting Prices on Food, and It's Paying Off
General Mills's push to cut prices is starting to bear fruit.
The Cheerios maker said Wednesday that shoppers are responding to lower prices across its grocery offerings, from Pillsbury refrigerated dough to fruit snacks and Progresso soup.
The company has cut prices across roughly two-thirds of its North America grocery products this year, hoping to win over budget-conscious consumers. General Mills said the effort is helping to boost sales volumes, though many consumers remain stressed.
Nucor, Steel Dynamics Warn of Profit Shortfalls
Steelmakers Nucor and Steel Dynamics warned that their fourth-quarter earnings would fall well short of Wall Street's expectations.
Nucor on Wednesday said it expects to report quarterly earnings of $1.65 to $1.75 a share, up from $1.22 a share a year earlier but missing the $2.16 a share that analysts polled by FactSet were expecting.
Steel Dynamics said it expects a fourth-quarter profit of $1.65 to $1.69 a share, up from $1.36 a share year ago but shy of the $2.25 a share that analysts had penciled in.
Fed's Waller thinks inflation will start to fall in next 3-4 months and rates can come down at moderate pace
Federal Reserve governor Christopher Waller, who is on President Donald Trump's shortlist to become the next Fed chair, said inflation is going to soften in the coming months, and that there is room for substantial rate cuts.
"I'm not particularly worried about it [inflation]. It's above target, but I believe it will start coming down in the next three to four months, " Waller said during a talk at Yale University.
Waller said he is worried about the short-term outlook for the labor market, although he added that he expects job growth to strengthen next year.
Medline Raises $6.3 Billion in Biggest IPO of the Year
Medical-supplies distributor Medline has raised $6.26 billion in an initial public offering, taking the title of biggest IPO of the year and a valuation of more than $50 billion.
The U.S.-based company backed by private-equity giants Blackstone and Carlyle sold 216 million shares at $29.00 each in an upsized offering, it said Tuesday.
The blockbuster fundraise dethrones Chinese battery maker Contemporary Amperex Technology Co., which had previously held the IPO crown after its $5.3 billion offering in May.
Frustrated GOP Centrists Back ACA Vote, Siding With House Democrats
WASHINGTON-A handful of frustrated House Republicans signed on to a Democratic measure to force a vote on extending enhanced Affordable Care Act subsidies, over the staunch objections of House Speaker Mike Johnson (R., La.).
Rep. Mike Lawler (R., N.Y.) joined three Republicans from Pennsylvania swing districts-Reps. Brian Fitzpatrick, Rob Bresnahan and Ryan Mackenzie-in signing a petition led by House Minority Leader Hakeem Jeffries (D., N.Y.) that would force a vote on a three-year extension of the subsidies. The Republicans acted after the House GOP blocked votes on compromise measures aimed at extending and trimming the subsidies, a response to GOP concerns about abuse of the system.
The enhanced subsidies expire at the end of the year. With the GOP signatures on the discharge petition, Jeffries now has the 218 needed to force a vote, which wouldn't likely occur until next year.
Hut 8, Fluidstack to Build AI Data Center for Anthropic in Louisiana
Hut 8 is partnering with Fluidstack to build a large artificial-intelligence data center in Louisiana for Anthropic, backed by a $7 billion lease, where Hut 8 will develop and deliver the power needed to run the facilities.
The partnership will be divided into three tranches. It will begin with 245 megawatts of computing capacity, supported by 330 megawatts of utility power, at Hut 8's River Bend campus in West Feliciana Parish.
Hut 8 signed a 15-year, $7 billion lease with Fluidstack for the initial 245-megawatt power delivery, with Google backing the payments, J.P. Morgan and Goldman Sachs financing construction, and Jacobs and Vertiv handling engineering and infrastructure of the project.
IRS Takes a New Shot at Meta's Foreign Tax Strategy
WASHINGTON-The Internal Revenue Service is mounting a novel attack on Meta Platforms' international tax maneuvers, seeking $16 billion in a move that extends and intensifies the decadelong fight between the tech company and the federal government.
The IRS says Meta, which owns Facebook and Instagram, booked tens of billions of dollars in profits in Ireland that should have been taxed in the U.S. The company contests that IRS analysis and sued this month in the U.S. Tax Court.
It is Meta's third Tax Court case since 2016. All stem from 2010 transactions involving an Irish subsidiary. The first lawsuit yielded a split decision this year, with the government winning some legal points and the company largely prevailing on tax calculations. That first case could still get appealed; a second one is pending.
Trump Orders Blockade of Sanctioned Oil Tankers In and Out of Venezuela
President Trump on Tuesday ordered a "total and complete blockade" of all sanctioned oil tankers entering and leaving Venezuela, in a major escalation of his pressure campaign against the country's leader, Nicolás Maduro.
"Venezuela is completely surrounded by the largest Armada ever assembled in the History of South America," Trump posted on Truth Social, referring to U.S. warships, planes and thousands of troops deployed to the region.
He threatened the U.S. military presence would "only get bigger, and the shock to them will be like nothing they have ever seen before" unless Maduro's regime returned "Oil, Land, and other Assets that they previously stole from us," an apparent reference to Venezuela's nationalization of U.S.-linked holdings in the country. In recent weeks, Trump has threatened to carry out land strikes in Venezuela.
TALKING POINT Wall Street Gets a Taste of Blockbuster Stock-Market Debuts Ahead
Wall Street is getting a glimpse of what could be the biggest year ever for IPOs in the U.S.
After four years of choppiness in the market for new stock offerings, bankers and investors are bracing for a slate of blockbuster listings in 2026-and wondering if the market can handle the torrent.
Medline's stock market debut Wednesday could offer an early gauge of whether investors will be up for it. The medical-supply company raised roughly $6.3 billion in its stock offering, making it the biggest initial public offering in the U.S. since Rivian's stock offering in 2021.
Medline shares rose to around $35 shortly after they began trading, up 21% from its $29 IPO price. The stock is listed on the Nasdaq Stock Market under the symbol "MDLN."
"We're the largest company no one's ever heard of," said Jim Boyle, chief executive of Medline. He said he and his team have spent the past year and a half educating the investment community ahead of the stock offering.
The offering could help set the stage for some of the most highly anticipated IPOs, with rocket maker SpaceX, artificial-intelligence company Anthropic and mortgage giants Fannie Mae and Freddie Mac among the companies looking at listings in 2026.
--Corrie Driebusch
Expected Major Events for Thursday
00:01/UK: BRC Consumer Sentiment Monitor
07:45/FRA: Dec Monthly business survey (goods-producing industries)
12:00/UK: Agents' Summary of Business Conditions
12:00/UK: UK interest rate decision
13:00/RUS: Weekly International Reserves
13:30/US: U.S. Weekly Export Sales
13:30/US: Nov CPI
13:30/US: Nov Real Earnings
13:30/CAN: Oct Employment Insurance
13:30/US: Dec Philadelphia Fed Business Outlook Survey
13:30/CAN: Oct Payroll employment, earnings and hours, and job vacancies
13:30/US: 12/13 Unemployment Insurance Weekly Claims Report - Initial Claims
15:30/US: 12/12 EIA Weekly Natural Gas Storage Report
16:00/US: Dec Federal Reserve Bank of Kansas City Survey of Tenth District Manufacturing
21:00/US: Oct Treasury International Capital Data
21:30/US: Foreign Central Bank Holdings
21:30/US: Federal Discount Window Borrowings
23:30/JPN: Nov CPI (Nation), CPI ex-food (Nation)
All times in GMT. Powered by Onclusive and Dow Jones.
Expected Earnings for Thursday
Accenture PLC $(ACN)$ is expected to report $3.44 for 1Q.
AltiGen Communications (ATGN) is expected to report for 4Q.
BlackBerry Ltd (BB,BB.T) is expected to report $0.06 for 3Q.
CarMax Inc $(KMX)$ is expected to report $0.39 for 3Q.
Darden Restaurants Inc $(DRI)$ is expected to report $2.11 for 2Q.
Factset Research Systems Inc $(FDS)$ is expected to report $3.84 for 1Q.
FuelCell Energy Inc $(FCEL)$ is expected to report for 4Q.
Good Times Restaurants Inc $(GTIM)$ is expected to report for 4Q.
Heico Corp - Class A (HEI,HEIA) is expected to report $1.22 for 4Q.
Innovative Solutions & Support Inc $(ISSC)$ is expected to report $0.09 for 4Q.
KB Home (KBH) is expected to report $1.79 for 4Q.
Microbix Biosystems Inc (MBX.T,MBXBF) is expected to report for 4Q.
Optical Cable Corp $(OCC)$ is expected to report for 4Q.
Reitmans (Canada) Ltd (RET.V,RTMNF) is expected to report for 3Q.
Transat AT (TRZ.T) is expected to report $0.07 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
December 17, 2025 16:38 ET (21:38 GMT)
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