MARKET WRAPS
STOCKS: Stocks continued their strong open to 2026, as traders rotated into the materials and industrial sectors.
TREASURYS: Treasury yields rose as investors sought out riskier investments.
FOREX: The U.S. dollar rose against a basket of rivals amid economic optimism.
COMMODITIES: Copper and silver futures marked new record highs, amid heightened geopolitical uncertainty. Oil futures fell as traders weighed the likelihood of increased Venezuelan production.
HEADLINES
Supreme Court Sets Friday as an Opinion Day, Raising Prospects of a Tariff Ruling
The U.S. Supreme Court set Friday as an opinion day, raising expectations that the court could rule on the case regarding global tariffs President Donald Trump imposed using the International Emergency Economic Powers Act.
The court doesn't signal which decision or decisions it will render on a particular date. Rulings are issued at 10 a.m. Eastern time on decision days.
Analysts have been waiting for a ruling on the tariffs case, with many expecting it to come by the end of January.
Fed's Miran Hasn't Spoken With Trump About Fed Chair Job
Federal Reserve governor Stephen Miran hasn't spoken with President Trump about serving as the Fed's next chair and hasn't raised his hand for the job, Miran said in a TV interview.
Miran said on Fox Business Tuesday morning that he is not among the finalists Trump is considering for the role, a group of candidates he described as "extremely credible."
"It's not something I put myself forward for," Miran said.
AIG Stock Sinks on CEO's Surprise Plan to Step Down
Peter Zaffino is stepping down as chief executive of American International Group after a turbulent period at the insurer that culminated in AIG insisting it wasn't for sale.
Shares in AIG dropped, falling about 7% in Tuesday morning trading, as investors digested the latest leadership upheaval at the company.
In November, AIG abruptly scrapped plans to bring in another executive, John Neal, as Zaffino's heir apparent. The reversal, two weeks before Neal was due to start, was triggered by AIG's discovery that Neal's previous employer was investigating an alleged workplace affair.
Eli Lilly Nears Deal for Biotech Ventyx
Eli Lilly is in advanced talks to acquire Ventyx Biosciences for more than $1 billion, according to people familiar with the matter.
A deal for Ventyx, which specializes in developing pills that can treat inflammatory diseases, could be announced imminently, the people said.
Meta Pauses European Rollout of Smart Ray-Bans as Americans Lap Up Supply
Facebook-owner Meta said it would delay rolling out its latest smartglasses model to countries outside the U.S. amid high demand from American customers.
The Ray-Ban Display smartglasses, developed in partnership with Franco-Italian eyewear group EssilorLuxottica, had been planned to be made available for sale in Canada, France, the U.K. and Italy early this year. But soaring demand and limited stock mean that rollout will be delayed, Meta communications manager Lisa Brown Jaloza wrote in a blog post on the tech group's website.
"Since launching [the model] last fall, we've seen an overwhelming amount of interest, and as a result, product wait lists now extend well into 2026," Brown Jaloza wrote. "Because of this unprecedented demand and limited inventory, we've decided to pause our planned international expansion."
Ford Sales Rise on Increased Demand for Lower-Priced Trucks
Ford recorded more fourth-quarter sales compared with the prior year, as lower-priced truck sales helped it more than offset a decline in electric vehicles.
Ford's total vehicle sales rose 2.7% to 545,216. The company recorded a 5.4% increase in Ford truck sales, making up for a 2.5% decline in Ford SUV sales.
Sales of the company's Maverick truck rose 54% while its Ranger truck saw a 46% increase in sales. The two are the company's lowest-priced trucks and Ford said the sales reflected "customer demand for affordability."
Lockheed Martin to Increase Patriot Missile Production Under Pentagon Deal
Lockheed Martin committed to surging its Patriot missile output to roughly 2,000 interceptors a year in response to demand from Pentagon officials gearing up for conflicts on multiple fronts.
The defense contractor said Tuesday it reached an agreement with the Defense Department to boost production of PAC-3 MSE interceptors over the course of seven years. The company said it was well positioned after already boosting production by over 60% over the past two years to more than 600 interceptors a year.
Shares of Lockheed recently rose about 3% to $527.66.
OneStream to Go Private Through $6.4 Billion Hg Acquisition
Private-equity firm Hg is acquiring OneStream for about $6.4 billion in cash.
Financial-software company OneStream said Tuesday that Hg had agreed to take the firm private as a majority voting shareholder through its Saturn Fund. General Atlantic and Tidemark will take minority stakes in the company.
OneStream shareholders would receive $24 a share in cash, the company said.
McGraw Hill Names Philip Moyer President, CEO as Simon Allen Retires
McGraw Hill's top executive, Simon Allen, is retiring next month and will be succeeded by former Vimeo chief Philip Moyer.
McGraw Hill on Tuesday said Allen, who has been at the helm of the provider of education solutions since October 2019, will retire as president and chief executive on Feb. 9, but will remain chairman of the Columbus, Ohio, company.
McGraw Hill said Moyer most recently served as CEO of video platform Vimeo, which was acquired late last year by Italian tech company Bending Spoons for nearly $1.4 billion in cash in late 2025, and previously spent five years at Alphabet, where he helped launch Google's generative AI strategy.
AB InBev Buys Back $3 Billion Stake in U.S. Metal Container Facility to Boost Supply Security
Beer giant Anheuser-Busch InBev agreed to repurchase a minority stake in its U.S.-based metal container plants for around $3 billion, taking back its share of the facilities to bolster supply security.
The Belgian brewer of Budweiser said Tuesday that it exercised the right to repurchase its 49.9% stake in the plants, which were held by a group of institutional investors led by Apollo Global Management.
AB InBev will use cash-on-hand to fund the repurchase, which is expected to close in the first quarter. AB InBev's metal container plant operations span seven facilities across six states, providing supply security for brands and cost efficiencies, the company said.
TALKING POINT Treasury Department Postpones Highly Contested Anti-Money-Laundering Rule for Advisors
It's official. The Treasury Department has formally postponed the anti-money-laundering rule that would have created additional compliance responsibilities for registered investment advisory firms.
The Financial Crimes Enforcement Network, or FinCEN, had previously indicated that it planned to delay the implementation of the rule, which was slated to take effect Jan. 1. The new effective date is Jan. 1, 2028.
The regulation requires RIAs to establish programs that screen for illicit financial activity in clients' accounts.
When FinCEN announced its plan to postpone the rule in July, it said the delay would give firms more time to comply with the requirements but also signaled that it could substantially revise the rule itself. That suggested that it might narrow the scope of the firms that would be required to set up AML programs and file suspicious activity reports.
In a notice filed in the Federal Register Jan. 2, FinCEN said the delay would allow it to ensure that the rule is "effectively tailored," and highlighted comments submitted in support of the delay, including some that stressed the compliance challenges surrounding AML programs.
"[C]ommenters stated that significant time and resources are needed to establish an AML compliance program," the agency said. "One of these commenters stated that building a compliant AML program is a complex, multiyear process that requires significant planning, budgeting, and coordination."
--Kenneth Corbin, Barron's
Expected Major Events for Wednesday
00:30/JPN: Dec Japan Services PMI
07:00/GER: Nov Retail Trade
07:45/FRA: Dec Consumer confidence survey
08:55/GER: Dec Labour market statistics (incl unemployment)
09:00/ITA: 3Q General Government Quarterly Accounts
09:00/GER: Dec Bavaria CPI
09:00/GER: Dec Baden-Wuerttemberg CPI
09:30/UK: Dec S&P Global UK Construction PMI
10:00/ITA: Dec Provisional CPI
10:00/ITA: Dec Cities CPI
12:00/US: 01/02 MBA Weekly Mortgage Applications Survey
12:00/US: MBA Weekly Mortgage Applications Survey
13:15/US: Dec ADP National Employment Report
15:00/US: Oct Manufacturers' Shipments, Inventories & Orders (M3)
15:00/US: Nov State Employment and Unemployment
15:00/US: Nov Job Openings & Labor Turnover Survey
15:00/US: Dec ISM Report On Business Services PMI
15:00/CAN: Dec Ivey Purchasing Managers Index
15:30/US: 01/02 EIA Weekly Petroleum Status Report
All times in GMT. Powered by Onclusive and Dow Jones.
Expected Earnings for Wednesday
AZZ Inc $(AZZ)$ is expected to report $1.32 for 3Q.
Albertsons Cos Inc $(ACI)$ is expected to report $0.62 for 3Q.
Apogee Enterprises Inc (APOG) is expected to report $0.92 for 3Q.
Applied Digital Corp (APLD) is expected to report $-0.14 for 2Q.
Cal-Maine Foods Inc (CALM) is expected to report $1.95 for 2Q.
Caldwell Partners International Inc (CWL.T) is expected to report for 1Q.
Constellation Brands Inc $(STZ)$ is expected to report $2.65 for 3Q.
Costco Wholesale Corp $(COST)$ is expected to report.
Franklin Covey Co $(FC)$ is expected to report $0.05 for 1Q.
(MORE TO FOLLOW) Dow Jones Newswires
January 06, 2026 16:37 ET (21:37 GMT)
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