MARKET WRAPS
STOCKS: Stocks rose as investors bought into "Hormuz hope" ahead of a speech on the Iran war from President Trump.
TREASURYS: Treasury yields rose after generally strong economic data.
FOREX: The U.S. dollar fell amid hopes the energy shock would be short-lived.
COMMODITIES: Oil futures slipped, but both the globally traded Brent contract and U.S-traded futures settled above $100-a-barrel, as traders awaited the reopening of critical shipping lanes.
HEADLINES
Musk's SpaceX Files to Go Public in One of the Biggest IPOs Ever
Elon Musk's SpaceX is one step closer to staging what could be the largest initial public offering of all time.
The satellite builder and rocket operator has confidentially filed IPO paperwork with the Securities and Exchange Commission, according to people familiar with the matter. SpaceX is aiming for an IPO that could raise between $40 billion and $80 billion, The Wall Street Journal has reported.
The filing puts the company on track to potentially list shares by July, as Musk has told people is his goal.
Lilly's Obesity Pill Approval Kicks Off New Front in Weight-Loss Drug Wars
The weight-loss pill wars start now.
Eli Lilly's once-daily pill for weight loss got approval from U.S. drug regulators Wednesday. The all-clear sets up a battle with rival Novo Nordisk, which has been selling a pill version of its Wegovy since the start of this year.
The Wegovy pill has had one of the best drug launches in history. Now that the Food and Drug Administration has approved its pill, Lilly will seek to overtake the rival, and further its dominance of the booming $70 billion-plus market for weight-loss and diabetes drugs known as GLP-1s.
GM Sales Fall Nearly 10% as Auto Industry Sputters
General Motors' sales plunged in the first quarter of the year, falling 9.7%, in its biggest drop in almost four years, as high interest rates and vehicle prices across the industry held buyers back even before the impact of rising gas prices is fully felt.
"Abnormal is now normal," GM North American chief Duncan Aldred said, speaking at an event ahead of the New York Auto Show.
Aldred said he expected sales to improve for the industry as the year progressed and noted that in the same period last year, consumers rushed to buy cars ahead of tariffs, making it a difficult comparison. A year ago, GM's sales surged 17%.
ISM Manufacturing Survey Shows Rising Price Pressures
Factory activity expanded in the U.S. in March, but the latest monthly reading from the Institute for Supply Management flashed a strong warning that inflation is resurgent amid the war in Iran.
The ISM's purchasing managers index was 52.7 last month, versus 52.4 in February. Readings above 50 indicate a sectoral expansion. Analysts polled by The Wall Street Journal were expecting a reading of 52.1.
The survey's prices index hit 78.3, the highest reading since 2022. It was a jump from 70.5 in February.
Trump and GOP Leaders Agree to Plan Resolving DHS Funding Standoff
WASHINGTON-President Trump on Wednesday endorsed Senate Republicans' two-part plan to quickly reopen most of the Department of Homeland Security and then use a special procedure to fund immigration enforcement with just GOP votes, stepping in to resolve a standoff between party leaders.
"We are going to work as fast, and as focused, as possible to replenish funding" for immigration enforcement without needing Democratic votes, Trump said on Truth Social.
The Senate approved funding for most of DHS on Friday, which Congress could now pass, and Trump set a goal of June 1 for funding the rest of the department using a process called budget reconciliation. The maneuver requires a simple majority for budget-focused bills, rather than the 60 votes typically required in the Senate, which Republicans control 53-47.
Private-Sector Job Growth Steady in March
Private-sector job creation was steady in March, payroll processor ADP reported on Wednesday.
ADP's latest monthly data showed the economy added 62,000 private-sector jobs last month, down slightly from the 66,000 measured by ADP in February. Economists surveyed by The Wall Street Journal were expecting a decline to 39,000.
The data lands two days before the government's official March jobs report, which is due Friday. The numbers come from very different sources: ADP's data draws on the company's internal figures on how many roles its huge pool of business customers are adding or subtracting. The government's data comes from purpose-built surveys, and covers the public sector as well as private businesses.
Americans Kept Spending in February as Retail Sales Beat Expectations
American consumers had their strongest month of spending in eight months in February, new data showed Wednesday, a sign that the economy was healthier than many analysts had feared.
Retail sales rose 0.6% from January, beating economists' expectations. The gains were broad based, with Americans spending more on cars, clothing, and at restaurants. But the numbers tell only part of the story: They were collected before the outbreak of war with Iran sent gas prices surging, raising fresh questions about whether that momentum can last.
The report also puts the Federal Reserve in a delicate position. Officials have been weighing whether to cut interest rates as the economy shows signs of slowing. Strong consumer spending would normally give them reason to wait. But the Iran war has introduced a new threat, and economists warn that rising gas prices could quickly erode the household budgets that looked so solid two months ago.
Intel to Buy Apollo's Stake in Joint Ireland Chip Manufacturing Facility for $14.2 Billion
Intel agreed to buy Apollo Global Management's 49% stake in the companies' Fab 34 joint venture chip manufacturing plant in Ireland for $14.2 billion.
Intel said it would fund the purchase through a combination of cash on hand and about $6.5 billion in new debt issuances. Intel expects the transaction to add to ongoing earnings per share and strengthen the company's credit profile beginning in 2027.
Apollo led an $11.2 billion investment for the 49% stake in 2024. The agreement was "the right structure at the right time," Intel Chief Financial Officer David Zinsner said, adding that the company now has a stronger balanced sheet and an evolved corporate strategy.
Boeing's stock surges again after 7-year missile deal with the Trump administration
Boeing's stock was headed for another rally in early Wednesday trading, after the Defense Department announced a "partnership" with the aerospace and defense giant to boost the capacity of seekers for the U.S. missile defense system.
The agreement is part of the Pentagon's plan to triple the production capacity of seekers, which are produced by Boeing BA and provide active measurement data used for the Patriot Advanced Capability-3, or PAC-3, Missile Segment Enhancement. The deal with the Pentagon supports the recently announced agreement with Lockheed Martin LMT to triple the output of the PAC-3 MSE.
While financial terms of the deal were not disclosed, the Pentagon said it was a "seven-year agreement."
Bayer Weighs U.S. Pharma Expansion as Turnaround Picks Up Speed
Bayer is looking at expanding its pharmaceutical manufacturing footprint in the U.S., the head of its pharma unit said, as the business turns to the world's largest drug market to fuel a turnaround.
The pharma division of the German conglomerate is trying to turn a corner after the patent expiration of its two top-selling drugs hurt sales and earnings over the past couple of years, while uncertainty about legal battles and debt-reduction efforts at the broader group limited its financial headroom.
Stefan Oelrich, the president of Bayer's pharma division, said the business is leaving the patent cliff behind and poised to grow again.
Conagra Returns to Organic Sales Growth, But Inflation Pressures Profit
Conagra Brands narrowed its annual forecast amid mixed quarterly results, as strength in frozen meals and snacks drove organic sales growth and inflation weighed on profit.
The maker of Healthy Choice frozen meals and Snack Pack pudding cups said on Wednesday it now expects organic sales-which account for revenue generated from existing operations-to be roughly flat for the year. That compares with a prior outlook ranging from down 1% to up 1%.
Conagra has been working to return to organic sales growth, after recent quarters were pressured by supply constraints. Organic sales rose 2.4% during the latest quarter, driven by both higher volumes and prices, the food-and-snacks company said.
TALKING POINT Trapped in a Private-Credit Fund? Here's What You Can Do.
Private-equity firms often say limits on fund redemptions are a feature, not a bug. Many funds that hold illiquid assets, such as private credit, allow investors to cash out once a quarter, and-if total requests reach more than 5% to 7% of assets-will only fill a portion of each request. The thinking is that those provisions protect the fund's remaining investors from a rush to the exits that would force managers to sell underlying securities at fire sale prices.
But that feature seems a lot more buglike when funds actually limit redemptions-as a handful of private-credit funds offered by companies including BlackRock, Apollo, and Ares have done recently. Investors who find themselves stuck in the funds aren't too happy. Bloomberg estimates there is nearly $5 billion in assets in those funds that investors would like to withdraw. And more investors are likely to try to pull money out of these funds now that the economy is weakening and default rates are climbing.
Investors stuck in these funds may be able to get their money out using other methods, however. And financial advisors also have a variety of strategies to limit the potential impact on portfolios of owning troubled assets. Despite this year's flurry of headlines, it isn't new for private funds to limit redemptions, and many advisors have dealt with this issue before. Below are some techniques they suggest exploring for investors who want out of private credit.
Look for workarounds. Requesting required minimum distributions, or RMDs, may be a good option for investors who hold these funds in an individual retirement account and are over age 73, says Jeffrey L. Stock Jr. of Tenet Wealth Management, a member of the Advisory Services Network. RMDs are required by law, and asset managers generally need to honor those requests. Stock says he has used this method successfully with new clients who came to him holding gated funds that he didn't consider suitable for their goals.
Other provisions may allow for exits when a client has run out of money and requires government assistance or when the owner of the position in the fund has died, Stock says. Investors should check fund documentation carefully. Stock says, however, "There aren't many great backdoor methods."
Find a buyer. There may be ways to sell private-credit funds, but investors should expect to receive a sizable discount to net asset value, or NAV, if they sell now, says Kurt Nye, chief investment officer at MAI Capital Management.
--Amey Stone, Barron's
Expected Major Events for Thursday
08:00/ITA: Feb Retail Sales
11:30/US: Mar Challenger Job-Cut Report
12:30/CAN: Feb International merchandise trade
12:30/US: Feb U.S. International Trade in Goods & Services
12:30/US: 03/28 Unemployment Insurance Weekly Claims Report - Initial Claims
12:30/US: U.S. Weekly Export Sales
13:00/RUS: Weekly International Reserves
14:30/US: 03/27 EIA Weekly Natural Gas Storage Report
20:30/US: Foreign Central Bank Holdings
20:30/US: Federal Discount Window Borrowings
All times in GMT. Powered by Onclusive and Dow Jones.
Expected Earnings for Thursday
ALT5 Sigma Corp $(ALTS)$ is expected to report for 4Q.
Actuate Therapeutics Inc (ACTU) is expected to report for 4Q.
Acuity Inc $(AYI)$ is expected to report $3.13 for 2Q.
Airsculpt Technologies Inc (AIRS) is expected to report $-0.04 for 4Q.
AngioDynamics Inc $(ANGO)$ is expected to report $-0.22 for 3Q.
Beasley Broadcast Group Inc $(BBGI)$ is expected to report for 4Q.
CDT Equity Inc (CDT) is expected to report for 4Q.
Celularity Inc $(CELU)$ is expected to report for 4Q.
Clearside Biomedical Inc $(CLSDQ)$ is expected to report for 4Q.
Cumulus Media Inc (CMLS) is expected to report for 4Q.
Dynatronics Corp (DYNT) is expected to report for 2Q.
Lindsay Corp (LNN) is expected to report $1.70 for 2Q.
ModivCare Inc $(MODVQ)$ is expected to report $-1.21 for 4Q.
NextNRG Inc $(NXXT)$ is expected to report for 4Q.
Nu Ride Inc (NRDE) is expected to report for 4Q.
Old Market Capital Corp (OMCC) is expected to report for 3Q.
Precipio Inc $(PRPO)$ is expected to report for 4Q.
Smith-Midland Corp $(SMID)$ is expected to report for 4Q.
Sotherly Hotels Inc $(SOHO)$ is expected to report for 4Q.
Tofutti Brands Inc (TOFB) is expected to report for 4Q.
Powered by Onclusive and Dow Jones.
We offer an enhanced version of this briefing that is optimized for viewing on mobile devices and sent directly to your email inbox. If you would like to sign up, please go to https://newsplus.wsj.com/subscriptions.
This article is a text version of a Wall Street Journal newsletter published earlier today.
(END) Dow Jones Newswires
April 01, 2026 16:39 ET (20:39 GMT)
Copyright (c) 2026 Dow Jones & Company, Inc.
Comments