MARKET WRAPS
STOCKS: Stocks finished mixed after surprisingly strong wholesale inflation data.
TREASURYS: Treasury yields rose in the wake of the inflation data.
FOREX: The U.S. dollar rose against rivals after the producer-price index reading.
COMMODITIES: Oil futures settled lower in a choppy session with no change seen in the situation around the Strait of Hormuz.
HEADLINES
Wholesale Inflation Shot Higher in April
Wholesale inflation jumped to the highest reading in several years in April, showing how the Iran conflict is pushing up prices across the supply chain.
Prices charged by producers rose by 1.4% in April from the month before, blowing past March's 0.7% increase, according to the Labor Department's producer-price index published Wednesday. Economists polled by The Wall Street Journal were expecting a 0.5% rise.
April price increases lifted the 12-month PPI inflation rate to 6%, the highest reading since December 2022. That follows hot consumer-inflation numbers published Tuesday, which also emphasized how higher energy costs are driving prices higher across the economy.
Fed's Collins Says She Could Envision the Need for Rate Hikes
Boston Federal Reserve President Susan Collins said Wednesday she envisions a prolonged stretch of steady interest rates, and could envision a scenario that requires some policy tightening to ensure inflation returns to the central bank's 2% target.
Textbook monetary policy prescribes looking through sudden supply shocks such as higher oil prices. Collins, delivering remarks in Boston, said more than five years of above-target inflation have reduced her patience for bringing down price increases. She said it will likely be necessary to maintain the current, restrictive monetary policy "for some time."
"The shock has tilted risks to real activity somewhat further to the downside and risks to inflation further to the upside," Collins said, according to a published text of her remarks.
Kevin Warsh Is Confirmed as Fed Chair in 54-45 Senate Vote
WASHINGTON-The Senate confirmed Kevin Warsh as the Federal Reserve's 17th chair Wednesday in a party-line vote that reflected how tensions with the White House have dragged the Fed deeper into the political fray.
Warsh won confirmation 54-45, earning support from all Senate Republicans but just one Democrat, John Fetterman of Pennsylvania. Sen. Kirsten Gillibrand (D., N.Y.) didn't vote. No Fed chair has been confirmed by such a narrow margin since Senate approval became a requirement for the job in 1977.
Cisco Earnings and Revenue Beat Estimates on Strong AI Demand
Cisco Systems stock popped in after-hours trading Wednesday after the networking equipment maker reported better-than-expected fiscal third-quarter financials.
Cisco reported adjusted earnings for the quarter ended April 26 of $1.06 a share on revenue of $15. billion. Analysts surveyed by FactSet had expected adjusted earnings of $1.03 a share on revenue of $15.6 billion.
Shares jumped 11% Wednesday night following the results.
Netflix Secures Three More Football Games in New NFL Deal
The National Football League cut a new four-year deal with Netflix for three more games and licensed additional games to Fox and NBC.
Netflix deepened its relationship with the NFL by agreeing to a four-year pact that will include the rights to carry an opening-week international game, a new Thanksgiving Eve game and a game at the end of the season.
Equinox, Orla Agree to Form $18.5 Billion Gold Major
Equinox Gold and Orla Mining agreed to combine in a deal that would create a new $18.5 billion North American gold miner, fast-tracking growth both say would have taken years separately.
The companies say the merger is fundamentally about speed, vaulting the combined miner into a higher production tier virtually overnight. Equinox Chief Executive Darren Hall said the deal lets the two companies accelerate the path they were already on toward producing more than a million ounces, only instantly rather than over a longer stretch.
"This transaction ... instantaneously put us into that million-ounce category with clear and visible organic growth," Hall said on a call to investors.
Geothermal-Champion Fervo Energy's Shares Soar in Trading Debut
Shares of geothermal developer Fervo Energy soared in their public-market debut, a sign of investor appetite for energy companies as the U.S. faces record amounts of new power demand.
Fervo's stock opened at $36 a share, up 33% from its $27 initial public offering price. It trades on the Nasdaq under the ticker FRVO.
TALKING POINT The More You Know About This Private-Credit Fund, the Less You Understand
The stock market has lots of questions about private-credit funds, namely how much they're really worth. Investors are having a tough time figuring out answers.
One reason: Even when investors know what's in these funds, they quickly realize that they don't know all that much. The result is that the funds often trade at discounts to their official net asset values.
In that case, a dollar of assets ends up being worth less than a dollar.
Blue Owl Capital Corp. is an example. The publicly traded private-credit fund trades for just 78% of its reported NAV.
The fund, known as OBDC, cut its net assets 3% to about $7.2 billion when reporting first-quarter results last week. But that wasn't enough of a markdown for investors. Since the earnings release, the discount to NAV has widened slightly.
Why is this happening? The fund's valuation disclosures are voluminous. But they are also often opaque and hard to understand.
--Jonathan Weil
Expected Major Events for Thursday
06:00/UK: Mar UK trade
06:00/UK: Mar Index of production
06:00/UK: Mar Index of services
06:00/UK: 1Q Business investment in the UK: provisional results
06:00/UK: Mar Monthly GDP estimates
06:00/UK: 1Q First quarterly estimate of GDP
08:30/UK: 1Q Mortgage Arrears and Possessions data
11:30/UK: Apr NIESR Monthly GDP Tracker
12:30/CAN: Mar New motor vehicle sales
12:30/CAN: Mar Wholesale trade
12:30/US: Apr Advance Monthly Sales for Retail & Food Services
12:30/US: 05/09 Unemployment Insurance Weekly Claims Report - Initial Claims
12:30/US: U.S. Weekly Export Sales
12:30/US: Apr Import & Export Price Indexes
14:00/US: Mar Manufacturing & Trade: Inventories & Sales
14:30/US: 05/08 EIA Weekly Natural Gas Storage Report
20:30/US: Federal Discount Window Borrowings
20:30/US: Foreign Central Bank Holdings
23:01/UK: Apr Scottish Retail Sales Monitor
23:50/JPN: Apr Corporate Goods Price Index
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Expected Earnings for Thursday
American Shared Hospital Services (AMS) is expected to report for 1Q.
AtkinsRealis Group Inc (ATRL.T) is expected to report for 1Q.
Aveanna Healthcare Holdings Inc (AVAH) is expected to report $0.11 for 1Q.
BK Technologies Corp $(BKTI)$ is expected to report for 1Q.
Barnwell Industries Inc (BRN) is expected to report for 2Q.
Boralex Inc - Class A (BLX.T,BRLXF) is expected to report $0.19 for 1Q.
Brookfield Corp (BN,BN.T) is expected to report $0.61 for 1Q.
Calian Group Ltd (CGY.T) is expected to report $0.41 for 2Q.
Canadian Solar Inc $(CSIQ)$ is expected to report $-0.82 for 1Q.
Canadian Tire Corp Ltd - Class A (CTC.A.T,CTC.T) is expected to report $1.70 for 1Q.
CorMedix Inc $(CRMD)$ is expected to report $0.33 for 1Q.
Evofem Biosciences Inc (EVFM) is expected to report for 1Q.
Fennec Pharmaceuticals Inc (FENC,FRX.T) is expected to report $-0.04 for 1Q.
Genie Energy Ltd $(GNE)$ is expected to report $0.18 for 1Q.
Global Water Resources Inc (GWR-T,GWRS) is expected to report $0.00 for 1Q.
Ideal Power Inc (IPWR) is expected to report $-0.23 for 1Q.
Innovative Solutions & Support Inc $(ISSC)$ is expected to report $0.17 for 2Q.
Intuitive Machines Inc (LUNR) is expected to report $-0.04 for 1Q.
Invivyd Inc $(IVVD)$ is expected to report $-0.07 for 1Q.
Jaguar Mining Inc (JAG.T) is expected to report for 1Q.
KP Tissue Inc (KPT.T) is expected to report for 1Q.
Kartoon Studios Inc (TOON) is expected to report for 1Q.
Keyera Corp (KEY.T,KEYUF) is expected to report $0.45 for 1Q.
Kolibri Global Energy Inc (KEI.T) is expected to report $0.17 for 1Q.
Lithium Americas Corp (LAC,LAC.T) is expected to report $-0.07 for 1Q.
Live Ventures Inc (LIVE) is expected to report for 2Q.
Microbix Biosystems Inc (MBX.T,MBXBF) is expected to report for 2Q.
NetSol Technologies Inc $(NTWK)$ is expected to report for 3Q.
Ondas Inc $(ONDS)$ is expected to report $-0.05 for 1Q.
Quarterhill Inc (QTRH,QTRH.T) is expected to report for 1Q.
Quebecor Inc - Class A (QBCAF,QBR.A.T,QBR.B.T) is expected to report $0.93 for 1Q.
Solo Brands Inc (SBDS) is expected to report for 1Q.
SouthGobi Resources Ltd (1878.HK,SGQ.V,SGQRF) is expected to report for 1Q.
US Global Investors Inc $(GROW)$ is expected to report for 3Q.
VYNE Therapeutics Inc $(VYNE)$ is expected to report $-0.78 for 1Q.
Valeura Energy Inc (PNWRF,VLE.T) is expected to report $0.09 for 1Q.
Vecima Networks Inc (VCM.T) is expected to report for 3Q.
Wolverine World Wide Inc $(WWW)$ is expected to report $0.23 for 1Q.
YETI Holdings Inc $(YETI)$ is expected to report $0.09 for 1Q.
Yellow Pages Ltd (Y.T) is expected to report for 1Q.
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This article is a text version of a Wall Street Journal newsletter published earlier today.
(END) Dow Jones Newswires
May 13, 2026 16:39 ET (20:39 GMT)
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