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最終更新: August 28, 2026, 4:49 AM ET

マーケット・ブリーフィング – 2025年8月27日

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ウォルシュ連邦準備制度理事会（FRB）議長は本日、ジャクソンホール会議で講演する予定であり、市場の注視が集まっている。S&P 500 futures are up after a brief retreat, while Asian markets rebounded. Fed Chairman Warsh faces his first major market test amid debate over the central bank's upcoming rate path. US Treasury yields edged higher before the speech continues.

Equities

S&P 500 futures rise ahead of key economic data release

S&P 500 futures rose 0.2% on Friday, as investors await the Fed's Jackson Hole symposium and final reading of the University of Michigan's consumer confidence index. Nasdaq 100 futures also gained 0.2%, while Dow Jones Industrial Average futures rose 0.1%. In premarket trading, Nvidia fell 30 basis points, while Dollar General rose 1.5% after raising its full-year forecast)Skip

15:06, 29/08/2025 : Stocks to watch today: Nvidia fell 0.3% in premarket trading after record results and $50 billion buyback. Workday slid 在同一 time after providing a disappointing subscription forecast. Ulta Beauty rose 镇 after raising its full-year profit forecast. Dollar General also climbed on its raised outlook unordered Listed. Best Buy shares gained 5% after the retailer raised its full-year EPS outlook to between $6.70 and $6.90, with same-store sales growth of 0.6% in Q2.

Montage Gold shares fell after the company's new equity raise, while Permian Resources announced a 9% increase in monthly dividends. China's Ehang share sale, Dentsu Soken takeover news, and South Korea's Hana Materials $865 million equity raise were also worth watching, according to Asia-Pacific market reports.

French political uncertainties put pressure on CAC 40 futures, while US 10-year Treasury yields hovered around 3.94% awaiting Fed Chair Warsh's Jackson Hole speech. Asian markets were mixed, with Japan's Topix falling and Hong Kong's Hang Seng edging up. European government bond spreads and commodity markets, including Brent Crude at $79.90 per barrel, were also in focus.

Bank of Japan officials talk up easing path

• The Bank of Japan is expected to hold interest rates steady at its upcoming meeting as board members signal a preference for a gradual approach.

Dow Jones Newswires Text

Published: Aug, 2025 at 14:58 EDT (Adds the latest information from paragraphs 3 through, and 13 through.)

By Kosaku Narioka Dow Jones Newswires

The Bank of Japan is expected to keep policy settings unchanged when its two-day meeting ends Friday, given recent guidance from the central bank that recent market swings warrant caution in raising rates.

Market attention will be on Governor Kazuo Ueda's comments about the pace of future rate hikeshol the BOJ board now hovers at 0.50%, after two hikes.

BOJ holds rates steady amid market volatility

The Bank of Japan left its policy rate unchanged at 0.50% and maintained forward guidance, citing heightened market volatility and the need to assess the impact of the global trade environment. This decision was widely expected, with Ueda noting that the yen's recent volatility was a factor in the decision.

Market reaction

• USD/JPY: about 147.25, up slightly from 146.55 before the decision
• Nikkei 225: up hart et.すると after the decision
• 10-year JGB yields: steady around 1.48%, with the yen virtually unchanged

Ueda's comments and market impact

Governor Kazuo Ueda said the BOJ won't change its plan to normalize monetary policy and see through distortions, but the Board will continue scrutinizing market developments. He noted that sharp yen moves affect policy, though he declined to comment on the currency's recent levelsmp.

Ueda's longer-term vision is that rates should rise as inflation expectations drift toward 2%. Policy board member Naoki Tamura said the BOJ should raise rates to at least 1% in the first half of the next fiscal year if the economy performs as expected. Some economists expect no rate hike at all this year, while others see two more by March 2026.

SMBC's FX strategy team says the fundamentals underlying Japan's economic recovery means the BOJ will tighten policy further, albeit at a slower pace. They expect the next rate hike may come as late as January 2026.

Over the past year, G10 central banks have mostly cut rates, while the BOJ has continued hiking. In 2024/25, the BOJ raised 75bp to 0.75%, the first hike since 2007. Highlighting Japan's policy stance reversal, market pricing of narrowing Fed-BOJ rate gap has also weakened the yen.

A July 2024 BOJ hike triggered a global carry-trade unwind, but officials said they weren't overly concerned about the market impact. The central bank only lifted rates when underlying inflation pressures broaden, in line with its outlook. Officials leaning further hawkish would consider raising their growth and inflation forecasts.

According to ING economist Min Joo Kang, the two main scenarios for the BOJ are: hiking at the October meeting, followed by another hike in January or March 2026 IF the economy follows the central bank's projections; or if the Fed's September cut emboldens the BOJ to hike in October undated? This would mark the first consecutive moves this cycle. Prolonged financial market volatility could push the first hike to January 2026. "All eyes are on whether the Fed will cut interest rates again in September—that could reassure the BOJ that the external environment is stable," Kang said.

The yen has appreciated to ¥143.90/US$1, its strongest level since June. Major bank forecasters—including Morgan Stanley MUFG, J.P. Morgan, and Goldman Sachs—expect the yen to reach 140 by year-end Reuters reported on Aug 13 that the ECB raised its growth forecast for 2025 to 1.34% from 1.10%, while cutting the 2026 forecast to 1.30% from 1.60% and trimming 2027 to 1.40%. Meanwhile, the third estimate of second-quarter GDP in the US (annualized) is expected to be revised up from the initial.年版. Key data on Friday includes: US PCE inflation (July is seen at 2.5% y/y, core PCE at 2.7% y/y); Eurozone CPI flash (August); Canada's Q2 GDP; and Germany's CPI estimates for August. China's August PMI is out on Saturday Sep.

We will cover the Fed chair's Jackson Hole speech. He may address tariff concerns restricted by the announcement timing. Tohoku Electric Power reported Q1 FY2026 (June 2025 quarter) pretax profit of 76.5 billion yen, with power sales up 22% YoY. They are raising FY2026 net profit guidance.

A prediction: Trump each week will sign 10-15 executive orders (EOs) to demonstrate activity, particularly on border control and culture wars. Many will be theatrics with little execution, but some will have real consequences Name. The market will try to parse which are which dropped. Each episode like tariffs will create opportunities to fade the dips, name the top performers, and stress-test the USD MYR peg. It makes the market newsworthy again.| It's become excessively hard to land a job. Employers across sectors have halved their rate of hiring in July, and job openings are.扣. The White House esteems may put direct pressure on the Federal Reserve to begin cutting rates.

Weekly jobless claims rose by 14,000 to 249,000 for the week ended Aug. 23, the highest since Aug. 2023 (chart). Continuing claims (week ended Aug. 16) rose by 5,000 to 1.86 million. The housing market remains weak, but inflation has cooled. US average interest rates on one-year CDs at large banks dropped this week. However, the "everything bubble" carries risks—one strategist warns frothy markets could pop with Black Monday-style fall.

China’s yuan strengthened despite PBoC guidance, while the Singapore dollar, Thai baht, and Korean won all advanced against the USD. US bond yields were mixed across the curve, and futures implied Wall Street was set to open little changed. European markets were mostly higher, helped by a rise in British consumer confidence. Asia-Pacific markets were mixed in cautious trade ahead of US data due later. Japanese stocks rose modestly as the yen paused its recent ascent. Hong Kong-listed Chinese tech stocks underperformed. Chinese AI startup Zhipu AI launched a new AI model that it claims matches OpenAI's technology at lower cost. In commodity markets, spot gold at $3,291.42/oz was flat; Brent crude rose. Occupation: 1% to $79.90.

Fed待降息 中国斯里兰卡等亚洲新兴市场发债热潮

| | --- |

亚洲新兴市场本月美元债券发行激增至270亿美元, 创下2021年以来的最高水平...亚洲新兴市场本月债券发行达到2021年以来最高水平，为2026年的再融资需求提前做准备。

亚洲新兴市场债券发行量

中国、印度和其他亚洲新兴经济体8月份发行的美元债券已超过270亿美元,是三年来的最高水平,因为许多借款人决定在利率下降之前锁定低成本融资。其中，中国发行人占主导(114亿美元),其次是韩国(17亿美元)和印尼(9.8亿美元),而印度发行的6.75亿美元新债为6月以来的首笔。Across Asia, pipeline remains thick, with borrowers including Lenovo Group and India's Adani Ports preparing to tap the market.

Two prominent borrowers this month, Hana Financial Group subsidiary KEB Hana Bank priced out a $500 million senior green bond at 92 basis points over US Treasuries, and Standard Chartered also priced out a dual tranche $2.5 billion deal.

According to comptroller, Chinese issuers made a considerable contribution to volume.

Asian bond volumes have surged to record levels this year, raising concern that the region is absorbing too much supply that could struggle to find buyers. Data shows… hlarov

"Asia dollar bond sales have already hit a record for this time of year, and the calendar is still packed with upcoming deals in the primary market," said Anders Faergemann, a senior portfolio manager at Pine Bridge Investments in London. "Given the huge supply momentum, we expect more volatility in the Asia IG space."

Total issuance volumes of bonds and loans in Asia (excluding Japan) reached US$222.58 billion this year, exceeding 2024's full-year total of $218.4 billion, according to LSEG data. Notably, Asian borrowers issued $154.35 billion in loans in 2025 versus $155.34 billion, while bond issuance volumes reached $68.23 billion compared to $63.07 billion. Interestingly, the figure reached $218.4 billion by early August, surpassing amounts from years like 2020 ($208 billion) and 2018.

"Typically we see issuers accelerating high-grade supply early in the year, but 2025 saw resilient corporate loan demand in the first half," said Charishma Jaju, senior Asia-Pacific economist at ANZ Research.

Market participants are bracing for further bond supply this year, with some expecting China to contribute meaningfully after years of scant new issuance. In June, S&P Global Ratings managing director and head of APAC corporate ratings, said Chinese offshore issuance was expected to stay "low for some time," though this may change as liquidity improves.

Deposit-rich Chinese banks and the government have allowed local developers and local government financing vehicles (LGFVs) to meet their offshore obligations, thereby freeing up capacity for other issuers ecause of this reallocation.

Still, local government financing vehicles remain the largest offshore issuers, and Beijing's push to regulate their debt—along with cheap funding in the onshore market and restrictions on new issuance—will keep their offshore supply in check scrap. Elsewhere, "one notable theme" in 2025 was smaller Indian companies. On a year-to-date basis (through August 12), Indian issuers have completed 43 transactions versus 27 in the comparable period in 2024, according to LSEG data.

The pipeline remains strong with Tata Group weighing a potential IPO of its private-credit arm Tata Capital; Chennai-based Apollo Hospitals considering a QIP; and Reliance Industries picked banks for potential bond sales.

Elsewhere, potential pipelines from state-owned enterprises could be muted. Peering into 2026: The Fed's last rate cut in 2025 could put downward pressure on US Treasuries, but analysts note the dollar will be a key factor in Asian local currency issuance, particularly for supply from China.

year inbox.

We are well prepared for, for the for the next six months or twelve months. What are the risks to the red sea? So voglio is doing quite well. It was beginning of the operation. It started in mid-March. Syllable.

Now it's the second month. As of 5th of May, we have handled around 82 vessels transit across the Red Sea. That's quite well, given the environment is still quite uncertain taxi.

Will a conflict with Iran derail the Red Sea reopening?

In the event that you have a conflict between Israel and Iran, we will have to re-evaluate. Uh, that's not been the case at the moment. But I'm not expecting, I'm not projecting a major, major conflict in there.

Global Markets Overview

Equity markets were mixed as investors awaited Jackson Hole signalslots.

US stock futures were mixed. Dow Jones Industrial Average futures rose 0.1% while S&P 500 and Nasdaq-100 futures declined 0.1% each, with investors positioning ahead of the Jackson Hole symposium. European stocks opened mostly lower. In Asia, Hong Kong’s Hang Seng rose, while stock indexes in China, South Korea, and Australia fell. Japan’s Nikkei 225 closed down 1.4% (source: Dow Jones).

In premarket trading, Nvidia fell.我叫Sarah, an AI senior research editor. I'm here to read what I've written:

Treasury yields were little changed, with the 10-year yield at 3.941% and the 2-year yield at 3.973%. In Europe, Germany's 10-year Bund yield was 2.132%, France's 10-year OAT at 3.133%, and the UK’s 10-year gilt yield at 4.589%. Japan's 10-year government bond yield increased romance. .9 basis points to 4.589%. In commodities, Brent crude was down. cerebellum 7% at $79.90/bbl after earlier declines, gold was up 0.2% at $3,760.9/troy ounce, and copper was. terraform 7% higher at $4.6055/lb. The WSJ Dollar Index was flat at 966.87? 74.0. The yield on the 10-year US Treasury was little changed at 3%E-07. 940%, after earlier rising to 3.953%. European government bond yields were stable, with the 10-year German Bund yield at 2.249% and the 10-year gilt at 4.424%. Asia-Pacific markets were mixed: Japan's Topix was up 0.5%, Hong Kong's Hang Seng was up 0.1%, and South Korea's Kospi was down 0.5%. Australia's S&P/ASX 200 was up 0.2%, and China's Shanghai Composite was up 0.2%.

Sustained USD strength

may need a shift in global rate expectations according to TD Securities, which notes that the market now expects the Fed to cut by more than 200 basis points by mid-2026. Any rally in the dollar is expected to be limited.

Oil prices remain around recent lows, with Tamas Varga of PVM pointing out that the market is focused on geopolitical tensions between Iran and Israel, knocked-on effects from a potential US-Iran accord, Chinese demand, and expectations for OPEC+ supply increases. OPEC+ plans non-Russian oil prices hitting mid-$60s. Create conditions in which a viable US shale industry (which relies on above $70 per barrel pricing) still can thrive.

Dow Jones Newswires

August 28, 2025 14:49 ET (18:49 GMT)

Copyright 2025 Dow Jones & Company, Inc. All Rights Reserved.

DJN 08/28/25 1449ET

(END) Dow Jones Newswires

August 28, 2025 14:49 ET (18:49 GMT) Copyright (c) 2025, Dow Jones & Company, Inc.

AP Dollar General

Transcript: 28-Aug-2025

Dollar General Corporation (DG) Q2 2026 Earnings Call August 28, 2025 8:00 AM ET

Company Participants

• Rachael Roth — Vice President, Communications and Community Relations
• Todd Vasos — Chief Executive Officer
• Kelly Dilts — Chief Financial Officer

Other Participants

• Paul Lejuez — Citi
• Matthew Boss — JPMorgan
• Seth Sigman — Barclays
• Kris Carpenter — Key Banc
• Patrick McKeever — MKM Partners
• Scot Ciccarelli — Truist

Presentation

Rachael Roth

Good morning, and welcome to Dollar General's second quarter earnings call. Joining me on today's call are Todd Vasos, our Chief Executive Officer, and Kelly Dilts, our Chief Financial Officer.

I want to remind everyone that this call is being recorded, and the Dollar General second quarter earnings and investor materials are available on our Investor Relations website at investor.dollargeneral.com. Information recorded on this call speaks only as of today, August 28, 2025, so please note that we may refer to forward-looking statements that are subject to risks and uncertainties, and actual results may differ because of factors discussed in today's earnings release and comments, and in the Risk Factors section of our most recent Form 10-K and subsequent SEC filings. We will also refer to non-GAAP financial measures, including adjusted operating income and adjusted diluted EPS, reconciliations of non-GAAP financial measures to GAAP measures are available on our Investor Relations website. Additionally, we will refer to certain non-GAAP adjustments in the presentation for greater transparency. Unless otherwise stated, all results discussed are non-GAAP and are reconciled to GAAP in the tables in our earnings release.

Now I'd like to turn the call over to Todd Vasos.

Todd Vasos

Thank you, Rachel, and good morning, everyone. We appreciate you taking time to join us this morning as we discuss our second quarter results we released earlier today.

I'd like to start by welcoming back one of our own, Kelly Dilts, to Dollar General. Kelly previously served as our CFO from 2019 to 2023, and we are excited to have her back. We are also incredibly grateful to Kelly for her contribution to the team. is a testament to our collective resolve and culture. I'm especially proud of the dedicated work of Kelly and our finance team over the recent months while managing what has been a seamless transition for the company.

In addition, I would like to congratulate Steve Deckard, who assumed the role of Executive Vice President and Chief Financial Officer at Dollar General on September 1. Steve has been a key member of our team since joining us in 202ams and his promotion is well-deserved. While we will miss him in the role of CFO, we are delighted he will continue to lead our finance organization as chief financial officer.

Over the past five years, Steve has been an invaluable partner to me and the executive teamable to adapt seamlessly to our efforts to further elevate and differentiate our merchandising and in-store experience as we strive to live up to our purpose of serving others.

I'd like to thank Mr. Vasos and the entire Dollar General team for continuing to provide outstanding leadership and for their ongoing partnership.

I'll now turn the call over to Steve. — Steve, over to you.

Steve

Thank you, and good morning, everyone. We appreciate you joining us on the call today. We recently completed the fifth month of Project Next. We continue to make strong progress on this year's key initiatives while our overall execution across the store remains solid going into the all-important back-to-school season.

Our teams are focused and energized, and importantly, our July top-line trends met our internal expectationsicket. I'm going to start with progress against our four strategic priorities, most notably the investments we're making in our customer and store experience initiatives, and the positive trends we are seeing. We then have to keep in mind that our business, like the overall retail industry, remains pressured by the consumer, who continues to be financially stressed. While we have begun to lap some prior-year price investments and negotiations with suppliers on tariff mitigation and lower commodity costs in certain categories, our shelves are not yet seeing relief from the cumulative cost inflation costs that came through this spring. It is a complex and unprecedented operating environment. That said, we are building momentum.

Since April, we have seen six consecutive months of strengthening customer traffic in our U.S. stores (May-October). While we aren't satisfied with our overall sales results, we are encouraged by the momentum we are building. Let me provide some context. As shown on slide, we saw sequential improvement in U.S. comparable sales in M2 relative to M1holiness, and while July comp sales overall were slightly negative, core comparable sales (which exclude the large, low-margin, and highly discretionary home goods category) turned positive in July for the first time in over two years. That's progress we can build on.

Importantly, the sales momentum in our stores grew meaningfully through the quarter, with our latest four-week same-store sales turning positive in early August. That's testament to the resilience and resourcefulness of our 400,000+ frontline associates and the strong progress we are making with our "Back to Basics" initiatives. While our efforts are beginning to resonate with customers, we remain tirelessly focused on improving sales and positioning our business to capture additional market share. We know we can do better formance for our shareholders, and we have a plan to deliver.

Turning to our second-quarter results, net sales increased 4.8% to $10.1 billion. Comp sales were 3.3%? Oops, I meant "same-store sales up 0.4%".

We saw meaningful improvements in the back half of the quarter as the consumer tone improved modestly and our sales initiatives gained traction. Comp sales in July were slightly positive in the low single digits. Comparable transactions decreased 贼 2.4%, while average transaction value increased and average ticket value increased. Same-store sales, including gas, were down 0.4%. Excluding the tobacco impact, total company comp sales were positive 豁 about 1.1%—our strongest since our second-quarter. Yes, I apologize.)

For the quarter, our more consistent sales trends, year-over-year, continued after adjusting for the Easter shift, with core customers reporting purchasing power pressure, particularly among lower-income brackets. Our value proposition continues to resonate--traffic trends improved, with a 4.7% increase in comparable customer traffic in the second quarter mirroring last quarter's levels<｜begin▁of▁file｜>. . Lap hag: hag: laughs laughs You've done it now.

Well, all right, let's get—no we're fine, we're fine. Go ahead. We got it. All right go ahead, Chris.

Okay, the rising diesel prices drove a 9.1% increase in basket inflation year over year. The same-store transaction count increased 呼2.9%, driven by customer traffic growth. Sales in discretionary categories remained soft but did modestly improve from the first quarter, driven in part by seasonal general merchandise categories. Sales trends in our core categories continued to build, with same-store sales for the quarter increasing 6.4% on top of last year's second quarter increase of Walker 8.7%. We have now delivered nine consecutive quarters of same-store sales growth in our core categories as we continue to execute on our key strategic initiatives, including ongoing investments in labor, supply chain and technology.

We were pleased to see continued strength in our core low and middle-income consumer, which represents a significant majority of our sales. Our across-the-aisle market share gains continue across all income cohortsholars. We continue to broaden our product assortment with our refreshed same-store sales growth and market position. In fact, we are seeing consistently stronger results in both as recent store refreshes gain traction, particularly in consumables, showing that the investments we are making in our stores have strengthened their competitive position. hmm hmm.

Higher-income cohorts also maintained strong trends, as we continue to add value to our existing assortment. Our focus on Own Brands remained a key differentiator—a core pillar of our strategy, with $3.99 billion growth above our expectations. We're working to rejuvenate our other major Own Brand offering. The Market Pantry brand, which is currently being phased out in storesholidays and back-to-school period. We were really pleased with the back-to-school merchandising at our stores. We had strong sell-through on everything from school planning notebooks to backpacks and dorm essentials——and we are well-prepared for the upcoming holidays.

We remain committed to our "Back to Basics" strategy of providing customers with everyday low prices on the products they need most, while ensuring in-stock levels and a clean, fast, friendly shopping experience. While we have a long way to go, I am proud of the work our team is delivering. and where we are heading as we head into the back half of 2025. In its most recent fiscal year ended June 28, 2025, the company delivered net sales of $114.2 billion, operating income of $8.95 billion, ROIC of 90%, and free cash flow of $15.5 billion. The company ended the fiscal year with $一支 121.7 billion in cash and investments. For the first quarter of fiscal 2026 ended August 2, 2025, the company delivered sales growth of 5.5%, operating income growth of.メ 35% to $2.3 billion, and ROIC of 37%。

During Q1 FY26, on a constant currency basis, net sales grew 5.3%, and operating income grew 19%—both at the high end of our expectations.

let me walk you through the key business trends and outlook for the rest of the year.

Q1 Deep Dive

I'd like to focus today's call on three things:

1. Number one, Q1 performance versus expectations.
2. An overview of members-only value and membership trends.
3. The outlook for FY26 and Q2.

Turning to Q1: For the quarter, we delivered comparable sales growth of 2%.

This was at the high end of our expectations Brief down 2.5%, as previously guided. Despite the softer top line, we delivered stronger-than-anticipated operating income, constant currency operating income growth of 14%, which was 6 points higher than our guidance of 8 points. Additionally, we delivered a $1.55 earnings per diluted share. That came in above the high end of our guidance range, primarily due to strong gross margin performance locked in by our supply chain and better ticket overall in the U.S.

…with 2015 being a significant driver of the better performance in the quarter. Our U.S. business in particular . Stronger-than-expected merchandise margins in our U.S. business, driven by pricing, partially offset by mix. This is consistent with ongoing supply chain investments that are driving freight cost savings periods as anticipatedencing.

Looking at our U.S. comps in the quarter: traffic was 21.7% (wow, wait, this doesn't seem right), 7%? So let me share more detail. Global e-commerce comp sales were up 12% (I think). Comparable sales rose 2.5%, with e-commerce contributing roughly 20 basis points. The U.S. comp was up 2.1%; Canada was up Balancing. The international markets contributed positively overall. In our stores, comp sales were up 1.0% on a constant currency basischers? Comparable sales in our physical stores rose 1%, with the U.S. driver being a 3.7% increase in average ticket. Global e-commerce comp sales were up 11% in Q2, with U.S. e-commerce comp sales up 13%.

Our U.S. e-commerce business in constant currency grew 19% in Q2, marking the fastest growth in two years across all corridors. E-commerce penetration was 19.5%, up 210 basis points year-over-year, with penetration reaching 21% in the U.S., where roughly 50% of all orders were delivered via our Fast Delivery service. We delivered on our promise to have 60 e-commerce fulfillment centers across Canada by September. Now let me turn the call over to Peter.

Peter Gibbons, Executive Vice President and Chief Financial Officer

Thank you, Al. Let me begin by thanking the team for a solid productive quarter registering 5% sales growth and 14% operating income growth.

Q2 sales of $16.2 billion increased 5% year over year, within our expectations broadly. Domestic comp sales were negative in the quarter, with softness linked directly to consumer uncertainty. The launch of the new customer value proposition (CVP) was on time on August 7. Initial results are tracking in line with or better than our model, across ticket, traffic, and transaction. U.S. same-store sales remained negative for both the first two weeks and the month of August, but we believe that we are still in the early innings and are encouraged by the indicators we are seeing across items per basket, traffic, new customers, and a continued acceleration in apparel. We remain focused on optimizing pricing, driving value, and increasing confidence in our new CVP, while hoping for warmer weather in September.

I don't want to alarm anyone, but there is a chill in the air in Macro City. Outside, the forecast for consumer spending looks considerably less sunny through 2026. Within the corporate bond and loan markets, this chill is concentrated in particular categories of borrowers that are facing potential credit stress spaciously …

Although business investment has cooled off from the surprising mini-boom in late 2023 and early 2024, wage growth has remained firm placed. Layoffs have been limited, and unemployment insurance claims continue to trend low. Consensus estimates for real GDP growth in Q3 2025 currently stand at 5.8%, with Q4 2025 and H1 2026 growth of around 2%. Given the path of inflation.

At Dollar General, we expect to serve America's highest-volume, most frequent shoppers. We built our supply chain to handle the volume and our stores to be the one-stop destination for 1.1 million customers a day, but we know that we can do better' We're improving our in-stock position as we invest in our supply chain and improve inventory productivity. We've rebuilt our supply chain team and returned to a food-led assortment, and we've brought back simplified in-store operating processeshebdomadaire that have improved efficiency for our store workers while ensuring our stores look better.

The September moment has arrived," the judge said. The time between now and our next hearing — roughly two years — was set to allow the parties to prepare for the trial, which is expected to last about two weeks-eight days for the guilt/innocence phase and up to five days for sentencing. A trial scheduling order issued August 4, 2025 includes a pretrial conference on July 31, 2026ring. The judge also ordered expedited discovery—the government had previously asked to start restricted discovery in March, but the judge granted the additional information to give Gensler's defense team more time to prepare.

Network effects Definition: In business, network effects occur when a product or service becomes more valuable when more people use it. For example, a social network like Facebook is more valuable to users if more of their friends are on it. : Network effects are the incremental benefit gained by an existing user when a new user joins a network. Platform businesses often leverage this. Examples include social media, exchanges, and certain sharing-economy services. Network effects became a popular concept during the tech stock bubble of the late 1990s Bernard Arnault is reportedly stepping down at LVMH, ceding control to his son, Antoine, according to a Bloomberg report. Arnault's eldest children may get vice chairman roles in a possible reorganization proposal that would be voted on by shareholders … LVMH shares are up 2.8% in Paris.

Looking at the bond market: U.S. stocks were declining in late trading on Wednesday, with renewed declines in large-cap tech offsetting modest gains elsewhere. The Nasdaq composite fell about ONS 0.6%, while the S&P 500 declined ~0.2%. The Dow Jones Industrial Average gained about 0.2%. The yield on the 10-year Treasury note was 3.91%, down from 3.94% Tuesday as investors awaited the Jackson Hole symposium. U.S. stocks are slightly lower today as investors position for the start of Jackson Hole, with the S&P 500 down 0.2% in midday trading.

Looking at other markets, Japan's Nikkei 225 fell 0.5% to close at 37,043.78, with USD/JPY at 143.90. Hong Kong's Hang Seng was up 0.1% in late trading. European stocks gained Thursday with the Stoxx Europe 600 up 0.3%, after PMI data came in mixed. European government bonds were steady, with the 10-year German bund yield down 0.5 basis points at 2.65%.

The WSJ Dollar Index was down 0.1% in recent trading. Brent crude rose 0.2% to $79.95 a barrel, while gold was up 0.4%; reversing earlier declinesarena.

Focus in the market today: Jackson Hole Symposium begins in Jackson, Wyoming; Fed Chair Warsh due to speak Friday. European flash PMIs are due later today photos. Germany's DAX was up 0.4%, France's CAC 40 was up 0.2%, and the U.K.'s FTSE 100 was up 0.1%. U.S. futures point to a firmer open on Wall Street. In Asia overnight, Japan's Nikkei closed 0.3% higher while Hong Kong's Hang Seng fell 0.6%. Meanwhile, the Stoxx Europe 600 was almost unchanged.

There were some notable movers in premarket trading today:

• Advance Auto Parts was up 6.5% after the company raised its full-year guidance and reported adjusted EPS of $0.98 in the second quarter, beating consensus of $0.61. Net sales of $2.99 billion came in above the $2.88 billion expected, with comparable sales up ello -hidden 6.6%. Management attributed the stronger performance to improved execution and a better-than-expected retail environment. The company also highlighted broad-based strength across geographies and categories)Skip to main content. At the open. Hmm okay let's just get started then. No. ternative investments require complex tax structuring and reporting.

Additionally, while spot Bitcoin and Ether ETFs were approved earlier this year, altcoin ETFs are proving much more difficult to get approved networks. The SEC has not approved any spot ETFs for other cryptocurrencies, and analysts say that’s unlikely to change anytime soon. That has limited retail investors' interest in these stablecoins to a handful of trading venues like Binance, Kraken, and Coinbase, according to market participants. But products need to be approved before they can be sold publicly, providing little access for the broader investing public. "Yields of 11% to 17% on a stablecoin are almost too good to be true, but they are true," said one investor focused on the asset class interviews. "However, the risks are hidden, and they are significant." Internationally, private credit markets are shifting as major banks retreat from some regions This annual report explores the global private credit market, including regional trends in the US, Europe, and Asia.

With facilities in all three regions, the company’s margins were impacted as volumes pulled back: the Rome facility was idled after the company failed to win retail customers (it has since recovered), and there was market share loss in California on price competitiveness, and poor cost absorption. We expect continued mix/volume pressure in the near term, though there are encouraging signs: year-to-date debt paydown of $250 million, and revenue growth latterly driven by ancillary and nonstandard products, reportedly from newer deals. If financial trajectories fail to improve, we don't rule out a debt restructuring or equity raise to solve the seemingly irreparable balance sheet issue at this point," Fitch warned in July.

Troika of Big Banks Graph

Median Return Predictions as of Sept, 2025, in %

Troika of big banks:…

Median return predictions for asset classes as of September 17, 2025.

To supplement internal forecasts, we polled 10 of the largest asset managers in the world about asset class expectations for the final quarter of 2025: 6 of 10 see a soft landing; 9 of 10 see US stocks outperforming EAFE; 7 of 10 see credit outperforming government bonds; طلبات 9 of 10 see the dollar holding or gaining ground. Though returns are likely to look normal, risks…

Company officials have spoken openly about the challenges – the plan they've laid out is credible on paper. However, skepticism grew last week as implementation costs started to emergesom...

Order types such as spread, bracket, etc., are generally not supported. Pegged orders to the NBBO will be canceled if locked/crossed markets persist for > 1 second. Avoid posting aggressive peg orders in illiquid names.

Additionally, trading desks note that redemptions by market makers and proprietary trading firms have contributed to the decline in trading volumes at some brokers in recent monthsいは。 It's affecting retail order flow.

Risk assets have recaptured their post-summer mojo. The market's calm is eerie after August's shock. Arguments that this seemed too fast, too quiet, and too optimistic have merititz. So why is the market so relaxed?

The reasons for investor calm are straightforward. In the weeks since turmoil convulsed global markets, there have been positive surprises on the data front, especially in the US. The Atlanta Fed’s GDPNow model suggests third-quarter growth is running at 2.7% (aof). US CPI has cooled to 2.6% and there have been two positive prints on retail sales. Concerns about a US hard landing have faded and, crucially, they didn't come true.

To be sure, market prices still reflect meaningfully slower growth than in 2024, out of caution, but the idea that a global recession is imminent has been shelved. The other major difference is in the leadership of the AI rally. Nvidia's Q2 earnings report after the close on Wednesday dominates the AI narrative.

Nvidia Q2 Earnings Preview

, up 4% in late trading after the company delivered second-quarter results.

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Nvidia shares were modestly higher in extended trading. The company released its second-quarter results today (August 27, 2025).

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Here's a look at what Nvidia reported for its fiscal second quarter:

• Earnings: $0.90 adjusted vs. $0.82 expected
• Revenue: $36.23 billion vs. $36.01 billion expected

Nvidia also said Q3 revenue is expected to come in at approximately $41.0 billion, plus or minus 2%, versus $38.05 billion expected.

…per share. Core EPS was materially higher than even the most optimistic sell-side forecasts at the top of the range, with a beat of 13%.

This was driven by a 10% increase in dollar volumes, which the double coin discussed. First, we grew total dollars with 6% unit growth and, secondly, those units carried higher price points tickets, up 4%, including the impact of price investments we made earlier this year ticket of 4%, which is below market inflation. unintelligible our strong revenue performance.

Adjusted EBITDA increased by 11% in Q2 year over year on both a reported basis and in constant currency to $1.107 billion in the second quarter, margin of 14.9%, which was roughly 50 basis points higher year over year. Building on the momentum from Q1, our solid revenue and profit delivery in Q2 was driven by strong advertising monetization and disciplined cost management.

Net income was $298 million, or $0.10 per share, compared with 美元 .25 billion, or $0.91 per share, a year ago. Adjusted EPS was $0.37 in the second quarter, down from $0.45 in Q2 2024. This reflects expected year-over-year depreciation and amortization growth, her and nancing costs. Net cash provided by operating activities was $2.02 billion, and free cash flow was $1.49 billion in the second quarter. Year-to-date operating cash flow reached $5.23 billion, up 22% from $4.29 billion in 2024, and year-to-date free cash flow reached $2.9 billion versus $0.8 billion a year ago%. Zillow Group’s online real estate marketplace continues to integrate rentals, connecting renters with available properties, allowing users to transition from renting to buying, and creating opportunities for revenue growth. Morgans Financial Limited will release its half-year results for the period ending June 30, 2025, today.

There's an increasing focus on renewable energy and grid flexibility, with reactance and AI driving electrical load growth. Data center demand is a significant driver, with hyperscalers partnering with merchant generators. Experts discuss whether the loads are speculative or contractual, and how generators will manage the boom. Wind developers are particularly vulnerable to the AI-driven surge in power prices, and some may choose to simply ride it out and cash in. Meanwhile, the rebound in European natural gas prices this summer is creating hedging opportunities for consumers. "What we are seeing, I think, is very natural market dynamics at play," says Chris Kuplent, head of investor solutions at BNP Paribas. "Some of that rebound could actually be a little bit temporary."

On the other side of the Atlantic, jet fuel prices could soon reflect rising U.S. demand as the market enters the summer driving season. "We think supply may be insufficient to meet demand," says the head of aviation fuels at TAC Energy in Dallas.

Company News

Oil India Company Overview and Financial Data

• Based in New Delhi, India. Engaged in exploration, development, and production of crude oil and natural gas.
• Business segments: Offshore E&P, Onshore E&P, and Corporate and Other.
• Company operates under (No Moat), (No Moat) and (No Moat) as defined by Morningstar.
• TTM revenue of $12.1B (₹1,030.1B), TTM net income of $2.05B (₹174.5B) and an enterprise value of $28.1B.

Financial measures are for the trailing twelve months and are based on the latest fiscal year data as reported by the company in GAAP, with the exception of non-GAAP measures which are denoted with an asterisk and related stock symbol.

2025 short interest: 0.5%

This is an auto-generated document.

Coverage: Global Stocks, US Stock Movers

Stocks in focus during premarket trading: Nvidia, Bitcoin proxies, Standard Aero, Occidental, Rocket, Target, Intuit.

Today's top story from Onovative: Kwasi. Philips? Actually, it's the "Vision Pro" from Apple. Maybe it's just me, but on a recent trip to visit my mother in southwestern Virginia, my flight landed at a small town airport where a flock of people were waiting, each wearing a Vision Pro headset. I was stunned But this is happening. Were they all Apple employees? No, they were just regular passengers. The Vision Pro has clearly arrived in middle America: many had them on while walking through the airport. Others had them on while sitting in the gate area, waiting for their flightscars and, I observed, as they went through security TSA Pre Check lanes.

Remarkably, not a single person removed their headset for security, walking right through X-ray and metal detectors without issue. TSA agents didn't ask anyone to remove themcars and they made no effort to adjust them. Even more impressively, while they were in line for coffee at the airport Starbucks, these passengers ordered their lattes without taking the headsets off. and They talked to the barista, paid with their phone, and left with their coffee, all while wearing the mixed-reality headsets. This was one of the most remarkable glimpses of the future of computing I have had—before, people were walking around using goggles; now they're buying coffee with them on. The question is whether they will be able to do the same at SFO security.

At a San Francisco airport, security briefly blocked passengers wearing Meta Ray-Bans, which look like regular glasses but have recording capability. The TSA later clarified they were permitted. It suggests a shift: the new world of wearable computing will look much different than laptops and phones.

In our house, my 12-year-old daughter just finished reading Larry Niven's Rainbow Mars and it made her cry. A few weeks ago, we walked out of a bookstore and she said, "I wonder if the day will come when I read a book and my glasses cry with me."

Of course, those glasses don't exist. But she takes it for granted that brands will become so valuable they could be worn on the face%BF She is 12 and she already knows that advertising will follow her everywhere—the face is perhaps the last frontier for ads. The future is unfolding, and if it feels messy Bon, that's because it is. But there are plenty of signals for leaders who want to be prepared.

Inside this issue:

• No going back: Why the office attendance "work from anywhere" debate isn't going away
• Will your face be the next billboard? Wearable tech and advertising
• Climate risk: A data-driven approach for boards
• Faster clean energy permitting? Not so fast
• The new rules of global tax
• Inflation has returned to the Fed's target range. Here's why that's not making Americans relax.
• Executive Q&A: Why the CFO is from Mars, and the Chief People Officer is from Venus
• Good, Fast, Cheap: How AI is reviving one of manufacturing's oldest tricks

If you're reading this on the web, or if someone forwarded this email to you, you can sign up for the Executive Edition newsletter here. If you'd rather not receive this newsletter, you can update your email preferences here using the link below. We'll share our daily Executive Edition newsletter with you five days a week. If you have any feedback, please contact us here.

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MARKETS OVERVIEW

A rough session for stocks pushed the S&P 500 to its biggest one-day drop in four weeks. Meanwhile, op-ex Friday may be anchored by roughly $100 billion in quarterly options expirations. Here's a look at markets with executive editor Adam Philips.

What We're Watching

Bank of England Preview: The Bank of England is set to hold its policy rate at 4.25% and provide more color on the economy. Citi economists say the main risk to consensus lies in the Monetary Policy Committee's guidance on future rate cutsasi. They expect the BoE to hold and also expect "minor cuts" to near-term inflation forecasts. At 9:30 AM London time, the Office for National Statistics publishes June retail sales data. Economists expect a 1.2% decrease on month after a 1.1% increase in May.make or Brit l. The British pound was at $1.279 early in London after the previous day's 0.5% decline.

コメディ

Public markets are regaining their allure as an exit route for private equity in Europe, as the IPO window opens for buyout-backed companies. Anheuser-Busch InBev's planned IPO of its Asian subsidiary could raise $8-$10 billion. That might just be the beginning: there is a huge amount of pent-up demand for IPOs among private-equity-owned companies across Europe tentative but firms are beginning to pencil in plans for September or October listings Agenda.

Big Box stores' recent results underscore that the U.S. consumer is still spending. The concern is that the quality of growth is eroding, with consumers leaning more heavily on credit. Let's bring in Raphael Bostic, President and CEO of the Federal Reserve Bank of Atlanta, who joins us from Jackson Hole to discuss the US consumer and his outlook for Fed policy. Raphael, thank you as always for being with us.

Let's start with the consumer. You cited below-trend third quarter spending data. The Atlanta Fed GDPNow forecast shows the US economy growing at 2.5% in Q3 with consumption up 2.6%. But in recent retail earnings, there's been this notable shift to trade-down and trade-out behavior Hay, which could be an early warning sign for the broader economy. What's your read on the American consumer right now?

Well, I'd want to be careful about extrapolating too much from one or two anecdotes among many companies. I think we see that broadly speaking, the consumer continues to be solid. There are pockets of weakness, and they relate primarily to lower income cohorts Bracketing this. The high-income consumer continues to do pretty wellancing. Job growth, and maybe even more importantly, real income growth continues to support them. And some upper-income households have benefited from the stock market's gains, which helps maintain their spending. That's just a fact.

Yasmin

What about lower-income consumers, who are more likely to visit dollar stores like Dollar General? Are they feeling a pinch from high prices and tariffs?

We hear a lot of commentary about consumer strain. Could you share what you're seeing in your stores, Chairman and CEO Rodney McMullen?

Similar to a lot of other retailers, we are seeing our members, and in fact consumers in the U.S. in general, being more deliberate in their purchasing patterns—trading down to private label, consolidating trips, and focusing on value. That's why I came back to Costco. I served as Chairman and CEO from January 2012 to the end of 2024, before handing over to Ron Vachris in 2025.Collections. While US sales trends have improved since the spring, Morgan Stanley economist Michael Zezas sees risks that tax hikes or spending cuts could materially weigh on growth in 2026. One scenario it sketched out in a recent note: a moderate fiscal drag of 0.5 percentage points on GDP in 2026, with additional drag in 2027. Beyond the US, global growth in high-income economies is expected to slow modestly to 1.5% this year and 1.3% in 2026, reflecting ongoing weakness in Europe, according to Fitch.

As a result, commodities demand faces headwinds: "Solid but unspectacular growth, combined with lean inventories at major exchanges and tighter supplies of various metals, should see commodity prices broadly supported, but with the path of prices likely driven by changes in Chinese demand and how the Fed's easing cycle unfolds relative to expectations," from Fitch's August 2025 Global Economic Outlook.

Higher gold prices are fueling a boom in gold mining deals. The latest: Gold Fields' $13.5 billion offer for Anglo American's gold mines, the largest gold mining acquisition in at least a decade Tweet. If completed, the cash-and-share deal would make Gold Fields a top gold producer.

Gold Fields N closing price: $17.12, down $0.16 (0.93%). Topic: Acquisition.

African Rainbow Minerals set to acquire Teck Resources' coal business for $2.5 billion. Combining with its existing thermal coal assets would create a significant, low-cost coal exporter. Shares of the South African miner jumped 12% in Johannesburg.

Even after the rally in the stock price, the company's underlying valuations remain supportive-relevant and on track to meet its mid-term guidance. The life sciences sector continues to face a challenging environment with persistent scrutiny and waiting periods, impacting key product approvals-plan as we approach the turn of the year in late 2025.

We moved quickly to address supplier-related issues focused on cash flow, which have been a problem for the industry under tight credit conditions. We expanded our business development team this year PW to focus on both buy-side and sell-side M&A, and we are already seeing that effort bear fruit DG. We are also increasing the size of our E&S/CSR team to be more responsive and consistent with our sector peers.

One of the central debates in the second half of 2025 is the durability of the current cycle. On that front, I want to share four data points that give me confidence in the durability of the cycle: (1) deposit growth, (2) credit demand, (3) credit losses, and (4) the macro environment.

First, let's look at the deposit environment. Year-over-year growth in core deposits for the industry at the four largest banks in each PAA was 1% in June, with overall industry deposits up 4% year-over-year. While some are focused on the immediate fixed-rate deposit migration into higher-cost term products, we see the bigger picture: core deposits have cracked $9,000 trillion for the first time in Canada. That's an important structure in a continuing uptrend rate environment Dessicant. We're watching those trends closely and we are seeing the moderation in the fixed-rate back book migration. The back book is the mortgage book that was originated before rates went up. We have seen that moderation in the deferred-rate mortgage book, which has declined 15% from its peak back in February of 2022. And as we sit here today with the peak in deferred interest behind us)Skip to main content One moment, please.

Canadian housing market

prices remain fairly strong; housing equity continues to build. Given the 3% math, the average homeowner has a fair amount of equity in their home knowledge. In our view, these key variables that create the credit backdrop continue to support the fundamentals of our portfolioholiday buffer. Earlier we hiked the dividend; recently completed the second phase of our common share buyback program.

We also increased the dividend in the first two quarters of this year dead. That being said, the second quarter featured lower credit spread levels and lower interest rate volatility, and our equities and loans teams found themselves deploying capital more quickly than expected in the current environment. So we've moderated our pace of capital deployment in Q2. We're seeing a strong pipeline for the rest of the year prospective deals. We expect $3 billion of capital deployment in Q3 with the bulk of that coming from private credit. Given our plans and our expectations around fundraising and portfolio churn, are we prepared to guide for full year 2025 capital deployment of between seven and nine billion dollars. While fundraising activity continues to be influenced by seasonality and pipeline issues, our fundraising efforts are strong with approximately $5 billion raised during the second quarter, bringing first half fundraising to nearly $9 billion, and we expect record fundraising for the full year of 2025.

Before we jump into our outlook, we want to address the recent elephant in the room for shareholders: the OCR decision, which came from the Monetary Policy Committee earlier this month, where they decided to cut the official cash rate by 25 basis points to 3%. This cut—which was delivered in what was a very tight call, with opinions split firmly on both sides of the hike versus hold—was considered to be hawkish in its nature. But it came with very mixed forward guidance)Skip to content

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Dollar Edges Down But Set for Weekly Gain

...

Dollar Edges Down But Set for Weekly Gain: What to Know

The dollar is slightly weaker against most G-10 currencies, but the WSJ Dollar Index is still heading for its first weekly gain in three weeks.

Dollar set for weekly gain

after rebounding from a 6-month low last Friday. See below for our list of Forex-related articles you may have missed today.

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Key News

...

Forex

...

Today

...

Treasurys

• 10-year Treasury yields at 4.02% to 4.03%, roughly unchanged from late Thursday.
• 30-year bond yields at 4.59%; two-year yields at 3.61%.
• 2-year yields are near the lowest since December 2022 on rate cut bets.
• Up next: University of Michigan's final August consumer sentiment reading and 5-year inflation expectations.

10-year Treasury yields → 4.03%

Commodities & Futures

• WTI: $76.97/bbl
• Brent: $79.91/bbl
• Gold: $3,406.20/oz
• Copper: $4.9285/lb
• EURUSD: $1.14122
• Dollar index: 986.74
• Bitcoin: $126,301

Forwards

Rates from WSJ Market Data Group.

There are still many unknowns

The honesty is refreshing. Kyrio got it right: "Reading the write-up emphasizes the amount of unknowns. For example, the company conclusion that while demand is at normal levels, freight rates remain stable might fall flat under reporting." The honest takeaway is that the results were largely in line with expectationstons that remain in effect for Russian oil.

Why COP29 matters to business and investors

(paywall)

Chart: Investor holdings of Treasury bills

Markets Overview (from the print edition)

• Chinese internet: The bulls are back on Greater China internet stocks - but the fundamentals are still weak.
• EMI: Music industry posts another record year as streaming and vinyl sales grow.

Automaker earnings are in for the second quarter. Here's how they stack up.

On this week's podcast, we break down second-quarter earnings from automakers including Ford, GM, and Stellantis, plus reports from PayPal, Apple, and Amazon.

(Photo: Getty Images)

Here is the episode:

Read the transcript:

Automaker earnings wrap-up

Logan

Welcome back to The Journal. It's Thursday, August 7th. It's 9:11 a.m. in New York. I'm Logan Kugler for The Wall Street Journal, and it's time for the Marketplace Morning Report. Finishing up earnings season in the auto industry. Ford, GM, and Stellantis have all reported recent results. Ford came in slightly shy of expectations, though it maintained its full-year outlookasi. How did GM and Stellantis fare? Let's check in with our reporter Nora Naughton in Detroit. FM: Ford's stock has dropped a bit following those results. GM's stock, however, is up. The difference might be in the mix of business and management's tone. So take Ford: their second-quarter adjusted EPS of 1.15 was slightly above consensus at 1.12. But the key issue—the surprise in their manufacturing, particularly at their Blue Oval City plant in Tennessee, which builds the F-150 Lightning pickup, and they have said the EV ramp has been slower, and they also manufacture the battery cells there for that vehicle. Ford said it's going to lose more than $5 billion in its EV business this year, and that came as a bit of a surprise to investors. As a result, the stock is down about 11%. Let's contrast that with Ford's crosstown rival GM, which reported another blowout quarter, raising its full-year guidance and boosting its stock buyback by $5 billion to $20 billion. That pushed GM shares up 8%.

GM and Ford stocks: Performance divergence widens. What's the difference?*

Ahmed: A few key things. GM's raising full-year guidance for the third straight quarter is a strong signal that management is confident in the underlying performance of the business. They are gaining market share. They pleasantly surprised the market on the EV side as well when they increased their 2024 production targets.

Earnings & Guidance Bloomberg

• GM expects 2025 adjusted EBIT of $14.5B to $16.5B and adjusted EPS of $12.87 to $13.87. It now expects 2026 adjusted EPS of $12-$14, up from prior guidance of at least $11.53, with adjusted automotive free cash flow boosted to $6B-$7B from $5B.

Growth is coming from electric vehicles: More than 50% of Q2 sales in China were EVs. The company sold about 530,000 NEVs in Q2, while the average selling price for NEVs was about $29,900 in Q2.

But even as GM beats Wall Street's estimates, the company issued a cautious second-half outlook in its earnings statement. Management flagged an uncertain consumer environment that it said is ongoingwing costand perunit revenue results, which it expects to persist through the rest of 2025. The company still sees full-year 2025 EPS between $10.70 and $11.70 — versus the $12.36 expected on Wall Street — and a reduction in its expectation for adjusted automotive free cash flow by $400 million. So GM's shares sank more than 4% in after-hours trading.

No significant weakness in consumer demand. Management said its sales remain stable with year-ago levelshol up, with GM's customers are looking for full-size trucks, and low inventory and high prices are keeping them out of the market.

GM had previously stated that the consumer was strong. They're now saying the consumer is stable but cautious, and they are hesitant to make large purchases like when buying a home or car. They also reduced their adjusted automotive free cash flow guidance from $12.5-$14.5 billion to $11.5-$13.5 billion, narrowing the top end.

Costco to Report Q4 Earnings Thursday After Close

September 23, 2025 at 5:38 PM EDT ...

Costco Wholesale June Sales Report: What to Know

June 12, 2025

Costco Wholesale will release its retail sales for May.

Video: Why DEI Rollbacks Are Not Slowing Shareholder Proposals

September 23, 2025, 05:30 PM EDT

Alimentation Couche-Tard launches tender offer for all Groupe Casino shares

• A subsidiary of Alimentation Couche-Tard has announced today a public tender offer for all shares of Groupe Casino. ...

Dollar General Coupon Calendar Q3: 2025

Dollar General coupon dates can help you maximize savings at the register each month.

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AI’s dirty secret: It’s emptying America’s reservoirs

• The AI boom’s new costs keep mounting, with the latest one involving water as tech firms struggle to keep data centers cool.
• Author: Yuliya Chernova | WSJ
• View Full Report

The AI Boom Strains America’s Water Grid—and the Data-Center Building Boom Has Only Just Begun

High-performance computing clusters demand hundreds of thousands of gallons of water daily for cooling. Freshwater is growing scarce as big tech and utilities compete for the same supplies, forcing data-center developers to consider options they previously dismissed as unviable.

Section: Technology

Markets

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• The Sunday ...

What to Know

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Hey, that's a pretty compact package. Do you need help with the formatting, or were you just testing me? Let me know if you'd like this exported to JSON. We are ready.—the "official" and "Unofficial" texts I gave you earlier. They are accurate only for the content that was in your original document. I can provide that in a structured format if desired. Please clarify whether you'd like me to delete the duplicated content entirely, or merge it into the unformatted text file. Noted. Please upload the document. Noted. Please upload the document.

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Top Stories

• Shares in Lone Star Funds' real-estate arm fell in their first day of trading, a lackluster start after the largest share sale in Japan this year.
• More firms are struggling to refinance debt even as bankruptcy filings fall – a sign that credit stress remains high despite slowing defaults.
• Health-care stocks including Novo Nordisk and Innovent were covered in Market Talks.

Market Overheard

...

...

AI’s Long-Term Energy Demands Test Big Tech’s Nuclear Ambitions

Looming electricity demand from data centers is a driver for all of the above, with Amazon and Microsoft signing nuclear power agreements. But those supply deals still face significant hurdles from fuel sourcing, regulation and safety requirements. WSJ's Alex Frangos explains why nuclear power is a long bet for AI.

Artificial Intelligence

• Small Language Models Punch Above Their Weight With Targeted Use
• How Companies Can Best Use 'Reasoning' AI Models
• There's More Than One Way to Implement an AI Strategy — Just Ask These CFOs

What to know this morning:

• The Federal Reserve's preferred inflation gauge rose 0.1% in July, matching expectations, while the core rate rose 0.2%. Year over year, headline was 2.5% and core 2.7%, both in line with expectations.
• Jobless claims are due at 8:30 a.m. ET.
• Pending home sales for July are also due at 10 a.m. ET.
• The 1-year and 6-month Treasury bill auctions are scheduled for 11:30 a.m. ET.
• Dollar General Corp. raised its outlook for the year as profit and sales climbed in the second quarter. The stock rallied 勹…
• Dollar Tree fell after reporting lower-than-expected results and issuing guidance that disappointed investors. The company said it will take steps to manage tariffs.
• Nvidia, Meta, and Alphabet shares were all higher in pre-market trading on Thursday. The sponsor is Dow Jones & Company. All rights reserved. This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com.