U.S. trade deficit fell nearly 24% in August on steep drop in imports
The U.S. trade deficit moved sharply lower in August following a slide in imports as tariffs make their way through the global economy.
A Commerce Department report Wednesday — the agency’s first official data release since the government shutdown ended — put the imbalance between goods and services at $59.6 billion, tumbling 23.8% from $78.2 billion in July and below the Dow Jones forecast for $61billion.
Driving the decline was a 5.1% decrease in imports, and to a much lesser degree as a 0.1% increase in exports. Deficits with Switzerland and Canada fell by a combined $10 billion.
—Jeff Cox
Stocks open little changed
The three major averages opened Wednesday’s session little changed.
The S&P 500 rose 0.1% just after 9:30 a.m. ET, as did the Nasdaq Composite. The Dow Jones Industrial Average fell 38 points, or 0.1%.
— Sean Conlon
Blue Owl calls off merger of its two private-credit funds, according to sources
Blue Owl has decided to call off the merging of two of its private-credit funds after the deal caused some angst among investors, according to people familiar with the matter.
The firm had planned to merge its smaller, non-traded Blue Owl Capital Corporation II (OBDC II), into the larger, publicly traded fund Blue Owl Capital Corporation (OBDC). In doing so, the firm restricted investors in the $1.7 billion OBDC II from redeeming until the deal closed, even as the merger would have meant about 20% paper losses, based on where the $17.1 billion OBDC has been trading.Â
News of the restricted redemptions caused shares of the parent company – Blue Owl Capital to slump about 6% on Monday. It also added to concerns about the state of the private credit industry among investors, especially the area that has started to heavily finance the AI datacenter buildout that many fear is overhyped. Blue Owl shares rebounded slightly on Tuesday. Read more.
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Blue Owl, 1-day
Stocks making moves in premarket trading
Here are some of the stocks moving before the opening bell:
TJX — The parent of the T.J. Maxx and Marshalls retail chains rose 3% after reporting third-quarter earnings of $1.28 per share on revenue of $15.12 billion. That topped the LSEG consensus estimate of $1.22 EPS on revenue of $14.85 billion. Bullish — The crypto exchange added 1% on the back of its revenue beat. Bullish, which went public in August, reported adjusted revenue of $76.5 million, topping the $72.9 million expected from analysts polled by FactSet. Adjusted EBITDA also exceeded expectations.Plug Power — The hydrogen fuel cell developer sank 20.6% after announcing plans to offer $375 million of senior convertible notes due in 2033.
To see more names making moves in the premarket, read the full story here.
— Michelle Fox
Dollar index scores new high
The dollar index inched up on Wednesday, hitting a fresh high of 99.792. That’s the highest level since Nov. 7, when the index hit a high of 99.872.
Wednesday’s gains help put the index on track to secure its first positive week in three, as it’s currently up 0.4% week to date.
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Dollar index, 1-day
— Gina Francolla, Sean Conlon
Global investors reflect on stock sell-off
Global investor sentiment for artificial intelligence remains buoyant, despite on the ongoing stock sell-off. Â
European and Asia markets have seen days of consecutive losses, tracking their U.S. counterparts lower as pressures mount on AI-related stocks and their valuations. The pan-European Stoxx 600 on Tuesday notched its lowest level in a month, with major bourses opening mixed on Wednesday, while Asia-Pacific markets fell. Â
Stateside, stock futures were little changed overnight after major U.S. indexes extended their losses. AI-related stocks such as Nvidia, Palantir, and Microsoft are among those feeling the pressure.
“We do think this is an AI specific pullback. We don’t think this is the beginning of the bear market,” Emma Wall, head of investment analysis at Hargreaves Lansdown, told CNBC’s “Squawk Box Europe.”  Read more.
— Tasmin Lockwood
Jefferies says buy DoorDash
A delivery worker carries a DoorDash bag in New York, US, on Tuesday, May 6, 2025.
Yuki Iwamura | Bloomberg | Getty Images
Jefferies is getting more bullish on DoorDash as more advertising opportunities materialize.
The investment firm upgraded the food delivery platform to buy from hold. It also raised its price target to $260 from $220, which signals upside of 23% from Tuesday’s close.
Shares of DoorDash have rallied 26% this year, but have cratered 20% in the past 30 days, making DoorDash’s “strong execution and growth algorithm now appear underappreciated,” Jefferies wrote. CNBC Pro subscribers can read more here.
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DASH, 1-day
Target falls on profit outlook cut
A shopper pulls a shopping cart outside a Target store in Albany, California, US, on Monday, Nov. 17, 2025. Target Corp. is scheduled to release earnings figures on November 19. Photographer:
David Paul Morris | Bloomberg | Getty Images
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TGT 5-day chart
Lowe’s rises on earnings beat
Lowe’s logo is seen on the store in Texas, United States on Oct. 21, 2025.
Jakub Porzycki | Nurphoto | Getty Images
Lowe’s shares rose more than 4% after the home improvement company reported third-quarter earnings that beat analyst expectations. The company earned an adjusted $3.06 per share, topping an LSEG estimate of $2.97 per share.
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LOW 5-day chart
Bitcoin slips again
CFOTO | Future Publishing | Getty Images
The volatility in bitcoin continued, with the flagship cryptocurrency falling more than 1% to trade around $91,240. Bitcoin on Tuesday briefly dipped below $90,000 before rebounding.
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BTC 5-day chart
Fund managers holding unusually small amount of cash are flashing a sell signal, BofA says
Professional money managers polled by Bank of America in its November Global Fund Manager Survey are holding just 3.7% of assets in cash, flashing a “sell signal,” the bank said.
Investors were too bullish this month, the most overweight in equities since February and the most overweight in commodities since Sept. 2022, BoFA said. That enthusiasm is “a headwind not tailwind for risk assets,” and means the autumn market’s “froth” will continue “to correct further without [a] Fed December rate cut,” strategists led by Michael Hartnett wrote Tuesday. Emerging markets and banks are the “most vulnerable to proper Q4 risk-off move,” they said.
Contrarians view small amounts of cash reserves as bearish for stocks because it means most buying has already been done and there’s little dry powder left on the sidelines that can be further allocated into equities.
The survey covered the period from Nov. 7-13, including some 202 participants running $550 billion in assets under management.
— Scott Schnipper
ON Semiconductor, La-Z-Boy among stocks moving Tuesday evening
Check out the companies moving in after-hours trading:
La-Z-Boy — Shares of the furniture retailer and manufacturer jumped nearly 7% on the back of strong second-quarter earnings results. La-Z-Boy earned 71 cents per share, on an adjusted basis, which came out significantly higher than the 54 cents per share analysts polled by FactSet expected. The company’s revenue of $522.5 million for the period exceeded the forecasted $517.6 million.ON Semiconductor — ON Semiconductor shares rose almost 4% after the company’s board approved a $6 billion stock buyback program over the next three years, beginning on Jan. 1, 2026.Dolby Laboratories — Dolby Laboratories dropped 1% after the audio and imaging company’s fiscal first-quarter guidance disappointed the Street. Dolby expects earnings to be between 79 cents and 94 cents per share, excluding items, while analysts polled by FactSet expected $1.15 per share. Dolby also forecasted revenue of between $315 million and $345 million, lower than the $369.2 million consensus estimate. Still, Dolby’s fourth-quarter results beat on top and bottom lines.
— Pia Singh
Constellation Energy shares rise on news of Trump administration loan
The cooling towers of the Three Mile Island nuclear power plant in Middletown, Pennsylvania, Oct. 30, 2024.
Danielle DeVries | CNBC
Shares of Constellation Energy ticked 2.6% higher in extended trading after the U.S. government said it will back the company with a federal loan.
Department of Energy officials said Tuesday that the Trump administration will provide Constellation Energy with a $1 billion loan to restart the Crane Clean Energy Center nuclear plant in Pennsylvania. The plant, previously known as Three Mile Island Unit 1, is expected to start generating power again in 2027. Constellation unveiled plans to rename and restart the reactor in Sept. 2024 through a power purchase agreement with Microsoft to support the tech company’s data center demand in the region.
The loan would cover the majority to the project’s estimated cost of $1.6 billion. More here.
— Spencer Kimball, Pia Singh
U.S. stock futures open little changed