Dow Jones Top Financial Services Headlines at 11 AM ET: Venture Firm Behind Chip Startup Groq Targets $10 Billion Megafund | How ...

Reuters, October 7 — Chip manufacturer Wolfspeed (WOLF.N) announced on Wednesday that it has received a conditional loan commitment of up to 1.5 billions USD from the U.S. Department of Defense (DoD) to expand domestic production of silicon carbide materials and power devices. Boosted by this news, its stock price surged by 27% in after-hours trading. Wolfspeed uses silicon carbide to produce chips, which are more energy efficient and widely utilized in electric vehicles, solar inverters, and industrial power systems that require large amounts of power conversion. The company stated that this 30-year conditional loan commitment, provided through the DoD’s Office of Strategic Capital, demonstrates efforts to optimize its capital structure and solidify its financial foundation. Wolfspeed plans to use the funds to upgrade its gallium nitride technology to meet the demands of next-generation communication infrastructure and electronic warfare systems, as well as to develop radiation-resistant capabilities. The financing is subject to due diligence, the signing of definitive agreements, government approvals, and other conditions. According to proposed terms, Wolfspeed will be required to issue warrants to the DoD, allowing it to purchase up to 7.5% of Wolfspeed’s fully diluted equity. (For convenience of non-English readers, Reuters provides automated translations of its reports in multiple languages. Since automated translations may be inaccurate or lack necessary context, Reuters does not guarantee the accuracy of these translations and provides them for reader convenience only. Reuters bears no responsibility for any damage or loss resulting from the use of such features.)

The second paragraph has been supplemented with Levi Strauss's stock performance, the fourth bullet point includes additional analyst comments, and the sixth bullet point incorporates updated earnings forecasts. Reuters, October 7 — Levi Strauss (LEVI.N) raised its annual profit forecast on Wednesday after benefiting from tariff rebates and betting that its premium jeans will see strong demand during the holiday season. The company’s shares dropped 1.3% in after-hours trading, reversing a brief 7% rise following the earnings release. Details are as follows: The apparel brand received a $79 million tariff rebate in the third quarter ended August 30 under the International Emergency Economic Powers Act, and plans to reinvest about $60 million of that amount in promotions this year. Direct-to-consumer comparable sales were flat in the third quarter. CEO Michelle Gass stated that sales in the US market declined due to heightened inflationary pressures faced by consumers, leading to a weaker-than-expected performance in this segment. However, the jeans maker’s women’s collection was a significant highlight, thanks to increased demand for loose-fitting jeans and a strategic expansion of the product line beyond jeans to tops, skirts, and dresses. Independent retail consultant Bruce Winder commented that direct-to-consumer business underperformed expectations this quarter, adding that high fuel prices continue to present challenges in the US market. Levi Strauss raised its forecast for full-year organic revenue growth to 6%, hitting the upper end of the previous 5.5%–6% range. The company increased its full-year adjusted earnings per share forecast from the prior range of $1.46–$1.52 to $1.54–$1.56. According to data compiled by LSEG, net revenue for the quarter ended August 30 grew by 4% to $1.61 billion, in line with the expected $1.62 billion. Adjusted earnings per share for the quarter were $0.48, compared with analysts’ prior forecast of approximately $0.36 per share.

04:50 PM EDT, 10/07/2026 (MT Newswires) -- (Updates with market moves at the end of the day, and other changes, if any.) The Nasdaq Composite and the S&P 500 fell from record highs on Wednesday after the Federal Reserve published September's meeting minutes, while long-dated Treasury yields backed away from a 24-year high. The Nasdaq Composite and the S&P 500 both declined 0.2% to 27,538.69 and 7,801.77, respectively. The drop halted five consecutive days of gains for the Nasdaq and a four-day rally for the S&P 500. The Dow Jones Industrial Average fell 0.7% to 51,179.87, snapping a four-session advance. Healthcare led gainers among sectors, while industrials declined the most. Most Federal Reserve officials expected another interest rate hike by year-end to curb inflation, though they vowed to base their future policy decisions on fresh data, according to minutes from the central bank's September meeting. The minutes didn't offer a materially new policy signal, TD Economics said in a note. "The minutes contained relatively little that had not already been communicated through the September Summary of Economic Projections and (Fed Chair Kevin Warsh's post-meeting) press conference," TD Senior Economist Vikram Rai said. Markets are pricing in an 83% probability that the central bank will keep its benchmark rate steady later this month, according to the CME FedWatch tool. The 10-year Treasury yield was last up 1.5 basis points at 5.29%, having hit 5.365% earlier in the day, the highest since 2002. The Treasury Department auctioned $39 billion of notes on Wednesday. The two-year yield fell 1.9 basis points to 4.77%. In other economic news, US consumers' one-year-ahead inflation outlook reached the highest in more than three years in September, while labor market expectations "mostly improved," a survey by the Federal Reserve Bank of New York showed Wednesday. Brent crude oil was up 0.4% at $100.94 a barrel in Wednesday late-afternoon trade, while West Texas Intermediate fell 0.5% to $88.98. Amgen's (AMGN) shares wer