MARKET SNAPSHOT

The DJIA continued its rally as investors hoped for a reopened government, while the S&P 500 rose slightly and the Nasdaq declined. The White House said that October inflation and employment data may never be released due to the shutdown, sending treasury yields lower. Gold and silver both continued their rise. Oil futures snapped a three-session winning streak due to oversupply concerns.

MARKET WRAPS

EQUITIES

Investors are hoping that this will be the day the record-long government shutdown finally ends.

The House is set to pass the spending package late Wednesday intended to reopen the government. The bill, which extends federal government funding until Jan. 30, then goes to President Trump's desk.

The Dow industrials rallied 0.7%, closing above 48000 for the first time. However, big technology stocks such as Palantir, Oracle, Meta Platforms and Tesla dropped. The Nasdaq composite slipped 0.3%, while the S&P 500 finished less than 0.1% higher.

The government reopening is expected to resolve one source of investor uncertainty by unleashing delayed economic data, such as the September jobs report, as soon as next week. But government reports on inflation and the labor market for October are "likely never" to be released, the White House press secretary said.

One big question is whether the Federal Reserve will cut interest rates again in December. Policymakers are split over which poses the greater threat, inflation or the weakening jobs market.

Shares in Asia were mixed.

Mainland China shares traded weakly, with ChiNext and Shanghai closing 0.4% and 0.1% lower, respectively. The Shenzhen ended 0.4 lower.

However, in Hong Kong, the Hang Seng closed 0.8% higher.

Stocks in Japan also rose, with the Nikkei closing 0.4% higher, despite the index-heavy SoftBank falling 3.5% after the company reported results and said it sold its entire stake in Nvidia.

Australia's S&P/ASX 200 Benchmark Index slipped 0.2%.

In New Zealand, the S&P/NZX 50 Index rose 0.5%.

COMMODITIES

Oil futures snapped a three-session winning streak with market concerns about oversupply back at the front of traders' minds.

Morning losses accelerated as the market approached contango, where prices for nearby months are below those of later dates, adding a technical aspect to the selling.

"There is a lot of oil out there these days," said John Kilduff of Again Capital. "The curve is flirting with contango, and that alone will feed on itself, once it starts to get going and it becomes pretty abject."

WTI for December settled down 4.2% at $58.49 a barrel, with January off 4.1%, also at $58.49.

"I do think it's going to flip into contango. Cargos are begging out there for bids and it's not going all that great," Kilduff added.

Silver futures posted a new record high, with the front-month contract closing up 5.4% to $53.332 a troy ounce.

It was the fourth consecutive session that silver futures rose, making it nearly 12% that silver has gained in that timeframe.

The strength in silver may continue through the rest of the year, said Peter Cardillo of Spartan Capital Securities.

Gold also saw gains throughout the day, rising 2.4% to $4,204.40 a troy ounce. Today's gain was the third higher-closing day out of the past four.

TODAY'S TOP HEADLINES

White House Says October Jobs, Inflation Reports Unlikely to Be Released

Two major government reports on inflation and the labor market for October are "likely never" to be released, the White House press secretary said Wednesday.

The six-week government shutdown largely halted the release of government data that Wall Street and economic policymakers rely on to measure the economy's health. Though the shutdown is expected to end soon, the White House indicated the reports on inflation and employment for last month will be lost due to the long closure of federal agencies.

"All of that economic data released will be permanently impaired, leaving our policymakers at the Fed flying blind at a critical period," Karoline Leavitt told reporters Wednesday, regarding the Federal Reserve.

House Set to Vote to End Shutdown Despite Late Controversy

WASHINGTON-The GOP-led House was set to approve a spending package late Wednesday that reopens the government after a record-length shutdown, with the measure expected to overcome last-minute bipartisan complaints about a provision offering potentially lucrative payouts to some Republican senators.

The package extends funding for the federal government through Jan. 30 and includes full-year funding for the Agriculture Department, military construction and the legislative branch. The bill also includes language guaranteeing the reversal of federal layoffs initiated by the Trump administration during the shutdown-and a moratorium on future cuts.

The House vote is coming days after a band of senators who caucus with the Democrats broke with the party in that chamber to advance a legislative package to reopen the government.

Cisco Systems Boosts Outlook as Profit, Revenue Rise

Cisco Systems raised its fiscal year outlook after profit and revenue increased in its latest quarter, driven by demand for its artificial intelligence products.

The networking-equipment company said Wednesday it now expects revenue of $60.2 billion to $61 billion for the fiscal year, up from a prior range of $59 billion to $60 billion.

Cisco now forecasts fiscal-year adjusted earnings per share of $4.08 to $4.14, up from $4 to $4.06 previously.

Toyota Doubles Down on Hybrids in the U.S. With $14-Billion Battery Push

LIBERTY, N.C.-Toyota, a longtime hybrid car and truck promoter, is making one of the industry's biggest bets on green transportation and opening a $14 billion battery plant here.

For years, Toyota held out against electric vehicles while rivals retrofitted factories and launched models in preparation for an all-electric future. Now that the EV market in the U.S. is vanishing as tax credits expire and sales disappoint, Toyota is doubling down on its hybrid strategy.

The Japanese automaker's gamble: that American consumers-many of whom won't touch an EV-will buy increasing numbers of hybrids, which often get up to 50% better mileage than a standard gas-powered car.

Coinbase to Leave Delaware, Reincorporate in Texas

Coinbase Global plans to leave Delaware and reincorporate in Texas, the latest victory for the Lone Star State in its battle to woo businesses away from what has long been the country's corporate capital.

The move suggests Delaware's efforts to change its reputation as being unfriendly to businesses aren't moving the needle yet. It also underscores the continued shift of power away from shareholders and toward founders and company executives.

Coinbase Chief Legal Officer Paul Grewal said in an opinion piece in The Wall Street Journal Wednesday that the company is pursuing the reincorporation because Texas' legal framework is more predictable and efficient than Delaware's. Coinbase, a cryptocurrency exchange, has a market value above $80 billion, meaning its move could encourage other companies to follow suit.

Chevron Is Getting More Serious About Power

Chevron plans to keep boosting oil-and-gas production through 2030. It is also becoming more serious about entering the power business.

As part of an annual presentation to investors Wednesday, the second-largest U.S. oil producer said it is aiming to bring online by 2027 a power plant that would serve an artificial-intelligence data center in the West Texas shale patch, where it pumps natural gas.

Chevron Chief Financial Officer Eimear Bonner said the company has "entered exclusive negotiations with a premier customer" for the power project. The project is expected to provide 2.5 gigawatts of off-grid power-enough to power almost 2 million homes-with the ability to expand to 5 gigawatts if demand warrants.