01 Stock Market
As of Mar 26, U.S. stock index futures performed as follows: Dow futures slipped close to one percent, S&P 500 contracts retreated nearly one percent, and Nasdaq 100 futures lagged with a loss of just over one percent. The pull-back reflects profit-taking after recent record highs, renewed concerns about higher energy prices, and a rotation out of richly-valued growth names. Traders also digested geopolitical headlines and mixed central-bank rhetoric, prompting a cautious stance ahead of the opening bell.
Notable Stock Movers: Semiconductor names led pre-market weakness, with Micron (MU) down 3% at $370.61 following a sector-wide downgrade, while NVIDIA (NVDA) down 1.4% at $176.18 amid slower risk appetite for AI leaders. Leveraged chip ETF SOXL fell 5.5% at $53.92, mirroring the drop in underlying chip stocks. Precious-metals proxy AGQ sank 13.4% at $95.49 after bullion prices retreated, whereas oil-linked USO climbed 0.9% at $114.47 as crude extended its rally. Electric-vehicle bellwether Tesla (TSLA) eased 0.5% at $383.90, and Meta (META) slipped 1.1% at $585.69 as legal headlines and fund flows weighed on sentiment.
02 Other Markets
• 10-year U.S. Treasury yield rose 1.43%, to 4.39%.
• U.S. Dollar Index rose 0.28% to 99.91.
• WTI crude oil futures rose 4.88% to 94.73 USD/barrel; COMEX gold futures fell 2.81% to 4,424.40 USD/ounce.
03 Key News
1. Meituan reported a second consecutive quarterly loss as fierce one-hour delivery competition squeezed margins. Revenue grew just over 4%, missing analyst expectations, while adjusted net loss narrowed slightly to 15 billion yuan. Management said recent regulatory signals aimed at curbing “price wars” may ease pressure going forward.
2. A California jury ruled that Meta Platforms and Alphabet’s YouTube designed addictive apps that harmed a minor, awarding $3 million in damages. The verdict intensifies scrutiny of social-media platforms’ product practices and could spur additional lawsuits, contributing to Meta’s and Alphabet’s pre-market declines.
3. Pony AI announced a partnership with Uber and autonomous-driving firm Verne to launch robo-taxi services in Croatia. The collaboration aims to expand Pony AI’s geographic footprint into Europe despite a wider quarterly loss, supported by a 72% year-over-year revenue increase.
4. Cathie Wood’s ARK Invest trimmed its Meta holdings and added shares of healthcare-AI firm Tempus AI. ARK’s flagship Innovation ETF sold 3,578 Meta shares (about $2.1 million) while purchasing roughly $3.3 million of Tempus, signaling a tactical shift toward niche AI healthcare exposure.
5. SpaceX is targeting about $75 billion in fresh capital in its planned initial public offering, according to the Financial Times. Bank of America, Goldman Sachs, JPMorgan Chase, and Morgan Stanley will lead the deal, and the Elon Musk-led firm may allow early investors to sell shares on day one, aiming for a valuation near $1.75 trillion.
6. An RBA assistant governor cautioned that prolonged Middle East conflict could heighten inflation risks, reinforcing the case for tighter policy. Speaking in Sydney, he warned soaring energy costs might unanchor inflation expectations, signaling the central bank’s readiness to act further after recent rate hikes.
7. President Trump privately signaled a desire to conclude hostilities with Iran within weeks, exploring diplomatic options alongside military pressure. Sources say the administration is weighing staggered troop deployments and potential oil-related concessions, a stance that could influence global energy markets and defense stocks.
8. Arm unveiled its AGI-class CPU, claiming twice the energy efficiency of rival chips and securing Meta as its lead customer. The company, now selling full chip designs, projects annual revenue could reach $25 billion within five years amid soaring demand for agentic-AI computing power.
9. Bitmine launched MAVAN, a large-scale institutional Ethereum staking platform, with chairman Tom Lee staking $6.8 billion to back his bullish macro thesis. Lee argues that geopolitical turmoil ultimately benefits U.S. markets and crypto adoption, positioning MAVAN to capture rising institutional demand for ETH staking yields.
10. New Zealand insurer Tower appointed Simon Hoole as interim chief financial officer effective May 1. The leadership change comes as the firm navigates regulatory reviews and positions for strategic growth; shares closed higher on Wellington’s exchange ahead of the U.S. session.
Sources: Reuters, Dow Jones, Tiger Newspress, public market data
Disclaimer: For informational purposes only; not investment advice.
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