OPENING CALL
U.S. stock futures pointed to a higher lower open Wednesday as investors held on to hope for a resolution to the fighting in the Middle East.
After Tuesday's slide in which the S&P, the Dow and Nasdaq closed in the red, futures for each were in positive territory in European trading.
There are tentative hopes for a resolution in the Middle East as mediators from Turkey, Egypt and Pakistan push to have a meeting arranged between the U.S. and Iran by Thursday.
Officials have said that the U.S. has sent Iran a 15-point plan to end the war and President Trump on Tuesday said he was more confident of Iran's willingness to reach an agreement.
First Abu Dhabi Bank, however, cautions investors should stay cool when it comes to President Trump's comments regarding the conflict. SEB said the market has reacted with relief to the so far uncertain prospects for peace, even if the spokesman for Iran's armed forces suggested that the U.S. was negotiating with itself .
"We expect a veil of caution to persist across financial markets in the near term," First Abu Dhabi Bank said.
Optimism about the war ending without the U.S. first making an attempt to secure and control the Strait of Hormuz, or without getting more leverage in talks with Iran, still seems misplaced , Macquarie Group said, adding that it seems as if the war will continue until mid-April.
With markets volatile and Erste Group anticipating the war's shock to the global economy will likely last longer than originally expected, Navellier & Associates nevertheless noted that markets seem to have reached a correction where investors appear ready to buy the dip.
Stocks to Watch
Amazon shares rose 1.6% recovering from Tuesday's fall after its cloud-service business was disrupted in Bahrain.
Arm Holdings climbed nearly 13% after the company announced a new data center CPU chip on Tuesday.
KB Home shares fell 3.6% after it cut its fiscal year guidance .
Meta shares were up about 1% as the company seeks to incentivize executives to grow the company at speed.
Newmont shares rose 5.3% as gold prices rose.
Watch For:
U.S. international transactions and investment position for 4Q and full-year 2025; EIA weekly petroleum status report
Today's Top Headlines/Must Reads:
- The Oil Supply Crunch Is Spreading From the Gulf to the Rest of the World
- ECB Would Need 'Forceful' Response If Inflation Surges, Says Lagarde
- A 'Wannabe Strongman' Rises in Iran as Trump Seeks a Dealmaker
MARKET WRAPS
Forex:
The dollar fell slightly as tentative hopes for a resolution to the Iran war sent oil prices lower and reduced demand for safe-haven assets.
Lower oil prices resulting from the latest developments are negative for the dollar as the U.S. is a net oil exporter. It also reduces the prospect of the Federal Reserve pivoting towards rate rises.
Sterling stayed weaker versus the dollar and the euro after the latest U.K. inflation data was in line with expectations.
The euro traded flat against the pound and ING said that sterling could rise against the euro if Bank of England official Megan Greene supports the case for an interest-rate rise in April when she speaks at a conference at 1200 GMT.
Bonds:
Treasury yields fell and oil prices retreated slightly as officials said the U.S. has sent conditions to end the war. Yields fell across maturities, but more on short-end Treasurys than on long-end ones.
Energy:
Oil prices fell, with Brent crude back below $100 a barrel after the U.S. sent Iran a 15-point plan to end the war and on news that mediators were pushing for a meeting between Washington and Tehran.
Metals:
Gold prices climbed as diplomatic efforts to end the Middle East war and a drop in oil prices eased concerns over inflation. New York futures gained 3.2%, silver was up 5.2% while platinum rose 2.7%.
Aluminum
The global aluminum market is expected to face a second-quarter deficit of roughly 900,000 metric tons--the largest since 2019, Goldman Sachs said, now projecting a 550,000-ton surplus this year, down from 800,000 tons previously.
TODAY'S TOP HEADLINES
Chip Giant SK Hynix Seeks U.S. Listing as It Spends to Meet AI Demand
South Korean memory-chip maker SK Hynix is planning to list in the U.S. this year as it raises funds for investments to meet demand for advanced chips driven by the artificial-intelligence boom.
The company, a global leader in high-bandwidth-memory products, said Wednesday that it had filed an application to list American depositary receipts with the Securities and Exchange Commission.
Meta Targets $9 Trillion Valuation With New Executive Incentive Program
Meta Platforms is seeking to incentivize its top executives to grow the company at an extremely aggressive pace with a new stock option program that could pay some of them hundreds of millions of dollars.
Under the program, executives would only realize the full value of their options if the company hits a market capitalization of more than $9 trillion by 2031-an increase of 500% from its current $1.5 trillion, according to the company and new filings with the Securities and Exchange Commission.
Macquarie Asset Management Top Contender to Buy Stake in Tower Company
Australia's Macquarie Asset Management has emerged as the lead contender to acquire Malaysian telecom giant Axiata Group's majority stake in one of the world's biggest telecommunications tower firms, people familiar with the matter say.
Talks to acquire Edotco are ongoing, the people said, and a deal isn't assured.
U.K. Inflation Unchanged in February, But Iran War Clouds Outlook
The U.K.'s annual rate of inflation was unchanged in February, but is set to rise over the coming months as energy and food prices jump in the wake of the U.S.-Israel conflict with Iran.
Consumer prices rose 3.0% on year, in line with January's rise, the Office for National Statistics said Wednesday. This matched a consensus of economists polled by The Wall Street Journal.
Inflation Could Hit 4% After the Oil Shock. It Isn't a Short-Term Problem.
Inflation has been relatively tame so far this year, with the consumer price index rising 2.4% on an annual basis in each of the past two months. The outlook for the coming months is a lot less benign, however.
The surge in oil prices since the Feb. 28 start of the war with Iran is set to drive headline inflation back up to 4% in coming months. Even if oil retreats to well below $100 a barrel and the effects of tariffs moderate, inflation is unlikely to return to the Fed's 2% annual inflation target for at least a few years. Input costs are on the rise due to growing demand for artificial intelligence, firmer labor costs, and other factors.
Asian Economies Walking Tight Rope Between Solid Momentum, Emerging Risk
Growth in the Asia-Pacific region is expected to hold up, supported by tech-oriented economies and sectors, despite the energy shock unleashed by the Mideast war, S&P Global Ratings said.
However, higher energy prices will remain a drag on the region and prolonged market disruption pose a key risk, economists Louis Kuijs and Vishrut Rana said in a report.
Venezuelan Opposition Leader Vows to Fully Privatize Oil
Venezuelan opposition leader Maria Corina Machado wants to fully privatize the country's oil industry, she told a gathering of energy executives in Houston on Tuesday.
Machado says she thinks Venezuela can produce more than five million barrels of oil per day, up from about one million barrels today. To get there, she would dismantle the state oil company PDVSA and invite private companies to start drilling. It was a direct pitch to the oil industry.
Wall Street Enlists a Marine Veteran to Take On Mamdani's Tax Hikes
Wall Street is betting on a veteran of both the Marines and bare-knuckle New Jersey politics to fight Mayor Zohran Mamdani's push to raise taxes on the wealthy and corporations.
Former Jersey City, N.J., Mayor Steven Fulop had never lived in the five boroughs before he took the job of leading the Partnership for New York City. Since January he has launched a multifront assault against Mamdani's proposed increases. As the business community's primary mouthpiece, he has met with the mayor and state legislators and warned them that higher taxes could cause the city's business elite to flee. He has written opinion columns and taken to television and social media, calling Mamdani's plan a "political mistake."
Israel Hits Russian-Iranian Weapons Smuggling Route in the Caspian Sea
An Israeli strike on a naval outpost in the Caspian Sea targeted Russia's support for Iran in the war, hitting a supply line that the countries have used to move ammunition, drones and other weaponry, people familiar with the matter said.
Last week's strike was Israel's first ever on the world's largest inland sea. Far beyond the reach of the U.S. Navy, the sea connects Russian and Iranian ports about 600 miles apart, giving the countries a place to freely swap weapons along with goods such as wheat and oil.
As China Encroaches, Even New Zealand Is Getting Serious About Its Military
New Zealand is known for majestic landscapes, epic filmmaking and once-in-a-lifetime vacations. Now, the country is embarking on a more off-brand project: bolstering its tiny military, as China sends forces deeper into the Pacific.
New Zealand, home to 5.3 million people, plans to spend some $7 billion on its military in the next few years, on things like enhanced strike capabilities, new helicopters, antitank missiles, drones for air and sea surveillance, and much-needed upgrades to aging bases. It is also on a recruitment drive, aiming to reverse attrition after personnel left for higher-paying jobs elsewhere.
Write to pierre.bertrand@wsj.com
TODAY IN CANADA
4Q Earnings:
G Mining Ventures Corp
Goeasy Ltd.
Orezone Gold
Economic Indicators $(ET)$:
0830 Employment Insurance for January
Stocks to Watch:
AGI 4Q Adj EBITDA Margin 12.2%; 4Q Adj EBITDA CAD 48M; 4Q Sales CAD 396M; FactSet Est. CAD 362.8M; 4Q Sales Beat Estimates
Integra Resources 4Q Rev $55.2M; 4Q Adj EPS 9c; 4Q Loss/Shr 3c
Rogers Communications Prices US$750M of 6.875% Fixed-to-Fixed Rate Notes Due 2056; Prices C$1.25B of 6.250% Fixed-to-Fixed Rate Notes Due 2056; Plans to Use Proceeds to Repay Debt
OneMove Capital Acquires 998,963 Sylogist Shrs for C$3.8M; Acquires Sylogist Shrs for Average of C$3.7987 Each; Now Owns, Exercises Control Over 3.5M Sylogist Shrs Vs. 2.5M Previously; Acquisition for Investment Purposes; to Review Investment on Continuing Basis; Now Holds 14.98% Stake in Sylogist; Called Shareholders Meeting to Replace Certain Directors; Sylogist to Hold Requisitioned Meeting May 12
Other News:
Boehringer Ingelheim CEO Says Drugmaker Has Role to Play in Obesity Market -- Interview
Expected Major Events for Wednesday
05:00/JPN: Feb Supermarket sales
05:00/JPN: Jan Indexes of Business Conditions - Revision
07:00/UK: Feb Producer Price Index
07:00/UK: Feb CPI
09:00/GER: Mar ifo Business Climate Index
09:30/UK: Jan UK House Price Index
11:00/US: 03/20 MBA Weekly Mortgage Applications Survey
12:30/US: Feb Import & Export Price Indexes
12:30/US: 4Q International Transactions
12:30/CAN: Jan Employment Insurance
12:30/US: 4Q U.S. International Investment Position
14:30/US: 03/20 EIA Weekly Petroleum Status Report
23:50/JPN: Feb Services Producer Price Index
All times in GMT. Powered by Onclusive and Dow Jones.
Expected Earnings for Wednesday
AquaBounty Technologies Inc $(AQB)$ is expected to report for 4Q.
Beyond Meat Inc (BYND) is expected to report $-0.10 for 4Q.
Blue Foundry Bancorp (BLFY) is expected to report $-0.10 for 4Q.
CVD Equipment Corp $(CVV)$ is expected to report for 4Q.
Chewy Inc $(CHWY)$ is expected to report $0.09 for 4Q.
Cintas Corp $(CTAS)$ is expected to report $1.23 for 3Q.
Cognyte Software Ltd (CGNT) is expected to report $-0.03 for 4Q.
Cross Timbers Royalty Trust $(CRT)$ is expected to report for 4Q.
Dakota Gold Corp (DC) is expected to report for 4Q.
Dyadic International Inc $(DYAI)$ is expected to report $-0.05 for 4Q.
Energous Corp (WATT) is expected to report for 4Q.
Enerpac Tool Group Corp (EPAC) is expected to report $0.40 for 2Q.
GCT Semiconductor Holding Inc (GCTS) is expected to report for 4Q.
HB Fuller Co $(FUL)$ is expected to report $0.27 for 1Q.
HG Holdings Inc (STLY) is expected to report for 4Q.
Jefferies Financial Group Inc $(JEF)$ is expected to report $0.87 for 1Q.
KalVista Pharmaceuticals Inc $(KALV)$ is expected to report $-1.00 for 4Q.
Kingsoft Cloud Holdings Ltd - ADR (KC) is expected to report $-0.68 for 4Q.
LeonaBio Inc (LONA) is expected to report for 4Q.
Local Bounti Corp (LOCL) is expected to report for 4Q.
Lyra Therapeutics Inc $(LYRA)$ is expected to report for 4Q.
Magellan Aerospace Corp (MAL.T) is expected to report $0.29 for 4Q.
Manhattan Bridge Capital Inc (LOAN) is expected to report $0.10 for 4Q.
Marchex Inc - Class B (MCHX) is expected to report $-0.02 for 4Q.
MillerKnoll Inc (MLKN) is expected to report $0.39 for 3Q.
New Concept Energy Inc $(GBR)$ is expected to report for 4Q.
Ondas Inc $(ONDS)$ is expected to report $-0.05 for 4Q.
Paychex Inc $(PAYX)$ is expected to report $1.55 for 3Q.
Perpetua Resources Corp (PPTA.T) is expected to report for 4Q.
Precigen Inc (PGEN) is expected to report $-0.12 for 4Q.
Purple Innovation Inc (PRPL) is expected to report $-0.06 for 4Q.
RCM Technologies Inc (RCMT) is expected to report $0.52 for 4Q.
Raymond James Financial Inc $(RJF)$ is expected to report.
Reed's Inc (REEDD) is expected to report for 4Q.
Terns Pharmaceuticals Inc (TERN) is expected to report $-0.32 for 4Q.
VOC Energy Trust $(VOC)$ is expected to report for 4Q.
Vor Biopharma Inc (VOR) is expected to report for 4Q.
WidePoint Corp (WYY) is expected to report $0.00 for 4Q.
Winnebago Industries Inc $(WGO)$ is expected to report $0.11 for 2Q.
goeasy Ltd (GSY.T) is expected to report $-5.66 for 4Q.
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ANALYST RATINGS ACTIONS
Arthur J Gallagher & Co Raised to Outperform From Market Perform by BMO Capital
Ecolab Raised to Overweight From Neutral by JP Morgan
JFrog Raised to Buy From Neutral by UBS
Ralph Lauren Raised to Buy From Neutral by Citigroup
Strategic Education Cut to Hold From Buy by Truist Securities
Sutro Biopharma Raised to Buy From Neutral by HC Wainwright & Co.
Sutro Biopharma Raised to Overweight From Equal-Weight by Wells Fargo
Ultragenyx Pharma Cut to Neutral From Buy by Goldman Sachs
Xencor Cut to Neutral From Overweight by JP Morgan
This article is a text version of a Wall Street Journal newsletter published earlier today.
(END) Dow Jones Newswires
March 25, 2026 05:54 ET (09:54 GMT)
Copyright (c) 2026 Dow Jones & Company, Inc.
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