Market Closing data for March 11: The S&P 500 ended down 0.2% as markets continued to monitor the US-Israel-Iran conflict. Top 20 US stocks by turnover on March 11: Intel's CEO stated that the surge in memory prices could persist until 2028. Most popular US-listed Chinese stocks rose on March 11, with Alibaba up 3.17%, while WSP Holdings fell 3.02%. Wall Street disregarded heavy airstrikes on Iran, leading to a significant pullback in oil prices. Spot gold rose over 1% to $5,194.85 per ounce. European equities rebounded as falling oil prices improved market sentiment.
Macro Trump warned Iran against mining the Strait of Hormuz, stating it would face severe consequences. Trump claimed US forces destroyed 10 Iranian minelaying boats. The US military reported destroying 16 Iranian minelaying vessels near the Strait of Hormuz. Influenced by oil price movements, the US raised its 2027 petroleum production forecast. A Pentagon spokesperson confirmed 140 US military personnel have been injured in the conflict with Iran. The US Energy Secretary made an erroneous statement, which the White House later denied, regarding US Navy escorting tankers through the Strait of Hormuz. Oil prices continued to decline. The US Senate confirmed Joshua Rode's appointment as Director of the National Security Agency. Despite Trump's advocacy, New York remains opposed to restarting the Indian Point nuclear power plant. Nigeria is prioritizing domestic gasoline supply and has suspended import license issuance. Iraq is further reducing output, while Baghdad is pushing to restart Kirkuk oil production. Russian President Putin held his second discussion with the Iranian President within a week. Israel's Foreign Minister stated Israel has no intention of engaging in indefinite combat with Iran. German Chancellor Merz sees no plan for a swift conclusion to the Iran conflict. Vitkov stated that Russia has informed Trump it did not share US military asset information with Iran.
Corporate Oracle reported better-than-expected earnings and raised its guidance, with cloud revenue surging 44%. Its stock rose sharply in after-hours trading. Microsoft expressed support for Anthropic, urging a court to temporarily block the US Defense Department from blacklisting the company. NASA's Inspector General stated that delays with SpaceX's Starship endanger NASA's lunar timeline. The Iran conflict threatens global natural gas supplies, prompting a Canadian LNG firm to increase production. Trump's son endorsed a new drone company, targeting Pentagon contracts. ExxonMobil's CEO stated the company has scaled back Middle East operations and evacuated all non-essential staff. Amazon plans to raise at least $37 billion through a bond issuance, potentially ranking among the largest corporate debt offerings ever. An oil trading giant is preparing proactively, seeking billions in new credit lines from banks to prepare for a prolonged conflict. Rio Tinto produced its first batch of lithium from the Rincon project in Argentina and completed its delivery. The Carlyle Group warned that Middle East tensions could trigger the hoarding of millions of barrels of crude oil per day. Boeing stated that wiring defects will cause delays in the delivery of some 737 MAX aircraft. Amazon plans an internal "deep dive" meeting to address AI-related service outages. Elon Musk announced that X Money will begin early public testing next month.
Commentary The Iran conflict is driving oil prices higher, threatening Trump's Republican majority. Forex markets in New York: The US dollar pared losses after the White House denied US military escort of tankers in the Strait of Hormuz. Commodities summary: Oil prices fell sharply, gold trimmed gains, while aluminum prices rose. US bond market: Treasuries declined amid sharp oil price volatility; a 3-year Treasury auction saw weak demand. Crude oil: Prices fell 12% amid a series of conflicting reports concerning the Strait of Hormuz. Micron Technology's stock rose 3.6% today: Is it time to buy ahead of earnings?
