01 Stock Market
As of Mar 2, U.S. stock index futures performed as follows: Dow futures fell 1.15%, Nasdaq 100 futures fell 1.37%, and S&P 500 futures fell 1.05%. Risk appetite softened as a surge in energy prices and a bid for haven assets challenged the growth trade. Concerns around supply routes and inflation re-acceleration kept investors defensive ahead of the opening bell, with volatility elevated and breadth favoring commodity-linked sectors.
Notable Stock Movers: Strength clustered in energy, defense and precious metals proxies, while large-cap tech and semiconductors eased. XOM up 4.09% at $158.74; OXY up 6.35% at $56.45; USO up 7.39% at $88.01; GLD up 2.31% at $494.93; UGL up 4.25% at $82.63; LMT up 6.22% at $695.33. In mega-cap tech and chips, NVDA down 0.99% at $175.43; AMD down 2.61% at $194.98; GOOG down 2.46% at $303.77; TSLA down 2.07% at $394.16.
Leveraged factor flows reflected the factor rotation: SQQQ up 3.74% at $73.50 while SOXL down 6.64% at $58.60. Broader proxies softened, with SPY down 0.95% at $679.50 and VOO down 0.96% at $624.96. Select ADRs lagged alongside chips, with BABA down 2.82% at $140.05 and TSM down 2.07% at $366.81, as investors priced higher input costs and geopolitical uncertainty into growth-sensitive exposures.
02 Other Markets
• 10-year U.S. Treasury yield rose 0.43%, to 3.98%.
• U.S. Dollar Index rose 0.6186% to 98.25.
• WTI crude oil futures rose 7.79% to 72.24 USD/barrel; COMEX gold futures rose 2.93% to 5401.60 USD/ounce.
03 Key News
1. Norwegian Cruise Line (NCLH) guided adjusted earnings below consensus, pressuring the stock. The company projected adjusted profit of about $2.38 per share versus expectations near $2.55, citing higher costs that offset strong demand. Shares were down 8% pre-bell as investors recalibrated margin assumptions and fuel sensitivity.
2. ASML outlined expansion into advanced packaging and larger-chip lithography to capture AI demand. The firm plans to deploy AI to speed tool control software and chip inspection, broadening beyond EUV into bonding and packaging. Management said the roadmap targets multi-year growth vectors, complementing its dominant EUV franchise.
3. Berkshire Hathaway (BRK.B) reported lower operating profit in the recent quarter and disclosed no share repurchases. Operating profit after taxes declined roughly 30%, and management said no buybacks were executed in the period. The update tempered sentiment as investors assessed capital allocation and contribution from key holdings.
4. Berkshire CEO Greg Abel emphasized “core holdings” anchored in Apple (AAPL), American Express (AXP) , Coca-Cola (KO) and Moody’s (MCO) . A shareholder letter indicated these positions, along with stakes in Japanese trading houses, are intended for long-term compounding with limited trading. The stance implies lower portfolio turnover and steadier exposure to mature cash compounders.
5. Block (SQ) announced plans to cut about 40% of its workforce, citing AI-driven efficiency gains. Management said “smaller and flatter teams” plus intelligence tools enable a new operating model. The move fueled debate on AI’s labor-market impact and how productivity gains interact with inflation dynamics.
6. Major energy companies and shipowners suspended crude and LNG shipments via the Strait of Hormuz amid rising security risks. Multiple oil majors and trading houses halted transits, constraining flows through a corridor that handles a significant share of global energy. The suspensions amplified supply risk premia across crude benchmarks and tanker markets.
7. The U.S. and Israel conducted strikes on Iranian targets, escalating regional tensions and repricing risk across energy and defense. The action intensified concerns over maritime routes and potential retaliation, helping lift crude and gold while boosting defense contractors. Markets braced for knock-on effects to inflation and global trade routes.
8. MiniMax reported a sharp increase in revenue and gross profit alongside elevated R&D and a sizable cash balance. The company posted revenue of about $79.0 million (up 158.9%) and gross profit of $20.1 million (up 437.2%), with adjusted net loss of roughly $250.9 million and cash near $1.1 billion. Management highlighted upgrades across language and multimodal AI product lines.
9. Trump Media & Technology Group explored spinning off Truth Social via a merger with Texas Ventures Acquisition III . The plan envisions listing a new entity and distributing shares to existing holders, aligning with broader ambitions in digital and crypto initiatives. The move could unlock value while separating platform operations from other ventures.
10. Kalshi refunded fees and compensated traders after controversy over prediction markets tied to Iran’s leadership. The exchange said it would reimburse fees and adjust payouts based on pre-event prices, with compensation around $2.2 million. The resolution aimed to address user complaints and reinforce market integrity standards.
Sources: Reuters, Dow Jones, Tiger Newspress, public market data
Disclaimer: For informational purposes only; not investment advice.
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