• Market overview: U.S. stock futures fell after the Dow hit a 2026 low amid surging oil prices, inflation, and growth concerns. Markets remain pressured globally, with rising energy costs reducing expectations for rate cuts and increasing concerns about potential stagflation. Source: CNBC.
• 3M forms $1.95B joint venture: 3M (MMM) and Bain Capital will acquire Madison Fire & Rescue for $1.95B, creating a joint venture with 3M holding 50.1% and contributing its Scott Safety unit, aiming to expand in fire and safety equipment. Source: Reuters.
• Micron drops on spending surge: Micron (MU) beat earnings expectations and is forecasting strong AI-driven revenue, but shares fell ~4% as it raised 2026 capex to $25B+ and signaled further increases, fueling concerns that those profits may peak. Sources: Reuters / CNBC.
• HSBC weighs AI job cuts: HSBC (HSBC) is considering cutting up to 20,000 jobs, about 10% of its workforce, as AI-driven restructuring targets cost savings of 5%–6% over the next several years. Source: Bloomberg.
• J&J wins psoriasis approval: Johnson & Johnson (JNJ) won FDA approval for its psoriasis pill, Icotyde, an oral alternative to injections that could generate over $5B in annual sales. Source: CNBC.
• Tesla safety probe expands: U.S. regulators are escalating a safety probe into Tesla's (TSLA) Full Self-Driving mode, covering about 3.2M vehicles. They cite visibility-related failures that raise recall risk ahead of Tesla's robotaxi launch. Source: WSJ.
• Tesla's chip plans: Tesla says it may finalize its AI6 chips by December, supporting its self-driving and robotics ambitions. Tesla and SpaceX AI also plan to keep ordering Nvidia (NVDA) chips at scale for data centers, autonomous driving, and robotics, reinforcing AI infrastructure demand despite Tesla developing in-house chips. Sources: Reuters / Reuters.
• Lilly drug shows strong results: Eli Lilly (LLY) says its obesity drug, retatrutide, met late-stage diabetes trial goals, cutting A1C up to 2% and driving ~17% weight loss, strengthening its next-generation position in the $100B obesity market. Source: CNBC.
• Meta offers to pay creators: Meta (META) is offering up to $3K monthly to attract creators from TikTok and YouTube (GOOGL) to Facebook, aiming to boost engagement and content supply. Source: CNBC.
• U.K. probes Adobe fees: Adobe (ADBE) faces a U.K. investigation over whether its subscription cancellation fees are unclear or misleading, raising potential regulatory risk for its recurring revenue model. Source: Reuters.
• Bank capital rules set to ease: U.S. regulators are unveiling revised Basel rules that are expected to lower capital requirements for major banks like JPMorgan (JPM) and Goldman Sachs (GS), potentially freeing ~$175B for lending, buybacks, and dividends. Source: Reuters.
• Compass drops Zillow lawsuit: Compass (COMP) is dropping its lawsuit against Zillow (Z) after rule changes allow broader listing flexibility, easing antitrust tensions. Source: CNN.
• Alibaba profit plunges on AI spend: Alibaba (BABA) revenue missed estimates at $41.4B while net income fell 66% YoY, hit by heavy AI and commerce investments. Cloud revenue rose 36% on AI demand, but shares fell ~4% premarket. Source: CNBC.
• Xiaomi reveals stealth AI model: Xiaomi (HKG:1810) said a widely used anonymous “Hunter Alpha” AI model was its own early test system, easing speculation about DeepSeek and signaling China’s rapid push into advanced agent-based AI. Source: Reuters.
• Norway fund warns of risks: Norway’s $2.1T wealth fund is warning that an AI bubble and geopolitical tensions could wipe out over a third of its value, highlighting rising risks to global markets and tech-heavy portfolios. Source: Bloomberg.

• Fed holds rates steady: The Federal Reserve held interest rates steady at 3.5%–3.75%, signaling a possible cut later this year, but emphasized heightened uncertainty due to the Iran war and rising energy prices. Source: NY Times.
• Powell to stay for a while: Fed Chair Jerome Powell says he will remain in his role until a successor is confirmed and will stay on the board until a DOJ probe ends. Source: CNBC.
• More interest rate decisions: The Bank of England kept rates at 3.75% as the Iran war drives energy prices higher, raising near-term inflation risks and delaying expected rate cuts, with other European central banks also staying cautious. The Bank of Japan also held rates steady, at 0.75%, citing the same risks. Sources: CNBC / Reuters.
• Jobless claims: Seasonally adjusted initial jobless claims totaled 205,000 for the week ending March 14, down 8,000 WoW. The 4-week moving average was 210,750, down 750 WoW. Source: Dept. of Labor.

• Gulf strikes rattle markets: Oil and natural gas prices surged after attacks on energy infrastructure in Iran, Qatar, Kuwait, Saudi Arabia, and the U.A.E. raised fears of a broader supply shock. The escalation has added pressure to global markets, disrupted shipping and aid flows, and heightened concerns about longer-lasting effects. Source: NY Times.
• Trump escalates Iran warning: President Trump is threatening to destroy Iran’s South Pars gas field if Tehran attacks Qatar again. The U.S. is also considering sending thousands of troops to the Middle East to secure the Strait of Hormuz and key Iranian assets. Sources: BBC / Reuters.
• U.S. issues Jones Act waiver: Trump issued a 60-day waiver of the Jones Act to make it easier to move oil, natural gas, fertilizer, and coal between U.S. ports. The administration says the move will support supply chains, but critics argue it will do little to lower fuel prices. Source: CNBC.
• Iran eyes Hormuz transit fees: Iran is considering charging ships to pass through the Strait of Hormuz, raising risks of higher shipping costs and further energy market disruption. Source: Reuters.
• Europe rejects Iran war role: European allies declined to join U.S. military efforts against Iran, citing unclear strategy and domestic opposition. The decision raises risks to NATO cohesion and complicates coordination on securing global energy routes. Source: Reuters.

• EU advances U.S. trade deal: The EU is moving forward with a U.S. trade agreement setting a 15% tariff cap, though uncertainty remains after U.S. tariff rulings at home. Final approval is also pending parliament and member state sign-off. Source: Bloomberg.
• U.S. democracy downgraded: A report by the Varieties of Democracies Institute downgraded the U.S. to an “electoral democracy,” citing declines in press freedom, civil liberties, and checks on executive power under President Trump. The study warns of broader global “autocratization,” with 44 countries moving in that direction. Source: CNN.
• Chávez abuse allegations: New allegations, reported by The New York Times, accuse labor leader Cesar Chávez of sexual abuse, prompting fallout that could impact his legacy. Source: NPR.

• 8:30 AM: Initial Jobless Claims
• 8:30 AM: Philadelphia Manufacturing Index
• 10:00 AM: New Home Sales

Micron Technology (MU) has released its quarterly earnings.

• Revenue of $23.86B (+196.29% YoY) beats by $4.68B.
• EPS of $12.20 (+682.05% YoY) beats by $3.60.
• Financials · As Reported · Metrics · Press Release

Alibaba (BABA) has released its quarterly earnings.

• Revenue of $40.73B (+6.13% YoY) misses by $528M.
• EPS of $1.01 (-65.53% YoY) misses by $0.72.
• Financials · As Reported · Metrics · Press Release

Accenture (ACN) has released its quarterly earnings.

• Revenue of $18.04B (+8.31% YoY) beats by $241.55M.
• EPS of $2.93 (+3.90% YoY) beats by $0.08.
• Financials · As Reported · Metrics · Press Release

Five Below (FIVE) has released its quarterly earnings.

• Revenue of $1.73B (+24.23% YoY) beats by $20.79M.
• EPS of $4.31 (+23.85% YoY) beats by $0.31.
• Financials · As Reported · Metrics · Press Release

Signet Jewelers (SIG) has released its quarterly earnings.

• Revenue of $2.35B (-0.34% YoY) beats by $15.07M.
• EPS of $6.25 (-5.59% YoY) beats by $0.34.
• Financials · As Reported · Metrics · Press Release

FedEx (FDX) will report today after close.

• Analysts estimate revenue of $23.52B (+5.96% YoY).
• EPS is estimated to be $4.13 (-8.43% YoY).
• Financials · As Reported · Metrics

Planet Labs PBC (PL) will report today after close.

• Analysts estimate revenue of $78.18M (+27.01% YoY).
• EPS is estimated to be -$0.08.
• Financials · As Reported · Metrics

GameStop (GME) will report Tuesday.

• Analysts estimate revenue of $1.47B (+14.33% YoY).
• EPS is estimated to be $0.31 (+3.33% YoY).
• Financials · As Reported · Metrics

PDD Holdings (PDD) will report Wednesday.

• Analysts estimate revenue of $17.93B (+118,218.60% YoY).
• EPS is estimated to be $3.21 (+16.30% YoY).
• Financials · As Reported · Metrics

Cintas (CTAS) will report Wednesday.

• Analysts estimate revenue of $2.81B (+7.89% YoY).
• EPS is estimated to be $1.23 (+8.85% YoY).
• Financials · As Reported · Metrics

Paychex (PAYX) will report Wednesday.

• Analysts estimate revenue of $1.78B (+17.95% YoY).
• EPS is estimated to be $1.67 (+12.08% YoY).
• Financials · As Reported · Metrics

JBS N.V. (JBS) will report Wednesday.

• Analysts estimate revenue of $80.88B (n/a YoY).
• EPS is estimated to be $1.51 (n/a YoY).
• Financials · As Reported · Metrics

Chewy (CHWY) will report Wednesday.

• Analysts estimate revenue of $3.26B (+0.47% YoY).
• EPS is estimated to be $0.20 (-28.57% YoY).
• Financials · As Reported · Metrics

• Estimated Friday, March 20: Guardian Metal Resources PLC (GMTL), an exploration-stage minerals company focused on the U.S.
• Estimated Friday, March 20: Janus Living, Inc. (JAN), an REIT focused on senior housing with $771.17M in TTM revenue and 35.66% revenue growth YoY.