Briefing

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Futures point to lower open as Iran conflict weighs on stocks

  • S&P futures vs fair value: -38.00. Nasdaq futures vs fair value: -176.00.
  • Stock market poised for another lower open.
  • Higher oil prices and rising Treasury yields eroding early week momentum.
  • Investors focused on Iran conflict developments due to light corporate/economic news.
  • S&P 500: -0.5% for the week. Nasdaq Composite: -1.1% for the week. DJIA: +0.8% for the week.
  • Major averages down roughly 6% for March.

Global markets mostly lower

  • S&P futures vs fair value: -24.00. Nasdaq futures vs fair value: -133.00.
  • Asia-Pacific: Mostly lower finish due to geopolitical worries (Pentagon sending 10,000 troops to Middle East).
    • Japan's Finance Minister warned on yen near 160/dollar.
    • China's February Industrial Profit: 15.2% YTD.
    • Equity Markets: Japan -0.4%, Hong Kong +0.4%, China +0.6%, India -2.3%, South Korea -0.4%, Australia -0.2%.
  • Europe: On course for a lower finish due to elevated geopolitical uncertainty.
    • ECB policymaker Patsalides: insufficient information for immediate rate hike.
    • U.K.'s February Retail Sales: -0.4% m/m; Core Retail Sales: -0.4% m/m.
    • Spain's flash March CPI: 1.0% m/m, 3.3% yr/yr.
    • Equity Markets: STOXX Europe 600 -1.1%, Germany's DAX -1.1%, U.K.'s FTSE 100 -0.3%, France's CAC 40 -0.6%, Italy's FTSE MIB -0.9%, Spain's IBEX 35 -1.0%.

Futures point lower amid light corporate news flow

  • S&P futures vs fair value: -26.00. Nasdaq futures vs fair value: -137.00.
  • Unity Software (U): +13.4% premarket after raising Q1 revenue guidance and sunsetting ironSource Ads Network.

Futures point to lower open

  • S&P futures vs fair value: -23.00. Nasdaq futures vs fair value: -127.00.
  • Equity futures point to a lower opening due to geopolitical volatility and climbing oil prices.
  • Major averages closed over 1% lower yesterday; S&P 500 had worst day since Iran conflict began.
  • Mixed signals on Iran conflict: Trump suggests halt to strikes; Pentagon considers sending 10,000 additional troops.
  • Crude oil: up $2.29 (+2.4%) to $96.77 per barrel.
  • Corporate News:
    • OpenAI's annualized ad revenue surpasses $100 million.
    • Anthropic eyeing a Q4 IPO.
    • Apple (AAPL): plans to make Siri available to external AI assistants with iOS 27.
    • Brown-Forman (BF.B) and Pernod Ricard (RI) confirm merger talks.

Early Morning Levels

  • S&P futures vs fair value: -7.00. Nasdaq futures vs fair value: -45.00.

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