alexsl Stock index futures were lower on Tuesday as President Donald Trump’s deadline to reopen the Strait of Hormuz approached. S&P 500 futures ( SPX ) slipped -0.13%, Nasdaq 100 futures ( US100:IND ) fell -0.19%, and Dow futures ( INDU ) edged down -0.02%. Trump has given Iran until 8 p.m. Eastern time Tuesday to reopen the Strait of Hormuz, warning that failure to comply could trigger U.S. atta...
alexsl Stock index futures were lower on Tuesday as President Donald Trump’s deadline to reopen the Strait of Hormuz approached. S&P 500 futures ( SPX ) slipped -0.13%, Nasdaq 100 futures ( US100:IND ) fell -0.19%, and Dow futures ( INDU ) edged down -0.02%. Trump has given Iran until 8 p.m. Eastern time Tuesday to reopen the Strait of Hormuz, warning that failure to comply could trigger U.S. attacks on key infrastructure across the country. U.S. Treasury yields were mixed across the curve. The 10-year Treasury yield ( US10Y ) rose 0.2 basis points to 4.35%, while the 2-year yield ( US2Y ) moved up 0.4 basis points to 3.87%. The 30-year yield ( US30Y ) climbed 1.2 basis points to 4.90%. Durable goods orders and consumer credit data are due during market hours. Top gainers in premarket trading included Humana ( HUM ) +11.14%, UnitedHealth Group ( UNH ) +7.69%, and CVS Health ( CVS ) +6.77%. Other notable gainers were Elevance Health ( ELV ) +6.31% and Motorola Solutions ( MSI ) +4.95%. Decliners included Norfolk Southern ( NSC ) -3.34%, Consolidated Edison ( ED ) -3.15%, and FirstEnergy ( FE ) -2.00%. More on markets Volatility Falls On Ceasefire Hopes, Yet Caution Remains Stagflation First, Disinflation Later $100 Oil Won't Sink The U.S. Economy Iran rejects U.S. demands; ceasefire bid breaks down – WSJ Trump threatens to hit Iran ‘extremely hard’ even as war nears end; oil surges, futures dip
Super Micro Computer (SMCI) is under heavy scrutiny after U.S. authorities unsealed an indictment against several associated individuals for allegedly diverting Nvidia powered AI servers to China in violation of export controls, triggering multiple securities class actions. See our latest analysis for Super Micro Computer. The legal headlines have coincided with sharp share price volatility, with ...
Super Micro Computer (SMCI) is under heavy scrutiny after U.S. authorities unsealed an indictment against several associated individuals for allegedly diverting Nvidia powered AI servers to China in violation of export controls, triggering multiple securities class actions. See our latest analysis for Super Micro Computer. The legal headlines have coincided with sharp share price volatility, with a 30 day share price return of about a 30% decline and a 1 year total shareholder return of...
Kenneth Cheung/iStock Unreleased via Getty Images We were not particularly lucky in buy rating of Expedia Group, Inc. ( EXPE ) a few weeks before the Middle East conflict. The company's share price declined by more than 15% (Fig. 1), and, in the meantime, Expedia reported its earnings and provided insights into the travel industry. Despite travel disruption and a negative sentiment towards the ind...
Kenneth Cheung/iStock Unreleased via Getty Images We were not particularly lucky in buy rating of Expedia Group, Inc. ( EXPE ) a few weeks before the Middle East conflict. The company's share price declined by more than 15% (Fig. 1), and, in the meantime, Expedia reported its earnings and provided insights into the travel industry. Despite travel disruption and a negative sentiment towards the industry, Q4 numbers provided good support for our expectations. We are taking advantage of this challenging momentum to re-enter Expedia's shares. For our new readers, we were supportive of the equity story due to 1) outperformance in room nights compared to peers, 2) strong B2B performance, 3) ongoing investments in AI-driven loyalty programs integration, and 4) a valuation discount both on P/E and EV/EBITDA. Mare Ev. Lab Rating Update Fig 1 Expedia Results and Our Positive Stance The company reported Q4 gross bookings, top-line sales, and adjusted results. EBITDA at $27 billion, $3.55 billion, and $848 million, respectively. Room nights grew by 9% in Q4 2025 compared with last year (Fig. 2). In Q4, Expedia reported an EBITDA margin of 23.9%, almost 370 basis points higher than Q4 2024. Thanks to solid FCF generation driven by higher sales and improved operational efficiency, the company's net debt further declined by approximately $1.5 billion. Expedia Q4 results in a Snap Fig 2 Why Are We Still Positive? Starting with Middle East exposure, the company does not break out top-line sales by geography separately. Expedia sales are split 60% in the US and 40% in the Rest of the World (Non-U.S. points of sale - Fig. 3). The Rest of the World accounts for the EU, APAC, and LatAm. If we assume EMEA accounts for 15–20% of the group's sales (even accounting for Trivago), we believe Middle East exposure is a small portion of the company's total sales. It might account for a low single-digit % of Expedia's total top-line sales (≈1–2%). Even if the direct exposure is not material, the ...
Major Chinese tech firms, including Alibaba, are placing large orders for Huawei's new AI chips to support domestic AI capabilities. The bulk purchases reflect an effort to build a homegrown AI technology stack using locally designed semiconductors. This move could influence how AI platforms are developed and supplied within China over time. Alibaba Group Holding, listed as NYSE:BABA, is tying thi...
Major Chinese tech firms, including Alibaba, are placing large orders for Huawei's new AI chips to support domestic AI capabilities. The bulk purchases reflect an effort to build a homegrown AI technology stack using locally designed semiconductors. This move could influence how AI platforms are developed and supplied within China over time. Alibaba Group Holding, listed as NYSE:BABA, is tying this chip demand to its push in proprietary AI services, with the stock last closing at $122.31...
It took years to lure investors back to European stocks. Making them stay is starting to be a challenge. The Iran war has hit euro-area stocks harder than their US peers, with the Euro Stoxx 50 index of blue chips down more than 7% since the start of hostilities, while the S&P 500 Index has fallen less than 4%. The European market is still beating the US this year, but the tide is turning. Meanwhi...
It took years to lure investors back to European stocks. Making them stay is starting to be a challenge. The Iran war has hit euro-area stocks harder than their US peers, with the Euro Stoxx 50 index of blue chips down more than 7% since the start of hostilities, while the S&P 500 Index has fallen less than 4%. The European market is still beating the US this year, but the tide is turning. Meanwhile, a valuation discount Europe enjoyed is vanishing fast, with US stocks experiencing a sharp de-rating of their own that’s closing the gap. The S&P 500 forward price-to-earnings ratio has plunged by about 15% since October, eroded by concerns about artificial intelligence disruption and over-spending on the technology. Worries about private credit have also hit US stocks hard — the software sector in particular. By contrast, the same metric for the broader Stoxx 600 European benchmark is flat over the period. Part of the problem for Europe is the outlook for earnings. Expectations had been trending higher, spurred by faith that fiscal spending and low interest rates were on the way, but those drivers have faded. The European economy and corporate profits are sensitive to oil prices and the days of monetary easing seem to be over. The European Central Bank’s next move will likely be an increase, potentially as early as this month. Almost three hikes are priced in this year, with the energy shock already starting to feed into inflation numbers. “European earnings are unlikely to withstand Iran-driven inflation as well as they did in the 2022 energy shock,” according to Bloomberg Intelligence strategists led by Laurent Douillet . “Slower nominal global growth — 6.6% vs 12.5% in 2022 — reduced pent-up demand, a softer labor market and thinner fiscal support leave companies with less pricing power and little room to defend margins, especially with ex-financials and energy operating margins near a record 12.5%.” Their model points to growth of about 5% for Stoxx 600 earnings pe...
Mixed stock market reaction to president’s comments, while IMF chief warns of inflation and slower growth Business live – latest updates Oil traded at more than $110 a barrel on Tuesday after Donald Trump said all of Iran could be “taken out” in one night . Brent crude, the international benchmark for oil prices, rose by 1% to $111 a barrel. New York light crude rose 2.6% to $115.3 a barrel. Conti...
Mixed stock market reaction to president’s comments, while IMF chief warns of inflation and slower growth Business live – latest updates Oil traded at more than $110 a barrel on Tuesday after Donald Trump said all of Iran could be “taken out” in one night . Brent crude, the international benchmark for oil prices, rose by 1% to $111 a barrel. New York light crude rose 2.6% to $115.3 a barrel. Continue reading...
Recession fears have resurfaced as the Iran war has pushed oil prices to a multiyear high. In turn, investors have rotated away from stocks in favor of safer assets such as U.S. Treasuries. The S&P 500 (SNPINDEX: ^GSPC) is currently 6% below its high, and predication markets traders expect the index to fall even further in the coming months. Yet Wall Street sees buying opportunities across the tec...
Recession fears have resurfaced as the Iran war has pushed oil prices to a multiyear high. In turn, investors have rotated away from stocks in favor of safer assets such as U.S. Treasuries. The S&P 500 (SNPINDEX: ^GSPC) is currently 6% below its high, and predication markets traders expect the index to fall even further in the coming months. Yet Wall Street sees buying opportunities across the technology sector, particularly in two artificial intelligence stocks. Here are the important details. Continue reading
Air strikes across Iran killed at least 15 people on Tuesday, while Iran fired on Israel and Saudi Arabia, prompting the temporary closure of a major bridge. The attacks came as Iranian officials urged youths to form human chains around power plants to protect them, as the latest deadline set by US President Donald Trump for Iran to reopen the Strait of Hormuz drew closer. Trump has threatened to ...
Air strikes across Iran killed at least 15 people on Tuesday, while Iran fired on Israel and Saudi Arabia, prompting the temporary closure of a major bridge. The attacks came as Iranian officials urged youths to form human chains around power plants to protect them, as the latest deadline set by US President Donald Trump for Iran to reopen the Strait of Hormuz drew closer. Trump has threatened to bomb all of Iran’s power plants and bridges if Iran does not meet his Tuesday 8pm EDT deadline (8am...
India’s biggest bank had about $5 billion of bets against the rupee that were impacted by the regulator’s crackdown on potential speculators, according to people with knowledge of the matter, roughly 20% of the total exposure. State Bank of India is estimating losses of about 3 billion rupees ($32 million) from the forced unwinding of these trades, the people said, asking not to be identified disc...
India’s biggest bank had about $5 billion of bets against the rupee that were impacted by the regulator’s crackdown on potential speculators, according to people with knowledge of the matter, roughly 20% of the total exposure. State Bank of India is estimating losses of about 3 billion rupees ($32 million) from the forced unwinding of these trades, the people said, asking not to be identified discussing confidential details. The hit is seen as manageable given the bank has total assets of more than $800 billion, they said, adding they expect the spot rupee to strengthen as SBI and others exit these positions. A spokesman for the bank did not immediately reply to Bloomberg’s email seeking comment about the size of the exposure and the estimated loss. India has taken dramatic steps to shore up its currency, which has tumbled more than 3% this year as foreigners sell the nation’s stocks and rising oil prices widen its trade gap. The Reserve Bank of India has directed lenders to cap daily open positions in the onshore currency market at $100 million by April 10. The outstanding bets involving such positions amounted to at least $30 billion, people familiar with the matter said last month. India Trading Ban Rocks $149 Billion-a-Day Offshore Rupee Market Arb Trade’s $30 Billion Blowup Is Just Starting for Indian Rupee RBI Urged to Relax New FX Rules as $30 Billion Unwinding Looms Besides the curbs on onshore positions, the RBI also banned banks from offering the most popular instrument for trading the rupee offshore, threatening to squeeze a $149 billion-a-day market. The offshore activity is mainly driven out of global financial hubs such as Singapore, London and New York, with international lenders like JPMorgan Chase & Co., Standard Chartered Plc, HSBC Holdings Plc and Citigroup Inc. dominating the space. Some Indian banks also participate in the trade. Jefferies estimated this month that banks may face up to 50 billion rupees in losses from the unwinding of currency t...