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Thursday, March 6

Noteworthy macro moves today: S&P 500 Index (US) -1.1%. Nasdaq 100 Index (US) -1.3%. US Dollar Index -0.3%. Noteworthy US mega-cap moves today: Broadcom Inc (AVGO) -4.9%. NVIDIA Corp (NVDA) -3.2%. Tesla Inc (TSLA) -2.5%. 

The European Central Bank (ECB) has cut its key interest rates by 25 basis points, reducing the deposit facility rate to 2.50% amid a backdrop of softening inflation and economic growth forecasts for the Eurozone.

In the United States, initial jobless claims fell more than expected last week, dropping to 221,000 compared with market expectations of around 235,000. However, this positive labor data contrasts sharply with rising layoffs reported at an alarming level—172K cuts announced in February—the highest since July 2020—which raises questions about underlying employment stability amidst ongoing tariff impacts on trade dynamics.

Market sentiment is further influenced by President Trump's recent announcement delaying auto tariffs imposed on Canada and Mexico for one month; however, broader fears regarding escalating trade tensions remain prevalent among investors. The U.S Dollar Index continues facing downward pressure as traders react cautiously ahead of upcoming jobs reports that could significantly impact Federal Reserve policy outlooks moving forward.

SPDR Dow Jones Industrial Average ETF Trust (DIA) [-1.2%]
The SPDR Dow Jones Industrial Average ETF Trust (DIA) has declined in pre-market trading, reflecting broader market sentiment as the S&P 500 Index also dropped by 1%. This downturn coincides with recent disappointing employment data, which revealed significantly lower job additions than expected, raising concerns about economic momentum. Additionally, oil prices are under pressure due to OPEC+'s decision to increase production amidst rising U.S. crude inventories, impacting energy stocks within the index. The Dow Jones 30 Spot Index is similarly down nearly one percent, influenced by President Trump's announcement of a one-month delay on tariffs for automobiles from Canada and Mexico, which initially improved risk sentiment amid ongoing trade tensions. Major contributors to the ETF's performance include notable declines in stocks such as Goldman Sachs, Microsoft, and Amazon.

iShares China Large-Cap ETF (FXI) [+1.5%]
The iShares China Large-Cap ETF (FXI) has experienced a daily return of approximately 1.5%. This increase follows President Trump's announcement to delay tariffs on automobiles from Canada and Mexico, which has improved sentiment in U.S. markets and reduced trade tensions potentially favorable for Chinese equities. Concurrently, the S&P 500 index rose over 1%, reflecting broader market optimism that may extend to large-cap Chinese stocks within FXI's portfolio. Goldman Sachs has raised its emerging markets target, citing an AI-driven rally in China, which includes heightened interest in FXI. However, concerns persist regarding China's consumption push and its effectiveness amid ongoing trade war deflation risks. Notably, JD.com reported strong fourth-quarter results, surpassing revenue and earnings estimates, which contributed positively to FXI's performance.

MRVL | -18.0% | -173.1B
Marvell Technology Inc | Semiconductors
Marvell Technology Inc. reported its fourth-quarter results on March 5, 2025, achieving adjusted earnings of $0.60 per share, slightly above the consensus estimate of $0.59. Revenue rose to $1.82 billion, exceeding expectations of $1.80 billion. Despite these positive results, the company’s first-quarter guidance projected revenue of approximately $1.875 billion, which disappointed investors anticipating stronger growth. This led to a significant decline in share price, with a nearly 15% drop in after-hours trading. Additionally, multiple analysts, including Wolfe and Piper, have lowered their price targets, reflecting a cautious market sentiment. Social media discussions highlighted the anticipated decline in consumer end-market revenues by 15%, contrasting with expected growth in data center revenues. The forward guidance for adjusted EPS ranged from $0.56 to $0.66, below the prior estimate of $0.60, further contributing to the stock's downward movement.

MDB | -18.5% | -2.9B
MongoDB Inc | Internet Services & Infrastructure
MongoDB Inc. reported its fourth-quarter results, revealing an adjusted EPS of 1.28, exceeding estimates of 0.66, alongside revenues of 548.4 million, surpassing the consensus of 519.6 million. The company experienced a year-over-year revenue growth of 20%, with its Atlas service revenue increasing by 24%, comprising 71% of total revenue. Despite these positive metrics, MongoDB issued fiscal 2026 guidance that fell short of expectations, projecting adjusted EPS between 2.44 and 2.62 against an estimate of 3.39, and revenue between 2.24 billion and 2.28 billion, below the anticipated 2.32 billion. Following this announcement, shares dropped significantly, with analysts revising their price targets downward to between 250 and 345. Institutional investors were reported as net sellers in Q4, reducing their stakes by 9%.

JD | +4.2% | +5.2B
JD.Com Inc | Broadline Retail
JD.com reported strong fourth-quarter results, achieving a net revenue of 346.99 billion Chinese Renminbi, exceeding the FactSet estimate of 330.66 billion Renminbi, and marking a year-over-year increase of 13.4%. The company's attributable net income rose to 9.9 billion Renminbi from 3.4 billion Renminbi the previous year, with earnings per American depositary share at 7.42 Renminbi, surpassing the analyst estimate of 5.44 Renminbi. Additionally, JD.com announced an annual cash dividend of $1.00 per ADS, up from $0.76 the prior year. Concurrently, social media discussions highlighted JD's plan to repurchase up to $5 billion in shares over the next 36 months. Following these announcements, JD's U.S.-listed shares experienced a notable increase in premarket trading, rising by 5.2%.

VEEV | +5.7% | +2.1B
Veeva Systems Inc | Health Care Technology
Veeva Systems Inc reported strong financial results for its fourth quarter, achieving adjusted earnings per share of 1.74, surpassing the consensus estimate of 1.58. Quarterly revenue reached 720.89 million, exceeding expectations of 699.11 million and representing a 14.31% year-over-year increase. The company provided guidance for the first quarter, projecting adjusted EPS of 1.74 to 1.75 and revenue between 726 million and 729 million, both above analyst estimates. Analysts from Needham and Stifel reiterated their Buy ratings, setting price targets of 270 and 272, respectively. For the full fiscal year, total revenues were 2.746 billion, a 16% increase, with subscription services revenues up 20%. The positive sentiment was reflected in a notable price increase in after-hours trading, with VEEV moving significantly higher shortly after the earnings announcement.

ZS | +3.4% | +1.0B
Zscaler Inc | Systems Software
Zscaler Inc reported its second-quarter fiscal 2025 results, revealing an adjusted earnings per share of 0.78, exceeding the analyst consensus estimate of 0.69. Revenue for the quarter reached 647.9 million, surpassing expectations of 635.56 million and reflecting a year-over-year increase of 23.41%. The company raised its full-year guidance, projecting adjusted EPS between 3.04 and 3.09, up from a previous range of 2.94 to 2.99, and forecasting revenue between 2.64 billion and 2.65 billion. Additionally, Zscaler's deferred revenue increased by 25% year-over-year to 1.88 billion. Following these announcements, Zscaler shares experienced significant upward movement in after-hours trading, with reports indicating a rise of approximately 6% after the earnings announcement and a further increase noted this morning.

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