Welcome to the MarketReader Minute.

Below are AI-generated insights on today’s premarket moves, powered by MarketReader technology.

If you find the insights useful, you may subscribe to our new sector-specific newsletter or share this on Twitter.

Tuesday, March 3

Noteworthy macro moves today: Oil (WTI) +7.1%. DAX 30 Index (Germany) -3.8%. S&P 500 Index (US) -1.6%. Noteworthy US mega-cap moves today: Alphabet Inc (GOOGL) -2.9%. Alphabet Inc (GOOG) -2.8%. Broadcom Inc (AVGO) -2.7%. 

Global equity markets are trading lower following significant geopolitical tensions in the Middle East, particularly related to the ongoing conflict involving Iran. This situation has led to a sharp increase in oil prices, with WTI crude rising over 7%, raising concerns about inflation and its potential impact on monetary policy.

In Europe, the DAX 30 Index has fallen nearly 4%, reflecting heightened risk aversion among investors amid fears that prolonged hostilities could lead to substantial economic disruptions. The ECB's chief economist warned of potential spikes in inflation and drops in output due to these tensions, further weighing on market sentiment.

Additionally, recent economic data releases have shown rising inflation rates across Europe, with Italy's preliminary inflation rate for February reported at 1.6%, exceeding expectations. This trend of increasing inflationary pressures is contributing to cautious market sentiment as investors assess the implications for future central bank policies amidst ongoing geopolitical uncertainties.

iShares MSCI South Korea ETF (EWY) [-11.0%]
The iShares MSCI South Korea ETF (EWY) is under significant downward pressure, reflecting a notable decline in South Korea's main Kospi index, which has dropped over 11%. This decline has triggered a circuit breaker and represents the worst single-day performance since the 2024 Yen carry crisis, largely driven by substantial losses in major chip companies such as Samsung and SK Hynix. Concurrently, defense stocks like Hanwha Aerospace have surged amid ongoing geopolitical tensions involving Iran, with a reported increase of 22%. The market's volatility is further illustrated by a sharp decline in South Korea's ETH, which gapped down nearly 11% pre-market after a rapid gain. The Kospi's fall resulted in a significant loss of market capitalization, erasing approximately ₩390 trillion ($270 billion). Notably, the top contributors to EWY's performance have also seen significant declines.

United States Oil Fund LP (USO) [+6.2%]
Crude oil prices have surged significantly amid escalating tensions in the Middle East, particularly following recent U.S. and Israeli airstrikes on Iran. West Texas Intermediate crude futures reflect these heightened geopolitical risks. The International Energy Agency has expressed its readiness to stabilize the oil market amid these disturbances. Additionally, Saudi Aramco is exploring alternative oil export routes via the Red Sea to bypass the Strait of Hormuz, further influencing market dynamics. Social media discussions highlight a recent surge in the United States Oil Fund LP (USO), marking its strongest session since June 2025 and positioning it for its best start to a year since 2023. Despite this, there are indications of a cautious sentiment for early Tuesday, with USO leaning net lower. Meanwhile, Brent crude has also seen a notable increase due to concerns over supply disruptions from the Middle East, exacerbated by the closure of the Strait of Hormuz by Iran's Revolutionary Guard.

MDB | -27.1% | -4.7B
MongoDB Inc | Internet Services & Infrastructure
MongoDB Inc. experienced a substantial decline following its latest earnings report released on March 2, 2026. The company reported a fourth-quarter adjusted EPS of 1.65, exceeding estimates, alongside revenue of 695 million, surpassing the consensus of 636 million. However, the guidance for the first quarter was disappointing, with projected adjusted EPS between 1.15 and 1.19, below the expected 1.21, and revenue forecasts of 659 million to 664 million, short of the consensus estimate of 661.94 million. Additionally, MongoDB announced the departures of key executives, including its Chief Revenue Officer and President of Field Operations. This combination of weak forward guidance and leadership changes led to a significant drop in stock price, with various analysts subsequently lowering their price targets, adjusting them between 275 and 400.

BBY | +10.9% | +1.6B
Best Buy Co Inc | Computer & Electronics Retail
Best Buy Co Inc reported its fourth-quarter earnings, delivering an adjusted EPS of 2.61, exceeding the consensus estimate of 2.47. Revenue for the quarter was 13.814 billion, slightly below the expected 13.877 billion. The company provided guidance for fiscal 2027, projecting adjusted EPS between 6.30 and 6.60 and revenue of 41.200 billion to 42.100 billion, both lower than analyst expectations. Net income for the quarter stood at 541 million, with comparable sales down 0.8%. Additionally, the board approved a 1% increase in the quarterly dividend to 0.96 per share, payable on April 14, 2026. Following these results, shares surged in premarket trading, reflecting notable market enthusiasm. Social media discussions highlighted the stock's significant price increase attributed to the earnings report, despite revenue falling short of consensus estimates.

ONON | -13.8% | -1.8B
On Holding AG | Footwear
On Holding AG's stock has dropped significantly following the release of its fourth-quarter earnings and fiscal 2026 guidance. The company reported a net income of CHF 69.1 million, down from CHF 89.5 million the previous year, with an adjusted EPS of CHF 0.25 compared to CHF 0.33 last year. Revenue increased to CHF 743.8 million, surpassing estimates, but the forward guidance for 2026 projected revenue growth of at least 23%, falling short of market expectations of CHF 3.67 billion. The anticipated gross profit margin of at least 63% did not alleviate concerns regarding the lower revenue forecast. Social media discussions highlighted an earnings per share of $0.32, exceeding estimates, while revenue was reported at $944.3 million, slightly below expectations. Despite a year-over-year revenue increase of 22.6%, the overall sentiment remains cautious as the stock faces a notable premarket decline of approximately 12.9%.

CRDO | -10.8% | -1.8B
Credo Technology Group Holding Ltd | Semiconductors
Credo Technology Group Holding Ltd's stock has dropped significantly following the release of its third-quarter earnings report. The company reported adjusted earnings of 1.07 per share and revenues of 407 million, both exceeding consensus estimates. Despite a remarkable year-over-year revenue increase of over 200%, concerns arose regarding the fourth-quarter outlook, with projected gross margins declining to between 63.9% and 65.9%. Additionally, anticipated expenses are set to rise to between 76 million and 80 million. Social media discussions highlighted the strong quarterly performance, yet mixed reactions emerged about future guidance and margin softening. The Nasdaq 100 Index has also declined, reflecting broader market sentiment, which may correlate with Credo's recent price movement.

SE | -15.1% | -7.7B
Sea Ltd | Interactive Home Entertainment
Sea Ltd reported its fourth-quarter earnings, revealing an adjusted earnings per share of 0.63, which fell short of the analyst estimate of 0.80 by 0.17. Revenue for the quarter reached 6.85 billion, surpassing expectations of 6.49 billion and marking a year-on-year increase of 38.4%. Total expenses rose significantly by 28% year-on-year to 2.43 billion, contributing to negative market sentiment. Despite a substantial net income increase to 410.9 million, up 72.9% from the previous year, the earnings miss led to a notable drop in premarket trading, with shares declining approximately 16%. The company continues to target growth in its Shopee platform, aiming for a gross merchandise value increase of around 25% year-on-year for fiscal 2026.

Thank you for spending a minute with us. 

If you have 2 more minutes, watch this demo of the MarketReader Platform: