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Thursday, March 5

Noteworthy macro moves today: USD/CNH +0.3%. Hang Seng 50 Index (China) +1.9%. US 2Y Treasury Bond Index -0.1%. Noteworthy US mega-cap moves today: Broadcom Inc (AVGO) +5.2%. Walmart Inc (WMT) -1.2%. Berkshire Hathaway Inc (BRK.B) +1.0%. 

Global equity markets are trading mixed as geopolitical tensions surrounding U.S.-Israeli military actions against Iran continue to drive volatility, particularly in energy prices and safe-haven assets like gold and the U.S. dollar. The Hang Seng Index in China has seen a notable increase of nearly 1.9%, reflecting some resilience amid broader market uncertainties.

In the U.S., initial jobless claims released this morning held steady at 213K, slightly below expectations of a rise to 215K, indicating stability in labor demand despite ongoing economic concerns. However, continuing claims rose to approximately 1.868 million, suggesting underlying challenges in the labor market as hiring rates fluctuate across sectors influenced by inflationary pressures and potential government actions.

Additionally, the European Central Bank's monetary policy meeting accounts revealed cautious optimism regarding inflation risks linked to rising energy costs due to geopolitical conflicts. While no immediate need for rate hikes was indicated, policymakers emphasized monitoring these developments closely as they could impact future monetary policy decisions amidst ongoing economic uncertainties across Europe.

iShares MSCI South Korea ETF (EWY) [-2.0%]
The iShares MSCI South Korea ETF (EWY) is down by approximately 2.0% in pre-market trading. This decline occurs despite a notable rebound in Asian stock markets, with South Korea's KOSPI index surging nearly 10%. Social media discussions reflect a sentiment that South Korea has recovered about half of its recent losses, with Samsung Electronics gaining significantly. The top contributors to EWY's performance, including KEP, SKM, and PKX, have all experienced declines. Additionally, the S&P 500 Index has dropped, which may correlate with the movement in EWY, highlighting broader market trends that could be influencing its current price. Ongoing geopolitical tensions in the Middle East are also contributing to fluctuations in oil prices, potentially affecting market conditions relevant to EWY's holdings.

iShares China Large-Cap ETF (FXI) [-1.5%]
The iShares China Large-Cap ETF (FXI) has dropped significantly, reflecting a daily return of -1.71%. This decline coincides with China's Premier Li Qiang announcing a GDP growth target for 2026 of 4.5% to 5%, the lowest in decades, amid rising economic difficulties. The government is also maintaining a higher fiscal deficit, further complicating its long-term economic objectives for 2035. Additionally, escalating geopolitical tensions in the Middle East, particularly involving Iran and the U.S., have contributed to rising oil prices, which may influence market sentiment towards Chinese equities. The performance of FXI's holdings has also been affected, with notable declines in major components such as TCEHY, JD, XIACY, TCOM, and MPNGY. The recent movement in USD/CNH has added to the ETF's negative performance, while a decline in AUD/USD may reflect broader market sentiment affecting FXI.

TTD | +21.0% | +3.1B
Trade Desk Inc | Advertising
Trade Desk Inc has seen a substantial price increase following reports of early discussions with OpenAI regarding a potential advertising partnership aimed at enhancing revenue for the ChatGPT platform. These talks, disclosed approximately 14 hours ago, suggest that advertising could significantly boost OpenAI's consumer revenue to $17 billion this year. In addition, CEO Jeffrey Green's recent acquisition of 6 million shares, valued at around $148 million, has further fueled positive sentiment. This insider purchase, the largest in the company's history, increased his holdings from 2.34 million to 8.34 million shares and occurred between March 2 and March 4 at prices ranging from $23.49 to $25.08 per share. As a result of these developments, Trade Desk's stock surged approximately 22% in pre-market trading.

VEEV | +10.5% | +3.5B
Veeva Systems Inc | Health Care Technology
Veeva Systems Inc reported strong fourth-quarter results, with net income rising to $244.2 million, a 25% increase from the previous year. Revenue reached $836 million, exceeding the consensus estimate of $810.6 million and reflecting a 16% year-over-year growth. The adjusted earnings per share (EPS) of $2.06 surpassed analysts' expectations of $1.93. For the first quarter, Veeva projects revenues between $855 million and $858 million, slightly above the consensus estimate of $847.2 million. Guidance for fiscal year 2027 anticipates non-GAAP EPS of approximately $8.85 and revenues between $3.585 billion and $3.600 billion, both above analyst forecasts. These robust results and optimistic outlook have led to a significant increase in Veeva's stock price during after-hours trading, with social media buzz highlighting the company's performance and discussions surrounding artificial intelligence in software.

AVGO | +5.5% | +8.6B
Broadcom Inc | Semiconductors
Broadcom Inc. reported strong Q1 2026 results, achieving revenue of $19.31 billion, surpassing expectations of $19.19 billion, with adjusted earnings per share of $2.05, beating the forecast of $2.02. The company's AI revenue doubled year-over-year to $8.4 billion, driven by demand for custom AI accelerators and networking solutions. Looking ahead, Broadcom anticipates Q2 semiconductor revenue of approximately $14.8 billion, with AI chip revenue projected at $10.7 billion. Additionally, a new $10 billion share repurchase program was announced. Broadcom has expanded its customer base to six AI clients and formed a partnership with OpenAI, expected to ship over one gigawatt of compute capacity in 2027. Following the earnings announcement, shares surged approximately 6% in pre-market trading.

CIEN | -4.3% | -2.0B
Ciena Corp | Communications Equipment
Ciena Corp reported its fiscal first-quarter 2026 results, posting an adjusted EPS of 1.35, exceeding the expected 1.16, and revenue of 1.43 billion, slightly above the consensus of 1.4 billion. Despite these strong quarterly results, the company's fiscal 2026 revenue guidance of 5.9 billion to 6.3 billion fell short of the 6.99 billion analyst consensus, leading to a notable market reaction. The Optical Networking segment generated 1.02 billion in revenue, reflecting a year-over-year increase of 40%. For Q2, Ciena anticipates revenue between 1.5 billion and 1.55 billion, surpassing the consensus estimate of 1.44 billion. Following the earnings report, the stock declined approximately 5% in pre-market trading. The Russell 2000 Index also experienced a decline of 0.92%, indicating broader market sentiment that may be impacting Ciena's performance.

COHR | -5.2% | -2.1B
Coherent Corp | Electronic Components
Coherent Corp. has launched its CHR1074 224Gbps quad-channel transimpedance amplifier, aimed at enhancing 800G and 1.6T optical transceivers for AI and cloud infrastructure. This product addresses latency issues in data centers, restoring full performance within 50 nanoseconds during link transitions. The CHR1074 features advanced signal processing and efficient power management in a compact design, with samples available now and general availability expected by the end of the next quarter. Additionally, Nvidia has announced a $4 billion investment in laser and photonics technology, with $2 billion allocated to both Coherent Corp. and Lumentum, targeting improvements for next-generation AI data centers. Meanwhile, the Nasdaq 100 Index has seen a decrease, which may correlate with Coherent Corp.'s recent price decline of 5.2%.

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