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Monday, March 23

Noteworthy macro moves today: Oil (WTI) -9.9%. Bitcoin +4.2%. Hang Seng 50 Index (China) -4.3%. Noteworthy US mega-cap moves today: Tesla Inc (TSLA) +2.9%. Alphabet Inc (GOOGL) +2.7%. Alphabet Inc (GOOG) +2.7%. 

Global equity markets are trading higher following a significant announcement from U.S. President Donald Trump regarding military actions in Iran. Trump's decision to postpone strikes against Iranian power plants for five days has led to a rebound in risk assets like Bitcoin and U.S. equities, with the S&P 500 rising sharply as investors reacted positively to the potential for de-escalation in geopolitical tensions.

In the U.S., the Chicago Fed National Activity Index (CFNAI), released this morning, fell to -0.11 for February, missing expectations of +0.16 and indicating that economic activity is below trend levels once again. This disappointing data has raised concerns about inflation stagnation and could complicate future monetary policy decisions by the Federal Reserve amid ongoing geopolitical uncertainties.

Meanwhile, oil prices have plummeted nearly 10% today due to fears of reduced demand stemming from escalating tensions in the Middle East and recent announcements regarding military actions affecting supply routes. The sharp decline in WTI crude prices reflects broader market anxieties about inflationary pressures and potential impacts on global economic stability as conflicts continue to unfold in key energy regions.

SPDR Gold Shares (GLD) [-2.4%]
SPDR Gold Shares (GLD) has recorded a significant downturn, experiencing its worst week on record with a decline of approximately 10% over the past week and over 15% since the onset of the U.S.-Iran conflict. This drop has been exacerbated by rising oil prices and ongoing geopolitical tensions, which have prompted investors to seek liquidity and higher-yielding assets. The price of gold has entered a bear market, shedding over 22% from January's highs. The Federal Reserve's decision to maintain interest rates amid persistent inflation concerns has further diminished gold's appeal as a safe haven. Notably, GLD has faced substantial outflows, with reports indicating $6.3 billion exited in March alone, marking the largest outflow since 2013. This trend reflects broader challenges faced by gold ETFs amid current market volatility.

United States Oil Fund LP (USO) [-6.0%]
The United States Oil Fund LP is experiencing significant downward pressure, primarily due to escalating geopolitical tensions following President Trump's announcement to postpone military strikes against Iran. This decision led to a decline in WTI crude oil prices, which fell below $90 per barrel, exacerbated by reports of Iranian strikes in the Persian Gulf. The Strait of Hormuz, a vital passage for global oil supplies, remains a focal point of concern as Trump's ultimatum regarding its reopening looms. The market's reaction reflects heightened fears of supply disruptions amid ongoing regional instability. As of early trading today, the fund is trading notably lower since Friday's close, indicating a sharp negative response to these developments.

Bitcoin (BTC/USD) [+4.2%]
Bitcoin surged significantly today amid heightened geopolitical tensions, particularly following President Trump's announcement of a de-escalation in the U.S.-Iran conflict. This news reportedly triggered a massive short squeeze, leading to substantial liquidations and pushing Bitcoin's price higher. The cryptocurrency has also been noted for its performance as a potential safe-haven asset, having increased notably against gold since the onset of the U.S.-Iran war. Additionally, institutional buying activity was highlighted by Michael Saylor's company acquiring over 1,000 BTC, further contributing to the positive sentiment around Bitcoin. Overall, the asset is trading higher since Sunday's close, reflecting strong upward momentum during market hours.

INSM | +11.0% | +2.7B
Insmed Inc | Biotechnology
Insmed Inc. reported positive topline results from its Phase 3b ENCORE study of ARIKAYCE, demonstrating significant improvements in respiratory symptoms and culture conversion rates for patients with Mycobacterium avium complex lung disease. The study met its primary and all secondary endpoints, with 87.8% of ARIKAYCE patients achieving culture conversion by month six, compared to 57.0% for the placebo group. Insmed plans to file a supplemental new drug application with the FDA in the second half of 2026 to support potential label expansion for ARIKAYCE. This announcement has contributed to a notable increase in the stock's price, reflecting heightened investor interest following the study's successful outcomes.

DKNG | +7.3% | +878.7M
Draftkings Inc | Casinos & Gaming
DraftKings Inc. shares rose significantly following the introduction of bipartisan legislation by U.S. Senators Adam Schiff and John Curtis, which aims to ban sports bets on prediction markets regulated by the Commodity Futures Trading Commission. The proposed bill targets platforms like Kalshi and Polymarket, with the senators citing consumer protection and concerns over youth exposure to addictive betting practices. This regulatory move is seen as potentially favorable for traditional sports betting operators, including DraftKings, by limiting competition from these prediction markets. In pre-market trading, DraftKings stock was noted to be trading higher, reflecting this shift in the regulatory landscape affecting the sports betting industry.

DAL | +4.0% | +1.7B
Delta Air Lines Inc | Passenger Airlines
Delta Air Lines Inc is currently managing operational disruptions following a collision at LaGuardia Airport, which has led to the airport's closure. Consequently, Delta has suspended operations there and is adjusting flight schedules to accommodate affected passengers. Additionally, the airline faces rising jet fuel costs, with the CEO projecting over $400 million in additional expenses due to surging prices. This situation coincides with a broader market movement, as Delta's stock is trading higher alongside significant gains in the overall market. Notably, discussions on social media highlighted United Airlines' expectation of incurring substantial jet fuel costs without passing them onto consumers, affecting Delta as well. Despite these operational challenges, Delta's stock has demonstrated resilience, reflecting broader positive sentiment in the market.

XPEV | +4.0% | +1.4B
Xpeng Inc | Automobile Manufacturers
Xpeng Inc. is establishing a dedicated Robotaxi division to facilitate its planned commercial rollout of Robotaxis, which will enhance its operational capabilities in this emerging segment. The company aims to test its Robotaxi models soon, following its commitment to release three models within the year. Notably, Xpeng's revenue surged by 38.2% year-over-year to $3.18 billion, despite falling short of analyst expectations. The firm delivered 429,445 vehicles in 2025, marking a substantial increase compared to the previous year. Additionally, CLSA raised its price target for Xpeng's H-Shares, reflecting a positive outlook amid recent fluctuations. This news aligns with broader market movements, as Xpeng is trading higher alongside significant gains in the overall market.

UAL | +4.8% | +1.5B
United Airlines Holdings Inc | Passenger Airlines
United Airlines Holdings Inc announced plans to reduce scheduled capacity by approximately 5% due to rising fuel costs linked to the ongoing conflict in Iran. CEO Scott Kirby indicated that oil prices could reach $175 per barrel, which would increase annual fuel expenses by about $11 billion. The airline will focus on cutting unprofitable routes, particularly during off-peak times, and continue suspending service to Tel Aviv and Dubai. Despite these challenges, robust travel demand has allowed airlines to raise fares, potentially offsetting some of the increased costs. This announcement comes as United Airlines is trading higher, aligned with broader market trends, including a notable increase in the Russell 2000 Index.

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