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Tuesday, March 31

Noteworthy macro moves today: S&P 500 Index (US) +1.1%. GBP/USD +0.5%. USD/CNH -0.2%. Noteworthy US mega-cap moves today: Tesla Inc (TSLA) +2.0%. Amazon.com Inc (AMZN) +1.7%. Meta Platforms Inc (META) +1.6%. 

Global equity markets are trading higher following reports that the Trump administration is considering ending U.S. military operations against Iran, which has eased some geopolitical tensions and boosted investor sentiment in Europe and the U.S. The S&P 500 Index rose by approximately 1.1%, reflecting optimism as investors react positively to potential de-escalation in the Middle East conflict.

In economic data released this morning, Canada's GDP for January showed stagnant growth at +0.1%, while February's preliminary estimate indicated a slight expansion of +0.2%. This mixed performance raises concerns about underlying economic momentum amid inflationary pressures and global uncertainties affecting consumer spending.

Additionally, Eurozone inflation climbed to 2.5% in March, slightly below expectations of 2.6%, driven primarily by rising energy costs linked to ongoing geopolitical tensions. Germany's unemployment rate held steady at 6.3%. These developments suggest that while inflation remains a concern, labor market stability may provide some resilience against broader economic challenges across Europe.

United States Oil Fund LP (USO) [-1.5%]
Geopolitical tensions are significantly impacting the United States Oil Fund LP, as evidenced by reports of an Iranian attack on a Kuwaiti oil tanker near Dubai, raising concerns about potential supply disruptions. This situation is compounded by President Trump's indication of a willingness to cease military operations against Iran while leaving the critical Strait of Hormuz potentially closed, which is vital for global oil transit. Consequently, the oil market has reacted negatively, with major oil stocks, including USO, declining amid easing crude prices. This decline follows a recent trend of five consecutive sessions finishing higher, indicating a complex interplay between military actions and oil supply forecasts. Currently, USO is trading lower since Monday's close, reflecting broader market dynamics influenced by these geopolitical developments.

iShares MSCI Japan ETF (EWJ) [+1.4%]
Annual core inflation in Tokyo has decreased to a nearly two-year low, with the core consumer price index rising 1.7% in March compared to a 1.8% increase in February. This decline marks the second consecutive month below the Central Bank's target, driven largely by a 7.5% year-on-year drop in energy prices due to government subsidies. Meanwhile, Japan's preliminary industrial production figure indicated a month-over-month decline of 2.1%, reflecting ongoing economic challenges. Despite these headwinds, the iShares MSCI Japan ETF is trading higher, showing an increase since Monday's close, supported by a 0.26% contribution from the move in USD/JPY. Key holdings such as SONY and HMC contributed positively, although some holdings like TAK saw negative returns.

RKLB | +5.0% | +1.5B
Rocket Lab USA Inc | Aerospace & Defense
Rocket Lab USA Inc has received regulatory approval from Germany's Federal Ministry for Economic Affairs and Energy to acquire Mynaric AG, a provider of laser optical communications terminals. This significant milestone allows Rocket Lab to establish its first European footprint and enhance its capabilities in laser communications, a critical technology for modern satellite constellations. The acquisition is expected to close in April and supports Rocket Lab's existing $1.3 billion contracts with the Space Development Agency, aiming to scale production and improve manufacturing efficiencies. Meanwhile, Rocket Lab's stock is trading higher, aligning with broader market movements, as the Russell 2000 Index has also increased significantly. This upward trend reflects a positive sentiment in the small-cap sector, which may be contributing to Rocket Lab's recent price action.

MRVL | +9.6% | +120.1B
Marvell Technology Inc | Semiconductors
NVIDIA has announced a substantial $2 billion investment in Marvell Technology Inc., establishing a strategic partnership to enhance NVIDIA's AI ecosystem through NVLink Fusion technology. This collaboration will enable Marvell to supply custom XPUs and scalable networking solutions compatible with NVIDIA's systems, while also advancing silicon photonics technology. The partnership aims to transform telecommunications networks into AI infrastructure for 5G and 6G applications. Following this announcement, Marvell's stock has seen a significant increase in pre-market trading, reflecting a positive outlook among market participants regarding the implications of this partnership for future growth.

VRT | -2.7% | -2.3B
Vertiv Holdings Co | Electrical Components & Equipment
Vertiv Holdings Co has faced a significant downgrade from Jefferies, which has lowered its rating from Buy to Hold and reduced the price target from $280 to $260. This downgrade was announced shortly before market hours and likely contributed to the stock's decline today. Earlier, the company had announced a $50 million investment to expand its manufacturing operations in Ironton and Westerville, Ohio, which is expected to create hundreds of jobs by 2029. This expansion aims to enhance production capacity for liquid cooling and chilled water systems by approximately 45%, aligning with the growing demand for AI and high-density computing applications. However, the impact of the downgrade appears to overshadow the positive implications of this expansion announcement in today’s market reaction. Currently, the stock is trading lower, continuing a trend from previous sessions.

BIIB | -3.1% | -827.9M
Biogen Inc | Biotechnology
Biogen Inc. has announced its agreement to acquire Apellis Pharmaceuticals for approximately $5.6 billion, paying $41 per share in cash, along with additional contingent value rights based on future sales milestones of Apellis' drug SYFOVRE. This acquisition aims to enhance Biogen's portfolio in immunology and rare diseases, adding two FDA-approved products that generated combined net sales of $689 million in 2025. The transaction is expected to close in the second quarter of 2026, pending regulatory approvals, and is projected to be accretive to Biogen's non-GAAP diluted EPS starting in 2027. Despite this significant development, Biogen's shares are trading lower, down 2.6% since Monday's close, reflecting a notable decline during pre-market hours.

CRWD | +2.0% | +1.9B
CrowdStrike Holdings Inc | Systems Software
CrowdStrike Holdings Inc. has announced an expansion of its strategic partnership with HCLTech, launching Continuous Threat Exposure Management services that integrate CrowdStrike's Falcon platform with HCLTech's VERITY framework and AI Force platform. This collaboration aims to enhance security vulnerability management across various domains, including endpoints and cloud environments. Analysts have shown increased support for CrowdStrike amidst concerns regarding artificial intelligence's impact on cybersecurity. The company's shares are trading higher, aligning with the broader market, as the Nasdaq 100 Index has also seen a notable increase, reflecting positive market sentiment. This upward movement occurs despite a weaker after-market session previously, positioning CrowdStrike significantly below its 20-day moving average.

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