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Thursday, March 19

Noteworthy macro moves today: Gold -5.4%. US 2Y Treasury Bond Index -0.2%. DAX 30 Index (Germany) -3.0%. Noteworthy US mega-cap moves today: Eli Lilly and Co (LLY) -0.9%. JPMorgan Chase & Co (JPM) -0.8%. Exxon Mobil Corp (XOM) +0.8%. 

Global equity markets are trading lower following significant declines in response to rising oil prices and geopolitical tensions stemming from recent attacks on Middle Eastern energy infrastructure. The DAX in Germany has fallen sharply as Brent crude surged above $114 a barrel, exacerbating inflation concerns and leading to a hawkish stance from the Federal Reserve regarding interest rates.

In the U.S., initial jobless claims unexpectedly fell to 205,000 this morning, defying forecasts of an increase to approximately 215,000 and suggesting resilience in the labor market despite broader economic uncertainties. Additionally, the Philadelphia Fed Manufacturing Index rose significantly to 18.1 for March, well above expectations of only 10.0, indicating continued expansion in regional manufacturing activity.

The Bank of England held its interest rate steady at 3.75%, aligning with market expectations amid rising global energy prices due to ongoing conflicts in the Middle East that threaten inflation stability in the UK economy. This decision reflects cautious optimism as analysts anticipate potential future hikes depending on how these external pressures evolve and impact domestic price levels moving forward.

iShares Silver Trust (SLV) [-9.6%]
Silver prices have dropped significantly, with May silver trading down nearly 10%. This decline has adversely affected the iShares Silver Trust (SLV), which is closely tied to silver's performance. The broader precious metals market is also experiencing a downturn, influenced by escalating geopolitical tensions in the Middle East that have raised global inflation concerns. Concurrently, gold has decreased over 3%, reflecting a historical correlation with silver and further impacting SLV. Discussions on social media have highlighted a bearish sentiment for both silver and gold, attributing their sell-off to inflation fears gripping global markets. These factors collectively contribute to the significant movement observed in SLV today.

SPDR Gold Shares (GLD) [-4.9%]
SPDR Gold Shares (GLD) has seen a significant decline of 4.9%, coinciding with a similar downturn in gold prices, which are now at $4,682 per ounce after seven consecutive days of decreases. This drop aligns with broader market conditions, as silver has also dropped significantly, reflecting a decline of over 7%. Social media discussions highlight a -7% loss in GLD attributed to recent geopolitical tensions and inflation fears. Additionally, hawkish remarks from Federal Reserve Chair Jerome Powell regarding interest rates have strengthened the U.S. dollar, further pressuring gold's appeal as a safe haven asset. The overall market sentiment is compounded by disruptions in oil production and rising Brent crude prices, contributing to the sell-off in precious metals.

ACN | -4.6% | -5.7B
Accenture PLC | IT Consulting & Other Services
Accenture PLC's stock has declined following its fiscal 2026 guidance, which reflects the impact of ongoing conflict in the Middle East. Despite reporting a second-quarter net income increase to $1.825 billion and revenues of $18.044 billion, the company adjusted its revenue growth outlook to a range of 3% to 5% in local currency. The adjusted earnings per share guidance was raised to between $13.65 and $13.90, while GAAP diluted earnings per share were revised to $13.25 to $13.50. Social media discussions highlighted that the reported revenue surpassed estimates and showed an 8% year-over-year increase, with new bookings at $22.1 billion, up 6% year-over-year. Notably, there was significant put flow activity in the options market, indicating some bearish sentiment.

BABA | -4.9% | -121.1B
Alibaba Group Holding Ltd | Broadline Retail
Alibaba Group Holding Ltd. reported disappointing Q3 results, with adjusted earnings per share of $1.01, significantly below the consensus estimate of $1.73. Revenue for the quarter was $40.73 billion, missing expectations of $41.26 billion, although this marked a 2% year-over-year increase. The company's net income plummeted 66% to RMB 16.32 billion from RMB 48.95 billion a year earlier, attributed to heavy investments in quick commerce and technology enhancements. In premarket trading, shares fell approximately 5% following these results. Social media discussions highlighted concerns over the profit collapse and reiterated the ambitious target for cloud and AI revenue exceeding $100 billion annually within five years. Despite the earnings miss, there was mention of a 36% year-over-year increase in cloud revenue to $6.19 billion. Notably, Alibaba did not engage in share repurchases in Q3 FY26 to conserve cash for these investments.

MU | -5.5% | -26.7B
Micron Technology Inc | Semiconductors
Micron Technology reported strong fiscal Q2 results, with revenue of 23.86 billion and adjusted EPS of 12.20, both significantly exceeding estimates. Despite these impressive figures, shares fell approximately 5.2% as the company announced increased capital expenditures, raising its 2026 spending plan to over 25 billion, including a 5 billion boost to meet rising demand. Analysts expressed concerns regarding the potential impact of high capital spending on future margins and growth, noting that while demand remains robust, supply constraints could hinder performance in the near term. Social media discussions highlighted surprise at the stock's negative reaction, especially given robust guidance for Q3, projecting revenue of 33.5 billion and an EPS of 19.15, both substantially above consensus estimates. Micron's CEO indicated that the company is currently fulfilling only 50-65% of customer demand due to supply constraints.

RIVN | +8.2% | +1.4B
Rivian Automotive Inc | Automobile Manufacturers
Rivian Automotive Inc. has announced a significant partnership with Uber Technologies Inc., involving the deployment of up to 50,000 fully autonomous R2 robotaxis. The initial phase includes the purchase of 10,000 vehicles, set to launch in San Francisco and Miami by 2028. Uber will invest up to $1.25 billion in Rivian through 2031, starting with a $300 million commitment pending regulatory approval. The deal also includes options for Uber to acquire an additional 40,000 units beginning in 2030. Social media discussions reflect excitement over this partnership, with reports of a notable increase in Rivian's shares attributed to the announcement and the initial investment phase. This collaboration is viewed as a strategic move for both companies, particularly in light of Uber's previous challenges with Tesla.

ALGN | +6.8% | +943.1M
Align Technology Inc | Health Care Supplies
Elliott Investment Management has significantly increased its stake in Align Technology, making it one of the company's largest investors. This development, reported two hours ago, reflects Elliott's intention to engage with Align to explore strategies aimed at enhancing the company's stock price. This follows a prior report from approximately ten hours ago that highlighted Elliott's growing interest in Align Technology. Conversations on social media have also noted Elliott Management's significant stake and plans to engage with the company regarding strategies for improving stock performance. Additionally, reports from around eleven hours ago indicated that Elliott is increasing its stake in Align, the maker of Invisalign.

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