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Tuesday, February 24

Noteworthy macro moves today: Hang Seng 50 Index (China) -2.2%. Bitcoin -2.5%. USD/JPY +0.9%. Noteworthy US mega-cap moves today: Broadcom Inc (AVGO) -1.9%. Eli Lilly and Co (LLY) -1.4%. Mastercard Inc (MA) +0.5%. 

Global equity markets are trading generally lower as investors react to renewed trade uncertainties and geopolitical tensions, particularly following President Trump's announcement of potential new tariffs on various industries. The Hang Seng Index in China has seen a significant decline of over 2%, reflecting broader concerns about the impact of these tariffs on regional economies.

In the U.S., mixed market performance is evident, with notable declines in major tech stocks such as Broadcom and Eli Lilly, while Mastercard shows slight gains. This mixed sentiment comes amid expectations for upcoming economic data releases, including the Producer Price Index (PPI) and consumer confidence metrics that could further influence market direction.

Recent economic data releases have highlighted concerning trends: Canada's manufacturing sales fell by approximately 3.3%, while the UK's CBI Distributive Trades survey reported a drastic drop to -43%, indicating weakening consumer demand. Additionally, France's Business Confidence index decreased to 102.0, below expectations, signaling growing uncertainty among manufacturers regarding future economic conditions.

iShares MSCI South Korea ETF (EWY) [+3.1%]
The iShares MSCI South Korea ETF (EWY) has experienced a notable price increase of 3.1% in the pre-market session, reflecting a broader resurgence in emerging markets, where the iShares MSCI Emerging Markets ETF has achieved its longest winning streak since 2005. Year-to-date, EWY has risen significantly, making it one of the top-performing U.S.-listed country ETFs. The South Korean stock market index, KOSPI, has reached a record high after three consecutive sessions of gains, although there is caution among investors due to uncertainties surrounding U.S. tariff policies. Additionally, EWY has seen its largest inflows in a decade, driven by strong performances from Samsung and SK Hynix, which dominate the High-Bandwidth Memory market. The price of HBM4 has surged, benefiting these technology leaders. The top contributors to EWY's performance include PKX and SKM, while KT has slightly detracted from its overall return.

iShares China Large-Cap ETF (FXI) [-1.4%]
The iShares China Large-Cap ETF (FXI) is experiencing a decline of 1.4%, influenced by renewed trade uncertainties following U.S. President Donald Trump's announcement to raise global tariffs, leading to significant sell-offs and increased market volatility. Additionally, heightened geopolitical tensions between China and Japan have emerged, as China added 20 Japanese firms to its export control list amid ongoing trade disputes. The People's Bank of China has maintained the Loan Prime Rate at 3.00% and the 5-Year Loan Prime Rate at 3.50%, reflecting a cautious monetary policy approach that may affect the broader economic environment. Currency movements have also played a role, with the USD/CNH contributing to the ETF's performance, while the AUD/USD pair has declined, suggesting a correlation that could be impacting FXI's recent drop.

NVO | -2.9% | -3.8B
Novo Nordisk A/S | Pharmaceuticals
Novo Nordisk A/S is experiencing downward pressure, reflected in a 2.9% drop in its stock price. Citi and Barclays have both reduced their price targets significantly, to DKK309 and DKK270, respectively. This follows the company's announcement of a substantial cut in U.S. list prices for its semaglutide drugs, Wegovy and Ozempic, by up to 50%, effective January 1, 2027, setting new prices at $675 per month. Additionally, JPMorgan downgraded Novo Nordisk from Overweight to Neutral, lowering its price target from DKK350 to DKK250 due to disappointing results from the CagriSema REDIFINE-4 trial. Compounding these challenges is intensified competition from Eli Lilly and recent developments involving Pfizer's acquisition of an obesity drug in China for up to $495 million.

KEYS | +14.5% | +7.1B
Keysight Technologies Inc | Electronic Equipment & Instruments
Keysight Technologies Inc. reported its first-quarter results on February 23, 2026, with orders of $1.645 billion and revenue of $1.600 billion, surpassing expectations. The net income stood at $281 million, while the adjusted net income reached $376 million, exceeding estimates. The earnings per share (EPS) was reported at $1.63, with an adjusted EPS of $2.17, beating the forecast of $2.00 by $0.17. Year-over-year revenue growth was notable at 23.3%. Looking ahead, Keysight provided an optimistic second-quarter outlook, forecasting revenue between $1.690 billion and $1.710 billion and an adjusted EPS ranging from $2.27 to $2.33. This information was widely circulated on social media following the earnings announcement, contributing to the stock's significant price movement.

AMD | +9.7% | +33.7B
Advanced Micro Devices Inc | Semiconductors
Advanced Micro Devices Inc (AMD) has announced a significant multi-year partnership with Meta to deploy up to 6 gigawatts of AMD Instinct GPUs for AI infrastructure. This agreement is expected to drive substantial revenue growth, with initial shipments of one gigawatt set to commence in the second half of 2026. The deployment will utilize custom AMD Instinct GPUs based on the MI450 architecture alongside 6th Gen AMD EPYC CPUs codenamed "Venice." Additionally, AMD has issued Meta a performance-based warrant for up to 160 million shares of common stock, with vesting contingent on specific shipment milestones. Social media discussions noted that AMD shares surged over 10% in pre-market trading following the announcement, highlighting the deal's potential impact on both companies and emphasizing AMD's growing role in the AI sector.

INTU | +6.4% | +6.9B
Intuit Inc | Application Software
Intuit Inc has announced a multi-year partnership with Anthropic to integrate customizable AI agents into its financial services products. This collaboration is designed to enhance automation and compliance for mid-market businesses while delivering tailored experiences for consumers. The integration will utilize Intuit's expertise in tax, finance, and accounting, embedding these capabilities within Anthropic's platforms, including Claude.ai. The rollout is scheduled for Spring 2026. Following this announcement, Intuit shares experienced a notable increase in premarket trading. Social media discussions highlight the partnership as "game-changing" for mid-market businesses, despite Intuit's year-to-date performance being one of the worst in the S&P 500. Recent posts emphasize the significance of this collaboration in providing trusted financial intelligence and custom AI solutions.

BWXT | +6.6% | +1.3B
BWX Technologies Inc | Aerospace & Defense
BWX Technologies Inc. reported its fourth quarter and full year 2025 results on February 23, 2026. The company achieved an adjusted EPS of 1.08, surpassing estimates of 0.88, while revenue reached 885.8 million, exceeding the forecast of 847.47 million. Adjusted EBITDA was reported at 147.5 million, slightly above the expected 146.4 million. Management provided guidance for fiscal year 2026, projecting adjusted EPS between 4.55 and 4.70 and anticipated revenues of approximately 3.75 billion, both above consensus estimates. Additionally, BWXT's Q4 earnings report revealed an 18.7% increase in revenues compared to the previous year, with the EPS beating consensus by 0.19. The company ended 2025 with a backlog of 7.3 billion, reflecting a significant year-over-year increase driven by multi-year naval propulsion contracts and special materials.

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