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Thursday, April 2

Noteworthy macro moves today: Oil (WTI) +12.9%. Ethereum -5.2%. Nasdaq 100 Index (US) -1.9%. Noteworthy US mega-cap moves today: Alphabet Inc (GOOGL) -2.8%. Meta Platforms Inc (META) -2.8%. Exxon Mobil Corp (XOM) +2.8%. 

Global equity markets are trading lower following U.S. President Donald Trump's recent speech, which failed to provide a clear timeline for resolving the ongoing conflict in the Middle East and included threats of intensified military action against Iran. This uncertainty has raised fears of further disruptions to oil supplies, contributing to a significant surge in oil prices, with WTI crude rising by nearly 13%, while major equity indices across the globe have reacted negatively.

In the U.S., initial jobless claims fell to 202,000 this morning, significantly below expectations of a rise to approximately 212,000, indicating continued strength in the labor market despite broader economic concerns. However, this positive labor data is overshadowed by inflation worries stemming from rising oil prices and geopolitical tensions that could influence Federal Reserve policy decisions.

Additionally, the U.S. trade deficit widened to $57.3 billion in February but was less than anticipated by analysts who expected a larger shortfall of $59.2 billion. This outcome reflects robust import activity amid strong demand within domestic markets despite challenges posed by tariffs and international trade dynamics influenced by current geopolitical events.

United States Oil Fund LP (USO) [+10.7%]
The United States Oil Fund LP (USO) is experiencing notable upward movement, attributed to geopolitical tensions following President Trump's recent address. He reaffirmed the U.S.'s commitment to military operations against Iran, suggesting these could last for two to three weeks. This announcement has coincided with a surge in crude oil prices, notably WTI, which has risen significantly. As a result, USO is trading sharply higher in pre-market hours, reflecting heightened concerns about potential disruptions to oil supply amid the ongoing conflict. The fund's performance is currently positioned near the upper end of its one-month trading range, indicating robust momentum.

Bitcoin (BTC/USD) [-2.8%]
Bitcoin has dropped significantly amid geopolitical tensions following U.S. President Donald Trump's announcement regarding potential military action in Iran, which has raised concerns about inflation and economic growth. This uncertainty has coincided with a notable decline in stock futures and a sharp rise in oil prices, impacting market sentiment across various asset classes, including cryptocurrencies. Reports indicate a significant shift in Bitcoin demand as large holders have transitioned from accumulation to distribution, marking one of the most extreme distribution cycles recorded. Despite a bullish acquisition of 5,075 BTC by Japanese public company Metaplanet, which has increased its total holdings, overall market sentiment remains cautious, compounded by ETF net outflows for Bitcoin. Additionally, Bitcoin's performance has been affected by Ethereum's substantial decline, reflecting broader market sentiment.

GSAT | +12.6% | +18.5B
Globalstar Inc | Alternative Carriers
Globalstar Inc is experiencing significant upward momentum following reports that Amazon is in discussions to acquire the satellite telecommunications company, potentially valued at approximately $9 billion. This move aims to enhance Amazon's low Earth orbit satellite capabilities, positioning it to compete more effectively against SpaceX's Starlink. The negotiations are complicated by Apple’s 20% stake in Globalstar, which adds layers to the deal. Since the announcement, Globalstar's stock has risen notably, reflecting heightened investor optimism regarding the company's strategic future. In pre-market trading, shares are substantially higher, building on a strong after-hours session where the price surged significantly.

OWL | -8.0% | -919.7M
Blue Owl Capital Inc | Asset Management & Custody Banks
Blue Owl Capital Inc is facing significant downward pressure following its announcement of limitations on withdrawals from its private credit funds, a response to elevated redemption requests. Investors sought to withdraw 40.7% of shares from Blue Owl Technology Income Corp and 21.9% from Blue Owl Credit Income Corp during the first quarter of 2026. In reaction, the firm will restrict redemptions to just 5% of the shares in these funds. This decision has raised concerns regarding liquidity and market stability, contributing to a notable decline in share prices. Approximately 90% of shareholders opted not to tender their shares, but the large redemption requests have intensified scrutiny on the company's financial health. As a result, shares are trading sharply lower, reflecting a significant drop since Wednesday's close.

ARM | -5.0% | -7.7B
Arm Holdings PLC | Semiconductors
Arm Holdings PLC is facing a significant decline in pre-market trading, attributed to a recent announcement of a strategic collaboration with IBM. This partnership aims to develop dual-architecture hardware designed for artificial intelligence and data-intensive workloads. The integration of IBM's systems with Arm's architecture seeks to enhance software compatibility and streamline enterprise operations. Despite this potentially beneficial development, Arm's shares are trading sharply lower, reflecting a challenging market environment. The stock has dropped notably since Wednesday's close, indicating a turbulent session ahead.

GOOG | -2.8% | -97.4B
Alphabet Inc | Interactive Media & Services
Alphabet Inc is facing downward pressure as more than 200 child advocacy groups have urged YouTube to ban AI-generated content from its children's platform. This letter, directed to both YouTube CEO Neal Mohan and Alphabet CEO Sundar Pichai, raises concerns about the potential harm of bizarre videos on children's cognitive development. Advocacy group Fairplay estimates that top AI content channels targeting children generate substantial annual revenue. In response, YouTube has stated it is working to limit such content and improve its systems to combat low-quality videos. This news coincides with a broader market decline, as the S&P 500 Index has dropped significantly, reflecting a risk-off environment that often impacts technology stocks like Alphabet.

META | -2.8% | -40.4B
Meta Platforms Inc | Interactive Media & Services
Meta Platforms Inc. is experiencing negative momentum following a lawsuit alleging that Perplexity AI shared user data with the company in violation of California's privacy laws. This lawsuit claims that trackers provided Meta access to sensitive conversations between users and the AI search engine. Additionally, Wells Fargo has reduced its price target for Meta to 765 from 856, which may further heighten concerns regarding the company's handling of user privacy and data practices. The stock is moving lower in line with broader market trends, as the Nasdaq 100 Index has also declined significantly.

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