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Friday, March 6

Noteworthy macro moves today: Oil (WTI) +10.1%. Nasdaq 100 Index (US) -1.2%. S&P 500 Index (US) -0.9%. Noteworthy US mega-cap moves today: JPMorgan Chase & Co (JPM) -1.7%. Alphabet Inc (GOOG) -1.6%. Alphabet Inc (GOOGL) -1.6%. 

Global equity markets are trading lower following a significant downturn driven by surging oil prices amid escalating geopolitical tensions in the Middle East, particularly related to the ongoing conflict involving Iran and its implications for energy supply and inflation risks.

In the U.S., the Labor Department released disappointing employment data this morning, revealing that nonfarm payrolls fell by a staggering 92,000 jobs in February against expectations of 59,000 new jobs added. This has raised the unemployment rate to 4.4%, further fueling concerns about economic weakness and prompting speculation about potential Federal Reserve interest rate cuts.

Additionally, average hourly earnings rose by 3.8% year-on-year, slightly above expectations but overshadowed by the negative job creation figures. Market sentiment has shifted negatively as investors reassess their outlook on economic stability amidst rising geopolitical tensions affecting global markets and inflationary pressures from soaring energy prices linked to conflicts abroad.

United States Oil Fund LP (USO) [+7.6%]
The price of West Texas Intermediate (WTI) crude has risen significantly, reaching $84.65, while Brent crude surged to $86 per barrel amid escalating geopolitical tensions, including Iran's attack on a U.S.-owned oil tanker. This week, Brent crude marked its largest weekly gain since the onset of the Ukraine conflict in 2022, climbing 20%. Futures for WTI have also shown volatility, briefly exceeding $87 per barrel. Qatar's Energy Minister has projected potential crude oil prices of $150 per barrel if conflicts persist. Concurrently, U.S. retail gasoline prices have reached their highest level since September 2024, which may influence sentiment around the United States Oil Fund LP (USO). In pre-market trading, USO experienced a notable increase, reported at approximately 6.8%. Analysts have expressed concerns over energy market disruptions and significant impacts on fuel prices across the U.S.

Energy Select Sector SPDR Fund (XLE) [+1.4%]
The Energy Select Sector SPDR Fund (XLE) has seen its price rise by 1.41%, marking it as one of the leading sectors for March 6, 2026. Trading volume reached 508.4K shares, reflecting significant market activity. Crude oil prices have surged past $81 per barrel amid escalating tensions in the Middle East, particularly following Iran's claims of attacking a U.S. oil tanker. This surge in oil prices is contributing to XLE's daily return of 1.36%. Additionally, Qatar's Energy Minister has indicated that Gulf producers may halt exports if conflicts continue, raising concerns about supply disruptions. Social media discussions highlight these developments, with posts noting increased purchases of Russian crude oil by India and fears of drone attacks affecting shipping routes through the Strait of Hormuz. The top contributors to XLE’s performance include major energy companies such as XOM, CVX, COP, EOG, and OXY, all reporting positive returns.

MRVL | +12.0% | +132.6B
Marvell Technology Inc | Semiconductors
Marvell Technology Inc. reported fourth-quarter results with adjusted earnings per share of 0.80, surpassing estimates of 0.79, and revenue of 2.22 billion, exceeding the anticipated 2.21 billion. The gross margin stood at 51.7%. For the first quarter, the company projected revenue between 2.40 billion and 2.52 billion, with adjusted EPS guidance ranging from 0.74 to 0.84. The CEO forecasted overall revenue growth exceeding 30% year-over-year in fiscal 2027, driven by strong demand in the data center sector, particularly from AI applications. Following the earnings announcement, Marvell's stock initially rose by approximately 8%. Additionally, Bank of America upgraded the stock to Buy from Neutral, while UBS reiterated a Buy rating, reflecting confidence in Marvell's market position and growth potential in optical connectivity and data center segments.

IOT | +11.1% | +2.0B
Samsara Inc | Application Software
Samsara Inc reported its fourth quarter and full fiscal year 2026 financial results on March 5, 2026. The company achieved a 30% year-over-year increase in annual recurring revenue, totaling 1.9 billion. Fourth quarter revenue reached 444.3 million, surpassing estimates of 422.3 million, while adjusted earnings per share were 0.18, exceeding expectations of 0.13. For fiscal year 2027, Samsara forecasts adjusted earnings per share between 0.65 and 0.69, along with anticipated sales of 1.965 billion to 1.975 billion, both exceeding analyst estimates. The firm recorded significant net new annual recurring revenue of 432 million for fiscal 2026, reflecting a 21% increase from the previous year. Following the earnings release, the stock experienced an approximate 11% rise in after-hours trading.

JD | +4.0% | +2.9B
JD.Com Inc | Broadline Retail
JD.Com Inc has seen a notable increase in its stock price, rising by 4.0% since Thursday. This uptick coincides with a reported rise in the Hang Seng Tech index, which was up significantly, with JD being a notable contributor. Social media discussions highlighted that JD experienced a substantial increase in overnight trading following its earnings release, marking an end to a five-day losing streak. Additionally, JD's stock remains over 40% down from its highs in October 2024. In a related development, Yue Teng has been appointed as a new board member of ATRenew Inc., where he will serve on the compensation committee. Teng is currently a director in JD's Strategic Investment Department, overseeing investments in logistics and industrial properties.

COO | -4.4% | -677.4M
Cooper Companies Inc | Health Care Supplies
Cooper Companies Inc. has seen a notable decline in its stock price, dropping significantly amid mixed analyst evaluations and a lowered price target. Recently, six financial analysts issued varied ratings, with one analyst's downgrade reflecting a bearish outlook. Meanwhile, JPMorgan raised its price target to 80, contrasting with Citi's reduction to 87. This divergence in assessments appears to have added pressure on the stock, despite positive earnings announcements earlier in the week. On social media, discussions highlighted expectations for Cooper's financial performance, with projections of over 2.2 billion in free cash flow from 2026 to 2028. The company also raised its EPS guidance for FY2026 to a range of 4.58 to 4.66, alongside an increase in revenue guidance. Additionally, the Russell 2000 Index's decline suggests broader market dynamics may be influencing Cooper's stock movement.

GWRE | +2.9% | +407.4M
Guidewire Software Inc | Application Software
Guidewire Software Inc reported its Q2 earnings on March 5, 2026, achieving an adjusted EPS of 1.17, surpassing estimates by 0.40. Revenues reached 359.1 million, exceeding forecasts by 8.57 million and reflecting a year-over-year increase of 24%. The adjusted net income was 100.7 million, significantly above the expected 66.8 million. The company raised its fiscal 2026 revenue outlook to between 1.438 billion and 1.448 billion, compared to the previous consensus of 1.414 billion. Guidance for third-quarter revenues also pointed to a positive outlook, with projections between 352 million and 358 million. This strong performance, driven by a 33% year-over-year rise in subscription and support revenue to 237.2 million, has generated notable discussion on social media platforms, further contributing to the stock's upward movement of 1.7% since Thursday.

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