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Wednesday, March 18

Noteworthy macro moves today: Gold -2.6%. Nikkei 225 Index (Japan) +2.7%. Ethereum -3.4%. Noteworthy US mega-cap moves today: Visa Inc (V) +0.9%. JPMorgan Chase & Co (JPM) +0.8%. Mastercard Inc (MA) -0.8%. 

Global equity markets are trading mixed following the release of stronger-than-expected U.S. producer price inflation data this morning. It rose by 0.7%, significantly above forecasts of a 0.3% increase and marking the largest gain in seven months. This unexpected acceleration in inflation has raised concerns about potential adjustments to Federal Reserve monetary policy. Contributing to lower sentiment in U.S. equity indices, while Asian markets ended positively with the Nikkei up by approximately 2.7%.

In Japan, exports surged by 4.2%, exceeding expectations and boosting market confidence as reflected in a notable rise in the Nikkei index today. Additionally, Japan reported an unexpected trade surplus of ¥57.3 billion for February. Further supporting positive sentiment around its economic resilience despite ongoing geopolitical tensions affecting global supply chains.

Meanwhile, gold prices fell by about 2.6%, reflecting broader market reactions to rising inflationary pressures and geopolitical uncertainties that have influenced commodity pricing dynamics recently. Particularly amid escalating conflicts in the Middle East impacting oil supplies and overall market stability ahead of key central bank meetings later today and tomorrow.

iShares Silver Trust (SLV) [-1.5%]
iShares Silver Trust (SLV) has experienced a decline of 1.5%, coinciding with a drop in spot silver prices, which have fallen below $78 per ounce, reflecting an intraday decrease of 1.53%. Silver's decline aligns with a broader downturn in precious metals, as gold has also decreased by 2%. This movement is attributed to a strengthening US dollar, influenced by geopolitical tensions, including Israeli strikes on Iranian gas facilities and operational disruptions in Iran's South Pars gas field. Recent social media discussions reflect a cautious sentiment regarding SLV, noting the declines in both gold and silver prices. Additionally, there was activity in SLV options yesterday, indicating some expectation of upward movement at that time. Overall, the current market dynamics are exerting downward pressure on SLV's valuation.

VanEck Gold Miners ETF (GDX) [-3.1%]
The VanEck Gold Miners ETF (GDX) has experienced a significant decline of 3.1% since Tuesday. This drop coincides with escalating geopolitical tensions in the Middle East, particularly Iran's attacks on energy infrastructure, which are contributing to inflationary pressures globally. The recent unexpected rise in U.S. producer prices by 0.7% month-over-month further underscores these inflation concerns. Social media discussions have noted that GDX has breached both its 50-day moving average and trendline support, with critical support levels highlighted at February lows of $92. A bearish sentiment is evident, with reports of 90 puts going to cash for options expiration on Friday. Additionally, gold prices have declined by over 2.5%, likely influencing the movement in GDX. The top holdings within the ETF, including NEM and AU, have also posted notable declines, contributing to the overall performance of the fund.

LITE | +7.6% | +3.6B
Lumentum Holdings Inc | Communications Equipment
Lumentum Holdings Inc. has experienced a significant price increase, reflecting a broader rebound in the optical and photonic sector. This sector's recovery is underscored by gains from peers, including Applied Optoelectronics and Coherent. Notably, Morgan Stanley has raised its price target for Lumentum to 595 from 520 while maintaining an Equalweight rating, indicating a positive outlook amidst favorable market conditions. Social media discussions highlight a surge in photonics stocks, with Lumentum noted for its upward movement alongside other companies in the sector. Furthermore, recent posts attribute the rally to increased optical demand, particularly following updates from the Optical Fiber Communications Conference. This momentum is echoed by Applied Optoelectronics, which has also seen a notable increase, suggesting a correlated movement within the optical communications space.

TTD | -4.4% | -514.4M
Trade Desk Inc | Advertising
Trade Desk Inc's shares are under significant pressure, dropping sharply following a downgrade from Buy to Neutral by Rosenblatt. This downgrade coincides with Publicis Groupe advising clients to stop using Trade Desk's platform after a third-party audit revealed alleged improper fee charges and operational violations. Publicis, which accounts for approximately 10% of Trade Desk's billings, is no longer recommending the platform to its clients. Additionally, Stifel has downgraded Trade Desk from Buy to Hold, reducing its target price considerably. Analysts noted that a third-party consultant found Trade Desk failed an audit of its service agreement with Publicis. The Nasdaq 100 Index has also declined slightly, reflecting broader market sentiment, which may further influence Trade Desk's performance.

COHR | +4.1% | +1.6B
Coherent Corp | Electronic Components
Coherent Corp is experiencing notable market activity, attributed primarily to its recent showcase of Indium Phosphide (InP) technology innovations at OFC 2026. This presentation highlights a range of products, including high-power lasers, modulators, and photodiodes aimed at enhancing data center applications. Executive VP Beck Mason emphasized the company's commitment to high-performance optical connectivity. Additionally, Stifel analyst Ruben Roy raised the price target for Coherent to $275 from $235, reinforcing a positive outlook on the company's prospects. Concurrently, social media discussions noted significant movement in photonics stocks, with Coherent's price reflecting this trend. The company's participation at OFC 2026 and its focus on advanced optical systems for AI data centers align with a broader rebound in the optical and photonic sector, positively impacting Coherent's stock performance today.

GIS | -1.9% | -404.4M
General Mills Inc | Packaged Foods & Meats
General Mills reported its third-quarter results, revealing a net income of $303.1 million, a significant decline from $625.6 million year-over-year. Adjusted earnings per share (EPS) were $0.64, falling short of the consensus estimate of $0.73, while revenue reached $4.437 billion, slightly below the expected $4.441 billion. The company noted a 3% decline in organic net sales due to lower volume and unfavorable price realization. It anticipates that recent divestitures will reduce adjusted operating profit growth by approximately 5 percentage points for fiscal 2026. The firm reaffirmed its fiscal 2026 outlook, projecting declines in both adjusted EPS and organic net sales. Additionally, the CEO's recent social media post emphasized the company's commitment to its fiscal guidance and highlighted a strategic exit from the Brazil business, aimed at enhancing operational profit margins. Following the earnings announcement, General Mills experienced a price drop of 0.9%.

NVT | +5.0% | +1.0B
nVent Electric PLC | Electrical Components & Equipment
nVent Electric PLC's recent Investor Day, held just over an hour ago, showcased a strategic portfolio transformation aimed at enhancing growth within the electrical sector. The company set ambitious financial targets, projecting adjusted earnings per share growth and organic sales growth over the next three years. Management reported a strong start to Q1, exceeding initial expectations due to increased demand in the infrastructure vertical, particularly from AI-related data center developments and power utilities. Additionally, the firm anticipates a significant contribution from inorganic growth alongside its organic sales projections. This information was disseminated during trading hours, approximately two hours ago, and has coincided with a notable price increase of over five percent.

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