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Wednesday, March 25

Noteworthy macro moves today: Nikkei 225 Index (Japan) +3.3%. DAX 30 Index (Germany) +1.5%. Gold +1.6%. Noteworthy US mega-cap moves today: Amazon.com Inc (AMZN) +1.7%. Alphabet Inc (GOOGL) +1.5%. Alphabet Inc (GOOG) +1.5%. 

Global equity markets are trading higher following positive sentiment driven by hopes of a de-escalation in the Middle East conflict. U.S. President Donald Trump's remarks about ongoing negotiations with Iran have bolstered investor confidence, despite Tehran's dismissal of these claims. This has led to a significant drop in oil prices and a rally in Asian indices such as the Nikkei and Hang Seng.

In the U.S., economic data released this morning showed that export prices surged by 1.5% in February, exceeding expectations of a mere increase of 0.5%. This strong performance across various sectors indicates robust demand and has contributed to an optimistic market outlook.

Additionally, import prices also rose sharply by 1.3%, reflecting inflationary pressures primarily due to rising fuel costs. The combination of these inflationary signals alongside geopolitical tensions is likely influencing Federal Reserve policy expectations regarding interest rates moving forward.

SPDR Gold Shares (GLD) [+3.5%]
SPDR Gold Shares, an ETF that tracks the price of gold, is trading higher in pre-market hours, reflecting a notable increase since Tuesday's close. This upward movement follows a report indicating a 1.7% rise in after-hours trading, coinciding with discussions of a potential one-month ceasefire, which has positively impacted gold and silver markets. Additionally, gold prices surged today due to a significant decline in oil prices amid easing tensions in the U.S.-Iran conflict, further enhancing demand for gold as a safe-haven asset. Notably, assets under management in GLD have reached $181 billion, marking a near-record high and indicating substantial growth over the past year. Despite these gains, gold remains below its 20-day moving average and near the lower end of its one-month trading range.

iShares Silver Trust (SLV) [+4.9%]
The iShares Silver Trust is experiencing a notable increase in pre-market hours, attributed to significant developments in the silver market. A report released earlier indicated a sharp rise in the spot price of silver, which surged nearly 3%. This upward movement aligns with discussions surrounding a one-month ceasefire, positively impacting investor sentiment and contributing to an after-hours increase for the silver ETF. Additionally, social media commentary highlighted optimism regarding silver and gold prices, with predictions of further upward movement contingent on the ongoing situation regarding the ceasefire. Gold has also risen recently, which historically correlates with movements in silver prices. Overall, these factors have collectively contributed to the current price increase for the iShares Silver Trust.

United States Oil Fund LP (USO) [-3.8%]
The United States Oil Fund LP (USO) is trading lower in pre-market hours, reflecting a significant decline amid geopolitical tensions involving Iran. Reports indicate that Iran has rejected a U.S.-proposed ceasefire plan aimed at mitigating ongoing conflicts, which has raised concerns about regional stability and oil supply disruptions. This rejection follows earlier optimism regarding potential diplomatic negotiations, leading to a notable drop in WTI crude prices. Additionally, US crude oil inventories have unexpectedly risen, further contributing to the downward pressure on USO. The fund has experienced a substantial decrease since Tuesday's close, aligning with these developments that have negatively impacted market sentiment around oil commodities.

CHWY | +10.4% | +1.2B
Chewy Inc | Other Specialty Retail
Chewy Inc. reported robust fourth-quarter financial results, with adjusted earnings per share of $0.27, significantly exceeding the analyst consensus of $0.09. Revenue for the quarter reached $3.26 billion, aligning with expectations and reflecting an 8.1% increase on a normalized basis year-over-year. The company also posted a net income of $39.2 million, up from $22.8 million in the previous year. Adjusted EBITDA rose to $162.3 million, marking an increase of $37.8 million, with the adjusted EBITDA margin improving to 5.0%. Following this strong performance, Chewy's shares are trading notably higher in pre-market hours, having increased significantly since Tuesday's close. Additionally, the company provided guidance for fiscal year 2026, anticipating revenue between $13.6 billion and $13.75 billion and an adjusted EBITDA margin of 6.6% to 6.8%.

ARM | +11.5% | +18.2B
Arm Holdings PLC | Semiconductors
Arm Holdings PLC has announced the launch of its new AGI CPU chips, which are projected to generate $15 billion in annual revenue over the next five years. CEO Rene Haas indicated that total revenue could reach $25 billion, with earnings per share expected to climb to $9 during this period. Notably, Meta Platforms will be the first major customer for these chips. Analysts from Raymond James and Wolfe Research have reassessed Arm's market position positively, emphasizing the strategic importance of this product launch for long-term profitability. Following these announcements, shares surged significantly in premarket trading, reflecting heightened investor enthusiasm for Arm's expanded role in the semiconductor market.

JD | +4.0% | +3.1B
JD.Com Inc | Broadline Retail
Shares of JD.Com Inc rose significantly following a seminar by China's market regulator, which aimed to mitigate fierce competition in the food-delivery sector. The regulator's call to end detrimental price wars positively impacted major players, including JD.Com, which saw a notable increase in its stock price. This uptick occurred amid growing pressure on profitability within the industry, intensified by competition since JD's entry into the market last year. In a strategic move, JD.Com is offering commission-free services to merchants joining its logistics platform before May 1, aiming to bolster support for participants and promote sustainable growth. The company's robust logistics network further enhances its competitive positioning.

PDD | +4.5% | +25.5B
PDD Holdings Inc | Broadline Retail
PDD Holdings Inc. reported its fourth-quarter and fiscal year 2025 unaudited financial results, revealing a non-GAAP EPS of RMB 17.69, down from RMB 20.15 the previous year. Revenue rose to RMB 123.91 billion, a 12% year-over-year increase, but fell short of the consensus estimate of RMB 124.71 billion. Net income for Q4 decreased to RMB 24.54 billion from RMB 27.44 billion last year. Despite these misses, executives reaffirmed their commitment to strategic investments in supply chain development for long-term growth. The full-year revenue reached RMB 431.85 billion, reflecting a 10% increase from RMB 393.84 billion in 2024, driven by higher revenues from online marketing and transaction services. Following the earnings release, PDD shares turned negative in premarket trading, indicating a mixed market reaction despite the company's robust cash position of RMB 60.4 billion, which offers significant flexibility for future initiatives.

KC | +5.4% | +3.0B
Kingsoft Cloud Holdings Ltd | Internet Services & Infrastructure
Kingsoft Cloud Holdings Ltd reported its fourth-quarter results earlier this morning, showing an earnings per share of RMB0.04, a slight improvement from RMB0.05 the previous year. Total revenues reached RMB2.761 billion, reflecting a 23.7% year-over-year increase from RMB2.232 billion. Despite this growth, the company recorded a net loss of RMB162.9 million and a non-GAAP net loss of RMB94.6 million. Notably, adjusted EPS of $(0.04) surpassed estimates of $(0.12), while revenues of $394.873 million exceeded expectations of $378.120 million. CEO Tao Zou emphasized a remarkable 95% year-over-year growth in AI business gross billing, highlighting strong demand in intelligent computing. Following this news, Kingsoft Cloud's stock is trading higher in pre-market hours, reflecting positive market reception to the earnings report.

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