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Monday, April 6

Noteworthy macro moves today: GBP/USD +0.4%. Noteworthy US mega-cap moves today: Meta Platforms Inc (META) +1.4%. Exxon Mobil Corp (XOM) -0.9%. 

Global equity markets are trading mixed as investors digest recent economic data and geopolitical tensions affecting oil prices. The U.S. economy added 178,000 jobs in March, significantly surpassing expectations of only about 60,000 new jobs, while the unemployment rate fell to 4.3%, down from February's reading of 4.4%. However, average hourly earnings rose by only 3.5%, missing forecasts of a stronger increase and raising concerns about inflationary pressures.

In the context of rising geopolitical tensions related to Iran and its impact on energy costs, JPMorgan CEO Jamie Dimon warned that these developments could lead to significant increases in oil and commodity prices. Contributing to persistent inflation and potentially higher interest rates than currently anticipated by the market. This backdrop has led to cautious sentiment among investors as they await upcoming economic indicators that may influence Federal Reserve monetary policy decisions moving forward.

Ethereum (ETH/USD) [+2.0%]
Standard Chartered has forecasted that Ethereum's price could reach $7,500 by the end of 2026, supported by its dominance in DeFi liquidity and increasing stablecoin volume. Despite rising geopolitical tensions in Israel and Iraq, which may affect global markets, these factors have not directly impacted ETH/USD at this time. Meanwhile, Ethereum is currently trading higher, reflecting a daily return of approximately 2.1%. Social media discussions highlight various developments, including the Ethereum Foundation nearing its 70,000 ETH staking target and the launch of POKT/ETH on PancakeSwap, indicating an expansion of liquidity in decentralized finance. However, it is noted that ETH spot ETFs experienced significant net outflows recently, contrasting with inflows for Bitcoin spot ETFs, which may influence market dynamics around Ethereum.

United States Oil Fund LP (USO) [-0.7%]
Geopolitical tensions and market reactions to crude oil prices are currently influencing the United States Oil Fund LP, which has slipped in pre-market trading. Reports indicate that WTI crude futures have declined amid OPEC+'s announcement to increase production quotas, coinciding with ongoing disruptions in the Strait of Hormuz and attacks on Iran's petrochemical facilities. Retail sentiment has turned bearish, reflecting concerns over potential prolonged supply disruptions and geopolitical instability. This backdrop aligns with the fund's recent price movement, which has seen a drop of approximately 1% in pre-market trading, mirroring broader market trends.

COIN | +3.2% | +1.4B
Coinbase Global Inc | Financial Exchanges & Data
Coinbase Global Inc has secured conditional approval from the Office of the Comptroller of the Currency to operate as a federally chartered national trust company, enhancing its custody and market infrastructure under federal oversight. This development, announced three days ago, is significant as it allows Coinbase to strengthen regulatory compliance without becoming a commercial bank. CEO Brian Armstrong highlighted its importance for achieving regulatory uniformity in the crypto sector. Additionally, BlackRock's iShares Bitcoin Trust has reportedly doubled trading volume on Coinbase, bolstering its competitive stance against Binance. These factors contribute positively to Coinbase's market outlook. In pre-market trading, shares are higher, reflecting a positive shift since Thursday's close, following a period of lower performance within its one-month trading range.

NBIX | -2.3% | -303.7M
Neurocrine Biosciences Inc | Biotechnology
Neurocrine Biosciences Inc. has confirmed its acquisition of Soleno Therapeutics for $53 per share, totaling an equity value of approximately $2.9 billion. This transaction represents a 34% premium over Soleno's closing price on April 2, 2026. The acquisition aims to enhance Neurocrine's portfolio with VYKAT XR, an FDA-approved treatment for hyperphagia associated with Prader-Willi syndrome, which generated $190 million in revenue in 2025. The deal will be financed using cash on hand, with plans to take on a modest amount of pre-payable debt to optimize capital structure. Both companies' boards have approved the transaction, expected to close within 90 days, pending customary conditions and regulatory approvals. Additionally, termination fees of $95.3 million and $141.5 million could apply if the deal is terminated under specific circumstances. Shares are currently trading lower since Thursday's close.

DOW | -2.5% | -699.6M
Dow Inc | Commodity Chemicals
Dow Inc is experiencing downward pressure following a downgrade from Bank of America Securities, which has shifted its rating from Neutral to Underperform, with a revised price target set at $35.00. This downgrade highlights concerns about the stock's outlook amidst ongoing challenges in the petrochemical sector, which includes Dow. A recent report from BAML corroborated this sentiment by downgrading petrochemical stocks, indicating that the year-to-date performance continues to struggle. Additionally, shares of LyondellBasell, a closely correlated competitor, are also trading lower, further reflecting the negative trends within the Commodity Chemicals sub-sector. Overall, Dow Inc is trading significantly lower today, continuing a recent decline since Thursday's close.

INTC | +2.3% | +5.0B
Intel Corp | Semiconductors
Recent developments in the semiconductor industry are positively impacting Intel Corp, with a report highlighting surging chip demand benefiting both Intel and Micron. This favorable market environment coincides with a notable increase in option volume for Intel, indicating heightened trading activity. Additionally, Intel's strategic appointment of Aparna Bawa as executive vice president and chief legal and people officer, effective next month, aims to enhance leadership and organizational culture. These factors collectively contribute to the positive market sentiment surrounding Intel. The stock is currently trading higher since Thursday's close, reflecting this upbeat outlook amidst broader industry trends.

MU | +3.6% | +15.2B
Micron Technology Inc | Semiconductors
Micron Technology Inc. is experiencing a notable surge in chip demand, bolstered by a recent report highlighting the positive correlation between its stock performance and that of Intel. The company has reported an impressive year-to-date performance, attributed to rising demand for high-bandwidth memory products, despite concerns regarding competitive compression methods. Recent discussions on social media have pointed to significant expectations around memory content for autonomous vehicles and projected increases in DRAM prices, further contributing to positive sentiment around Micron. Additionally, the semiconductor sector is viewed favorably for recovery, enhancing the outlook for Micron as it continues to solidify its position within the AI infrastructure market. In pre-market hours, the stock is trading higher, reflecting this optimistic backdrop.

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