Daily US Equity Opening News - INTC new Chair; CRWD choppy after earnings; ROST rises after results, guidance

TODAY’S AGENDA:

• US INDEX FUTURES: ES +0.3%, NQ +0.5%, YM +0.3%, RUT +0.7%
• DAY AHEAD: The US Day sees the release of Final S&P Global services and composite PMI data and ISM services for February (headline seen edging lower to 53.5 from 53.8). In energy, API weekly inventory data released afterhours on Tuesday reportedly showed crude stocks posting a larger than expected build of +5.6mln bbls (exp. +2.3mln), Cushing building by +1.5mln bbls, distillates posting a surprise build of +0.5mln bbls (exp. -2.6mln), though gasoline saw a larger than expected draw of -3.3mln bbls (exp. -0.8mln); the more widely followed DoE inventory data will be published later today. In later trade, the Fed will release its latest Beige Book. Today’s speakers’ slate includes BoC Governor Macklem. Notable US corporates reporting today include: Broadcom (AVGO). It’s also worth noting that Intel (INTC), Microsoft (MSFT), Nvidia (NVDA), Meta (META), Netflix (NFLX) and Dell (DELL) will be presenting at a Morgan Stanley Tech conference.
• BROKER MOVES: TGT upgraded at Bernstein and Telsey; LZ downgraded at Barclays. For the full list, click here.
• MAJOR MORNING MOVES RECAP: CRWD, GTLB, ROST, MRNA, INTC, TSLA, CRWV, ANF. For the full list, click here.
• US DAILY CONFERENCE CALENDAR: MSFT, NVDA, NFLX, TXN, INTC, MA, SNOW, SNDK. For the full list, click here.

NEWS:

TRADE

• US-China - China’s National People’s Congress signalled support for stable relations with the US ahead of a planned summit between Presidents Xi and Trump in the coming weeks. A spokesman said “head of state diplomacy” remains the key driver of bilateral ties, and noted both leaders have maintained regular communication since last year.

MACRO

• Iran Conflict Market Reaction - Goldman Sachs Chair Solomon said he was surprised by the “benign” reaction in financial markets to the Middle East conflict, adding that it may take weeks to understand the situation as investors assess whether the conflict could become prolonged and affect consumption.
• Fedspeak - Fed’s Kashkari (2026 voter) in an interview with the WSJ said the central bank can remain on hold as the Middle East war clouds the outlook, adding that one or two rate cuts later in 2026 could be appropriate if inflation cools. Kashkari added that the Middle East conflict could also create conditions that justify an extended policy pause.
• China PMI - China’s PMI surveys were mixed with the official manufacturing PMI fell to 49.0 in February (exp. 49.2, prev. 49.3); the data showed a deeper contraction in factory activity as the Lunar New Year holiday slowed manufacturing and construction; the non-manufacturing PMI edged up to 49.5 (exp. 49.8, prev. 49.4).

TECH

• Nvidia (NVDA) - Nvidia’s venture arm invested in UK autonomous driving startup Oxa as part of a USD 103mln funding round. The UK government’s National Wealth Fund committed USD 50mln, with existing investors including BP’s (BP) venture fund also participating, Bloomberg said.
• Intel (INTC) - Intel board chair Frank D. Yeary will retire following annual meeting in May; Dr. Craig H. Barratt elected as chair, effective after the meeting. Barratt joined Intel’s board in November 2025 and has held senior roles at Qualcomm (QCOM), Intel and Google (GOOG).
• CrowdStrike (CRWD) Q4 2025 (USD): Adj. EPS 1.21 (exp. 1.10), Revenue 1.31bln (exp. 1.3bln). Ended FY26 with 5.25bln in ARR, including 1.01bln of net new ARR, its first year exceeding 1bln, alongside record operating and free cash flow. Exec said enterprise AI adoption is expanding demand for its cybersecurity platform. Sees Q1 adj. EPS of 1.06-1.07 (exp. 1.07) and Q1 revenue at 1.36-1.364bln (exp. 1.36bln); for FY27, it sees adj. EPS between 4.78-4.90 (exp. 4.84) and FY27 revenue of 5.868-5.928bln (exp. 5.87bln).
• ASM International (ASMIY) - ASM International raised its Q1 revenue outlook and expects further increases over the year, citing a rebound in China demand. Q4 2025 (EUR): EPS 2.04 (exp. 1.73), Revenue 809mln (exp. 788mln). Net profit fell Y/Y to 166.1mln (exp. 141.2mln; vs 225.8mln Y/Y), supported by stronger demand and a rebound in orders from Chinese customers. It announced a new share 150mln buyback programme for 2026-27. Execs said revenue in H2 is expected to be higher than H1, reflecting continued recovery in semi equipment demand and improving order momentum.
• OpenAI, Microsoft (MSFT) - OpenAI is developing a code repository platform to rival Microsoft’s GitHub, according to The Information, and the project could put OpenAI in competition with Microsoft, one of its major investors. The initiative followed a rise in GitHub outages that disrupted engineers’ ability to store, share and collaborate on code. Separately, OpenAI is considering a contract to deploy its technology on NATO’s unclassified networks; the talks follow a recent agreement to deploy its tech on the Pentagon’s classified network after the US government ended work with Anthropic.
• Anthropic - Anthropic is nearing a USD 20bln annual revenue run rate, with revenue exceeding USD 19bln based on current performance, up from USD 9bln at the end of 2025 and about USD 14bln weeks earlier, according to Bloomberg.
• CoreWeave (CRWV)- Signed a multi-year strategic partnership with Perplexity AI to run Perplexity’s inference workloads on CoreWeave Cloud using dedicated Nvidia GB200 NVL72-powered clusters, supporting its Sonar and Search API ecosystem. The deal also includes deploying Perplexity Enterprise Max across CoreWeave to enhance internal search, research, and data analysis capabilities.
• GitLab (GTLB) - GitLab shares fell in extended trading after it issued new revenue guidance that drew increased investor scrutiny around its growth outlook and valuation despite rising interest in its AI offerings. Q4 2025 (USD): Adj. EPS 0.30 (exp. 0.23), Revenue 260.4mln (exp. 252.22mln). ARR surpassed 1bln during FY26, with free cash flow of 220mln. Authorised a USD 400mln share repurchase programme. Exec said it is building multi-year growth drivers around the Duo Agent Platform and hybrid pricing, with the buyback reflecting confidence in the business and commitment to shareholder value. Sees Q1 adj. EPS at .20-0.21 (exp. 0.20) and Q1 revenue between 253-255mln (exp. 256.69mln); sees FY27 adj. EPS at 0.76-0.80 (exp. 1.03) and FY27 revenue of 1.099-1.118bln (exp. 1.13bln).
• Box (BOX) Q4 2025 (USD): EPS 0.49 (exp. 0.34), Revenue 305.9mln (exp. 305.6mln). RPO +17% Y/Y to 1.7bln. The CEO said FY26 was a “defining year” following the launch of Enterprise Advanced, adding that the offering already accounts for around 10% of revenue; he added that he is encouraged by momentum entering FY27. Sees Q1 EPS at 0.36 (exp. 0.31) and Q1 revenue at 304mln (exp. 295.1mln); for FY27, sees EPS of 1.55 (exp. 1.45) and FY27 revenue at 1.275bln (exp. 1.27bln).
• SentinelOne (S), Asana (ASAN) - SentinelOne appointed Sonalee Parekh as CFO, effective 24th March. Parekh previously served as CFO of Asana and earlier CFO of RingCentral, and has held senior finance roles at Hewlett Packard Enterprise (HPE).
• LegalZoom (LZ) - Downgraded at Barclays to 'Underweight' from 'Equal Weight' with a USD 6 PT (prev. 9), noting LZ faces risks that AI-native tools "may remove friction" and make it easier for demand to move online to other surfaces. Barclays finds it less clear how LegalZoom's current market leadership will perform against this backdrop. In addition, the firm believes the company's growth slowdown and step-down in customer growth in 2026 is likely to be a headwind for the shares.

HEALTHCARE

• GLP-1 - The FDA issued 30 warning letters to telehealth companies over false or misleading marketing of compounded GLP-1 products, including claims implying equivalence with FDA-approved drugs and obscured sourcing. The action follows a September crackdown on direct-to-consumer pharmaceutical ads.
• Novo Nordisk (NVO) - The FDA said a Novo Nordisk ad for Ozempic included misleading claims implying superiority over other GLP-1 diabetes drugs without supporting data, Bloomberg reports. The notice follows a warning issued less than a month earlier over a TV ad for the company’s Wegovy weight-loss treatment.
• Bayer (BAYRY) - Bayer forecast 2026 adj. earnings of EUR 9.6-10.1bln (exp. 9.75bln), and expects profits and sales to be largely unchanged as it faces generic competition for its blood thinner and ongoing uncertainty over US Roundup litigation.
• Johnson & Johnson (JNJ) - China Vice Commerce Minister Wang met Johnson & Johnson Vice President and the Chairman of Johnson & Johnson China Song Weidong in Beijing on 3rd March. Wang said China welcomes multinational companies to expand investment and share development opportunities. Song said Johnson & Johnson remains confident in China’s market and will continue increasing investment and cooperation.
• Teva Pharmaceuticals (TEVA), Blackstone (BX), Sanofi (SNY) - Teva and funds managed by Blackstone agreed a USD 400mln strategic funding deal over four years to support development of duvakitug; Blackstone will receive regulatory and commercial milestones and low single-digit royalties on global sales. Teva is co-developing the drug with Sanofi.
• Moderna (MRNA), Arbutus Biopharma (ABUS), Roivant Sciences (ROIV) - Roivant Sciences unit Genevant Sciences and Arbutus Biopharma reached a USD 2.25bln global settlement with Moderna over alleged unauthorised use of LNP delivery technology in COVID-19 vaccines. Moderna will pay USD 950mln in Q3, and up to USD 1.3bln depending on a Federal Circuit ruling, and will receive a global non-exclusive licence for infectious disease applications.
• AnaptysBio (ANAB), GSK (GSK), Vanda (VNDA) - AnaptysBio said plans to spin off its biopharma operations into First Tracks Biotherapeutics remain on track for Q2 2026, potentially as early as late-April. AnaptysBio will retain royalty assets, including collaborations for Jemperli with GSK, and imsidolimab with Vanda.

CONSUMER DISCRETIONARY

• Tesla (TSLA) - BofA reinstated coverage of Tesla with a 'Buy', up from its prior 'Neutral' rating. The firm views Tesla as "the current leader in consumer autonomy" and expects it to quickly become a leader in robotaxi services, given its ability to scale more profitably than competitors. BofA sees autonomous vehicles spurring the next era of mobility, offering consumers the prospect of saving time, safer travel, and more accessible transportation, the analyst tells investors.
• Starbucks (SBUX) - Pans to open a new corporate office in Nashville later in 2026, relocating parts of its North American supply-chain operations as it expands its presence in the southeastern US, WSJ reports. Seattle will remain its North American and global HQ.
• Alibaba (BABA) - Lin Junyang, head of its Qwen AI model division, is stepping down, marking the third senior departure from the unit this year; Yu Bowen, who led post-training for Qwen, has also resigned, according to Chinese media reports.
• Abercrombie & Fitch (ANF) Q4 2025 (USD): EPS 3.68 (exp. 3.57), Revenue 1.67bln (exp. 1.67bln); sees Q1 EPS at 1.20-1.30 (exp. 1.34) and FY26 EPS of 10.20-11.00 (exp. 10.15).
• Ross Stores (ROST) - Ross Stores shares rose in extended trading after it reported quarterly earnings and revenue that beat expectations, issued a strong outlook, announced a share buyback, and boosted its dividend. Q4 2025 (USD): EPS 2.00 (exp. 1.90), Revenue 6.6bln (exp. 6.44bln), with comparable store sales up 9%. Board approved a new two-year 2.55bln share buyback plan, and raised its quarterly dividend +10% to 0.445/shr. Management cited strong holiday performance and momentum into the spring season. Guided Q1 EPS between USD 1.60-1.67 (exp. 1.62), on SSS growth of 7-8%; sees FY26 EPS between 7.02-7.36 (exp. 7.20), with SSS up 3-4%.
• Adidas (ADDYY) - Adidas extended the contract of CEO Bjoern Gulden until December 2030, and proposed changes to its supervisory board.
• Vail Resorts (MTN) - Announced that skiers aged 13-30 can purchase the 2026/27 Epic Pass and Epic Local Pass at a 20% discount to standard pricing to increase accessibility for younger travellers.
• DraftKings (DKNG) - Plans to expand into prediction markets by integrating the platform into its core app and targeting operations across all 50 US states as regulation evolves, WSJ reports. The company aims to compete with market leader Kalshi. CEO Jason Robins estimates prediction markets could represent a USD 10bln revenue opportunity.

FINANCIALS

• Crypto, Banks - US President Trump said banks are threatening and undermining the “Genius Act” and called for rapid progress on market structure legislation. He urged passage of the “Clarity Act,” arguing it is needed to support the US crypto industry and keep it domestic, warning the sector could move to China or other countries if regulatory clarity is not achieved.
• Raymond James (RJF), Sumitomo Mitsui Trust Group (SUTNY) - Sumitomo Mitsui has agreed to collaborate with Raymond James to expand its US operations, Bloomberg reports. The partnership will allow the Japanese bank to tap Raymond James’ network of SMEs and wealth management clients to provide funding for M&A, and offer Japan-related investment products.
• Blackstone (BX) - Talks between Blackstone and New World Development over a potential USD 2.5bln investment via a special-purpose vehicle have stalled as the Cheng family resists relinquishing control, Bloomberg reports. The family could contribute USD 1-1.5bln and is exploring alternatives to raise capital.
• KKR & Co. (KKR) - Director Mary Dillon purchased 22.2K shares, co-CEO Joseph Bae purchased 50K shares, co-CEO Scott Nuttall purchased 50K shares, between 27th February and 2nd March, for a total around USD 9.8mln.

ENERGY

• Energy Inventories - API weekly inventory data reportedly showed crude stocks posting a larger than expected build of +5.6mln bbls (exp. +2.3mln), Cushing building by +1.5mln bbls, distillates posting a surprise build of +0.5mln bbls (exp. -2.6mln), though gasoline saw a larger than expected draw of -3.3mln bbls (exp. -0.8mln); the more widely followed DoE inventory data will be published later today.
• US Medium Sour - US medium sour Mars Blend crude rose to a six-year high after a Japanese refiner increased purchases from the US amid pressure on Middle East supply linked to the Iran conflict; the buyer chartered a supertanker to carry Mars Blend from the Gulf of Mexico after purchasing a similar volume of WTI earlier in the week.
• Saudi Oil Storage - Major Saudi oil storage sites are filling rapidly as shipping through the Strait of Hormuz remains effectively closed, according to Kayrros. The Ju’aymah terminal was nearing spare capacity as of 1st March, while four of six tanks at the Ras Tanura refinery were full after the facility halted operations following Iranian attacks, it said.

COMMUNICATIONS

• Tencent Holdings (TCEHY) - The Trump administration is debating whether to allow Tencent to retain stakes in major video game companies, including Epic Games, Riot Games and Supercell, as officials assess potential national security risks, the FT reported. Discussions come ahead of a planned meeting between Presidents Trump and Xi in April.
• SK Telecom (SKM), Super Micro Computer (SMCI), Schneider Electric (SBGSY) - SK Telecom, Super Micro and Schneider Electric signed an MOU at MWC26 to develop a total solution for AI data centres.

INDUSTRIALS

• Old Dominion (ODFL) - February revenue per day fell 3.3% Y/Y, as LTL tons per day declined 6.8%, reflecting a 7.0% drop in LTL shipments per day, partly offset by a 0.2% rise in weight per shipment. QTD LTL revenue per hundredweight increased 3.5% Y/Y (4.1% ex-fuel surcharges).
• Lockheed Martin (LMT) - Awarded a USD 1.9bln Air Force contract for C-130J Maintenance and Training System IV.

MATERIALS

• Aluminium Bahrain - Reportedly declared a force majeure.
• BASF (BASFY) - Will reportedly increase the prices of additives by up to 20%, citing raw materials, inflation and freight rates.

CONSUMER STAPLES

• Target (TGT) - Outlined a multi-year strategy to accelerate growth, including incremental investment of about USD 2bln in 2026. The plan includes USD 1bln in additional operating spending on store experience, payroll, training, marketing and AI, and over USD 1bln more in capex, taking total 2026 capex to about USD 5bln. It also plans to open over 30 stores in 2026 and remodel more than 130 locations. Meanwhile, shares were upgraded at Bernstein to 'Market Perform' from 'Underperform' with a USD 116 PT (prev. 91). The stock's risk/reward is more balanced after the company announced initiatives across merchandising, stores, and labour, paid for by productivity measures. The firm says that while Target's execution risk remains high, the stimulus expected this year could support the company's near-term momentumBrown-Forman (BF.B) Q3 2026 (USD): EPS 0.58 (exp. 0.47), Revenue 1.06bln (exp. 1.0bln); backed FY26 organic net sales view of down low-single digit range. Continues to anticipate operating environment for fiscal 2026 to be challenging and expects to face headwinds from consumer uncertainty and lower non-branded sales of used barrels in 2026.