Daily US Equity Opening News - META adds USD 10bln investment to expand data centre; Cyber hit on leaked Anthropic AI model

TODAY’S AGENDA:

US INDEX FUTURES: ES -0.4%, NQ -0.7%, YM -0.4%, RUT -0.7%
DAY AHEAD: Secretary of State Rubio is meeting G7 counterparts in France amid allied scepticism over the Iran war and after President Trump again criticised NATO countries for not assisting. Rubio said countries should be grateful the US is confronting the threat and called for support on Strait of Hormuz security; France and other allies have voiced concern over the conflict and Washington’s approach. Today’s economic data releases include University of Michigan’s final sentiment indices for March (prelim data showed sentiment easing to 55.5 from 56.6 in February; conditions at 57.8 from 56.6; expectations at 54.1 from 56.6; 1yr inflation expectations unchanged at 3.4%; 5yr inflation expectations at 3.2% from 3.3%). In energy, Baker Hughes will publish its weekly rig count data. On today’s speakers’ slate, Fed’s Barkin (2027 voter, neutral; text and Q&A expected) will speak on the economic outlook; Fed’s Paulson (voter, dove; text and Q&A expected) will speak on the economic outlook; Daly (2027 voter, dove) will speak on the economic outlook; ECB’s Schnabel (hawk) give a lecture in Switzerland. Today’s afterhours CRA slate includes potential reviews by Fitch on Switzerland (AAA); Moody’s on Italy (Baa2) and Spain (A3); Scope on the EU (AAA).
BROKER MOVES: TRIP upgraded at BofA; AGX upgraded at JPM. For the full list, click here.
MAJOR MORNING MOVES RECAP: AZN, CIBR, U, AGX, TRIP. For the full list, click here.

IRAN CONFLICT

US - President Trump said he extended until 6th April the deadline for Iran to make a deal, or face strikes on energy plants, while stating that the talks were going very well. Iranian officials have described the US’s proposals as unfair. The Journal also said that Iran did not request a 10-day pause on strikes, according to mediators, and it has not yet given a final response to the 15-point plan to end the war; Trump had indicated that he was extending the pause at Iran’s request. Elsewhere, the Pentagon is considering sending up to 10,000 more ground troops to the Middle East to give Trump additional military options as he weighs peace talks with Tehran, WSJ reports; a US senior defence official cited by Axios expects a decision to send the additional troops next week.
Australia Energy - Australia PM Albanese said fuel supply is secure in the near term, as the government seeks to calm concerns over gasoline shortages. He said six tankers of jet fuel will arrive between Saturday and 8th April, with shipments coming from China and other locations.
Spain Energy - Algeria will increase gas supplies to Spain under a deal announced by the Spanish government amid instability in global energy markets linked to the Iran war. Foreign Minister Albares said the two countries agreed to deepen their gas and energy relationship by raising supply volumes.

MACRO

Overnight Fedspeak - Fed Vice Chair Jefferson (voter) said sustained higher energy prices could worsen inflation, weaken consumer and business spending; he said that current policy is appropriately positioned. Jefferson expects inflation to resume declining as tariff effects pass through, but said trade uncertainty and Middle East tensions pose upside risks. Governor Miran (voter, dovish dissenter) the Fed could cut its USD 6.7tln balance sheet by between USD 1-2tln over time, by reducing demand for liquidity through regulatory and market changes; Miran said the process should be gradual, done passively rather than through active sales, and that a smaller balance sheet could allow lower interest rates than otherwise. Fed’s Barr (voter) said the central bank must stay vigilant against a rise in inflation expectations, warning that a prolonged Iran conflict and higher energy prices could have broader effects on prices and activity; Barr said it makes sense to take time before cutting rates further, and also warned recent regulatory changes may weaken banking system resilience. Fed’s Cook (voter) said the Iran war has shifted risks for the Fed more towards inflation, while the labour market remains balanced but fragile; Cook said tariffs had already slowed progress on inflation, and the war has moved it further from the 2% target. Meanwhile, the Fed’s SOMA manager Perli (not an FOMC member) said the central bank is likely to significantly reduce its monthly Treasury purchases after mid-April, once the US income-tax season ends, reiterating previous Fed guidance that the volume of monthly government bond buying is expected to decline after next month.
Fed Forecasts - A WSJ opinion column titled ‘Can the Federal Reserve Please Shut Up?’ argues the Fed’s quarterly economic projections have become an influential policy tool, but says their poor forecasting damages markets and undermines the institution’s credibility. It cites Chair Powell’s remark that some colleagues wished they did not have to publish them after the March FOMC meeting.
DHS - The Senate passed a bill to fund most of the DHS, moving to end a partial shutdown that disrupted airport security. The measure still requires House approval and President Trump’s signature. The deal excludes ICE and Border Patrol funding.
China Industrial Profits - China’s industrial profits rose 15.2% Y/Y in the first two months of 2026, according to NBS. Excluding the pandemic-driven surge in 2021, this was the fastest start to a year since 2018.
Japanese Yen - Japan FinMin Katayama said authorities may take “bold actions” to respond to JPY weakness, signalling possible intervention as the currency trades near levels that prompted market action several times in 2024; she said officials would respond firmly as Middle East tensions remain elevated.

TRADE

US-China - China’s Commerce Minister Wang raised serious concerns with USTR Greer over new Section 301 trade investigations into Chinese industrial overcapacity and alleged failures to block forced-labour products. The exchange came as both sides signalled interest in stabilising relations before an expected presidential summit. China’s Commerce Ministry spokesperson said Beijing will take relevant measures based on the findings of its probe into US trade measures; the ministry said the investigation began on 27th March, will run for up to six months, and can be extended.

TECH

Apple (AAPL) - Apple added Bosch, Cirrus Logic, TDK and Qnity Electronics to its American Manufacturing Programme, expanding US production of key materials and components for Apple products sold globally. The company plans to spend USD 400mln on these new programmes through 2030, aiming to create jobs and strengthen US manufacturing capabilities. Separately, Apple has discontinued the Mac Pro desktop, removing its USD 6,999 high-end computer for advanced users from its website, Bloomberg notes. The model had not been updated since 2023, when it received Apple’s M2 Ultra chip, while the smaller Mac Studio added the M3 Ultra last year. Elsewhere, Apple awarded rare out-of-cycle bonuses worth several hundred thousand dollars to many members of its iPhone Product Design team, sources said; the move is intended to help retain hardware designers amid departures to AI startups, including OpenAI that are developing devices.
Nvidia (NVDA) - New Blood CEO Dave Oshry and Dusk developer David Szymanski called for a boycott of Nvidia over DLSS 5, PC Gamer reported. Oshry urged gamers and developers to stop collaborating with Nvidia and hurt its sales, while Szymanski said the new tool’s lighting and contrast changes make scenes look less realistic and believable.
Anthropic - A federal judge granted Anthropic a preliminary injunction in its lawsuit against the Trump administration, blocking enforcement of a directive barring federal agencies from using Claude and limiting Pentagon efforts to label the company a national security threat. Separately, Anthropic executives have discussed a possible IPO as soon as Q4 2026, The Information reports. Bankers competing for the mandate expect the offering to raise more than USD 60bln. Anthropic backers include Alphabet (GOOG) and Amazon (AMZN).
Oracle (ORCL) - Signed a new 116,000 square foot lease at 1320 Adams Street in The Neuhoff District to support future Nashville workforce growth.
SMIC (SMICY) - China’s largest chipmaker SMIC has reportedly supplied chipmaking tools to Iran’s military for about a year and likely provided technical training, two senior Trump administration officials told Reuters. The officials said they had no reason to believe the shipments had stopped.
China Chipmakers - Chinese researchers reported that a silicon quantum chip performed a full set of error-detecting logical operations for the first time, marking a step towards reliable quantum computing, SCMP reports. The Shenzhen team said the core building blocks for an error-tolerant silicon quantum computer are now in place and used the processor to calculate the lowest-energy state of a water molecule.
Motorola Solutions (MSI), BCE (BCE) - Motorola Solutions Canada Networks agreed to acquire the land mobile radio network services business from Bell Mobility, a Bell Canada and BCE subsidiary, for CAD 675mln, subject to customary adjustments and a deferred net working capital settlement. The transaction is expected to close in Q4.
Strategy (MSTR) - Michael Saylor said retail investors bought about 80% of Strategy’s Stretch perpetual preferred shares, which he wants to use as the main funding source for weekly Bitcoin (BTC) purchases. It follows its stock declining by more than 70% vs its 2024 peak.
Unity (U) - Raised Q1 revenue view to USD 505-508mln (exp. 506.85mln, prev. 480-490mln). Unity announced it will be sunsetting the ironSource Ads Network, effective April 30th, and that it has engaged a financial advisor to assist with the divestiture of its Supersonic game publishing business. BofA raised its PT to USD 21 (prev. 19) and kept a 'Neutral' rating. The ironSource sunset "appeared well anticipated," and the bigger positive was Vector, which grew 15% quarter-over-quarter in Q1 versus about 10% implied by guidance.
Cyber - Names in the space are weighed in the premarket following reports of a leaked Anthropic AI model, "Claude Mythos". Anthropic’s “Mythos” will be its most capable and possibly dangerous yet, the documents said. It will be so powerful that the company believes it poses unprecedented cybersecurity risks.
SoftBank (SFTBY) - Officially secured a USD 40bln bridge loan to finance a major follow-on investment in OpenAI
Super Micro (SMCI) - Super Micro servers with restricted AI chips were purchased by Chinese universities, including PLA-linked institutions, based on procurement data, Reuters reports. Continued access despite US export curbs is raising concern among lawmakers over potential compliance gaps.

COMMUNICATIONS

Alphabet (GOOG) - Google added a Gemini import option allowing free and paid users to upload zipped conversation files from other AI providers, including ChatGPT and Claude.
Meta Platforms (META) - Said its El Paso data centre will expand to 1 gigawatt, with investment increased to more than USD 10bln. The project is expected to support more than 300 jobs and over 4,000 peak construction workers. Meta said it will match 100% of the site’s electricity use with clean energy, and has invested more than USD 8mln in local infrastructure.
Netflix (NFLX) - Raised US subscription prices, increasing its ad-supported standard plan by USD 1.00, to USD 8.99/month, its standard ad-free plan by USD 2.00, to USD 19.99/month, and its premium plan by USD 2.00, to USD 26.99/month.
Meta (META), Nvidia (NVDA), Roblox (RBLX) - Meta, Nvidia, Roblox hit with proposed class action alleging unauthorized use of millions of 3D models to train AI systems; plaintiff seeks damages, Reuters reports.
Rumble (RUM) - Said Mike Masci will become CFO, effective 31st March, succeeding Brandon Alexandroff, who will become strategic adviser to the CEO.
Live Nation (LYV) - Began its defence in a New York antitrust trial with touring president Al-joulani disputing claims it uses monopoly power to steer artists to its amphitheatres. He told jurors that artists often reject promoter suggestions, and said Live Nation has never forced an artist to play a venue they did not want.

CONSUMER DISCRETIONARY

Amazon (AMZN) - Amazon’s AI chip product leader has departed, The Information reports.
Brown-Forman (BF.B), Pernod Ricard (PRNDY) - Pernod Ricard confirmed it and Brown-Forman are in discussions about a possible merger, Reuters reports. The sides have held initial discussions about a possible combination and believe a deal could create significant operational synergies. The talks come as alcoholic drinks companies consider consolidation during an industry downturn.
China Automakers - Chinese automakers including BYD (BYDDY) and Zhejiang Leapmotor regained momentum in Europe in February. Their share of hybrid registrations rose to 16% (from 15% in January), while their share of fully electric car registrations increased to 14% (from 12%), Dataforce said.
Volkswagen, (VWAGY), Rivian (RIVN) - Volkswagen's partnership with Rivian passes key milestone, with winter tests of the first vehicles using the software successfully completed, Reuters reports.
Tripadvisor (TRIP) - BofA upgraded TRIP to 'Buy' from 'Neutral' with a USD 15 PT (prev. 14). Driven by accelerating activist engagement with Starboard Value's growing involvement and rising strategic optionality, the firm sees "a clearer catalyst path for value realization". The firm's valuation analysis suggests that Viator and TheFork together could be worth more than USD 2.5bln, or roughly twice Tripadvisor's current USD 1.3bln enterprise value.
Prediction Markets - A bipartisan group of senators introduced the Public Integrity in Financial Markets Act of 2026, which would require members of Congress, executive-branch officials and staff to disclose bets placed on prediction market platforms and would establish penalties for misconduct.

FINANCIALS

JPMorgan Chase & Co (JPM) - Filed with the US SEC for a private credit fund that will allow investors to redeem 7.5% quarterly, as withdrawal pressures build across the industry, Reuters reports. According to a prospectus on Wednesday, JPMorgan Public and Private Credit Fund has also asked the market regulator for an exemption that would allow it to repurchase at least 2% of outstanding shares each month. The fund would typically invest at least 80% of its net assets, plus any borrowings for investment purposes, in credit investments, the prospectus said. While the fund's policy permits repurchases of between 5% and 25% of outstanding shares every quarter, it currently "expects" to repurchase 7.5%,.
Oaktree - Will meet 8.5% private credit fund redemptions in full.
Private Credit - A WSJ article notes that private credit funds saw more than USD 11bln of redemptions over the past two quarters. They also attracted USD 12.4bln of new money in the five months through February, though the pace of fundraising has slowed.
Private Credit, Australia - Australian regulators are increasing oversight of private credit by requesting weekly detailed data from funds, according to Bloomberg. ASIC asked managers for metrics including defaults, redemption requests, investor composition, liquidity and leverage, with submissions due every Thursday for the next six weeks.
US Bancorp (USB) - Appointed Toby Clements as senior EVP and COO, succeeding Souheil Badran following his retirement announcement.

INDUSTRIALS

American Airlines (AAL) - I talks with SpaceX’s Starlink and Amazon (AMZN) to upgrade in-flight Wi-Fi and entertainment, CNBC reports. The airline is also considering bringing seatback screens back to its narrow-body fleet, with a decision possible next month, as it faces pressure from Delta Air Lines (DAL) and United Airlines (UAL).
Argan (AGX) Q4 2025 (USD): EPS 3.47 (exp. 1.98), Revenue 262mln (exp. 255mln). JPM upgraded Argan to 'Overweight' from 'Neutral' with a USD 550 PT (prev. 370). The company reported "strong" Q4 results and has several potential catalysts in fiscal 2027. The firm said Argan's net liquidity grew to USD 421mln during the quarter, which management believes could support a backlog in excess of USD 4bln. JPMorgan now believes this is achievable by year-end fiscal 2027 under the current team count. It also believes a potential long-term framework agreement with a key customer could support extended demand visibility through the end of the decade.
United Airlines (UAL) - A Black Hawk helicopter crossed in front of a United Airlines plane landing at John Wayne Airport on Tuesday evening, triggering a collision avoidance alert for the jet’s pilot. The incident is the latest in a series involving helicopters and commercial passenger aircraft.
RTX (RTX) - Received a USD 773.5mln Missile Defense Agency radar development contract modification; the total ceiling value rises to USD 2.25bln (from USD 1.47bln). It also received a USD 193.2mln modification to a previously awarded radar development task order, raising its value to USD 339.13mln (from USD 145.93mln).
Boeing (BA) - Awarded a USD 326.05mln Army contract to procure six CH-47F Block II remanufactured cargo helicopters.
Northrop Grumman (NOC) - Received a USD 127.32mln Navy contract for Full Rate Production Lot 18 of the GQM-163A Coyote supersonic sea-skimming target.

HEALTHCARE

Novo Nordisk (NVO) - FDA approved Awiqli 700 units/mL for adults with type 2 diabetes as an adjunct to diet and exercise to improve glycaemic control. It is the first and only once-weekly long-acting basal insulin. The approval was based on the ONWARDS phase 3a programme in about 2,680 adults.
Novartis (NVS) - Novartis agreed to acquire Excellergy in a deal worth up to USD 2bln. The transaction includes upfront and milestone payments and is expected to close in H2, subject to conditions including regulatory approvals.
AstraZeneca (AZN) - Tozorakimab met primary endpoint in both OBERON and TITANIA Phase III trials in patients with COPD.
Innovent Biologics (IVBIY) - Chinese drugmaker Innovent shares surged overnight after it reported its first annual profit, driven by strong demand for its weight-loss drug.
Rocket Pharmaceuticals (RCKT) - The FDA approved Kresladi, the first gene therapy for severe LAD-I, for paediatric patients with biallelic ITGB2 variants who lack an HLA-matched sibling donor for allogeneic stem cell transplant.
Nuvation Bio (NUVB), Eisai (ESAIY) - Nuvation and Eisai said the EMA validated the MAA for taletrectinib to treat advanced ROS1-positive NSCLC, with review under the standard timeline, based on Phase 2 TRUST-I and TRUST-II data. More filings are planned in the UK, Canada and other licensed territories. Taletrectinib is already approved in the US, Japan and China.

ENERGY

China LNG - China’s March LNG imports are estimated at below 3.7mln tons, the lowest level since 2018 if confirmed, according to Kpler data cited by Bloomberg. The estimate implies a decline of about 25% Y/Y, as Middle East conflict-driven price increases curb demand.
Venture Global (VG), Edison (EIX) - Venture Global and Edison signed a commercial agreement to settle their pending Calcasieu Pass arbitration, with completion expected by end of Q2, after which the case will be terminated. The deal also provides for additional cargo deliveries to Europe beyond the long-term contract, starting in May 2026, at Italy’s Adriatic LNG Terminal, mainly to support Italian gas supplies.
Bloom Energy (BE) - Appointed Simon Edwards as CFO, effective 13th April.

MATERIALS

Japan Aluminium, Rio Tinto (RIO), South32 (SOUHY) - Japanese aluminium buyers agreed to pay Q2 premiums of USD 350/ton to Rio Tinto and USD 353/ton to South32, according to Bloomberg; the report said these are the highest quarterly premiums since 2015, reflecting supply disruption from the Iran war, and likely adding inflation pressure for metal users.
Japan Coal - Will allow greater use of coal-fired power plants to strengthen energy security amid the Middle East war. Coal facilities will be permitted to join capacity market auctions in the FY starting in April, reversing earlier restrictions aimed at tackling climate change.