Daily US Equity Opening News - NVDA invests $2B into MRVL; LLY to buy CNTA, BIIB to acquire APLS

TODAY’S AGENDA:

• US INDEX FUTURES: ES +1.1%, NQ +1.2%, YM +1.2%, RUT +1.5%
• DAY AHEAD: EU energy ministers will hold talks on today to coordinate a response to Iran war-related disruption in oil and gas markets; the talks will focus on filling gas storage for next winter, and stabilising oil product markets, amid concerns over tightening diesel and jet fuel supplies. Stateside, the US JOLTS data for February are expected to ease to 6.87mln (from 6.946mln); in January, the Quits Rate was unchanged at 2.0%, while the Vacancy Rate rose to 4.2% from 3.9%. On the speakers' slate, Fed's Bowman (voter, dove; text and Q&A are expected) will speak to small businesses at CBA Live 2026; Fed's Barr (text and Q&A are expected) will virtually speak on stabelcoins at a Federalist Society event; Fed's Goolsbee (2027 voter, dovish; text/Q&A tbc) will give opening remarks at the Chicago Fed Economic Mobility Project’s virtual event, on human capital in the time of low real rates; Fed's Schmid (2028 voter, hawk; text and Q&A are expected) will speak on monetary policy and the economic outlook; elsewhere. The Dairy Auction results will be published today; last time, the change in GDT price index was +0.1%, and WMP prices fell -4.0%. Notable corporate earnings due today include: Nike (NKE), PVH (PVH).
• BROKER MOVES: CL downgraded at TD Cowen; DOCU downgraded at BofA . For the full list, click here.
• MAJOR MORNING MOVES RECAP: Mag-7, MKC, CEG, APLS, CNTA, MU/SNDK, FDS, SNX, DOCU. For the full list, click here.
• US DAILY CONFERENCE CALENDAR: ADI, AMAT. For the full list, click here.

GEOPOLITICS

• US - President Trump reportedly told aides he is willing to end the US military campaign against Iran even if the Strait of Hormuz remains largely closed, WSJ reports; the administration assessed reopening the waterway would extend the conflict beyond Trump’s four-to-six-week timeline, and would instead seek diplomatic pressure and ask European and Gulf allies to lead any reopening effort. Separately, Trump said the US would strike Iranian energy sites if talks failed to produce a deal and the reopening of the Strait of Hormuz. The White House also suggested Trump could ask Arab leaders to fund the war. Iran said Washington’s 15-point peace plan contained excessive, unrealistic and unreasonable demands.
• Iran - Iran is urging the Houthis to prepare a renewed campaign against Red Sea shipping if the US escalates its war, European officials said, and Houthi leaders are considering more aggressive action after launching ballistic missiles at Israel, according to Bloomberg. The IRGC said the Strait is fully under the control of its forces and warned that any hostile movement would be met with missiles and drones, adding that operations are continuing; it also confirmed it had targeted a ship in the Gulf.
• NATO - US Secretary of State Rubio said the US may reconsider NATO’s value after the Iran war, citing what he described as disappointing support from allies during the conflict. He criticised NATO members for denying access to military bases, echoing earlier criticism from President Trump about the alliance.
• US-Russia - OFAC issued amended Russia-related General License authorising certain transactions for negotiating and entering contingent contracts for the sale of Lukoil International, along with related maintenance activities.

MACRO

• Fedspeak - Fed's Williams (voter) said monetary policy is well positioned to handle unusual circumstances; he noted that the Iran conflict will likely lift inflation in coming months via higher energy and intermediate costs, while damping activity. Williams expects growth around 2.5% this year (vs SEP median of 2.4%), inflation at 2.75% (vs SEP median of 2.7%) before returning to 2% next year (vs SEP median of 2.2%), and unemployment to ease; Williams did not signal any near-term policy change, but said risks to both inflation and employment have increased, echoing Chair Powell’s cautious wait-and-see stance.
• US Defence Budget - Key details of the US fiscal 2027 defence budget will be released on 21st April, Bloomberg reports citing a US defense official; a broad overview of the proposed USD 1.5tln defence plan is due on 3rd April.
• China PMI - China’s official manufacturing PMI rose to 50.4 in March (prev. 49.0), a 12-month high and returning to expansion after two months of contraction. The non-manufacturing PMI also returned to growth, rising to 50.1; ING said higher energy prices linked to the Iran war are starting to lift input and ex-factory prices, while services indicators remained soft.
• China - Chinese officials are intensifying efforts to tax offshore trusts holding shares in some Hong Kong-listed companies, Bloomberg reports, and have asked trust owners to report detailed financial information.

TECH

• Global Memory Shortages - Global memory shortages are persisting as AI server demand reshapes supply priorities, Digitimes reports. Advanced production capacity is being directed to AI memory products, reducing output from mature processes and shifting the market away from price competition toward securing supply. Shortages may last through 2026, with rising DDR5 prices and stronger DRAM and NAND demand, Digitimes added.
• Apple (AAPL) - Apple removed vibe coding AI app-building app Anything from the App Store for violating guidelines, which restricts apps from downloading, installing or executing code that changes functionality, The Information reports.
• Nvidia (NVDA), Marvell (MRVL) - Nvidia invested USD 2bln in Marvell and formed strategic partnership on AI infrastructure (NVLink Fusion) and silicon photonics. Collaboration targets custom AI chips, networking, and AI-RAN (5G/6G) to scale AI systems.
• TD Synnex (SNX) Q1 2026 (USD): Revenue 17.16bln (exp. 15.59bln), Adj. EPS 4.73 (exp. 3.31), Adj. net income 383mln (exp. 263.9mln), Adj. op. income 590mln (exp. 432.3mln). Q2 guidance: Adj. EPS 3.75-4.25 (exp. 3.45), Revenue 16.1-16.9bln (exp. 15.79bln), Adj. net income 302-342mln (exp. 273.4mln).
• Oracle (ORCL) - Laid off some employees on Tuesday; the cuts appear to have affected employees globally, but the full extent of the layoffs could not be immediately learned, Business Insider reports.
• Samsung Electronics (SSNLF) - Digitimes said Samsung faces a labour dispute after negotiations between management and workers that began on 26th March ended without agreement on employee treatment across business units; 17,700 workers are involved in the strike, as the talks in the DS division collapsed.
• Helium Supply - The Iran war is disrupting global helium supply by halting natural-gas exports from Qatar, which provides about a third of world output, WSJ reports; the gas is used to cool AI chip-making equipment and operate MRI scanners, and customers are being warned of supply cuts and surcharges.
• DocuSign (DOCU) - BofA reinstated coverage of DOCU with an 'Underperform' rating and a USD 52 PT. With the eSignature market approaching maturity and trending towards commoditization, DocuSign is in "a more uncertain phase of its growth trajectory" as revenue growth has stagnated in the high single digits for the past 10 quarters. While DocuSign has the right pieces in place to establish itself as a dominant force in intelligent agreement management, an inflexion is "not immediately apparent", and the firm sees limited near-term upside for shares.
• Microsoft (MSFT) - UK CMA will assess whether Microsoft (MSFT) should be given "Strategic Market Status", FT reports.
• Phreesia (PHR) - Cut FY27 revenue view to USD 510-520mln (exp. 552mln, prev. 545-559mln).

COMMUNICATIONS

• Meta Platforms (META) - Instagram is testing a premium subscription offering exclusive features as Meta seeks a more reliable revenue stream beyond advertising, Bloomberg said. Subscriber perks include viewing another person’s Story without them knowing, creating unlimited audience lists, and extending a Story’s shelf life by an extra 24 hours.
• T-Mobile (TMUS), Verizon (VZ) - A judge granted Verizon a prelim injunction blocking T-Mobile ads that claimed customers could save more than USD 1,000/year by switching, Reuters reports. The judge said T-Mobile’s comparison of its plan with Verizon’s was not equivalent and found the claimed savings would be USD 229/year after adjusting.
• Netflix (NFLX) - In talks with the NFL to expand its package from two to up to four games, including the Thanksgiving Eve game and an international matchup, WSJ reports.
• Nexstar (NXST) - Senators Cruz and Cantwell questioned FCC Chairman Carr over approval of Nexstar’s merger with Tegna without a full commission vote, Bloomberg reports. A letter said agency staff improperly cleared the deal despite waivers of major anti-consolidation rules, and said significant policy questions should be decided by the full FCC.
• Sinclair (SBGI), Fox Corp. (FOX) - Fox and Sinclair told the FCC that sports should remain on free broadcast TV rather than move behind streaming paywalls, stating that the 1961 Sports Broadcasting Act, which gives leagues an antitrust exemption to negotiate media rights collectively, has helped shift games to subscription streaming services, Bloomberg reports.
• IMAX (IMAX) - CEO Richard Gelfond is taking temporary medical leave while receiving treatment for pneumonia.
• AT&T (T) - Launched OneConnect; reiterated all 2026 and multi-year financial guidance and capital return plans provided with its fourth-quarter 2025 earnings report.

FINANCIALS

• FactSet (FDS) Q2 2026 (USD): Adj. EPS 4.46 (exp. 4.38), Revenue 611mln (exp. 605mln); raised FY26 adj. EPS view to 17.25-17.75 (exp. 17.50, prev. 16.90-17.60) and backed FY26 revenue view to 2.45-2.47bln (exp. 2.45bln, prev. 2.42-2.45bln). FactSet launched the alpha version of FactSet AI for Banking, an AI-powered workflow automation ecosystem built with Finster AI for investment banking, research and sell-side firms.
• JPMorgan (JPM)- Launching “American Dream Initiative” to expand small business lending to USD 80bln over 10 years. Targets 10mln clients (prev. 7mln) and broader support via coaching, housing, healthcare, and workforce programs.
• HSBC Group (HSBC), BlackRock (BLK) - BlackRock is considering HSBC’s Canary Wharf tower for its new London HQ, FT reports. BlackRock is seeking at least 600,000 square feet. HSBC is due to vacate the building in 2027.
• KKR & Co. (KKR), Apollo Global (APO) - Apollo is nearing a deal to acquire Atlantic Aviation from KKR in a transaction valuing the private-jet fixed-base operator at almost USD 10bln, Bloomberg reports. Apollo is partnering with GIC to buy a majority stake, while KKR is expected to invest new money and retain a large interest.
• Carlyle Group (CG) - Plans to launch a defense-focused fund and has approached investors. It is presenting the fund as a way to invest in reindustrialisation, including expanding the US industrial base and manufacturing, amid rising government demand to upgrade military forces, Bloomberg reports.
• Citigroup (C), Ecolab (ECL) - Citigroup is seeking other lenders to join roughly USD 4.8bln of financing for Ecolab’s acquisition of CoolIT Systems, Bloomberg reports. The financing is likely to include IG bond sales.
• M&T Bank (MTB) - Board authorised a share repurchase programme of up to USD 5bln, replacing and terminates the previous USD 4bln programme approved in January 2025.
• Deutsche Bank (DB) - Former Deutsche Bank manager Michele Faissola sued the bank in London for at least GBP 473mln, alleging he was wrongly blamed for the Monte Paschi (BMPS IM) accounting scandal, Bloomberg reports; other former employees are also suing, with total claims of at least GBP 664mln. Separately, Deutsche named Joe Lai head of investment banking and capital markets for APAC, succeeding Mayooran Elalingam, who will focus on senior client relationships and strategy development, Bloomberg reports.
• Australia Banks, Mastercard (MA), Visa (V) - Australia will ban surcharges on debit and credit cards from October, a move that will reduce banks’ revenue; the RBA will also lower the cap on credit card interchange fees paid to banks by merchants, affecting surcharging on the Eftpos, Mastercard and Visa networks, Bloomberg reports.
• Crypto - Two US senators asked SEC Chair Atkins to explain the sudden resignation of enforcement director Margaret Ryan and whether it was linked to cryptocurrency cases, including one involving Trump family ventures, Bloomberg reports.

CONSUMER DISCRETIONARY

• Nike (NKE) - Received interest from Authentic Brands, relating to Converse, Bloomberg reports citing sources.
• McCormick (MKC), Unilever (UL) - McCormick’s board met on Monday afternoon to review the transaction with Unilever to combine their food businesses, and an announcement could come as soon as Tuesday, WSJ reports. The deal is a cash-and-stock deal that would create a food company worth about USD 60bln including debt.
• Lenar (LEN) - In a statement, Lennar said its land-light strategy, costs and accounting treatment have been consistently disclosed in public filings and vetted, and it is confident in its financial statements and disclosures. The company said its shift since 2019 from land ownership and debt to land option platforms was deliberate, and that it accepted margin compression through incentives and rate buydowns to preserve volume.
• Ajinomoto (AJNMY) - Activist investor Palliser Capital has built a stake in Ajinomoto within the last six months, and is pressing the company to raise prices for its chip insulation products.

INDUSTRIALS

• Hegseth, Defense Industrials Active ETF (IDEF) - A Morgan Stanley broker for War Secretary Pete Hegseth contacted BlackRock (BLK) in February about investing millions of dollars in its Defense Industrials Active ETF before the US-Israeli attack on Iran, FT reports; the inquiry was flagged internally at BlackRock, the report said.
• Rheinmetall (RNMBY), Boeing (BA) - Rheinmetall and Boeing Australia formed a partnership to offer the MQ-28 Ghost Bat for Germany’s collaborative combat aircraft procurement by 2029. Rheinmetall will act as system manager in Germany, handling integration with Bundeswehr systems.
• RTX (RTX) - Received a USD 3.8bln US Navy contract modification that definitises Lot 18 F135 propulsion system production and provides for F135 propulsion systems for Lot 19 F-35 aircraft.
• Vertiv (VRT) - Will invest USD 50mln to expand manufacturing in Ohio, and its HQ Ohio, creating hundreds of jobs through 2029.
• Air Lease (AL) - Received the final regulatory approval required for closing its merger with a subsidiary of Sumisho Air Lease Corporation DAC; expects to complete the merger on 8th April.
• T1 Energy (TE) Q4 2025 (USD): Continuing operations EPS -0.70 (exp. -0.22), Revenue 358.6mln (exp. 368.2mln); maintaining 2026 production and sales guidance of 3.1-4.2 GW.
• Vertiv Holdings (VRT) - Downgraded at Jefferies to 'Hold' from 'Buy' with a USD 260 PT (prev. 280). The firm views consensus out-year margin expectations as elevated, saying they include Vertiv reaching its long-term target a year early. Estimates assume a "smooth" capacity expansion to meet the company's "outsized" current order book, which carries some risk. Jefferies believes hyperscaler capex growth slowing in 2027 and beyond could pressure the stock's multiple.

CONSUMER STAPLES

• McCormick & Company (MKC) Q1 2026 (USD): EPS 0.66 (exp. 0.60), Revenue 1.87bln (exp. 1.79bln), Maintained FY EPS of 3.05-3.13 (exp. 3.09) and reaffirmed sales growth adjusted operating income outlooks.
• Hershey (HSY) - Reaffirmed net sales and EPS guidance for FY26; unveiled strategy to lead next generation snacking at 2026 investor day.
• Colgate-Palmolive (CL) - Downgraded at TD Cowen to 'Hold' from 'Buy' with a USD 85 PT (prev. 96). The firm cut the company's earnings estimates to reflect inflationary pressure from higher prices of oil-based inputs and potentially higher costs for tallow, which are up 40% versus a year ago on the CME. While investors believe Colgate's platform in emerging markets gives the company more pricing power than peers to offset inflation, the 13% negative revision to consensus earnings expectations in 2022 suggests its "resilience may not be as strong as investors believe". TD also thinks Colgate's US division may require incremental investment to improve sales, given the "weak" results in 2025 and a slow start in 2026.

ENERGY

• Exxon Mobil (XOM) - Exxon Baton Rouge union workers ratified 4-year contract (91% approval) covering ~1,000 employees, according to Reuters, citing sources. Deal includes ~3.5–4% annual pay increases, negotiated with United Steelworkers.
• Australia Energy - Australia will hold an inquiry into the tax treatment of oil and gas companies including Chevron (CVX), Woodside Energy (WDS) and Santos (SSLZY) as the Iran war boosts energy prices and producer windfalls; the Senate agreed to set up a select committee, with Labor senators backing a Greens motion.

HEALTHCARE

• Eli Lilly (LLY), Centessa (CNTA) - Eli Lilly to acquire Centessa for ~USD 6.3bln (USD 38/share cash) plus CVR up to USD 9/share (total ~USD 47) tied to FDA approvals. Deal expected Q3 2026, subject to approvals and conditions.
• Biogen (BIIB), Apelli (APLS) - Biogen to acquire Apellis for ~USD 5.6bln (USD 41/share cash) plus CVRs tied to Syfovre sales milestones. Deal expected Q2 2026, adds USD 689mln revenue base (2025) and is seen as EPS accretive from 2027.
• AstraZeneca (AZN) - Said the Phase III MULBERRY randomised, placebo-controlled trial in previously untreated children with HPP showed efzimfotase alfa delivered statistically significant and clinically meaningful improvement in bone health.

UTILITIES

• Constellation Energy (CEG) - Sees initial FY26 EPS between USD 11.00-12.00 (exp. 12.22); increased share buyback authorisation to USD 5.0bln; USD 3.9bln of growth capex to be invested.

MATERIALS

• USA Rare Earth (USAR) - USA Rare Earth commissioned its Stillwater commercial magnet production line, enabling deliveries of neodymium-iron-boron magnets in Q2 2026, Digitimes reports. The development could ease supply constraints for critical technologies and strengthen the company’s position in domestic critical materials supply.