Daily US Equity Opening News - ORCL jumps after earnings beat, lifts FY outlook; JPM tightens private credit lending

TODAY’S AGENDA:

US INDEX FUTURES: ES -0.1%, NQ -0.1%, YM -0.2%, RUT -0.5%
DAY AHEAD: G7 leaders will hold an online call on Wednesday (at 14:00GMT/10:00EDT, according to AFP) to discuss the Iran crisis, risks to the global economy, and oil supply; on Tuesday, Japan said the IEA proposed releasing oil reserves, with subsequent reports stating it could be its largest ever release, while France said updated stockpile data will help countries decide how much oil could be released. API data released afterhours on Tuesday reportedly showed headline crude stocks posting a surprise draw of -1.7mln bbls (exp. +1.4mln), Cushing -0.4mln bbls, distillate posted a larger than expected draw of -2.3mln bbls (exp. -0.9mln), while gasoline stocks saw a smaller than expected draw of -1.8mln bbls (exp. -4.5mln); the more widely followed DoE weekly inventory data will be published later today. The Fed's Bowman (voter, dove) is due to speak on supervision and regulation, but given the Fed is in blackout, will not comment on monpol; ECB's Schnabel (hawk) is due to speak today. In supply, the UST will sell USD 39bln of 10yr notes.
BROKER MOVES: AJG double upgraded at Barclays; ORCL upgraded at JPM. For the full list, click here.
MAJOR MORNING MOVES RECAP: ORCL, UNF, AVAV, NVDA, TXN, JPM, MU, CPB. For the full list, click here.

NEWS:

IRAN

Iran Laying Mines - CNN reported that Iran laid “a few dozen” mines in the Strait of Hormuz. Trump warned of severe military consequences if mines were placed and not removed, and said the US was using missile technology to eliminate any vessel attempting to mine the strait. He later said the US had destroyed 10 inactive mine-laying vessels, with more to follow.
IEA, G7 Leaders - French President Macron will host a G7 leaders call on Wednesday to discuss the Iran crisis and rising energy prices; G7 energy ministers did not agree on a strategic oil reserve release, and asked the IEA to assess the situation. The WSJ reported that the IEA proposed its largest-ever strategic oil reserve release to curb crude prices rising during the war with Iran; the proposal, circulated at an emergency meeting of energy officials on Tuesday, would exceed the 182mln bbls released in two actions in 2022. According to Handelsblatt, "As part of a potential 400mln barrel IEA crude release, Germany would release around 19.5mln barrels, equating to around 20% of Germany's reserves". Meanwhile,Japanese PM Takaichi said to start releasing part of its oil reserves as early as March 16; to release 15 days' worth of private sector oil reserves and one month's worth of state oil reserves; To release its oil reserves even before IEA's formal decision.
Global LNG - At least eight cargoes initially bound for Europe were diverted to Asia since the fighting began, according to Bloomberg; the trend has accelerated in recent days, while spare supply is tightening, increasing competition and supporting higher prices in both regions. Qatar’s Ras Laffan LNG export facility has gone five days without a shipment, the longest stretch in data back to 2008, according to Kpler ship-tracking data.
Global Crude - The EIA on Tuesday raised its 2027 US oil production forecast after prices jumped on Middle East supply disruptions. US crude output is now expected to increase by 220,000 BPD in 2027 to 13.83mln. A Canada Energy Minister spokesperson said it is exploring options with provinces and the energy industry to boost oil supply amid Middle East war-driven market turmoil. The country is considering higher output and said it can adjust marine and rail transportation if supply routes need reorientation. Reports said Chinese buyers were paying a premium for Canadian crude as the Iran war disrupts its Middle East supplies; Canadian barrels now have a USD 2-3 advantage in Asia due to higher tanker charter rates and insurance risk premiums, while heavy crude shipped via Trans Mountain to China traded at a USD 0.80 premium vs ICE Brent on Monday, the first such premium since September 2024. Elsewhere, some shipowners are avoiding Fujairah in the UAE, causing cargo cancellations that may allow producers to resell oil at higher prices, Bloomberg reports. Fujairah is one of the few terminals still exporting, but has also reported missile threats.
IMF - The former IMF deputy managing director Gita Gopinath warned governments lack the fiscal space to respond to an economic downturn caused by a prolonged Iran war-driven oil shock. She said the global economy is already facing slower growth in 2026 as higher oil prices weigh.

GEOPOLITICS

Houthis - Israel is planning a security partnership with Somaliland that could include a base on the Gulf of Aden to target Yemen’s Houthis, according to Somaliland’s minister of the Presidency. The move follows Israel’s recognition of Somaliland in December, giving it a diplomatic presence across from Yemen amid the Iran war.
North Korea - North Korea conducted a second cruise missile test from its new Choe Hyon destroyer, with leader Kim Jong Un observing via video link, KCNA reports. The missiles were launched from Nampho, flew over the Yellow Sea and hit designated targets. The test followed a similar launch last week and came after the US and South Korea began the 11-day Freedom Shield exercise on Monday.

MACRO

Fed - Senator Thom Tillis said he will continue blocking Kevin Warsh’s Fed nomination until the investigation into Chair Jerome Powell is resolved, and would vote against advancing it from the Banking Committee if the probe remains open. Elsewhere, the Atlanta Fed board said preserving Fed independence is a top priority in its search for its next President. Board Chair Gregory Haile said candidates must understand the value of independence and make decisions in the country’s long-term interests.
South Korea - South Korea Finance Minister said it will use all available policy measures, including a possible supplementary budget, to cushion the economy from escalating Middle East tensions. The government will also consider extending fuel tax cuts while monitoring global oil prices and responding quickly if signs of economic instability emerge.

TECH

Nvidia (NVDA) - Nvidia has narrowed its CoWoP PCB partners to three amid tightening advanced packaging capacity, according to Digitimes. The publication also reported that Nvidia has reportedly made closely timed visits to Samsung Electronics’ (SSNLF) semiconductor packaging campus in Cheonan, indicating verification of the HBM4 supply chain for Rubin GPUs is advancing.
Oracle (ORCL) - Oracle shares rose over 9% in extended trading after it reported earnings and revenue above expectations, and raised its FY revenue guidance as cloud revenue surged. Q3 2026 (USD): Adj. EPS 1.79 (exp. 1.70), Revenue 17.19bln (exp. 16.91bln); Cloud revenue +44% Y/Y to 8.9bln (exp. 8.85bln), cloud infrastructure revenue +84% to 4.9bln, RPO increased more than four-fold Y/Y to 553bln (exp. 556bln). It said it continues to see strong AI infrastructure demand and that much of the increase in backlog relates to large-scale AI contracts supported by customer prepayments or customer-supplied GPUs. Management said demand for cloud computing for AI training and inferencing continues to outpace supply, that inferencing is growing very rapidly, and that AI code generation is helping Oracle build more software at lower cost with fewer people. Sees Q4 adj. EPS of 1.96-2.00 (exp. 1.42) and sees Q4 revenue growth between +19-21%, with total cloud revenue growth between +46-50%. Backs FY26 revenue view of 67bln (exp. 66.95bln), and backed FY26 CapEx view of 50bln. Raises FY27 revenue view to 90bln (exp. 86.37bln) and said it expects to comfortably meet and likely exceed its FY27 revenue growth forecast.
Uber (UBER), Amazon (AMZN) - Amazon's Zoox partnered with Uber to deploy Zoox robotaxis on the Uber app. Launch planned for Las Vegas summer 2026, Los Angeles by mid-2027; riders may be matched with Zoox robotaxis through Uber, while Zoox continues service via its own app.
Texas Instruments (TXN) - Reportedly preparing to raise prices on a range of semiconductor products from April 2026, according to Digitimes, which added that the scale of the increases will vary across different product categories.
Applied Materials (AMAT), SK Hynix (HXSCL) - Applied Materials and SK Hynix entered a long-term partnership to develop next-generation DRAM and HBM for AI and high-performance computing. AMAT said the EPIC Centre, where the teams will work, represents a USD 5bln US investment in semiconductor equipment R&D.
IBM (IBM) - IBM is researching quantum-safe messaging with Signal and Threema. With Signal, IBM proposed a redesign of private group messaging using modified ML-DSA to improve efficiency, modularity, auditability and privacy against servers. With Threema, IBM is exploring use of ML-KEM in its messaging system. The work is being presented at the Real-World Crypto conference.
OpenAI - OpenAI plans to launch Sora’s AI video-generation capabilities in ChatGPT, according to The Information. Sora was released as a mobile app in 2025, but downloads and user spending reportedly fell by early 2026.
C3 AI (AI) - Director Jim Snabe purchased 25K shares, on 9th March, for a total USD 225K.
Nebius (NBIS) - Nvidia to invest USD 2bln in Nebius, partnering to scale full-stack AI cloud; Nebius will deploy over 5GW of Nvidia systems by end of 2030.
Uber (UBER), Serve Robotics (SERV) - Serve Robotics partnered with White Castle to deliver orders via autonomous sidewalk robots on Uber Eats. Customers within Serve’s delivery zones can receive robot-delivered White Castle orders, expanding Serve’s deployment on the Uber platform.

COMMUNICATIONS

Alphabet (GOOGL) - Google is expanding Gemini integration in Google Chrome to India, New Zealand, and Canada. Meanwhile, Canal+ signed multi-year AI deals with Google Cloud and OpenAI to integrate generative AI into production and streaming. AI will index Canal+’s entire content library to improve recommendations as it targets 100M subscribers by 2030; creators will also use Google’s Veo 3 video AI for scene pre-visualization and recreating historical footage.
Disney (DIS) - Disney confirmed that Thomas Mazloum would fill the role of Chairman of Disney Experiences, effective 18th March, succeeding Josh D’Amaro after his appointment as Walt Disney CEO.
Tencent Holdings (TCEHY) - Chinese authorities told government agencies and state-owned enterprises, including major banks, not to install OpenClaw AI apps on office computers over security concerns. Some organisations were also instructed to report existing installations for security checks and possible removal.
Nintendo (NTDOY) - Shares rose over 10% overnight for the biggest daily gain since April, as strong demand for Pokemon Pokopia offset concerns about rising memory costs. Physical copies of the game have sold out at several major US retailers.
EchoStar (SATS) - EchoStar said Gray Media cut off Dish customers’ access to 226 channels in 113 markets in a fee dispute. Dish said Gray is seeking rate increases that would raise monthly bills for consumers.

FINANCIALS

Treasury Clearing - SEC Chair Paul Atkins said it is maintaining the December 2026 deadline for bringing most Treasury cash transactions into central clearing, adding that Treasury clearing is important for market integrity.
Corporate Bond Sales - The US IG corporate bond market Tuesday saw its largest day on record, with companies including Amazon (AMZN) issuing nearly USD 66bln of new debt. The surge came despite uncertainty over the widening Middle East conflict and its effects on the US economy.
Private Credit, JPMorgan (JPM) - JPMorgan has marked down certain loans held by private credit groups and is tightening lending to the sector, FT reports. The markdowns apply to software-company loans amid concerns over AI disruption. The report said investor withdrawals have hit private credit vehicles, including BlackRock’s (BLK) USD 26bln HPS Corporate Lending Fund, and JPMorgan is being more cautious on lending against software assets.
Private Credit, Blackstone (BX) - Private credit lenders provided Blackstone (BX)-owned Enverus with a delayed-draw term loan of more than USD 400mln after supplying about USD 3bln in December, according to Bloomberg. The lending group includes Blackstone, Ares Management, Oaktree Capital Management, Thoma Bravo, HPS Investment Partners and Antares Capital.
Private Credit, Cliffwater - Cliffwater is facing redemption requests of more than 7% from its USD 33bln Cliffwater Corporate Lending Fund, according to Bloomberg citing sources. The interval fund must repurchase up to 5% of shares each quarter if requests reach that level, and can repurchase as much as 7% of outstanding shares at its discretion.
KKR (KKR) - KKR's private BDCs have USD 3bln in AUM, less than 0.5% of KKR AUM. KKR's private BDC strategy represents less than 20% of KKR's BDC footprint. Direct Lending represents 5% of KKR AUM.
Bank of America (BAC) - Bank of America Co-President Dean Athanasia told an RBC conference that Q1 trading revenue is expected to rise by a low double-digit percentage Y/Y (exp. 6.8%), as Middle East-driven market volatility boosts stock and bond trading. Separately, BofA hired Jason Rowe from Goldman Sachs as co-head of global technology investment banking in New York to strengthen its tech deals business.
Prudential (PRU) - Appointed CEO Andrew Sullivan as Chairman effective 10th March. He succeeds Charles Lowrey, who resigned as Executive Chairman and Director, though he will remain a senior adviser through the end of Q2, when he will retire.
Carlyle Group (CG) - Agreed to sell Colombian oil producer SierraCol to Prime Infrastructure Capital, backed by Enrique K. Razon Jr., for an undisclosed amount, Reuters reports.
Arthur J. Gallagher (AJG) - Double upgraded at Barclays to 'Overweight' from 'Underweight' with a USD 262 PT (prev. 247). Barclays views the selloff driven by fears over AI disruption as overdone and believes current share multiples now "more than discount" slower growth, while overlooking the durability of the broker business model and AI's potential to support productivity and margins. The analyst views AI as a "productivity enabler" for the brokers. Barclays says Arthur J. Gallagher is "one of the best ways to play defense in this environment."
BMPS (BMPS IM), Mediobanca (MDIBY) - BMPS and Mediobanca approved a merger plan under which Mediobanca will be incorporated into BMPS; Mediobanca shareholders will receive 2.450 BMPS shares for each Mediobanca share. BMPS will issue up to 272.0mln new shares via a capital increase of about EUR 1.61bln. Completion is expected by end-2026, subject to approvals and conditions, with anticipated synergies of about EUR 0.7bln.

CONSUMER DISCRETIONARY

Amazon (AMZN) - Amazon plans to invest more than AUD 750mln in a robotics fulfilment centre in Brisbane, Queensland, targeted for completion in 2028. The 150,000 square metre site will process more than 125mln packages a year. Robots will work alongside employees on heavy lifting and repetitive tasks, and the facility is expected to create more than 1,000 local jobs, it said.
Tesla (TSLA) - Working on a 'Digital Optimus' project that involves developing an AI agent, Business Insider reports.
Inditex (IDEXY) - Inditex is increasing 2026 capex after revenue rose 9% in the five weeks to 8th March 8 (vs 7% growth in FY 2025); it reported Q4 EBIT of EUR 2.05bln (exp. 2.02bln), revenue of EUR 11.6bln (exp. 11.7bln); sales in the November-January quarter increased to EUR 11.69bln (vs EUR 11.2bln Y/Y); it proposed a EUR 1.75 dividend, expects stable 2026 gross margins.
Walmart (WMT) - Walmart-backed Flipkart is set to begin formally inviting banks to pitch for roles on a potential IPO as soon as next month, Bloomberg said. The company has held informal talks about a Mumbai listing, which could take place later this year/early 2027.
Nike (NKE) - Upgraded at Barclays to 'Overweight' from 'Equal Weight' with a USD 73 PT (prev. 64). The firm cites Nike's operational progress, financial "inflections," and management's "disciplined actions" for the upgrade. The stock's risk/reward profile has "shifted favorably," creating an attractive investment opportunity. Barclays believes Nike's progress in inventory management, operational resets, and focus on brand health and margin stabilization "provide a solid foundation for a more constructive investment thesis."
China Auto Sales - China’s vehicle deliveries fell 15% in February to about 1.8mln units, as the phase-out of government subsidies added to the Lunar New Year slowdown, CAAM said; deliveries of electric and plug-in hybrids fell 14% to about 765,000 units.
Nissan Motor (NSANY) - Nissan agreed to raise monthly wages by JPY 10,000, and will pay an annual bonus equivalent to five months of salary.
Porsche AG (DRPRY) - Porsche China sales fell 26% in 2025 to just under 42,000, more than twice its global decline. Sales have more than halved vs their 2021 peak. January deliveries fell about 33% Y/Y.
CarMax (KMX) - Starboard has built a stake of about USD 350mln in CarMax, and sees scope to accelerate the used-car retailer’s turnaround under incoming CEO Keith Barr, according to Bloomberg. Starboard has nominated CEO Jeff Smith, as well as Frontdoor Chairman and CEO Bill Cobb to the CarMax board.
Greif (GEF) - Will raise prices by USD 60-70 per short ton for all uncoated recycled paperboard products, and by at least 7.5% for all tube and core and protective packaging products.

ENERGY

Energy Inventories - API data reportedly showed headline crude stocks posting a surprise draw of -1.7mln bbls (exp. +1.4mln), Cushing -0.4mln bbls, distillate posted a larger than expected draw of -2.3mln bbls (exp. -0.9mln), while gasoline stocks saw a smaller than expected draw of -1.8mln bbls (exp. -4.5mln); the more widely followed DoE weekly inventory data will be published later today.
America First Refining - US President Trump announced plans for a 168k BPD oil refinery in Texas. America First Refining said Reliance made a 9-figure investment at a 10-figure valuation, and signed a binding 20yr offtake term sheet. The company plans to break ground in Q2.
SLB (SLB) - Said Q1 revenue will be lower than expected, and the company expects to incur additional costs resulting in an impact of approximately 6-9 cents of earnings per diluted share for the first quarter.
Chevron (CVX), Shell (SHEL) - Chevron and Shell are nearing major oil production deals in Venezuela under new oil legislation, Reuters reports. Chevron would expand Petropiar into Ayacucho 8 in the Orinoco Belt, while Shell targets Carito and Pirital in Monagas North.
Argentina Shale, Chevron (CVX) - Chevron said Argentina President needs to take further steps to deregulate the economy and ease capital controls to help investors fully benefit from the country’s growing shale boom.
Diamondback Energy (FANG) - Launched an underwritten secondary public offering of 11mln common shares by SGF FANG Holdings, at USD 172.25-176/shr. Diamondback will receive no proceeds.
Kosmos Energy (KOS) - Increased common stock offering size to USD 185.3mln from USD 175mln, priced at USD 1.90 (range was 1.90-2.20).

INDUSTRIALS

Cintas (CTAS), UniFirst (UNF) - Cintas to buy UniFirst for USD 310/shr in cash and stock; deal expected to be accretive to Cintas EPS by end of second FY after closing. Cintas Q3 prelim revenue 2.84bln (exp. 2.81bln).
Lockheed Martin (LMT) - Signed an incentive agreement with Alabama to support its Pike County production facility, creating new full-time positions; the agreement includes investments of more than USD 150mln over the next five years.
Boeing (BA) - Received a USD 298mln contract with Israel to deliver as many as 5,000 air-launched Small Diameter Bomb smart bombs, Bloomberg reports.
Rheinmetall (RNMBY) - Expects FY26 sales of EUR 14-14.5bln (+40-45% vs the EUR 9.9bln in 2025), with an operating margin of about 19% (vs 18.5%); it said it was fully focusing on defence, and will propose a EUR 11.50 dividend (up from EUR 8.10).
Cosco Shipping (CICOY), CK Hutchison (CKHUY) - China Cosco Shipping suspended departures and arrivals at Panama’s Balboa port, according to La Prensa, after Beijing warned Panama over the forced takeover of the facility from CK Hutchison. The notice said confirmed bookings would be cancelled, while cargo already at the port would be processed as normal.
AeroVironment (AVAV) Q3 2026 (USD): Adj. EPS 0.64 (exp. 0.69), Revenue 408mln (exp. 475.65mln). Said the quarter was affected by revenue timing and adjustments in the Space business, though demand remains robust, with strong order flow and growth in funded backlog supporting expectations for record Q4 revenue and a solid start to FY27. The CEO said it is scaling manufacturing ahead of demand and accelerating the commercialisation of its platforms to improve profitability and time to market. Cut FY26 adj. EPS view to 2.75-3.10 (exp. 3.31; prev. saw 3.40-3.55) and cut FY26 revenue view to 1.85-1.95bln (exp. 1.96bln; prev. saw 1.95-2.00bln). Separately, the US government said it intends to terminate the SCAR BADGER antenna agreement for convenience after the parties could not reach acceptable revised terms, with AeroVironment to be paid allowable incurred costs plus a fee and allowed to compete for future SCAR work.

HEALTHCARE

Eli Lilly (LLY) - Plans to invest USD 3bln over 10 years in China to expand supply chain and build production for experimental oral GLP-1 drug orforglipron. Late-stage trial showed ~12.4% weight loss at the highest dose over 72 weeks; the drug also helped maintain weight loss after switching from Zepbound and rival Wegovy. Lilly filed for approval in China in late 2025.
Hims & Hers Health (HIMS) - Hired Kathryn Beiser, Eli Lilly’s (LLY) former communications chief, as chief communications officer as the telehealth company shifts toward selling brand-name obesity drugs.
Intuitive Surgical (ISRG) - Upgraded at Citi to 'Buy' from 'Neutral'. The firm believes fundamentals in the US medical technology sector remain "healthy" despite the recent volatility. Shares of Intuitive have fallen with the market, but the company is well-positioned to grow sales at a double-digit pace while leveraging earnings.
Cardinal Health (CAH) - Guided at the start of the year that H1 profit growth would be higher than H2 profit growth, implying a step-down in growth rate for H2, implying a step down in growth.

MATERIALS

Glencore (GLNCY) - Workers at Glencore’s Australian copper refinery plan to strike from Friday after failing to reach agreement in a pay dispute. The Australian Workers’ Union said it notified Glencore that employees would walk off unless the company offered higher wages, and said Glencore pays staff almost 15% less than nearby plants run by other companies.
Rio Tinto (RIO) - Secured a USD 1.175bln financing package from four international lenders to support development of the Rincon lithium project in Argentina’s Salta Province.
IFF (IFF) - IFF is transforming its Arroyito site in Argentina into its first full fermentation-based enzyme production hub in Latin America, and opening a household care application laboratory at its Innovation Centre in Brazil.

CONSUMER STAPLES

Target (TGT) - Lowering prices on more than 3,000 items across its apparel and home assortment, baby essentials and select food and beverages as guests get ready for spring. The price reductions, most of which are 5% to 20% lower than the original price, are the latest example of Target's strategy.
Campbell's (CPB) Q2 2026 (USD): Adj. EPS 0.51 (exp. 0.57), Revenue 2.56bln (exp. 2.61bln); cuts FY26 adj. EPS view to 2.15-2.25 (exp. 2.41, prev. 2.40-2.55).
Brown Forman (BF.B) - Expects FCF to grow faster than operating income for the foreseeable future, driven by a sharp reduction in CapEx and working capital needs, via a conference.