01 Stock Market
As of Mar 6, U.S. stock index futures performed as follows: Dow Jones futures edged 0.52% lower as investors weighed energy price spikes and chip volatility, while S&P 500 futures fell 0.62%, reflecting broad caution. Nasdaq 100 futures fell 0.8%, pressured by mega-cap tech and semiconductor weakness amid shifting AI spending expectations and geopolitical headlines. Overall, risk appetite softened as traders positioned for near-term catalysts in energy, chips, and policy.
Notable Stock Movers: Semiconductors were mixed after earnings: MRVL up 11.85% at $84.65; NVDA down 1.28% at $180.99; AMD down 1.11% at $197.23. Megacaps were mostly softer: MSFT down 0.37% at $409.17; TSLA down 0.60% at $403.10. Chinese ADRs advanced broadly: JD up 3.73% at $26.42; NTES up 4%; BIDU up 1.80% at $120.05; BABA up 0.61% at $131.14; TME up 3.93% at $14.00. Foundry bellwether TSM fell, with TSM down 1.75% at $347.68.
Energy strength was notable as crude rallied; leveraged oil trackers advanced: BATL up 41%; USEG up 16%; UCO up 7.27% at $32.92 and USO up 7.19% at $103.23. Semiconductor leverage reflected sector volatility, with SOXL down 3.69% at $52.78 and SOXS up 3.54% at $41.51. Precious-metal proxies were steadier amid cross-currents, with GLD up 0.08% at $466.49, as markets balanced growth, inflation, and geopolitical risk into the opening bell.
02 Other Markets
• 10-year U.S. Treasury yield rose 0.70%, to 4.18%.
• U.S. Dollar Index rose 0.2756% to 99.34.
• WTI crude oil futures rose 6.22% to 86.05 USD/barrel; COMEX gold futures rose 0.25% to 5091.40 USD/ounce.
03 Key News
1. Marvell Technology guided first‑quarter revenue above expectations, lifting AI-exposed chip sentiment. Marvell Technology (MRVL) said it expects revenue of around $2.40 billion (±5%), citing strong data center demand and momentum in custom and photonic interconnects. Management indicated year-over-year growth should accelerate, with bookings described as robust, reinforcing confidence in AI infrastructure spending.
2. Costco posted strong quarterly results, supported by resilient sales and membership fees. Costco (COST) reported results that topped forecasts as members increased spending on essentials and select discretionary items. Management indicated ongoing value initiatives and hinted that potential tariff-related refunds, if realized, could be used to enhance member value through lower prices.
3. Gap issued cautious guidance as tariffs and Athleta weakness pressured profitability. Gap (GPS) projected annual adjusted profit largely below consensus, citing a margin headwind from import duties and softer performance at Athleta. The company emphasized cost discipline and merchandising improvements as levers to stabilize trends across brands. Gap Down 8%.
4. Nike disclosed a planned charge tied to cost reductions, including layoffs, to streamline operations. Nike (NKE) said it anticipates a restructuring charge of about $300 million as it executes efficiency initiatives that include job cuts. Management is aiming to reallocate resources toward priority growth areas while mitigating near-term expense pressure.
5. A U.S. trade court ordered the government to begin refunding illegal emergency tariffs, potentially returning up to $182 billion. The U.S. Court of International Trade directed Customs and Border Protection to propose a refund plan designed to avoid thousands of individual lawsuits. Budget analysts estimate importers could receive $168–$182 billion , though the mechanism and timing remain under development.
6. SoftBank is pursuing up to a $40 billion bridge loan to expand its investment in OpenAI, according to reports. SoftBank is in talks with lenders including JPMorgan for a roughly 12‑month facility to finance its AI push centered on OpenAI . The company continues to scale exposure to frontier models as industry funding rounds broaden and valuations climb.
7. OpenAI will scale back direct travel checkouts in ChatGPT, easing disintermediation risk for travel intermediaries. OpenAI plans to prioritize transactions within third‑party apps integrated into ChatGPT , rather than direct in‑chat bookings. The shift is seen as supportive for Expedia (EXPE) and Booking Holdings (BKNG) , allowing them to maintain consumer access within AI platforms.
8. Broadcom highlighted a large custom AI chip pipeline and named OpenAI as a new customer. Broadcom (AVGO) pointed to a multi‑year revenue opportunity exceeding $100 billion from custom accelerators, alongside rising AI networking share. Management said ramps across six major customers are progressing and capacity is secured, underscoring confidence in sustained deployment growth.
9. The U.S. Commerce Department is weighing export permits for advanced AI chips, potentially slowing large-scale deployments. Policymakers are considering a regime that would require companies like NVIDIA (NVDA) and AMD (AMD) to obtain approval for exporting high‑end accelerators globally. Proposals include stricter review for large clusters and possible conditions such as disclosures and site inspections.
10. ARK Invest bought Robinhood shares after product launches and added to Joby Aviation holdings. ARK Invest accumulated Robinhood (HOOD) across multiple ETFs following its Platinum credit card and custodial account rollout. The firm also purchased Joby Aviation (JOBY) after an upbeat earnings update, extending exposure to fintech and eVTOL themes.
---
Sources: Reuters, Dow Jones, Tiger Newspress, public market data
Disclaimer: For informational purposes only; not investment advice.
