OPENING CALL
U.S. stock futures pointed to a lower open Thursday as investors consider the aftermath of Wednesday's Federal Reserve decision and attacks on natural gas infrastructure in the Middle East.
After stocks closed near session lows Wednesday, futures on the S&P, the Dow and Nasdaq were each in negative territory before the opening bell.
The anticipated decline comes after tit-for-tat strikes on energy infrastructure in the Gulf sent energy prices higher and as investors weighed the possibility of fewer interest-rate cuts this year.
"Escalation in the Middle East, precise attacks on oil infrastructure, and the death of Iranian leadership all point to a prolonged disruption in oil supplies," Phillip Nova said.
The Fed's policy meeting showed that it appears inclined to look through the oil price shock, retaining a bias toward further rate cuts over the next two years, according to Principal Asset Management.
"Given the upward revisions to both growth and inflation, holding the median dot at one cut this year carries a distinctly dovish flavor."
Swisscanto/ZKB said it expects additional rate cuts in both September and December, primarily due to the weakening labor market.
Meanwhile, the European Central Bank is likely to follow the Fed in holding interest rates steady.
Earlier the Swiss National Bank and Sweden's Riksbank held their key rates. So too did the Bank of Japan .
The Bank of England's decision is expected later.
Stocks to Watch
Micron Technology shares fell 4.4% even though it said its second-quarter revenue nearly tripled .
Swarmer Inc jumped a further 4.5%, underlying the market's demand for drones.
Five Below rose 7.3% gave an upbeat forecast for the year and reported higher fourth-quarter revenue.
Lumentum shares slipped 2.7% after finishing higher in the prior session supported by its bullish long-term outlook .
Watch For:
U.S. Weekly Jobless Claims, U.S. New Home Sales, FedEx 3Q Results
Today's Top Headlines/Must Reads:
- A U.S. Citizen Now Runs Mexico's Top Drug Cartel-and Targeting Him Is Complicated
- Economists Don't See a Recession Unless Oil Hits $138 -- and Stays There for Weeks
- Suddenly Everyone in San Francisco Is a 'Builder,' Whatever That Means
MARKET WRAPS
Forex:
The dollar rose against a basket of currencies and alongside Treasury yields, reflecting yet another jump in oil prices.
"We emphasize that rising global energy prices and tighter global financial conditions would both be supportive factors for the broad U.S. dollar," Danske Bank said.
The euro traded steadily against the dollar ahead of the European Central Bank's policy decision where rates are expected to stay on hold.
The Swiss franc was little moved, remaining slightly higher on the day versus the euro, after the Swiss National Bank left interest rates on hold at 0%.
Bonds:
The two-year, 10-year and 30-year Treasury yields rose in Asian trade as Brent crude was above $113 a barrel.
Energy:
Front-month crude futures rose and Phillip Nova said that oil prices could stay elevated for some time.
Threatened strikes on energy facilities in Saudi Arabia, the UAE, and Qatar could push oil prices past $120 a barrel , according to Rystad Energy.
"If statements from Iran's Tasnim news agency come to fruition, with facilities in Saudi Arabia, UAE and Qatar all hit, at least 700,000 barrels per day of refined product capacity would be removed from global markets overnight, hitting diesel, jet fuel and naphtha supply simultaneously across three countries."
Attacks on key Middle Eastern energy facilities are reshaping how markets asses s the risk profile of liquefied natural gas.
"Over time, higher prices could slow demand growth among some price--sensitive buyers and alter how buyers assess long--term LNG investment decisions," Jefferies said. "The current disruption has removed material volumes and injected uncertainty around the timing of future supply."
Metals:
Gold prices plunged below $4,800 a troy ounce, pressured by a stronger dollar and dimming hopes for further interest-rate cuts in the near term. In early European trading, futures fall 2.9% to $4,755 an ounce
"The rally in oil followed renewed escalation in the Middle East, with markets increasingly pricing the risk of disruptions to energy supplies and shipping routes. "While geopolitical tensions typically support safe-haven demand, the inflationary impact of higher energy costs is weighing on gold," ING said.
Silver and platinum prices tumbled, pressured by a firmer dollar and mounting concerns that high energy prices will fuel inflation.
TODAY'S TOP HEADLINES
FedEx Has Lots of Questions to Answer When It Reports Results
FedEx's earnings report comes at an odd time for the company. Investors expected a freight recovery in 2026, but that was before the Iran conflict, soaring oil prices, and the Supreme Court's decision to overturn President Donald Trump's Liberation Day tariffs.
There will be a lot for investors to untangle on Thursday afternoon, when FedEx announces its fiscal third-quarter numbers.
Apple Is Way Behind in AI-and Still Making a Fortune From It
Apple is on pace to surpass $1 billion in artificial-intelligence revenue this year, a tidy sum that demonstrates the company's AI advantage even as it struggles to deliver an AI strategy of its own.
Its Siri chatbot is still weak by modern AI standards. What Apple does have that the other AI players don't is a dominant position making devices. However fancy OpenAI, Google, Anthropic and xAI make their chatbots, iPhones are still a primary way to deliver them to consumers.
Why a Tesla Semiconductor Fab Would Be a 'Herculean Task'
What exactly is Elon Musk planning?
Over the weekend, he tweeted that "Terafab project launches in 7 days."
Being 'the Next Warren Buffett' Sounds Like an Honor. It Is More of a Curse.
Warren Buffett's devout fans say he is inimitable. It has never stopped others from trying.
Buffett stepped down as Berkshire Hathaway's chief executive officer in December, ending a decadeslong tenure noted for a remarkable investing record, rare dealmaking prowess and staunch loyalty to his hometown of Omaha, Neb., and its humble ways.
Trump Wants Powell Out. Powell Is Digging In.
President Trump has spent months talking about how badly he wants Chair Jerome Powell out of the Federal Reserve. On Wednesday, Powell signaled that the administration's own actions have had the opposite effect: He's prepared to stay longer than he otherwise would have.
At a news conference, Powell said he had "no intention of leaving" the Fed until a Justice Department investigation of him is "well and truly over, with transparency and finality."
Iran's Caused a Rates Crisis for the World's Central Banks. Why the ECB Should Follow the Fed.
Just when Europe's central bankers thought they had finally overcome stubborn inflation, the war in Iran sparked an oil rally that means the continent's policymakers are once again fretting about price pressures.
In a week when the Reserve Bank of Australia hiked interest rates but the Federal Reserve held them steady, the European Central Bank and its peers are likely to follow the Fed's lead.
China Hoped Trump Summit Would Cement Its Superpower Status. Now Xi Has to Wait.
Chinese leader Xi Jinping had hoped next month's summit with President Trump would cement China's status as a peer superpower. But the U.S. request to delay it served as a frustrating reminder that Washington still drives the global agenda.
Trump, deciding he needed to stay in Washington to manage the U.S.-Israeli war on Iran, asked to bump back the summit, originally scheduled for April 1 in Beijing, by "a month or so." The move signals that U.S. security concerns remain far more important than honoring Beijing's diplomatic calendar or bolstering Trump's personal connection with Xi, an authoritarian whom Trump has said he admires.
The Land-Based Missiles That Are Crucial to America's Air War on Iran
In the opening hours of the war, the U.S. fired ballistic missiles that streaked high over the Persian Gulf and slammed into targets in Iran, the first use of the Army's two-year-old highly accurate missiles in combat.
The attacks with Precision Strike Missiles were followed by more barrages, including from so-called Atacms missiles, that have hit and sunk Iranian navy vessels and a submarine in port, said Air Force Gen. Dan Caine, the chairman of the Joint Chiefs, who said last week that the missile attacks have "made history." Iran has accused the U.S. of using ground-based missiles to hit Kharg Island, its offshore oil-processing facility.
Russia's Shadow-Fleet Kingpin Is Back in Business
Etibar Eyyub is back in business.
Moscow's shadow-fleet kingpin and premier oil trader was reeling until President Trump attacked Iran. Eyyub's tankers had been boarded by French soldiers and attacked by Ukrainian drones.
What U.S. Marines Can Do to Help Reopen the Strait of Hormuz
President Trump is pressing aides and allies to find ways to reopen the Strait of Hormuz as gas prices rise. His best bet might be the U.S. Marine Corps.
The Pentagon has deployed the 31st Marine Expeditionary Unit, a rapid-response force of about 2,200 Marines, to the Middle East, The Wall Street Journal reported. The U.S. could use the unit to seize one or more of the islands off the southern coast of Iran to use as leverage or as a base to counter Iranian attacks on commercial shipping, according to former and current U.S. officials. The unit, aboard the amphibious assault ship USS Tripoli, is slated to arrive in the Middle East from Japan in just over a week.
Write to pierre.bertrand@wsj.com
TODAY IN CANADA
4Q Earnings:
Hammond Power Solutions
Healwell Al Inc
Information Services Corporation
Knight Therapeutics
Neo Performance Materials
Orla Mining
Premium Brands Holdings
Skeena Resources
WELL Health
Economic Indicators $(ET)$:
Nothing major scheduled
Stocks to Watch:
VitalHub 4Q ARR CAD 96.1M; 4Q Revenue CAD 31.4M; FactSet Est. CAD 30.9M;
Gold Royalty 4Q Net Loss $0.92M; 4Q Adj Net Loss $22,000
Almonty Industries 4Q Revenue CAD 8.7M; FactSet Est. CAD 14M; FY Revenue CAD 32.5M; FactSet Est. CAD 48.9M
Petrus Resources 4Q Sales C$22.7M; 4Q EPS C$0.04
Expected Major Events for Thursday
04:30/JPN: Jan Revised Industrial Production
07:00/UK: Feb UK monthly unemployment figures
08:59/JPN: Japan Monetary Policy Meeting decision
12:00/UK: UK interest rate decision
12:00/UK: Agents' Summary of Business Conditions
12:30/US: Mar Philadelphia Fed Business Outlook Survey
12:30/US: U.S. Weekly Export Sales
12:30/US: 03/14 Unemployment Insurance Weekly Claims Report - Initial Claims
13:00/RUS: Weekly International Reserves
14:00/US: Jan Leading Indicators
14:00/US: Jan New Residential Sales
14:00/US: Jan Monthly Wholesale Trade
14:30/US: 03/13 EIA Weekly Natural Gas Storage Report
20:30/US: Federal Discount Window Borrowings
20:30/US: Foreign Central Bank Holdings
All times in GMT. Powered by Onclusive and Dow Jones.
Expected Earnings for Thursday
22nd Century Group Inc (XXII) is expected to report for 4Q.
ACCESS Newswire Inc $(ACCS)$ is expected to report $-0.03 for 4Q.
Accenture PLC $(ACN)$ is expected to report $2.84 for 2Q.
Aveanna Healthcare Holdings Inc (AVAH) is expected to report $0.26 for 4Q.
Beasley Broadcast Group Inc $(BBGI)$ is expected to report for 4Q.
Caleres Inc $(CAL)$ is expected to report for 4Q.
Calfrac Well Services Ltd (CFW.T) is expected to report for 4Q.
Canadian Solar Inc $(CSIQ)$ is expected to report $-0.47 for 4Q.
Canlan Ice Sports Corp (ICE.T) is expected to report for 4Q.
Cato Corp - A Share $(CATO)$ is expected to report for 4Q.
Celularity Inc $(CELU)$ is expected to report for 4Q.
Cumulus Media Inc (CMLS) is expected to report for 4Q.
Darden Restaurants Inc $(DRI)$ is expected to report $2.95 for 3Q.
DarioHealth Corp (DRIO) is expected to report for 4Q.
Destination XL Group Inc (DXLG) is expected to report for Full year.
Duluth Holdings Inc (DLTH) is expected to report $0.09 for 4Q.
GoHealth Inc (GOCO) is expected to report $-1.48 for 4Q.
Greenlane Holdings Inc $(GNLN)$ is expected to report for 4Q.
HOOKIPA Pharma Inc (HOOK) is expected to report for 4Q.
Intuitive Machines Inc (LUNR) is expected to report $-0.05 for 4Q.
Jasper Therapeutics Inc (JSPR) is expected to report $-1.50 for 4Q.
Knight Therapeutics Inc (GUD.T) is expected to report $0.00 for 4Q.
Kolibri Global Energy Inc (KEI.T) is expected to report $0.11 for 4Q.
LENSAR Inc (LNSR) is expected to report $-0.07 for 4Q.
Lands' End Inc $(LE)$ is expected to report $0.76 for 4Q.
Lifezone Metals Ltd $(LZM)$ is expected to report for Full year.
MeiraGTx Holdings PLC $(MGTX)$ is expected to report $-0.60 for 4Q.
Movado Group Inc $(MOV)$ is expected to report $0.53 for 4Q.
Perma-Fix Environmental Services Inc $(PESI)$ is expected to report $-0.09 for 4Q.
Permian Basin Royalty Trust $(PBT)$ is expected to report for 4Q.
Premium Brands Holdings Corp (PBH.T,PRBZF) is expected to report $1.30 for 4Q.
Qualstar Corp (QBAK) is expected to report for 4Q.
Solo Brands Inc $(SBDS)$ is expected to report for 4Q.
Sotherly Hotels Inc $(SOHO)$ is expected to report for 4Q.
Taysha Gene Therapies Inc (TSHA) is expected to report $-0.10 for 4Q.
Tejon Ranch Co (TRC) is expected to report for 4Q.
Titan Machinery (TITN) is expected to report $-1.04 for 4Q.
United-Guardian Inc $(UG)$ is expected to report for 4Q.
Vantage Drilling Co $(VTGDF)$ is expected to report for 4Q.
WELL Health Technologies Corp (WELL.T) is expected to report $0.03 for 4Q.
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ANALYST RATINGS ACTIONS
Aldeyra Therapeutics Cut to Neutral From Buy by HC Wainwright & Co.
Block Raised to Buy From Hold by Truist Securities
Block Raised to Neutral From Sell by Rothschild & Co
CF Industries Cut to Underperform From Neutral by Mizuho
Constellation Brands Raised to Buy From Neutral by Citigroup
Duolingo Cut to Hold From Buy by Argus Research
Gemini Space Station Cut to Sell From Neutral by Citigroup
Health Catalyst Cut to Equal-Weight From Overweight by Wells Fargo
Knight-Swift Transport Raised to Buy From Neutral by UBS
Lensar Raised to Buy From Neutral by BTIG
Manpower Raised to Neutral From Sell by Goldman Sachs
NRG Energy Raised to Outperform From Peer Perform by Wolfe Research
SL Green Realty Raised to Buy From Hold by Deutsche Bank
Starbucks Cut to Sector Perform From Outperform by RBC Capital
Trade Desk Cut to Hold From Buy by Stifel
Trade Desk Cut to Neutral From Buy by Rosenblatt
Vertex Pharmaceuticals Raised to Buy From Hold by Maxim Group
This article is a text version of a Wall Street Journal newsletter published earlier today.
(END) Dow Jones Newswires
March 19, 2026 05:45 ET (09:45 GMT)
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