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Markets are desperate for any glimmer of hope as news algos react to this headline, crude oil dips, ripple effect elsewhere.
March 16 Pre-Market Earnings Release Stocks
(CTMX) CytomX Therapeutics jumped after releasing positive results from an expanded Phase 1 trial of a colorectal cancer therapy, even as the company reported a loss for 2025. The stock rose 60% to $7.47 in morning trading, after earlier reaching a 52-week high of $7.74.
(FPS) Forgent Power Solutions rose after reporting strong fiscal second-quarter results, with revenue up 69% year-over-year to $296.4 million on strong data centre and grid demand. Orders jumped 268% and backlog doubled, though the company reported a small $0.1 million net loss after a $10 million write-off.
(VNET) VNET Group ADRs fell after the Chinese data centre provider issued full-year guidance below Wall Street expectations. The stock dropped 8.7% to $9.60. The company forecast revenue of CNY11.5 billion to CNY11.8 billion and reported a quarterly adjusted loss of 57 fen per share, though full-year revenue still rose 20.5% with adjusted EBITDA up 22.6% on strong data centre demand.
President Trump is filling the newswires with headlines so news algos are not sure which ones to react to.
This one saw a brief reaction but not enough for EURUSD to stray far from 1.15, US600 from 6700 and WTIUSD from $95
US EQUITY OPEN: Indices open the week in the green as focus continues on the Middle East, ahead of NVDA’s Huang keynote address
European markets wrap: Oil off early highs, risk mood picks up for now
WTI crude oil down 1.5% to $97.30, Brent crude oil down 0.2% to $103.20
US dollar lower across the board as risk sentiment improves
European indices slightly higher, S&P 500 futures up 0.7% on the day
US 10-year yields down 3 bps to 4.25%
Gold down 0.1% to $5,017, Silver down 1.5% to $79.31
Bitcoin up 2.5% to $73,630
FX option expiries for 16 March 10am New York cut
The dollar continues to go from strength to strength, with EUR/USD in particular falling off to its lowest since the summer of 2025. The late July and early August lows from then at 1.1400 will be key now but we might be eyeing a further breakdown towards 1.1200 next should the Middle East situation stay as it is.
WTI crude oil is bordering on $100 again now as the Strait of Hormuz remains in de facto closure. Iran has also grown more bold over the weekend in escalating military actions across the region. And that is keeping tensions as high as ever and underpinning oil prices, as the conflict looks set to be prolonged.
