ASML Holding N.V. develops, produces, markets, sells, and services advanced semiconductor equipment systems for chipmakers. It offers advanced semiconductor equipment systems, including lithography, metrology, and inspection systems. The company also provides extreme ultraviolet lithography systems; and deep ultraviolet lithography systems comprising immersion and dry lithography solutions to manufacture various range of semiconductor nodes and technologies. In addition, it offers metrology and inspection systems, including YieldStar optical metrology systems to assess the quality of patterns on the wafers; and HMI electron beam solutions to locate and analyze individual chip defects. Further, the company provides computational lithography solutions, and lithography systems and control software solutions; and refurbishes and upgrades lithography systems, as well as offers customer support and related services. It operates in Japan, South Korea, Singapore, Taiwan, China, rest of Asia, the Netherlands, rest of Europe, the Middle East, Africa, and the United States. The company was formerly known as ASM Lithography Holding N.V. and changed its name to ASML Holding N.V. in 2001. ASML Holding N.V. was founded in 1984 and is headquartered in Veldhoven, the Netherlands.

ASML Holding N.V. демонстрирует сильные финансовые показатели, включая высокие значения ROE (53.79) и ROA (20.77), что указывает на высокую эффективность использования капитала и активов. Эти показатели значительно выше медианы по отрасли, что является позитивным сигналом для инвесторов. Однако, мультипликаторы, такие как P/E (28.82) и P/B (14.82), ниже медианы, что может указывать на недооцененность компании. Долговая нагрузка остается на низком уровне (debt/equity 0.21), что также является положительным фактором. Тем не менее, текущие уровни текущего (1.44) и быстрых (0.81) коэффициентов находятся ниже медианных значений по отрасли, что может вызывать опасения в отношении ликвидности. В то же время, дивиденды не выплачиваются, что также может негативно сказаться на привлекательности акций. Общая финансовая динамика показывает стабильный рост выручки и прибыли, что поддерживает положительный взгляд на компанию, несмотря на некоторые риски. Таким образом, ASML выглядит как надежная инвестиция в долгосрочной перспективе, но с учетом текущих мультипликаторов и ликвидности, целевая цена может потребовать корректировки.

ASML Holding N.V. - New York Registry Shares

Key Points
International stocks are trading for significantly cheaper valuations than U.S. companies.
The Schwab International Equity ETF can be a great way to get international exposure.
The ETF has a rock-bottom expense ratio and almost 1,500 stock holdings.
Even after the recent market turbulence caused by the onset of the Iran conflict, stock valuations in the U.S. market are rather expensive on a historical basis. The average S&P 500 stock trades at nearly 23 times earnings, a historically elevated level, making it difficult for investors to find true "bargains" to add to their portfolios.
One potential solution is to take a closer look at adding some international stocks. Right now, virtually every major notable international stock index is trading for a significant discount to its U.S. counterparts. As one example, the MSCI EAFE index, which tracks international stocks from developed countries, trades for just over 15 times earnings. Not only that, but most foreign stock indices have higher dividend yields as well -- the MSCI EAFE has a 3.4% yield as of this writing, compared to about 1.5% for the S&P 500.
Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue »
International stocks spent the better part of the last decade underperforming their U.S. counterparts, but that changed last year. Non-U.S. stocks outperformed the S&P 500 by more than 10 percentage points in 2025 and are substantially outperforming so far in 2026. And they still trade at the valuation discount described earlier.
The Schwab International Equity ETF
You don't need to pick and choose individual stocks to get excellent international exposure in your portfolio -- there are some excellent international ETFs that could be worth a closer look.
One in particular is the Schwab International Equity ETF (NYSEMKT: SCHF), which tracks an index of mid- and large-cap stocks from developed countries outside the United States. Top markets represented in the fund's holdings are Japan, the U.K., Canada, and France.
There are approximately 1,500 stocks in the ETF, with the largest holding accounting for just 1.64% of its assets, so it's not highly concentrated. Top holdings include several companies you're probably familiar with, such as ASML Holding, Samsung, AstraZeneca, and Nestle, just to name a few.
This is an extremely low-cost index fund, with an expense ratio of just 0.03%, so you'll keep more of your investment gains than with most other ETFs. This means that for every $10,000 in assets, your annual investment expenses will be just $3. It has a dividend yield of more than 3.2%, making it a solid choice for income investors, and has the potential to produce market-beating long-term returns, especially given the relatively cheap valuations of international stocks.
To be sure, there are some notable risks of investing in international stocks. Currency headwinds and geopolitical headwinds are two examples, and it's worth keeping in mind that international index funds don't have as much exposure to the AI trend as their U.S. large-cap counterparts. But if you're looking for an attractive value in an expensive market, the risk-reward dynamics of the Schwab International Equity ETF make a lot of sense.
Should you buy stock in Schwab International Equity ETF right now?
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Matt Frankel, CFP has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends ASML and AstraZeneca Plc. The Motley Fool recommends Nestlé. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Could This International ETF Be One of the Best Investments of 2026?

The S&P 500 Index ($SPX) (SPY) today is down -1.22%, the Dow Jones Industrial Average ($DOWI) (DIA) is down -1.32%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down -1.46%. March E-mini S&P futures (ESH26) are down -1.20%, and March E-mini Nasdaq futures (NQH26) are down -1.40%.
Stocks are under pressure today as crude oil prices keep rising amid widening disruptions to production and transport in the Middle East. WTI crude oil prices are up more than +9% today after Iraq suspended oil terminal activity following an attack by Iran on two tankers. Oman also temporarily evacuated a key oil export hub at Mina Al Fahal, and Iran escalated attacks on Dubai.
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Stocks extended their losses today, and crude prices added to their gains on comments from Iran’s Supreme Leader Ayatollah Mojtaba Khamenei, who said that Iran’s leverage of closing the Strait of Hormuz should be used and attacks on Gulf Arab neighbors will continue. He added that Iran will open unspecified “other fronts” in the war if the US and Israel persist with their attacks.
Credit concerns are weighing on bank stocks and asset managers today after Morgan Stanley and Cliffwater LLC capped withdrawals from their private credit funds amid investor demand to redeem more than the funds allow. Private credit funds are grappling with a wave of redemption requests amid growing concerns over the quality of their loans. BlackRock last week decided to limit withdrawals, a move that other asset managers have since followed.
Crude oil prices are moving higher today despite the IEA members' decision on Wednesday to release 400 million barrels from emergency oil stockpiles. The IEA said the war against Iran is disrupting 7.5% of global oil supply, and the conflict will cut global oil supply by 8 million bpd this month. The closure of the Strait of Hormuz, through which about a fifth of the world’s oil and natural gas flows, has choked off oil and gas flows due to Iran’s attacks on shipping in the waterway and forced Gulf producers to cut output because they can’t export from the region.
Iran’s President Masoud Pezeshkian said his country would need “firm international guarantees against future aggression” to accept a ceasefire as well as reparations. However, comments from President Trump late Wednesday suggest the conflict could continue for weeks when he said that it would be unwise for the US to wind down hostilities too soon.
US economic news today was mixed for stocks after weekly jobless claims rose less than expected, a sign of labor market strength. Also, Jan housing starts unexpectedly rose to an 11-month high, but Jan building permits fell to a 5-month low.
US weekly initial unemployment claims fell -1,000 to 213,000, showing a stronger labor market than expectations of an increase to 215,000.
US Jan housing starts unexpectedly rose +7.2% m/m to an 11-month high of 1.487 million, stronger than expectations of a decline to 1.341 million. Jan building permits, a proxy for future construction, fell -5.4% m/m to a 5-month low of 1.376 million, weaker than expectations of 1.410 million.
The US Jan trade deficit shrank to -$54.5 billion, narrower than expectations of -$66.0 billion.
Q4 earnings season is nearly over, with more than 95% of the S&P 500 companies having reported earnings results. Earnings have been a positive factor for stocks, with 74% of the 492 S&P 500 companies that have reported beating expectations. According to Bloomberg Intelligence, S&P earnings growth is expected to climb by +8.4% in Q4, marking the tenth consecutive quarter of year-over-year growth. Excluding the Magnificent Seven megacap technology stocks, Q4 earnings are expected to increase by +4.6%.
The markets are discounting a 0% chance for a -25 bp FOMC rate cut at the next policy meeting on March 17-18.
Overseas stock markets are lower. The Euro Stoxx 50 is down -1.30%. China's Shanghai Composite fell from a 1-week high and closed down -0.10%. Japan's Nikkei Stock 225 closed down -1.04%.
Interest Rates
June 10-year T-notes (ZNM6) are down by -8 ticks. The 10-year T-note yield is up +1.4 bp to 4.243%. June T-notes fell to a 5-week low today, and the 10-year T-note yield climbed to a 5-week high of 4.249%. Today’s +9% rally in oil prices is raising inflation expectations and undercutting T-note prices. Also, concerns that the cost of the ongoing war against Iran will boost the US budget deficit are bearish for T-notes. In addition, supply pressures are weighing on T-notes as the Treasury will auction $22 billion of 30-year bonds later today.
European government bond yields are moving higher today. The 10-year German bund yield rose to a 2.25-year high of 2.962% and is up +1.6 bp to 2.948%. The 10-year UK gilt yield is up +9.7 bp to 4.784%.
The European Union's economy chief, Valdis Dombrovskis, said the inflation rate could surpass 3% this year and GDP in the Eurozone could be as much as -0.4 points lower if the war in the Middle East causes crude oil prices to remain around $100 per barrel and gas prices stay elevated for an extended period.
Swaps are discounting a 3% chance of a -25 bp ECB rate hike at its next policy meeting on March 19.
US Stock Movers
Airline stocks and cruise line operators are falling today due to the 8% surge in crude oil prices, which are boosting companies’ fuel costs and threatening earnings. Carnival (CCL) and Royal Caribbean Cruises (RCL) are down more than -6%, and United Airlines Holdings (UAL) is down more than -4%. Also, Norwegian Cruise Line Holdings (NCLH), American Airlines Group (AAL), Alaska Air Group (ALK), and Southwest Airlines (LUV) are down more than -3%. In addition, Delta Airlines (DAL) is down more than -2%.
Chip stocks are sliding today, weighing on the broader market. Lam Research (LRCX), Applied Materials (AMAT), ARM Holdings Plc (ARM), Micron Technology (MU), and Intel (INTC) are down more than -4%. Also, ASML Holding NV (ASML), Analog Devices (ADI), Advanced Micro Devices (AMD), KLA Corp (KLAC), Microchip Technology (MCHP), and Texas Instruments (TXN) are down more than -3%.
Credit concerns are weighing on bank stocks and asset managers today after Morgan Stanley and Cliffwater LLC capped withdrawals from their private credit funds amid investor demand to redeem more than the funds allow. Morgan Stanley (MS) and KKR & Co (KKR) are down more than -4%. Also, Goldman Sachs (GS) is down more than -3% to lead losers in the Dow Jones Industrials. In addition, Citigroup (C) and Ares Management (ARES) are down more than -3%.
Fertilizer stocks are climbing today amid supply disruptions from the closure of the Strait of Hormuz. CF Industries Holdings (CF) is up more than +10% to lead gainers in the S&P 500. Also, Intrepid Potash (IPI) is up more than +8%, and Mosaic (MOS) is up more than +5%.
Netskope (NTSK) is down more than -24% after forecasting a Q1 adjusted net loss per share of -6 cents to -7 cents, wider than Q4’s -4 cent EPS loss.
G-III Apparel Group Ltd (GIII) is down more than -12% after reporting Q4 net sales of $771.5 million, below the consensus of $791.8 million.
GlobalFoundries (GFS) is down more than -6% after a subsidiary of Mubadala Investment Co. was said to sell as much as $852 million of its stake in the stock overnight at $41.60 to $42.60 per share.
Dollar General (DG) is down more than -5% after giving an underwhelming 2027 comparable sales forecast of up +2.2% to +2.7%, the midpoint right on the consensus of +2.45%.
UiPath (PATH) is down more than -5% after reporting Q4 subscription revenue of $251.2 million, below the consensus of $252.1 million.
MercadoLibre (MELI) is down more than -5% to lead losers in the Nasdaq 100 after JPMorgan Chase downgraded the stock to neutral from overweight.
Dow Inc. (DOW) is up more than +6% after Citigroup upgraded the stock to buy from neutral with a price target of $40.
LyondellBasell Industries NV (LYB) is up more than +5% after Citigroup upgraded the stock to buy from neutral with a price target of $76.
Occidental Petroleum (OXY) is up more than +4% after Wells Fargo Securities double upgraded the stock to overweight from underweight with a price target of $69.
Atlassian Corp (TEAM) is up more than +2% after announcing a restructuring that will eliminate about 10% of its workforce. UBS upgraded the stock to buy from neutral with a price target of $97.
Earnings Reports(3/12/2026)
Dollar General Corp (DG), Ulta Beauty Inc (ULTA), Lennar Corp (LEN), Adobe Inc (ADBE).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
More news from Barchart
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Stocks Retreat Amid Rising Crude Prices and Credit Worries

The S&P 500 Index ($SPX) (SPY) today is down -0.88%, the Dow Jones Industrial Average ($DOWI) (DIA) is down -1.06%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down -1.03%. March E-mini S&P futures (ESH26) are down -0.97%, and March E-mini Nasdaq futures (NQH26) are down -1.10%.
Stocks are under pressure today as crude oil prices keep rising amid widening disruptions to production and transport in the Middle East. WTI crude oil prices are up more than +8% today after Iraq suspended oil terminal activity following an attack by Iran on two tankers. Oman also temporarily evacuated a key oil export hub at Mina Al Fahal, and Iran escalated attacks on Dubai. Crude prices extended their gains today on comments from Iran’s Supreme Leader Ayatollah Mojtaba Khamenei, who said that Iran’s leverage of closing the Strait of Hormuz should be used and attacks on Gulf Arab neighbors will continue.
Join 200K+ Subscribers: Find out why the midday Barchart Brief newsletter is a must-read for thousands daily.
Crude oil prices are moving higher today despite the IEA members' decision on Wednesday to release 400 million barrels from emergency oil stockpiles. The IEA said the war against Iran is disrupting 7.5% of global oil supply, and the conflict will cut global oil supply by 8 million bpd this month. The closure of the Strait of Hormuz, through which about a fifth of the world’s oil and natural gas flows, has choked off oil and gas flows due to Iran’s attacks on shipping in the waterway and forced Gulf producers to cut output because they can’t export from the region.
Iran’s President Masoud Pezeshkian said that his country would need “firm international guarantees against future aggression” to accept a ceasefire as well as reparations. However, comments from President Trump late Wednesday suggest the conflict could continue for weeks when he said that it would be unwise for the US to wind down hostilities too soon.
US economic news today was mixed for stocks after weekly jobless claims rose less than expected, a sign of labor market strength. Also, Jan housing starts unexpectedly rose to an 11-month high, but Jan building permits fell to a 5-month low.
US weekly initial unemployment claims fell -1,000 to 213,000, showing a stronger labor market than expectations of an increase to 215,000.
US Jan housing starts unexpectedly rose +7.2% m/m to an 11-month high of 1.487 million, stronger than expectations of a decline to 1.341 million. Jan building permits, a proxy for future construction, fell -5.4% m/m to a 5-month low of 1.376 million, weaker than expectations of 1.410 million.
The US Jan trade deficit shrank to -$54.5 billion, narrower than expectations of -$66.0 billion.
Q4 earnings season is nearly over, with more than 95% of the S&P 500 companies having reported earnings results. Earnings have been a positive factor for stocks, with 74% of the 492 S&P 500 companies that have reported beating expectations. According to Bloomberg Intelligence, S&P earnings growth is expected to climb by +8.4% in Q4, marking the tenth consecutive quarter of year-over-year growth. Excluding the Magnificent Seven megacap technology stocks, Q4 earnings are expected to increase by +4.6%.
The markets are discounting a 0% chance for a -25 bp FOMC rate cut at the next policy meeting on March 17-18.
Overseas stock markets are lower. The Euro Stoxx 50 is down -0.86%. China's Shanghai Composite fell from a 1-week high and closed down -0.10%. Japan's Nikkei Stock 225 closed down -1.04%.
Interest Rates
June 10-year T-notes (ZNM6) are down by -9 ticks. The 10-year T-note yield is up +1.6 bp to 4.245%. June T-notes fell to a 5-week low today, and the 10-year T-note yield climbed to a 5-week high of 4.249%. Today’s +8% rally in oil prices is raising inflation expectations and undercutting T-note prices. Also, concerns that the cost of the ongoing war against Iran will boost the US budget deficit are bearish for T-notes. In addition, supply pressures are weighing on T-notes as the Treasury will auction $22 billion of 30-year bonds later today.
European government bond yields are mixed today. The 10-year German bund yield rose to a 2.25-year high of 2.958% and is up +1.2 bp to 2.944%. The 10-year UK gilt yield is up +5.3 bp to 4.739%.
The European Union's economy chief, Valdis Dombrovskis, said the inflation rate could surpass 3% this year and GDP in the Eurozone could be as much as -0.4 points lower if the war in the Middle East causes crude oil prices to remain around $100 per barrel and gas prices stay elevated for an extended period.
Swaps are discounting a 4% chance of a -25 bp ECB rate hike at its next policy meeting on March 19.
US Stock Movers
Airline stocks and cruise line operators are falling today due to the 8% surge in crude oil prices, which are boosting companies’ fuel costs and threatening earnings. Carnival (CCL), Royal Caribbean Cruises (RCL), Norwegian Cruise Line Holdings (NCLH), United Airlines Holdings (UAL), American Airlines Group (AAL), Alaska Air Group (ALK), and Southwest Airlines (LUV) are down more than -3%. Also, Delta Airlines (DAL) is down more than -2%.
Chip stocks are sliding today, weighing on the broader market. Lam Research (LRCX), Applied Materials (AMAT), and Micron Technology (MU) are down more than -3%. Also, ASML Holding NV (ASML), Intel (INTC), Analog Devices (ADI), Advanced Micro Devices (AMD), KLA Corp (KLAC), ARM Holdings Plc (ARM), Microchip Technology (MCHP), and Texas Instruments (TXN) are down more than -2%.
Fertilizer stocks are climbing today amid supply disruptions from the closure of the Strait of Hormuz. CF Industries Holdings (CF) is up more than +7% to lead gainers in the S&P 500. Also, Intrepid Potash (IPI) and Mosaic (MOS) are up more than +4%.
Netskope (NTSK) is down more than -22% after forecasting a Q1 adjusted net loss per share of -6 cents to -7 cents, wider than Q4’s -4 cent EPS loss.
G-III Apparel Group Ltd (GIII) is down more than -14% after reporting Q4 net sales of $771.5 million, below the consensus of $791.8 million.
Dollar General (DG) is down more than -7% to lead losers in the S&P 500 after giving an underwhelming 2027 comparable sales forecast of up +2.2% to +2.7%, the midpoint right on the consensus of +2.45%.
UiPath (PATH) is down more than -5% after reporting Q4 subscription revenue of $251.2 million, below the consensus of $252.1 million.
MercadoLibre (MELI) is down more than -4% to lead losers in the Nasdaq 100 after JPMorgan Chase downgraded the stock to neutral from overweight.
GlobalFoundries (GFS) is down more than -4% after a subsidiary of Mubadala Investment Co. was said to sell as much as $852 million of its stake in the stock overnight at $41.60 to $42.60 per share.
Dow Inc. (DOW) is up more than +6% after Citigroup upgraded the stock to buy from neutral with a price target of $40.
Atlassian Corp (TEAM) is up more than +4% after announcing a restructuring that will eliminate about 10% of its workforce. UBS upgraded the stock to buy from neutral with a price target of $97.
Occidental Petroleum (OXY) is up more than +3% after Wells Fargo Securities double upgraded the stock to overweight from underweight with a price target of $69.
LyondellBasell Industries NV (LYB) is up more than +3% after Citigroup upgraded the stock to buy from neutral with a price target of $76.
Earnings Reports(3/12/2026)
Dollar General Corp (DG), Ulta Beauty Inc (ULTA), Lennar Corp (LEN), Adobe Inc (ADBE).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
More news from Barchart
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Stocks Fall as Oil Prices Continue to Climb

Lam Research Corporation LRCX is among the best-performing technology stocks in the broader equity market amid ongoing macroeconomic challenges and geopolitical tensions. LRCX stock has delivered a robust 33% gain over the past three months. This performance easily beats the broader Zacks Electronics – Semiconductors industry, which gained 4.5% in the same period.
It has even outpaced major semiconductor players, including ASML Holding ASML, KLA Corporation KLAC and NVIDIA Corporation NVDA. Shares of ASML Holding, KLA Corporation and NVIDIA have risen 27%, 19.5% and 5.2%, respectively, over the past three months.
This outperformance shows investors are becoming increasingly confident in Lam Research’s long-term prospects, even in a volatile market shaped by trade conflicts and geopolitical risks. We believe that LRCX stock will sustain this upward trajectory, at least in the near term, making it worth buying for now.
Lam Research Three-Month Price Return Performance
Image Source: Zacks Investment Research
Lam Research’s Robust Financial Performance
Despite ongoing macroeconomic challenges, geopolitical issues, and trade and tariff wars, LRCX’s financials remain impressive. In the company’s last reported financial results for the second quarter of fiscal 2026, total revenues rose 22% year over year to $5.34 billion and beat the Zacks Consensus Estimate by 2.1%, primarily driven by continued demand across the Systems and Customer Support Business Group segments.
Lam Research reported second-quarter non-GAAP earnings of $1.27 per share, which beat the consensus mark by 8.5%. The bottom line also increased 39.6% on a year-over-year basis.
Lam Research Corporation Price, Consensus and EPS Surprise
Expanding its manufacturing operations in Asia has also helped the company lower costs and improve margins. In the second quarter, Lam Research’s non-GAAP operating margin rose to 34.3%, up 360 basis points from the year-ago quarter, which is impressive, considering the challenging macroeconomic environment.
This strong financial performance reinforces Lam Research’s resilience in navigating an evolving semiconductor cycle. As demand grows for advanced nodes, LRCX’s specialized technology in etch and deposition tools for high-aspect-ratio structures positions it well to capitalize on this trend. The company’s second-quarter results also highlight its effective cost management, which has enabled sustained profitability.
AI Chip Demand Boosts LRCX’s Prospects
Lam Research is capitalizing on AI trends. It builds the tools chipmakers need to manufacture next-generation semiconductors, including high-bandwidth memory (HBM) and chips used in advanced packaging. These technologies are vital for powering AI and cloud data centers.
Lam Research’s products are not only critical but also innovative. For example, its ALTUS ALD tool uses molybdenum to improve speed and efficiency in chip production. Another product, the Aether platform, helps chipmakers achieve higher performance and density. These are essential capabilities as demand for advanced AI chips continues to increase.
In 2025, Lam Research’s revenues from advanced packaging grew significantly, and management anticipates strong 40% year-over-year growth for 2026. The industry’s migration to backside power distribution and dry-resist processing presents growth opportunities for LRCX’s cutting-edge fabrication solutions.
These trends are aiding Lam Research’s financial performance. The company has demonstrated consistent execution, maintaining quarterly revenues of more than $5 billion for the past three consecutive quarters, reflecting solid demand from leading chipmakers such as Taiwan Semiconductor Manufacturing and Samsung.
With AI-driven investments accelerating, Lam Research’s leading position in etch and deposition makes it a key beneficiary of the ongoing semiconductor spending cycle. The Zacks Consensus Estimate for fiscal 2026 and 2027 revenues implies a year-over-year increase of 20.2% and 22.9%, respectively. The consensus mark for fiscal 2026 and 2027 earnings per share indicates growth of 26.6% and 26.9%, respectively.
Robust Growth Forecasts Justify LRCX’s Lofty Valuation
Lam Research stock currently trades at a premium to the industry. Its forward 12-month price-to-earnings (P/E) ratio of 35.16 exceeds the industry’s average of 30.87. However, the company’s strong growth prospects amid AI-driven demand for advanced nodes justify this premium valuation.
Lam Research Forward 12-Month P/E Ratio
Image Source: Zacks Investment Research
Compared with major semiconductor equipment providers, LRCX trades at a lower P/E multiple than ASML, while at a premium to KLAC and NVDA. At present, ASML Holding, KLA Corporation and NVIDIA have forward 12-month P/E multiples of 39.26, 33.73 and 23.12, respectively.
Conclusion: Buy LRCX Stock for Now
Lam Research’s solid financial performance and strategic focus on AI-driven growth make it a compelling investment option right now despite lofty valuations. The company’s expanding market share in AI and datacenter fabrication, coupled with innovative product launches, strengthens its competitive positioning.
Currently, Lam Research sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
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This under-the-radar company specializes in semiconductor products that titans like NVIDIA don't build. It's uniquely positioned to take advantage of the next growth stage of this market. And it's just beginning to enter the spotlight, which is exactly where you want to be.
With strong earnings growth and an expanding customer base, it's positioned to feed the rampant demand for Artificial Intelligence, Machine Learning, and Internet of Things. Global semiconductor manufacturing is projected to explode from $452 billion in 2021 to $971 billion by 2028.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

LRCX Stock Soars 33% in Three Months: Is There More Room for Growth?

Key Points
Several big tech companies are increasing their spending on AI hardware dramatically.
Taiwan Semiconductor Manufacturing is the leader in chip manufacturing globally and all data centers need semiconductors.
ASML is the world's only producer of the EUV lithography machines needed to produce advanced semiconductor chips.
A few months ago, fears of an artificial intelligence (AI) bubble abounded in the financial media. And while those fears aren't gone, they seem to have quieted down for the time being.
That's likely due to the sheer amount of money the biggest companies in the tech industry plan to throw at their AI programs this year.
Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue »
Microsoft announced a relatively modest 66% capital expenditure (capex) increase to $37.5 billion for 2026.
Meta Platforms is planning to spend anywhere from $162 billion to $169 billion, up over 37% from 2025's number.
Alphabet is set to double its capex to between $175 billion and $185 billion this year.
And Amazon has projected a 51% increase in its capex to $200 billion for 2026.
Hundreds of billions of dollars have already been funneled into AI hardware buildout because data centers aren't cheap. They can cost anywhere from $7 million to $12 million per megawatt just to build. Add in the power bill and maintenance costs and it only gets pricier.
And there are two pick-and-shovel plays in the tech industry that will profit (albeit indirectly) from just about every data center built anywhere in the world.
Chip and shovel
Up first is Taiwan Semiconductor Manufacturing (NYSE: TSM), the world leader in the pure foundry segment of the semiconductor industry. As of the end of Q3 2025 it controlled a 72%-and-growing share of the market with No. 2 Samsung Electronics controlling just 7%.
Taiwan Semiconductor doesn't design any of its own chips; it simply manufactures them for other companies. And that client list includes Apple and Nvidia, which has its Blackwell chip produced at Taiwan Semiconductor's factory in Arizona.
This company is the reason the country of Taiwan produces 60% of the world's semiconductors and 90% of its advanced chips, which are semiconductors of 7 nanometers or smaller and are necessary for advanced AI algorithms.
Taiwan Semiconductor has such control over the market, it's nearing monopoly status, and it has the balance sheet to prove it.
For 2025, the company brought in revenue of $122.42 billion, up 35.9% year over year. It grew its diluted earnings per share (EPS) 46%, its operating cash flow surged 24.6%, and its free cash flow was up 15.2%.
Every data center needs the semiconductor chips Taiwan Semiconductor produces, and it has an extremely large moat to protect its market dominance.
But where Taiwan Semiconductor is almost a monopoly, ASML Holding (NASDAQ: ASML) is a monopoly.
High profits in the low countries
ASML is the world's only supplier of the extreme ultraviolet (EUV) lithography machines needed to produce the advanced chips Taiwan Semiconductor manufactures.
Each of these lithography machines is about the size of a bus and costs almost half a billion dollars. The less advanced deep ultraviolet (DUV) lithography machines are offered by some of ASML's competitors. They can produce larger semiconductor chips, but if you want to make the most advanced chips, you need EUV lithography, and ASML is the only game in town.
ASML is swamped with new orders and making money hand over fist.
Total sales for 2025 totaled 32.6 billion euros, up 15% over 2024's number. Its net bookings for Q4 of last year more than doubled from 5,399 to 13,158, which means demand for ASML's lithography machines is skyrocketing.
The company also saw its basic EPS for 2025 grow 28.4% over 2024 to 24.73 Euros and it's currently running a net profit margin of 29.42% .
A monopoly? Maybe. But it's an incredibly well-run monopoly.
And between ASML and Taiwan Semiconductor, you have a two-ticker play on the entire tech industry and the AI capex war the big tech companies are engaged in.
Who wins that war remains to be seen, but the chip-and-shovel plays in this article will come out on top regardless because they're foundational to all of the AI efforts. That makes the two of them worth a look in my opinion.
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James Hires has positions in Alphabet. The Motley Fool has positions in and recommends ASML, Alphabet, Amazon, Apple, Meta Platforms, Microsoft, Nvidia, and Taiwan Semiconductor Manufacturing and is short shares of Apple. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Prediction: The Artificial Intelligence (AI) Pick-and-Shovel Trade Isn't Over. Here Are 2 Stocks to Buy for 2026

The S&P 500 Index ($SPX) (SPY) on Friday closed down -1.33%, the Dow Jones Industrial Average ($DOWI) (DIA) closed down -0.95%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed down -1.51%. March E-mini S&P futures (ESH26) fell -1.39%, and March E-mini Nasdaq futures (NQH26) fell -1.58%.
Stock indexes fell sharply on Friday, with the Dow Jones Industrial Average posting a 3.5-month low amid concern that the war in the Middle East will keep pushing energy prices higher, sparking inflation. Qatar’s energy minister told the Financial Times on Friday that the war in the Middle East could “bring down the economies of the world,” and predicted that all Gulf energy exporters would shut down production within weeks if the war drags on, driving crude oil prices to $150 a barrel.
Join 200K+ Subscribers: Find out why the midday Barchart Brief newsletter is a must-read for thousands daily.
Stock losses accelerated on Friday on comments from President Trump, who said the US doesn’t want to negotiate an end to the war with Iran, and that “there will be no deal with Iran except unconditional surrender,” fueling concerns the US may be girding for an extended conflict.
Stocks also retreated on Friday after US employers unexpectedly cut jobs last month and the unemployment rate rose, raising doubts about the health of the labor market.
US Feb nonfarm payrolls unexpectedly fell by -92,000, weaker than expectations of a +55,000 increase and the biggest decline in four months. The Feb unemployment rate unexpectedly rose +0.1 to 4.4%, showing a weaker labor market than expectations of no change at 4.3%.
US Feb average hourly earnings rose +0.4% m/m and +3.8% y/y, stronger than expectations of +0.3% m/m and +3.7% y/y.
US Jan retail sales fell -0.2% m/m, a smaller decline than expectations of -0.3% m/m, Jan retail sales ex-autos were unchanged m/m, right on expectations.
US Jan consumer credit rose by +$8.05 billion, weaker than expectations of +$12.65 billion.
Fed Governor Christopher Waller said, "Thinking about monetary policy going forward, the Iran war is unlikely to cause sustained inflation. That's one reason the Fed doesn't look at energy prices but looks at core prices, excluding energy, as core is a better predictor of future inflation."
Cleveland Fed President Beth Hammack said, "Under my base case, I think policy should be on hold for quite some time as we see evidence that inflation is coming down and the labor market stabilizes further."
Boston Fed President Susan Collins said, "My baseline features a still-uncertain inflation picture, with continued upside risks. This, combined with recent evidence suggesting a relatively stable labor market, in my view, argues for maintaining policy rates at their current, mildly restrictive levels for some time."
WTI crude (CLJ26) surged by more than +12% Friday to a 2.5-year high, adding to this week’s surge, as the war rages on in the Middle East for a seventh day. Iran fired a barrage of missiles and drones targeting a number of Gulf countries overnight, while the US and Israel maintained airstrikes on Iran. Key energy facilities in the Middle East have been struck by Iranian drones or forced to shut as storage tanks have filled up, as the closure of the Strait of Hormuz has halted energy exports.
The Strait of Hormuz remains closed due to the war against Iran, halting most energy shipments from the Persian Gulf. Iran's Islamic Revolutionary Guard Corps has warned ships not to sail through the passageway, saying that vessels "could be at risk from missiles or rogue drones." The closure of the Strait of Hormuz, which handles a fifth of the world's oil, has curbed exports and forced Gulf producers to stockpile the crude locally in storage tanks. Goldman Sachs estimates the real-time risk premium for crude oil at $18/bbl, corresponding to its estimate of the impact of a six-week full halt to tanker traffic in the Strait of Hormuz.
In addition, damage from an intercepted Iranian drone caused a major fire on Tuesday at the United Arab Emirates' major oil-trading hub, Fujairah, one of the largest oil storage centers in the Middle East. European natural gas prices surged to a 3-year high on Tuesday after Qatar shut its Ras Laffan plant, the world's largest natural gas export facility, after it was targeted by an Iranian drone attack. The Ras Laffan plant accounts for about 20% of the global liquefied natural gas supply. On Thursday, China told its largest refiner to suspend exports of diesel and gasoline due to the escalating conflict in the Persian Gulf, which will tighten global fuel supplies and push fuel prices even higher.
Q4 earnings season is nearing its end, with more than 95% of the S&P 500 companies having reported earnings results. Earnings have been a positive factor for stocks, with 74% of the 492 S&P 500 companies that have reported beating expectations. According to Bloomberg Intelligence, S&P earnings growth is expected to climb by +8.4% in Q4, marking the tenth consecutive quarter of year-over-year growth. Excluding the Magnificent Seven megacap technology stocks, Q4 earnings are expected to increase by +4.6%.
The markets are discounting a 5% chance for a -25 bp rate cut at the next policy meeting on March 17-18.
Overseas stock markets settled mixed on Friday. The Euro Stoxx 50 tumbled to a 3-month low and closed down -1.09%. China’s Shanghai Composite closed up +0.38%. Japan’s Nikkei Stock 225 closed up +0.62%.
Interest Rates
June 10-year T-notes (ZNM6) on Friday closed up by +4 ticks. The 10-year T-note yield fell by -0.5 bp to 4.131%. June T-notes recovered from a 3-week low on Friday and moved higher, and the 10-year T-note yield fell from a 3-week high of 4.175%.
T-notes recovered from early losses on Friday and moved higher after the weaker-than-expected US Feb payroll report bolstered the outlook for the Fed to cut interest rates. T-note prices also found support today on comments from Fed Governor Christopher Waller, who said the Iran war is unlikely to cause sustained inflation. In addition, Friday’s stock slump boosted safe-haven demand for T-notes.
Growing inflation fears initially knocked T-note prices lower on Friday after WTI crude oil surged more than +12% to a 2.5-year high, boosting inflation expectations, as the 10-year breakeven rate climbed to a 5-week high of 2.378%.
European government bond yields moved higher on Friday. The 10-year German bund yield climbed to a 1-month high of 2.880% and finished up +1.9 bp to 2.860%. The 10-year UK gilt yield rose to a 4.75-month high of 4.718% and finished up +8.6 bp to 4.627%.
Eurozone Q4 GDP was revised lower to +0.2% q/q and +1.2% y/y from the previously reported +0.3% q/q and +1.3% y/y.
Swaps are discounting a 3% chance of a -25 bp rate hike by the ECB at its next policy meeting on March 19.
US Stock Movers
The weakness in the Magnificent Seven technology stocks was bearish for the overall market. Meta Platforms (META), Tesla (TSLA), Amazon.com (AMZN), and Nvidia (NVDA) closed down more than -2%. Also, Apple (AAPL) closed down more than -1%, Alphabet (GOOGL) closed down -0.80%, and Microsoft (MSFT) closed down -0.42%.
Chipmakers and AI-infrastructure stocks retreated on Friday, pressuring the broader market. Lam Research (LRCX) closed down more than -7%, and Micron Technology (MU), KLA Corp (KLAC), and Applied Materials (AMAT) closed down more than -6%. Also, ASML Holding NV (ASML), Intel (INTC), ARM Holdings Plc (ARM), and Western Digital (WDC) closed down more than -5%, and Microchip Technology (MCHP), Analog Devices (ADI), and NXP Semiconductors NV (NXPI) closed down more than -4%. In addition, Advanced Micro Devices (AMD), Seagate Technology Holdings Plc (STX), and Texas Instruments (TXN) closed down more than -3%.
Airline stocks tumbled on Friday as crude oil prices surged more than +12% to a 2.5-year high, boosting jet fuel prices and potentially cutting into airlines’ profits. American Airlines Group (AAL) and Southwest Airlines (LUV) closed down more than -5%, and Delta Air Lines (DAL), United Airlines Holdings (UAL), and Alaska Air Group (ALK) closed down more than -3%.
Cryptocurrency-exposed stocks fell on Friday as Bitcoin (^BTCUSD) dropped more than +4%. Riot Platforms (RIOT) and Galaxy Digital Holdings (GLXY) closed down by more than -9%, and MARA Holdings (MARA) closed down more than -8%. Also, Coinbase Global (COIN) and Strategy (MSTR) closed down more than -4%.
Homebuilders moved lower on Friday as the 10-year T-note yield climbed to a 3-week high, which will boost mortgage rates and weigh on housing demand. Lennar (LEN) closed down more than -3%, and Toll Brothers (TOL), PulteGroup (PHM), DR Horton (DHI), and KB Home (KBH) closed down more than -1%.
Defense stocks moved higher on Friday on speculation that the ongoing Iran war may bolster the US defense funding budget. AeroVironment (AVAV) closed up more than +3%, and Lockheed Martin (LMT), RTX Crop (RTX), Northrop Grumman (NOC), and L3Harris Technologies (LHX) closed up more than +2%. Also, Huntington Ingalls Industries (HII) closed up more than +1%, and General Dynamics (GD) closed up +0.75%.
The Gap (GAP) closed down more than -15% after reporting Q4 total comparable sales rose +3.00%, weaker than the consensus of +3.43%.
Nutex Health (NUTX) closed down more than -14% after reporting an unexpected decline in Q4 diluted EPS of -$1.18, well below the consensus of a $3.19 gain.
Blackrock (BLK) closed down more than -7% to lead asset managers lower after it curbed withdrawals from its $26 billion HPS Corporate Lending Fund after client requests for redemptions spiked. Also, Ares Management (ARES) closed down more than -6%, and KKR & Co (KKR) closed down more than -4%.
Cooper Cos. (COO) closed down more than -5% after reporting Q1 net sales of $1.02 billion, below the consensus of $1.03 billion.
Trade Desk (TTD) closed down more than -1% after Wedbush downgraded the stock to underperform from neutral with a price target of $23.
Marvell Technology (MRVL) closed up more than +18% to lead gainers in the Nasdaq 100 after saying its year-over-year revenue growth rate will accelerate each quarter throughout fiscal 2027.
Samsara (IOT) closed up more than +18% after reporting Q4 revenue of $444.3 million, stronger than the consensus of $422.3 million.
CF Industries Holdings (CF) closed up more than +4% to lead gainers in the S&P 500, and fertilizer stocks higher on concern that the war in Iran could disrupt supplies as the Gulf region is home to some of the world’s largest fertilizer plants, and the Strait of Hormuz handles about one-third of the global trade for fertilizer.
Boeing (BA) closed up more than +4% to lead gainers in the Dow Jones Industrials after China was said to be in talks to acquire 500 of Boeing’s 737 Max jets.
Costco Wholesale (COST) closed up more than +1% after reporting Q2 total company comparable sales, including gas and currency, rose 7.4%, stronger than expectations of 6.72%.
Earnings Reports(3/9/2026)
Casey's General Stores Inc (CASY), Hewlett Packard Enterprise Co (HPE), Vail Resorts Inc (MTN).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
More news from Barchart
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Stocks Retreat on Inflation Concerns and a Weak US Job Market

The S&P 500 Index ($SPX) (SPY) today is down -0.95%, the Dow Jones Industrial Average ($DOWI) (DIA) is down -1.00%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down -0.76%. March E-mini S&P futures (ESH26) are down -0.95%, and March E-mini Nasdaq futures (NQH26) are down -0.78%.
Stock indexes are falling today, with the Dow Jones Industrial Average sliding to a 3.5-month low amid concern that the war in the Middle East will keep pushing energy prices higher, sparking inflation. Qatar’s energy minister told the Financial Times today that the war in the Middle East could “bring down the economies of the world,” and predicted that all Gulf energy exporters would shut down production within weeks, driving crude oil prices to $150 a barrel.
Join 200K+ Subscribers: Find out why the midday Barchart Brief newsletter is a must-read for thousands daily.
Stock losses accelerated today on comments from President Trump, who said the US doesn’t want to negotiate an end to the war with Iran, and that “there will be no deal with Iran except unconditional surrender,” fueling concerns the US may be girding for an extended conflict.
Stocks also retreated today after US employers unexpectedly cut jobs last month and the unemployment rate rose, raising doubts about the health of the labor market.
US Feb nonfarm payrolls unexpectedly fell by -92,000, weaker than expectations of a +55,000 increase and the biggest decline in four months. The Feb unemployment rate unexpectedly rose +0.1 to 4.4%, showing a weaker labor market than expectations of no change at 4.3%.
US Feb average hourly earnings rose +0.4% m/m and +3.8% y/y, stronger than expectations of +0.3% m/m and +3.7% y/y.
US Jan retail sales fell -0.2% m/m, a smaller decline than expectations of -0.3% m/m, Jan retail sales ex-autos were unchanged m/m, right on expectations.
Fed Governor Christopher Waller said, "Thinking about monetary policy going forward, the Iran war is unlikely to cause sustained inflation. That's one reason the Fed doesn't look at energy prices but looks at core prices, excluding energy, as core is a better predictor of future inflation."
WTI crude (CLJ26) is up more than +9% today to a 2.25-year high, adding to this week’s surge, as the war rages on in the Middle East for a seventh day. Iran fired a barrage of missiles and drones targeting a number of Gulf countries overnight, while the US and Israel maintained airstrikes on Iran. Key energy facilities in the Middle East have been struck by Iranian drones or forced to shut as storage tanks have filled up, as the closure of the Strait of Hormuz has halted energy exports.
The Strait of Hormuz remains closed due to the war against Iran, halting most energy shipments from the Persian Gulf. Iran's Islamic Revolutionary Guard Corps has warned ships not to sail through the passageway, saying that vessels "could be at risk from missiles or rogue drones." The closure of the Strait of Hormuz, which handles a fifth of the world's oil, has curbed exports and forced Gulf producers to stockpile the crude locally in storage tanks. Goldman Sachs estimates the real-time risk premium for crude oil at $18/bbl, corresponding to its estimate of the impact of a six-week full halt to tanker traffic in the Strait of Hormuz.
In addition, damage from an intercepted Iranian drone caused a major fire on Tuesday at the United Arab Emirates' major oil-trading hub, Fujairah, one of the largest oil storage centers in the Middle East. European natural gas prices surged to a 3-year high on Tuesday after Qatar shut its Ras Laffan plant, the world's largest natural gas export facility, after it was targeted by an Iranian drone attack. The Ras Laffan plant accounts for about 20% of the global liquefied natural gas supply. On Thursday, China told its largest refiner to suspend exports of diesel and gasoline due to the escalating conflict in the Persian Gulf, which will tighten global fuel supplies and push fuel prices even higher.
Q4 earnings season is nearing its end, with more than 90% of the S&P 500 companies having reported earnings results. Earnings have been a positive factor for stocks, with 73% of the 481 S&P 500 companies that have reported beating expectations. According to Bloomberg Intelligence, S&P earnings growth is expected to climb by +8.4% in Q4, marking the tenth consecutive quarter of year-over-year growth. Excluding the Magnificent Seven megacap technology stocks, Q4 earnings are expected to increase by +4.6%.
The markets are discounting a 5% chance for a -25 bp rate cut at the next policy meeting on March 17-18.
Overseas stock markets are mixed today. The Euro Stoxx 50 tumbled to a 3-month low and is down -1.09%. China’s Shanghai Composite closed up +0.38%. Japan’s Nikkei Stock 225 closed up +0.62%.
Interest Rates
June 10-year T-notes (ZNM6) today are down by -5 ticks. The 10-year T-note yield is up by +0.6 bp to 4.144%. June T-notes tumbled to a 3-week low today, and the 10-year T-note yield jumped to a 3-week high of 4.175%. Growing inflation fears are undercutting T-note prices after WTI crude oil surged more than +9% today to a 2.25-year high, boosting inflation expectations, as the 10-year breakeven rate climbed to a 5-week high of 2.378%.
Losses in T-notes are limited after today’s weaker-than-expected US Feb payroll report bolstered the outlook for the Fed to cut interest rates. T-note prices also found support today on comments from Fed Governor Christopher Waller, who said the Iran war is unlikely to cause sustained inflation.
European government bond yields are moving higher today. The 10-year German bund yield climbed to a 1-month high of 2.880% and is up +1.3 bp to 2.854%. The 10-year UK gilt yield rose to a 4.75-month high of 4.718% and is up +11.0 bp to 4.651%.
Eurozone Q4 GDP was revised lower to +0.2% q/q and +1.2% y/y from the previously reported +0.3% q/q and +1.3% y/y.
Swaps are discounting a 3% chance of a -25 bp rate hike by the ECB at its next policy meeting on March 19.
US Stock Movers
The weakness in the Magnificent Seven technology stocks is bearish for the overall market. Meta Platforms (META) and Tesla (TSLA) are down more than -2%, and Apple (AAPL), Amazon.com (AMZN), and Nvidia (NVDA) are down more than -1%. In addition, Alphabet (GOOGL) is down -0.55%, and Microsoft (MSFT) is down -0.24%.
Chipmakers and AI-infrastructure stocks are falling today, pressuring the broader market. ASML Holding NV (ASML) is down by more than -3%, and Micron Technology (MU), Applied Materials (AMAT), NXP Semiconductors NV (NXPI), Lam Research (LRCX), Analog Devices (ADI), Microchip Technology (MCHP), Intel (INTC), and Western Digital (WDC) are down more than -2%. Also, KLA Corp (KLAC) and Texas Instruments (TXN) are down more than -1%.
Airline stocks are tumbling today as crude oil prices surge more than +10% to a 2.25-year high, boosting jet fuel prices and potentially cutting into airlines’ profits. Southwest Airlines (LUV) is down more than -6%, and Delta Air Lines (DAL) is down more than -4%. Also, American Airlines Group (AAL) and United Airlines Holdings (UAL) are down more than -3%, andAlaska Air Group (ALK) is down more than -1%.
Homebuilders are moving lower today as the 10-year T-note yield climbed to a 3-week high, which will boost mortgage rates and weigh on housing demand. Lennar (LEN), Toll Brothers (TOL), PulteGroup (PHM), and DR Horton (DHI) are down more than -2%, and KB Home (KBH) is down more than -1%.
Cryptocurrency-exposed stocks are falling today, with Bitcoin (^BTCUSD) down more than +3%. Riot Platforms (RIOT) is down more than +8%, and MARA Holdings (MARA) is down more than -6%. Also, Galaxy Digital Holdings (GLXY) is down by more than -5%, and Coinbase Global (COIN) and Strategy (MSTR) are down more than -4%.
Defense stocks are climbing today on speculation that the Iran war may bolster the US defense funding budget. Huntington Ingalls Industries (HII) and AeroVironment (AVAV) are up more than +2%. Also, Lockheed Martin (LMT) and RTX Crop (RTX) are up more than +1%. In addition, Northrop Grumman (NOC) is up +0.78%, L3Harris Technologies (LHX) is up +0.53%, and General Dynamics (GD) is up +0.25%.
The Gap (GAP) is down more than -13% after reporting Q4 total comparable sales rose +3.00%, weaker than the consensus of +3.43%.
Nutex Health (NUTX) is down more than -12% after reporting an unexpected decline in Q4 diluted EPS of -$1.18, well below the consensus of a $3.19 gain.
Cooper Cos. (COO) is down more than -4% after reporting Q1 net sales of $1.02 billion, below the consensus of $1.03 billion.
Trade Desk (TTD) is down more than -3% after Wedbush downgraded the stock to underperform from neutral with a price target of $23.
Marvell Technology (MRVL) is up more than +16% to lead gainers in the Nasdaq 100 after saying its year-over-year revenue growth rate will accelerate each quarter throughout fiscal 2027.
Samsara (IOT) is up more than +14% after reporting Q4 revenue of $444.3 million, stronger than the consensus of $422.3 million.
CF Industries Holdings (CF) is up more than +7% to lead gainers in the S&P 500, and fertilizer stocks higher on concern that the war in Iran could disrupt supplies as the Gulf region is home to some of the world’s largest fertilizer plants, and the Strait of Hormuz handles about one-third of the global trade for fertilizer.
Costco Wholesale (COST) is up more than 1% after reporting Q2 total company comparable sales, including gas and currency, rose 7.4%, stronger than expectations of 6.72%.
Earnings Reports(3/6/2026)
Aldeyra Therapeutics Inc (ALDX), America's Car-Mart Inc/TX (CRMT), ECB Bancorp Inc/MD (ECBK), Eve Holding Inc (EVEX), Foghorn Therapeutics Inc (FHTX), Genesco Inc (GCO), Greene County Bancorp Inc (GCBC), Kingstone Cos Inc (KINS), Mammoth Energy Services Inc (TUSK), National Beverage Corp (FIZZ), National Presto Industries Inc (NPK), NI Holdings Inc (NODK), Oruka Therapeutics Inc (ORKA), Prairie Operating Co (PROP), Silvercrest Asset Management Group (SAMG), Solid Biosciences Inc (SLDB), Tejon Ranch Co (TRC), Vox Royalty Corp (VOXR).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
More news from Barchart
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Stocks Retreat Amid Inflation Fears and Weak US Jobs

The S&P 500 Index ($SPX) (SPY) today is down -1.68%, the Dow Jones Industrial Average ($DOWI) (DIA) is down -1.93%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down -1.50%. March E-mini S&P futures (ESH26) are down -1.60%, and March E-mini Nasdaq futures (NQH26) are down -1.48%.
Stock indexes are falling sharply today, with the Dow Jones Industrial Average sliding to a 3.5-month low amid concern that the war in the Middle East will keep pushing energy prices higher, sparking inflation. Qatar’s energy minister told the Financial Times today that the war in the Middle East could “bring down the economies of the world,” and predicted that all Gulf energy exporters would shut down production within weeks, driving crude oil prices to $150 a barrel.
Join 200K+ Subscribers: Find out why the midday Barchart Brief newsletter is a must-read for thousands daily.
Stocks added to their losses today after US employers unexpectedly cut jobs last month and the unemployment rate rose, raising doubts about the health of the labor market.
US Feb nonfarm payrolls unexpectedly fell by -92,000, weaker than expectations of a +55,000 increase and the biggest decline in four months. The Feb unemployment rate unexpectedly rose +0.1 to 4.4%, showing a weaker labor market than expectations of no change at 4.3%.
US Feb average hourly earnings rose +0.4% m/m and +3.8% y/y, stronger than expectations of +0.3% m/m and +3.7% y/y.
US Jan retail sales fell -0.2% m/m, a smaller decline than expectations of -0.3% m/m, Jan retail sales ex-autos were unchanged m/m, right on expectations.
WTI crude (CLJ26) is up more than +7% today to a 2.25-year high, adding to this week’s surge, as the war rages on in the Middle East. Iran fired a barrage of missiles and drones targeting a number of Gulf countries overnight, while the US and Israel maintained airstrikes on Iran. Key energy facilities in the Middle East have been struck by Iranian drones or forced to shut as storage tanks have filled up, as the closure of the Strait of Hormuz has halted energy exports.
The Strait of Hormuz remains closed due to the war against Iran, halting most energy shipments from the Persian Gulf. Iran's Islamic Revolutionary Guard Corps has warned ships not to sail through the passageway, saying that vessels "could be at risk from missiles or rogue drones." The closure of the Strait of Hormuz, which handles a fifth of the world's oil, has curbed exports and forced Gulf producers to stockpile the crude locally in storage tanks. Goldman Sachs estimates the real-time risk premium for crude oil at $18/bbl, corresponding to its estimate of the impact of a six-week full halt to tanker traffic in the Strait of Hormuz.
In addition, damage from an intercepted Iranian drone caused a major fire on Tuesday at the United Arab Emirates' major oil-trading hub, Fujairah, one of the largest oil storage centers in the Middle East. European natural gas prices surged to a 3-year high on Tuesday after Qatar shut its Ras Laffan plant, the world's largest natural gas export facility, after it was targeted by an Iranian drone attack. The Ras Laffan plant accounts for about 20% of the global liquefied natural gas supply. On Thursday, China told its largest refiner to suspend exports of diesel and gasoline due to the escalating conflict in the Persian Gulf, which will tighten global fuel supplies and push fuel prices even higher.
Q4 earnings season is nearing its end, with more than 90% of the S&P 500 companies having reported earnings results. Earnings have been a positive factor for stocks, with 73% of the 481 S&P 500 companies that have reported beating expectations. According to Bloomberg Intelligence, S&P earnings growth is expected to climb by +8.4% in Q4, marking the tenth consecutive quarter of year-over-year growth. Excluding the Magnificent Seven megacap technology stocks, Q4 earnings are expected to increase by +4.6%.
The markets are discounting a 5% chance for a -25 bp rate cut at the next policy meeting on March 17-18.
Overseas stock markets are mixed today. The Euro Stoxx 50 tumbled to a 3-month low and is down -2.00%. China’s Shanghai Composite closed up +0.38%. Japan’s Nikkei Stock 225 closed up +0.62%.
Interest Rates
June 10-year T-notes (ZNM6) today are down by -5 ticks. The 10-year T-note yield is up by +3.5 bp to 4.171%. June T-notes tumbled to a 3-week low today, and the 10-year T-note yield jumped to a 3-week high of 4.175%. Growing inflation fears are undercutting T-note prices after WTI crude oil surges more than +7% today to a 2.25-year high, boosting inflation expectations, as the 10-year breakeven rate climbed to a 3-week high of 2.361%.
Losses in T-notes are limited after today’s weaker-than-expected US Feb payroll report bolstered the outlook for the Fed to cut interest rates. T-note prices also found support today on comments from Fed Governor Christopher Waller, who said the Iran war is unlikely to cause sustained inflation.
European government bond yields are moving higher today. The 10-year German bund yield climbed to a 1-month high of 2.880% and is up +3.0 bp to 2.871%. The 10-year UK gilt yield rose to a 4.75-month high of 4.702% and is up +15.2 bp to 4.694%.
Eurozone Q4 GDP was revised lower to +0.2% q/q and +1.2% y/y from the previously reported +0.3% q/q and +1.3% y/y.
Swaps are discounting a 3% chance of a -25 bp rate hike by the ECB at its next policy meeting on March 19.
US Stock Movers
Chipmakers and AI-infrastructure stocks are falling today, pressuring the broader market. ASML Holding NV (ASML) is down by more than -4% to lead losers in the Nasdaq 100, and Micron Technology (MU) is also down more than -4%. Also, Applied Materials (AMAT), NXP Semiconductors NV (NXPI), Lam Research (LRCX), KLA Corp (KLAC), Analog Devices (ADI), Microchip Technology (MCHP), Intel (INTC), Western Digital (WDC), and Texas Instruments (TXN) are down more than -3%.
Airline stocks are tumbling today as crude oil prices surge more than +7% to a 2.25-year high, boosting jet fuel prices and potentially cutting into airlines’ profits. American Airlines Group (AAL), United Airlines Holdings (UAL), and Southwest Airlines (LUV) are down more than -5%. Also, Delta Air Lines (DAL) is down more than -3%, and Alaska Air Group (ALK) is down more than -2%.
Homebuilders are moving lower today as the 10-year T-note yield climbed to a 3-week high, which will boost mortgage rates and weigh on housing demand. Lennar (LEN), Toll Brothers (TOL), KB Home (KBH), PulteGroup (PHM), and DR Horton (DHI) are down more than -2%.
Cryptocurrency-exposed stocks are falling today, with Bitcoin (^BTCUSD) down more than +3%. Riot Platforms (RIOT) is down more than +6%, and Galaxy Digital Holdings (GLXY) is down more than -5%. Also, MARA Holdings (MARA) is down more than -4%, and Coinbase Global (COIN) and Strategy (MSTR) are down more than -3%.
Nutex Health (NUTX) is down more than -17% after reporting an unexpected decline in Q4 diluted EPS of -$1.18, well below the consensus of a $3.19 gain.
The Gap (GAP) is down more than -14% after reporting Q4 total comparable sales rose +3.00%, weaker than the consensus of +3.43%.
Cooper Cos. (COO) is down more than -5% after reporting Q1 net sales of $1.02 billion, below the consensus of $1.03 billion.
Trade Desk (TTD) is down more than -5% after Wedbush downgraded the stock to underperform from neutral with a price target of $23.
Marvell Technology (MRVL) is up more than +16% to lead gainers in the Nasdaq 100 after saying its year-over-year revenue growth rate will accelerate each quarter throughout fiscal 2027.
Samsara (IOT) is up more than +14% after reporting Q4 revenue of $444.3 million, stronger than the consensus of $422.3 million.
CF Industries Holdings (CF) is up more than +5% to lead gainers in the S&P 500, and fertilizer stocks higher on concern that the war in Iran could disrupt supplies as the Gulf region is home to some of the world’s largest fertilizer plants, and the Strait of Hormuz handles about one-third of the global trade for fertilizer.
Earnings Reports(3/6/2026)
Aldeyra Therapeutics Inc (ALDX), America's Car-Mart Inc/TX (CRMT), ECB Bancorp Inc/MD (ECBK), Eve Holding Inc (EVEX), Foghorn Therapeutics Inc (FHTX), Genesco Inc (GCO), Greene County Bancorp Inc (GCBC), Kingstone Cos Inc (KINS), Mammoth Energy Services Inc (TUSK), National Beverage Corp (FIZZ), National Presto Industries Inc (NPK), NI Holdings Inc (NODK), Oruka Therapeutics Inc (ORKA), Prairie Operating Co (PROP), Silvercrest Asset Management Group (SAMG), Solid Biosciences Inc (SLDB), Tejon Ranch Co (TRC), Vox Royalty Corp (VOXR).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Stocks Slump on Iran War and Weak US Jobs Report

The S&P 500 Index ($SPX) (SPY) on Thursday closed down -0.56%, the Dow Jones Industrial Average ($DOWI) (DIA) closed down -1.61%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed down -0.29%. March E-mini S&P futures (ESH26) fell -0.60%, and March E-mini Nasdaq futures (NQH26) fell -0.35%.
Stock indexes retreated on Thursday, with the Dow Jones Industrials falling to a 2.75-month low. Stocks were under pressure Thursday amid concerns about inflation, as oil prices surged amid mounting disruptions to energy markets from the war in Iran. WTI crude (CLJ26) soared more than +8% at a 19.5-month high, fueling inflation concerns and sending bond yields higher. However, crude prices fell by more than $3 a barrel from their high in late trading Thursday afternoon when US Secretary of the Interior Burgum said the government is considering emergency measures to stabilize crude prices. The 10-year T-note yield rose to a 3-week high on Thursday of 4.15%.
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Losses in stocks were contained amid underlying support from some of Thursday’s positive economic and corporate news. Weekly US jobless claims rose less than expected, and Q4 nonfarm productivity rose more than expected. Also, Broadcom rose by more than +5% after CEO Tan said the company expects AI chip sales to top $100 billion next year. In addition, strength in software stocks on Thursday limited losses in the broader market.
The US-Israeli war on Iran entered a sixth day on Thursday with Iran pledging to escalate its retaliation. Arab states across the Persian Gulf reported interceptions of Iranian missiles and drones overnight and into Thursday.
Crude prices continued to climb and posted a 19.5-month high Thursday as the Strait of Hormuz remains closed, halting most energy shipments from the Persian Gulf. Iran's Islamic Revolutionary Guard Corps has warned ships not to sail through the passageway, saying that vessels "could be at risk from missiles or rogue drones." The closure of the Strait of Hormuz, which handles a fifth of the world's oil, has curbed exports and forced Gulf producers to stockpile the crude locally in storage tanks. Iraq, OPEC's second-largest producer, shut down oil production at its largest oil fields in Rumalia as local storage tanks filled up. Also, Kayrros reported on Wednesday that four of six tanks at Saudi Arabia's Ras Tanura refinery were full, and the Ju'aymah terminal on the country's east coast is quickly running out of spare capacity. Goldman Sachs estimates the real-time risk premium for crude oil at $18/bbl, corresponding to its estimate of the impact of a six-week full halt to tanker traffic in the Strait of Hormuz.
In addition, damage from an intercepted Iranian drone caused a major fire on Tuesday at the United Arab Emirates' major oil-trading hub, Fujairah, one of the largest oil storage centers in the Middle East. European natural gas prices surged to a 3-year high on Tuesday after Qatar shut its Ras Laffan plant, the world's largest natural gas export facility, after it was targeted by an Iranian drone attack. The Ras Laffan plant accounts for about 20% of the global liquefied natural gas supply. On Thursday, China told its largest refiner to suspend exports of diesel and gasoline due to the escalating conflict in the Persian Gulf, which will tighten global fuel supplies and push fuel prices even higher.
US Feb Challenger job cuts fell -71.9% y/y to 48,307.
US weekly initial unemployment claims were unchanged at 213,000, showing a slightly stronger labor market than expectations of 215,000.
Q4 nonfarm productivity rose +2.8%, better than expectations of +1.9%. Q4 unit labor costs rose by +2.8%, stronger than expectations of +2.0%.
Hawkish comments today from Richmond Fed President Tom Barkin were bearish for stocks when he said recent and expected data reflect "a couple months of relatively high inflation," which "certainly puts pause to any conclusion that we're done fighting this."
This week's market focus will be on US-Iran war news, corporate earnings, and economic news. On Friday, Feb nonfarm payrolls are expected to increase by +60,000, and the Feb unemployment rate is expected to remain unchanged at 4.3%. Also, Feb average hourly earnings are expected to increase by +0.3% m/m and +3.7% y/y. In addition, Feb retail sales are expected to fall -0.3% m/m and Feb retail sales ex-autos are expected to remain unchanged m/m.
Q4 earnings season is nearing its end, with more than 90% of the S&P 500 companies having reported earnings results. Earnings have been a positive factor for stocks, with 73% of the 481 S&P 500 companies that have reported beating expectations. According to Bloomberg Intelligence, S&P earnings growth is expected to climb by +8.4% in Q4, marking the tenth consecutive quarter of year-over-year growth. Excluding the Magnificent Seven megacap technology stocks, Q4 earnings are expected to increase by +4.6%.
The markets are discounting a 4% chance for a -25 bp rate cut at the next policy meeting on March 17-18.
Overseas stock markets settled mixed on Thursday. The Euro Stoxx 50 closed down -1.50%. China’s Shanghai Composite closed up +0.64%. Japan’s Nikkei Stock 225 closed up +1.90%.
Interest Rates
June 10-year T-notes (ZNM6) on Thursday closed down by -16 ticks. The 10-year T-note yield rose by +3.5 bp to 4.131%. Jun T-notes fell to a 3-week low on Thursday, and the 10-year T-note yield rose to a 3-week high of 4.148%. Growing inflation fears are weighing on T-note prices after WTI crude oil rallied to a 19.5-month high Thursday, boosting inflation expectations, with the 10-year breakeven rate climbing to a 3-week high of 2.329%. Also, Thursday’s US economic reports, which showed weekly jobless claims rose less than expected, and Q4 unit labor costs rose more than expected, were hawkish for Fed policy and bearish for T-notes.
European government bond yields moved higher on Thursday. The 10-year German bund yield rose to a 3.5-week high of 2.854% and finished up +9.1 bp to 2.841%. The 10-year UK gilt yield climbed toa 3.5-week high of 4.558% and finished up +10.1 bp to 4.542%.
Eurozone Jan retail sales unexpectedly fell -0.1% m/m, weaker than expectations of +0.3% m/m
ECB Vice President Luis de Guindos said a prolonged conflict in the Middle East would risk pushing inflation expectations higher.
ECB Governing Council member and Bundesbank President Joachim Nagel said inflation is a bigger concern than economic growth as the ECB assesses the implications of the war in Iran.
Swaps are discounting a 5% chance of a -25 bp rate hike by the ECB at its next policy meeting on March 19.
US Stock Movers
Chipmakers and AI-infrastructure stocks were under pressure on Thursday, weighing on the broader market. Lam Research (LRCX) closed down more than -4%, and ARM Holdings Plc (ARM), Analog Devices (ADI), Applied Materials (AMAT), KLA Corp (KLAC), NXP Semiconductors NV (NXPI), Marvell Technology (MRVL), and Microchip Technology (MCHP) closed down more than -3%. Also, Seagate Technology Holdings Plc (STX), ASML Holding NV (ASML), and Texas Instruments (TXN) closed down more than -2%.
Airline stocks sold off on Thursday as crude oil prices soared more than +8% to a 19.5-month high, boosting jet fuel prices and potentially cutting into airlines’ profits. Alaska Air Group (ALK) closed down more than -9%, and Southwest Airlines (LUV) closed down more than -6%. Also,
American Airlines Group (AAL) and United Airlines Holdings (UAL) closed down more than -5%, and Delta Air Lines (DAL) closed down more than -3%.
Homebuilders moved lower on Thursday after the 10-year T-note yield jumped to a 3-week high, which boosts mortgage rates and is a negative factor for housing demand. Lennar (LEN), Toll Brothers (TOL), and KB Home (KBH) closed down more than -2%. Also, PulteGroup (PHM) and DR Horton (DHI) closed down more than -1%.
Software stocks rose on Thursday to limit losses in the broader market. Atlassian (TEAM) closed up more than +7%, and ServiceNow (NOW) and Intuit (INTU) closed up more than +5%. Also, Salesforce (CRM) closed up more than +4% to lead gainers in the Dow Jones Industrials, and Thomson Reuters (TRI) closed up more than +4%. In addition, Datadog (DDOG) and Adobe Systems (ADBE) closed up more than +3%, and Workday (WDAY) and Autodesk (ADSK) closed up more than +2%.
Online travel agencies rallied on Thursday after Mizuho Securities said a report that ChatGPT is pivoting away from on-platform shopping checkout, if true, would be a “waterloo moment for AI-disruption of e-commerce.” Expedia Group (EXPE) closed up more than +13%, and Booking Holdings (BKNG) closed up more than +8%. Also, DoorDash (DASH) closed up more than +3%, and TripAdvisor (TRIP) closed up more than +2%.
American Eagle Outfitters (AEO) closed down more than -13% after CFO Mathias said that most of the company’s profit will be generated in the second half of the year.
Stubhub Holdings (STUB) closed down more than -12% after reporting Q4 loss per share of -$1.56, a much bigger loss than the consensus of -$0.03, and forecasting 2026 gross merchandise sales of $9.9 billion to $10.1 billion, well below the consensus of $12.3 billion.
IREN Ltd (IREN) closed down more than -8% after filing for the possible offering of up to $6 billion shares of common stock.
McKesson Corp (MCK) closed down more than -4% after CFO Vitalone said he will retire on May 29.
Walmart (WMT) closed down more than -3% after Erste Group downgraded the stock to hold from buy.
BJ’s Wholesale Club Holdings (BJ) is down more than -2% after forecasting 2027 adjusted EPS of $4.40 to $4.60, below the consensus of $4.66.
Trade Desk (TTD) closed up more than +18% to lead gainers in the S&P 500 after The Information reported that the company held talks to help OpenAI sell ads.
Burlington Stores (BURL) closed up more than +7% after reporting Q4 adjusted EPS of $4.89, better than the consensus of $4.72, and forecasting 2027 adjusted EPS of $10.95 to $11.45, the midpoint above the consensus of $11.11.
Broadcom (AVGO) closed up more than +5% after CEO Tan said the company expects its AI chip sales to top $100 billion next year.
Astera Labs (ALAB) closed up more than +5% after Loop Capital Markets initiated coverage on the stock with a buy recommendation and a $250 price target.
Veeva Systems (VEEV) closed up more than +4% after reporting Q4 revenue of $836.0 million, better than the consensus of $810.4 million, and forecasting 2027 revenue of $3.59 billion to $3.60 billion, stronger than the consensus of $3.57 billion.
Fastenal (FAST) closed up more than +2% after reporting that its daily sales rate for February increased by 13%, well above Barclays’ estimate of 7.2%.
Earnings Reports(3/6/2026)
Aldeyra Therapeutics Inc (ALDX), America's Car-Mart Inc/TX (CRMT), ECB Bancorp Inc/MD (ECBK), Eve Holding Inc (EVEX), Foghorn Therapeutics Inc (FHTX), Genesco Inc (GCO), Greene County Bancorp Inc (GCBC), Kingstone Cos Inc (KINS), Mammoth Energy Services Inc (TUSK), National Beverage Corp (FIZZ), National Presto Industries Inc (NPK), NI Holdings Inc (NODK), Oruka Therapeutics Inc (ORKA), Prairie Operating Co (PROP), Silvercrest Asset Management Group (SAMG), Solid Biosciences Inc (SLDB), Tejon Ranch Co (TRC), Vox Royalty Corp (VOXR).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Stocks Finish Lower as War Rages in the Middle East

The S&P 500 Index ($SPX) (SPY) on Wednesday closed up +0.78%, the Dow Jones Industrial Average ($DOWI) (DIA) closed up +0.49%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed up +1.51%. March E-mini S&P futures (ESH26) rose +0.77%, and March E-mini Nasdaq futures (NQH26) rose +1.53%.
Stock indexes rallied on Wednesday as signs of US economic resilience and cooling inflationary pressures outweighed concerns about the Iran war. The US labor market continues to grow after the Feb ADP employment report showed employers added more jobs than expected. Also, the US service economy expanded at the fastest pace in 3.5 years last month, while service price pressures fell to an 11-month low.
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Stocks also found support on Wednesday on hopes that the Iran conflict could end sooner than expected. The NY Times reported that operatives from Iran’s Ministry of Intelligence used backchannels to contact the CIA a day after US-Israeli attacks began. However, Iran’s semi-official Tasnim news agency called the report “pure falsehood and psychological warfare.”
Stock gains were limited amid heightened global trade tensions after Treasury Secretary Scott Bessent said proposed 15% tariffs on goods imported into the US may take effect this week.
Crude oil prices briefly fell from sharp overnight gains on Wednesday after a NY Times report said that Iranian operatives made an offer to the US to discuss terms for ending the conflict. Crude oil prices were also undercut by carryover from Tuesday, when President Trump said the US will ensure the free flow of energy through the Strait of Hormuz with insurance guarantees and even naval escorts.
However, crude prices rose by more than 1% on Wednesday as the Strait of Hormuz remains closed, halting most energy shipments from the Persian Gulf. Iran's Islamic Revolutionary Guard Corps has warned ships not to sail through the passageway, saying that vessels "could be at risk from missiles or rogue drones." The closure of the Strait of Hormuz, which handles a fifth of the world's oil, has forced Gulf producers unable to export their oil to stockpile the crude in storage tanks. Iraq, OPEC's second-largest producer, shut down oil production at its largest oil fields in Rumalia as storage tanks filled up. Also, Kayrros reported on Wednesday that four of six tanks at Saudi Arabia's Ras Tanura refinery were full, and the Ju'aymah terminal on the country's east coast is quickly running out of spare capacity. Goldman Sachs estimates the real-time risk premium for crude oil at $18/bbl, corresponding to its estimate of the impact of a six-week full halt to tanker traffic in the Strait of Hormuz.
In addition, damage from an intercepted Iranian drone caused a major fire on Tuesday at the United Arab Emirates' major oil-trading hub, Fujairah, one of the largest oil storage centers in the Middle East. European natural gas prices surged to a 3-year high on Tuesday after Qatar shut its Ras Laffan plant, the world's largest natural gas export facility, after it was targeted by an Iranian drone attack. The Ras Laffan plant accounts for about 20% of the global liquefied natural gas supply.
US MBA mortgage applications rose by +11% in the week ended February 27, with the purchase mortgage sub-index up +6.1% and the refinance mortgage sub-index up +14.3%. The average 30-year fixed rate mortgage was unchanged from the prior week at 6.09%.
US Feb ADP employment increased by +63,000, stronger than expectations of +50,000.
The US Feb ISM services index unexpectedly rose +2.3 to 56.1, better than expectations of a decline to 53.5 and the strongest pace of expansion in 3.5 years. The Feb ISM services prices paid sub-index unexpectedly fell -3.6 to an 11-month low of 63.0, weaker than expectations of an increase to 68.3.
The Fed Beige Book said that for the period ending February 23, seven of the twelve Fed districts reported that economic activity increased at a slight to moderate pace, with prices increasing moderately and employment levels generally stable.
Comments on Wednesday from Cleveland Fed President Beth Hammack were hawkish, with Hammack saying it's important to drive inflation back to target and that "Fed policy could be on hold for quite some time."
This week's market focus will be on US-Iran war news, corporate earnings, and economic news. On Thursday, weekly initial unemployment claims are expected to increase by +3,000 to 215,000. Also, Q4 nonfarm productivity is expected to be up +1.9%, and Q4 unit labor costs are expected to be up +2.0%. On Friday, Feb nonfarm payrolls are expected to increase by +60,000, and the Feb unemployment rate is expected to remain unchanged at 4.3%. Also, Feb average hourly earnings are expected to increase by +0.3% m/m and +3.7% y/y. In addition, Feb retail sales are expected to fall -0.3% m/m and Feb retail sales ex-autos are expected to remain unchanged m/m.
Q4 earnings season is nearing its end, with more than 90% of the S&P 500 companies having reported earnings results. Earnings have been a positive factor for stocks, with 73% of the 481 S&P 500 companies that have reported beating expectations. According to Bloomberg Intelligence, S&P earnings growth is expected to climb by +8.4% in Q4, marking the tenth consecutive quarter of year-over-year growth. Excluding the Magnificent Seven megacap technology stocks, Q4 earnings are expected to increase by +4.6%.
The markets are discounting a 4% chance for a -25 bp rate cut at the next policy meeting on March 17-18.
Overseas stock markets settled mixed on Wednesday. The Euro Stoxx 50 closed up +1.72%. China’s Shanghai Composite fell to a 3.5-week low and closed down -0.98%. Japan’s Nikkei Stock 225 dropped to a 3.5-week low and closed down -3.61%.
Interest Rates
June 10-year T-notes (ZNM6) on Wednesday closed down by -6.5 ticks. The 10-year T-note yield rose +2.2 bp to 4.081%. Wednesday’s stock rally reduced safe-haven demand for government debt, weighing on T-notes. Also, Wednesday’s stronger-than-expected reports on Feb ADP employment and Feb ISM services were bearish for T-notes. In addition, hawkish comments on Wednesday from Cleveland Fed President Beth Hammack undermined T-notes when she said, "Fed policy could be on hold for quite some time." Losses in T-notes were limited after the Feb ISM services prices paid sub-index unexpectedly fell to an 11-month low, a supportive factor for T-notes.
European government bond yields moved lower on Wednesday. The 10-year German bund yield fell -0.2 bp to 2.750%. The 10-year UK gilt yield fell -3.0 bp to 4.411%.
Eurozone Jan PPI rose +0.7% m/m and fell -2.1% y/y, stronger than expectations of +0.2% m/m and -2.6% y/y.
The Eurozone Jan unemployment rate fell -0.2 to a record low of 6.1%, showing a stronger labor market than expectations of 6.2%.
Swaps are discounting a 2% chance of a -25 bp rate hike by the ECB at its next policy meeting on March 19.
US Stock Movers
Chipmakers and AI-infrastructure stocks moved higher on Wednesday, supporting gains in the broader market. Advanced Micro Devices (AMD), Intel (INTC), and Micron Technology (MU) closed up more than +5%, and Seagate Technology Holdings Plc (STX) and Western Digital (WDC) closed up more than +4%. Also, ASML Holding Plc (ASML), ARM Holdings Plc (ARM), KLA Corp (KLAC), and Lam Research (LRCX) closed up more than +2%. In addition, Nvidia (NVDA), Applied Materials (AMAT), and Broadcom (AVGO) closed up more than +1%.
Cryptocurrency-exposed stocks rallied on Wednesday as Bitcoin (^BTCUSD) surged more than +7% to a 3.5-week high. Galaxy Digital Holdings (GLXY) closed up more than +17%, and Coinbase Global (COIN) closed up more than +14%. Also, Strategy (MSTR) closed up more than +10% to lead gainers in the Nasdaq 100. In addition, Riot Platforms (RIOT) closed up more than +8%, and MARA Holdings (MARA) closed up more than +7%.
Energy producers and energy service providers were under pressure on Wednesday, giving back some of this week’s sharp gains. Baker Hughes (BKR) closed down more than -2% to lead losers in the Nasdaq 100. Also, APA Corp (APA), ConocoPhillips (COP), and Halliburton (HAL) closed down more than -2%. In addition, Devon Energy (DVN), Exxon Mobil (XOM), Chevron (CVX), and SLB Ltd (SLB) closed down more than -1%.
Moderna (MRNA) closed up more than +15% to lead gainers in the S&P 500 after it agreed to pay Genevant $950 million to settle litigation related to the delivery technology behind its Covid shot, a deal some analysts said was better than feared.
Ross Stores (ROST) closed up more than +8% after reporting Q4 sales of $6.64 billion, better than the consensus of $6.40 billion.
LyondellBasell Industries NV (LYB) closed up more than +6% after KeyBanc Capital Markets upgraded the stock to overweight from sector weight with a price target of $73.
nLight Inc. (LASR) closed up more than +6% after Baird initiated coverage on the stock with a recommendation of outperform and a price target of $95.
Dow Inc. (DOW) closed up more than +5% after KeyBanc Capital Markets upgraded the stock to overweight from sector weight with a price target of $38.
Webtoon Entertainment (WBTN) closed down more than -9% after reporting Q4 EPS loss of -$2.36, a much wider loss than the consensus of -12 cents.
Brown-Forman (BF.B) closed down more than -6% to lead losers in the S&P 500 despite reporting better-than-expected Q3 net sales after saying on anearnings callthat it sees a “two-year headwind” on costs and gross margin.
Gitlab (GTLB) closed down more than -6% after forecasting 2027 revenue of $1.10 billion to $1.12 billion, the midpoint below the consensus of $1.12 billion.
Abercrombie & Fitch (ANF) closed down more than -3% after forecasting Q1 net sales to grow +1% to +3%, below the consensus of +4.5%.
Frontline Plc (FRO) closed down more than -2% after Arctic Securities ASA downgraded the stock to hold from buy.
Earnings Reports(3/5/2026)
BJ's Wholesale Club Holdings Inc (BJ), Burlington Stores Inc (BURL), Ciena Corp (CIEN), Cooper Cos Inc/The (COO), Costco Wholesale Corp (COST), Gap Inc/The (GAP), Guidewire Software Inc (GWRE), Kroger Co/The (KR), Marvell Technology Inc (MRVL), Samsara Inc (IOT), Toro Co/The (TTC).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
More news from Barchart
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.