HAPPY THURSDAY TO THE STREET
Meta (META) announced it would shut down Horizon Worlds, the VR software behind its $73B metaverse push.
But going all in on AI by literally narrowing its Horizons must’ve seemed too on-the-nose, even for a firm that accompanied its pivot to the metaverse by changing its name to Meta. The tech giant reversed its decision shortly after.
🟥 | US stocks slid again today but rebounded from session lows, after oil followed a similar trajectory, surging above $119 per barrel intraday, but moderating before close.
📉 | One Notable Decliner: Tesla (TSLA) fell after NHTSA escalated its investigation into the Full Self-Driving system. One EV maker expands the robotaxi market. The other is investigated for it.
— Brooks & Cas
MARKET SNAPSHOT
S&P 500 Heatmap. Credit: Unusual Whales
MEN’S COLLEGE BASKETBALL CHAMPION?
March Madness tips off today, and AI is firmly in the betting pool.
Microsoft (MSFT) Copilot simulated the 2026 NCAA Men's Tournament twice and landed on Houston both times, projecting a mostly chalk Final Four with only one non-No. 1 seed.
Which do you trust most: the model, your bracket, or the odds?
Market Movers
ACCENTURE, ALIBABA, FIVE BELOW
📈 | Accenture (ACN) beat expectations on Q2 earnings and revenue.
📉 | Alibaba (BABA) dropped as Q4 revenue missed LSEG analyst estimates.
📈 | Five Below (FIVE) surged on an earnings and guidance beat.
📉 | Micron Technology (MU) fell despite a blowout quarter, as investors focused on comments about ramping production spending.
📈 | NextDecade (NEXT) rallied after Iranian attacks knocked out 17% of Qatar's LNG export capacity.
Tomorrow's Trade Idea, Today
FULL STEAM AHEAD
Stock Spotlight
Subheader
The Rating: Morgan Stanley analyst Jamie Rollo upgraded Carnival to Overweight, citing the stock's war-driven decline as a buying opportunity.
The Thesis: Carnival's current drop mirrors past geopolitical sell-offs that each produced 40% to 120% rebounds in the following 12 months, and the company is in stronger financial shape today than in prior downturns.
The Follow-On: Watch tomorrow’s earnings report, where Rollo expects a cautious outlook and a guidance cut from higher oil prices. However, he believes that this outcome is already priced in.
OVERHEARD ON THE STREET
🪖 | The Pentagon is preparing a supplemental budget request of up to $200 billion to Congress for Iran war funding.
🟩 | Yes: 17%
🟥 | No: 83%
🪙 | Gold and silver fell sharply as investors sold precious metals to fund purchases elsewhere during the Iran-war sell-off.
🏠 | The average 30-year fixed mortgage rate climbed to 6.22%, its highest level in three months, as the Iran war pushes Treasury yields and energy costs higher.
🏛️ | Federal Reserve Chair Jerome Powell said he will remain beyond his May term if the DOJ investigation into him is not resolved, leaving Trump's nominee Kevin Warsh without a clear path to confirmation.
WEDNESDAY’S POLL RESULTS
Are you bullish or bearish on Knight-Swift Transportation (KNX) over the next 12 months?
▇▇▇▇▇▇ 🐂 Bullish
▇▇▇▇▇▇ 🐻 Bearish
And, in response, you said:
🐻 Bearish — “It is not obvious what they bring to the table that other carriers don't.”
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