OPENING CALL

Stock futures pointed to small gains on Tuesday, after fears about recession sparked a market selloff at the start of the week.

Earnings and economic data this week may provide a clearer look at how tariff ructions are affecting U.S. inflation, the economy and earnings.

The big reveal will be the monthly consumer-price index for February. That reading will be the first for the inflation gauge that falls fully under the new Trump administration.

Premarket Movers

Apple was down slightly in premarket trading after falling 4.9% on Monday for its widest one-day percentage drop since Sept. 29, 2022.

Asana plunged 34% after CEO Dustin Moskovitz announced he was retiring and the work management software company said it expects fiscal first-quarter revenue of $184.5 million to $186.5 million, below analysts expectations of $191 million.

Delta Air Lines was down 10% in premarket trading after slashing first-quarter earnings and revenue estimates, with the carrier citing weaker demand. Shares in United Airlines and American Airlines also traded sharply lower.

Illumina lowered its 2025 financial guidance and said it would reduce spending because China barred sales of its devices. Shares were 2% higher.

Nvidia was up 1.4% in the premarket session. Shares fell 5.1% on Monday and widened its losses in 2025 to 20%.

Oracle offered an upbeat sales outlook, but its quarterly earnings and revenue missed expectations. The stock dropped roughly 6% premarket.

Tesla was up 4.4% premarket.

Vail Resorts was up 2.9% after the ski-resort operator reported better-than-expected fiscal second-quarter earnings.

Postmarket Movers

LifeMD's fourth-quarter financial results topped analyst expectations. Shares rose 25%.

Palantir Technologies dropped 10% and ended the session up just 1% this year.

Tenon Medical received notice of two approvals from the European patent office. Shares rose 44%.

Economic Insight

Neither the labor market nor the housing market appear to be overheated, Russell Investments said.

"This combination should help contribute to moderating inflation over time, but progress on the inflation fight can still be somewhat bumpy."

Although recent surveys have shown consumers have become somewhat more worried about inflation, it's encouraging that the 5Y5Y forward inflation expectation still remains quite close to 2%, Russell Investments said.

The comments come ahead of Wednesday's February CPI data which are expected to show slowdown in both the headline and core readings, according to a Wall Street Journal poll of analysts.

Watch For:

JOLTS job-openings data for January; World Agricultural Supply & Demand Estimates (WASDE); earnings from Kohl's, Dick's Sporting Goods

Today's Top Headlines/Must Reads:

- Wall Street Fears Trump Will Wreck the Soft Landing

- Consumers Keep Bailing Out the Economy. Now They Might Be Maxed Out.

- No Reprieve From Steel Tariffs in Sight Despite Lobbying Efforts

- Builders Stockpile Lumber, Swap Out Materials to Work Around Tariffs

MARKET WRAPS

Forex:

The dollar fell along with Treasury yields amid concerns about the economy losing momentum and elevated policy uncertainty under Trump, Pepperstone said.

The Trump administration is doubling down on the idea of short-term economic pain for long-term gain, it said.

Continued soft sentiment has sent yields lower. This puts pressure on the dollar with a "broader flight away from dollar-denominated assets also having a role to play here."

Meanwhile, the market will be monitoring the Job Openings and Labor Turnover Survey. A soft print would exacerbate existing nervousness over waning economic momentum, Pepperstone added.

The dollar could stay under pressure in the near term amid mounting worries over weaker U.S. economic growth, RBC Capital Markets said.

For the next few weeks, markets will likely be "dominated by an ongoing pricing out of U.S. exceptionalism" as U.S. data slow, it said.

RBC expects the euro to rise to $1.11 in the first quarter before falling to $1.05 in the second quarter.

The euro could rise further if German election winner Friedrich Merz's spending package is approved in parliament, Danske Bank said.

The Green party vowed to reject the plan but are likely to back it eventually, Danske said.

"While much of the euro optimism appears priced in, confirmation of the debt package or a potential ceasefire deal in Ukraine could provide another boost."

Worries about slowing U.S. economic growth is also increasingly becoming a key driver for euro gains against the dollar, Danske added.

Bonds:

Treasury yields dropped, extending Monday's falls amid growing worries over the economy, Danske Bank Research said.

"U.S. yields resumed the decline in yesterday's session amid rising recession fears in markets sending U.S. equities severely in red territory on the first trading day of the week."

This week's fall in Treasury yields reflects market expectations of interest-rate cuts by the Federal Reserve, Kudotrade said.

"Forecasts point to a [rate] cut in June." If this week's CPI and PPI numbers show slowing inflation then the dollar and yields could be under additional pressure.

Pepperstone said Treasury auctions are expected to be well received this week.

The Treasury will auction $58 billion in three-year notes on Tuesday, $39 billion in 10-year notes on Wednesday and $22 billion in 30-year bonds on Thursday.

Energy:

Oil prices edged higher in early trade but remained under significant pressure, with Brent crude still trading below $70 a barrel amid concerns over a weak economic outlook and U.S. tariffs.

Fears of escalating trade tensions and OPEC+'s plans to start raising output next month continued to weigh on sentiment, while Trump's comments on "a period of transition" for the U.S. economy have added to the bearish mood.

"Trump's comments triggered a wave of selling as investors started pricing in the risk of weaker growth in demand," ANZ Research said.

Meanwhile, China's consumer inflation fell more than expected, further raising concerns over demand in the world's top crude importer.

Metals:

Gold futures rose, gaining on safe-haven demand and a weaker dollar as equity markets were heavily hit by macroeconomic fears, Swissquote Bank said.

Recession bets are rising, companies are giving murkier outlooks due to tariffs and the U.S.' biggest trading partners are responding to Trump's tariffs with retaliatory levies, Swissquote said.

"It tells a lot about how investors feel about what's cascading from the White House: it's the worst market sentiment since Covid."

Gold remains a popular hedge for investors seeking refuge from the agitated international markets, it added.

TODAY'S TOP HEADLINES

Nissan Replaces CEO After Failed Honda Merger

Nissan Motor is replacing Chief Executive Makoto Uchida just weeks after it scrapped a merger plan with rival Honda Motor, naming Chief Planning Officer Ivan Espinosa at the helm of the Japanese carmaker.

Nissan said Tuesday that the changes are effective April 1. Espinosa, who joined the company's Mexican unit in 2003, spent years in Nissan's product strategy and planning division.

Volkswagen Expects 2025 Revenue to Rise Despite Challenging Year

Volkswagen expects revenue to rise this year as it continues to focus on cutting costs and implementing profitability measures, in what is expected to be another challenging year.

The German automaker entered 2025 having recently agreed to a deal with its union to reduce its workforce by more than 35,000 and cut billions of dollars a year in costs, while averting immediate factory closures in Germany.

BlackRock Becomes a Power Player in Global Shipping-With Help From Trump

World leaders rolled their eyes when President Trump kicked off his second term by threatening to take back the Panama Canal. Yet within weeks a massive sale put the waterway's biggest ports and dozens of others in American hands-reshaping the global shipping business.

BlackRock, the world's largest asset manager, last week said it was leading a consortium that would pay $22.8 billion to buy more than 40 ports around the world, including crucial berths on either end of the Panama Canal, from Hong Kong-based CK Hutchison, controlled by one of Asia's richest men.

Ozempic's New Frontier: The War on Aging

For decades, scientists have been on the hunt for an antiaging drug. Now, some say we may have already found it.

A fast-growing body of research signals potential health benefits of GLP-1s, the class of diabetes and weight-loss drugs known by names like Ozempic, beyond what they were initially approved to treat. That includes age-related conditions like Alzheimer's, osteoarthritis, certain cancers and even mortality.

U.S. to Lose Growth Lead Over Europe, Central Banks to Follow

The growth gap between the U.S. and the eurozone that has driven a widening divergence in central-bank interest rates may be coming to an end.

The U.S. economy grew much more rapidly than its eurozone counterpart in 2023 and 2024. That was the result of tailwinds for the U.S. in the form of high levels of government spending and a boom in technology investment, and headwinds for the eurozone in the form of a surge in energy costs and a slump in investment following Russia's full-scale invasion of Ukraine.

Who's to Blame for High Egg Prices? Ask the Economists.

About the author: Brian Albrecht is chief economist of the International Center for Law & Economics and writes the weekly economics Substack, Economic Forces.

Despite Enforcement Pause, Ignoring Antibribery Law Still Raises Risks for Companies

President Trump's pause on enforcement of a key U.S. antibribery law has prompted concern in some quarters that the U.S.'s decadeslong effort to rein in corruption will be rolled back.

But continued enforcement of similar antibribery laws in other jurisdictions and the reputational risks for those seen to be skirting the law should still motivate corporations to remain compliant, say experts.

Ukraine Hits Moscow With Biggest Drone Attack of the War

Ukraine launched its biggest drone attack on Moscow, targeting the Russian capital and other regions hours before a Tuesday meeting where senior U.S. and Ukrainian officials were set to discuss ways to bring an end to the war after more than three years of fighting.

The Russian Ministry of Defense said it had downed more than 300 Ukrainian drones, 91 of which had targeted Moscow. Another 126 were shot down over the Kursk region, the ministry said, where the Ukrainian army has carved out a small toehold in Russian territory. Senior Ukrainian officials were silent on the attack.

Marco Rubio Says Talks in Saudi Arabia Key to Resuming Military Support for Ukraine

JEDDAH, Saudi Arabia-The Trump administration might restart intelligence and military support to Kyiv if high-level talks between U.S. and Ukrainian officials on a potential peace process make headway on Tuesday, Secretary of State Marco Rubio said.

"My hope is that we are going to have a really good meeting tomorrow and we will be in a different place very soon," Rubio told reporters on his plane shortly before arriving in Saudi Arabia Monday night.

Write to ina.kreutz@wsj.com TODAY IN CANADA

Earnings:

Altius Minerals 4Q

Endeavour Silver 4Q

Labrador Iron Ore 4Q

Peyto Exp & Dvlp. 4Q

STEP Energy 4Q

Titanium Transp 4Q

Transcontinental 1Q

Economic Indicators $(ET)$:

Nothing scheduled

Stocks to Watch:

Alimentation Couche-Tard: Submitted Revised, JPY-Denominated, Non-Binding Proposal for Seven & I Holdings; Submitted Revised Proposal on Jan. 24 at Seven & I's Request; Goldman Sachs, Royal Bank of Canada, Scotiabank Provided Highly Confident Letters in Support of Financing; Seven & I's New Multi-Year Plan Comes with Material Uncertainty; Firmly Believe That Divested Business Will Be Strong, Viable Competitor in the U.S.; Understand Role That Seven & I Plays across Japan, Including in Nation's Emergency Response System; Intend to Be Friendly, Persistent in Pursuing a Transaction

---

Pollard Banknote 4Q Sales C$140.3M; We Believe Going Forward for 2025 Our Instant Tickets Sales Volume Will Be Similar to 2024 Levels

Expected Major Events for Tuesday

00:01/UK: Feb BRC-KPMG Retail Sales Monitor

00:01/UK: Feb UK Nations and Regions Growth Tracker

00:01/UK: 2Q Manpower UK Employment Outlook Survey

04:01/US: 2Q Manpower U.S. Employment Outlook Survey

06:00/JPN: Feb Preliminary Machine Tool Orders

07:00/GER: 4Q Labour cost index

09:30/UK: 4Q Mortgage Lenders and Administrators Return (MLAR) statistics

10:00/US: Feb NFIB Index of Small Business Optimism

12:55/US: 03/08 Johnson Redbook Retail Sales Index

14:00/US: Jan Job Openings & Labor Turnover Survey

16:00/US: World Agricultural Supply & Demand Estimates (WASDE)

20:30/US: API Weekly Statistical Bulletin

23:50/JPN: Feb Corporate Goods Price Index

23:50/JPN: 1Q Business Outlook Survey

All times in GMT. Powered by Kantar Media and Dow Jones.

Expected Earnings for Tuesday

2seventy bio Inc $(TSVT)$ is expected to report $-0.19 for 4Q.

Achieve Life Sciences Inc $(ACHV)$ is expected to report $-0.31 for 4Q.

Agenus Inc $(AGEN)$ is expected to report for 4Q.

Ascent Solar Technologies Inc $(ASTI)$ is expected to report for 4Q.

BioXcel Therapeutics Inc $(BTAI)$ is expected to report $-0.35 for 4Q.

Bioventus Inc $(BVS)$ is expected to report $-0.07 for 4Q.

Black Diamond Therapeutics Inc $(BDTX)$ is expected to report $-0.31 for 4Q.

Ciena Corp $(CIEN)$ is expected to report $0.06 for 1Q.

CorMedix Inc $(CRMD)$ is expected to report for 4Q.

Corbus Pharmaceuticals Holdings Inc $(CRBP)$ is expected to report $-1.14 for 4Q.

Core Molding Technologies Inc (CMT) is expected to report $0.12 for 4Q.

Dick's Sporting Goods Inc $(DKS)$ is expected to report $3.53 for 4Q.

Douglas Elliman Inc $(DOUG)$ is expected to report for 4Q.

E.W. Scripps Co. Cl A $(SSP)$ is expected to report for 4Q.

Endeavour Silver Corp (EDR.T,EXK) is expected to report $-0.02 for 4Q.

Enfusion Inc $(ENFN)$ is expected to report $0.03 for 4Q.

European Wax Center Inc $(EWCZ)$ is expected to report $0.04 for 4Q.

Exagen Inc (XGN) is expected to report $-0.25 for 4Q.

First Watch Restaurant Group Inc $(FWRG)$ is expected to report $0.02 for 4Q.

Gossamer Bio Inc $(GOSS)$ is expected to report $-0.14 for 4Q.

Ikena Oncology Inc $(IKNA)$ is expected to report $-0.19 for 4Q.

Kanzhun Ltd - ADR $(BZ)$ is expected to report $0.45 for 4Q.

Kohl's Corp $(KSS)$ is expected to report $0.73 for 4Q.

Korn Ferry $(KFY)$ is expected to report $1.11 for 3Q.

Legend Biotech Corp - ADR $(LEGN)$ is expected to report $-0.23 for 4Q.

Netlist Inc (NLST) is expected to report $-0.04 for 4Q.

Nuwellis Inc $(NUWE)$ is expected to report for 4Q.

Pursuit Attractions & Hospitality Inc $(PRSU)$ is expected to report $-1.42 for 4Q.

QuantaSing Group Ltd - ADR $(QSG)$ is expected to report $0.44 for 2Q.

Rallybio Corp $(RLYB)$ is expected to report $-0.26 for 4Q.

RumbleON Inc $(RMBL)$ is expected to report $-0.26 for 4Q.

Saga Communications $(SGA)$ is expected to report for 4Q.

Smith Micro Software Inc (SMSI) is expected to report for 4Q.

Summit Midstream Corp $(SMC.AU)$ is expected to report for 4Q.

Ultralife Corp $(ULBI)$ is expected to report $0.13 for 4Q.

United Natural Foods Inc $(UNFI)$ is expected to report $-0.08 for 2Q.

Vitesse Energy Inc $(VTS.AU)$ is expected to report $0.24 for 4Q.

Wheels Up Experience Inc $(UP)$ is expected to report for 4Q.

Workhorse Group Inc $(WKHS)$ is expected to report for 4Q.

Zentalis Pharmaceuticals Inc $(ZNTL)$ is expected to report $-0.69 for 4Q.

Powered by Kantar Media and Dow Jones.

ANALYST RATINGS ACTIONS

Airbnb Raised to Buy From Hold by Jefferies

APA Cut to Outperform From Strong Buy by Raymond James

Beam Therapeutics Raised to Buy From Hold by Jones Trading

Beam Therapeutics Raised to Sector Outperform From Sector Perform by Scotiabank

Camden Property Trust Raised to Buy From Hold by Jefferies

Checkpoint Therapeutics Cut to Hold From Buy by Lake Street

CME Group Raised to Outperform From Market Perform by Raymond James

Correction to Checkpoint Therapeutics Headline

Correction to Freshpet Rating Headline

Correction to Unity Software Rating Headline

Cracker Barrel Raised to Buy From Hold by Truist Securities

Credo Technology Raised to Positive From Neutral by Susquehanna

DocuSign Raised to Neutral From Underweight by JP Morgan

Emerson Electric Cut to Underweight From Equal-Weight by Barclays

Fastenal Raised to Outperform From Market Perform by William Blair

Host Hotels & Resorts Cut to Neutral From Buy by Compass Point

Hudson Pacific Properties Raised to Overweight From Equal-Weight by Wells Fargo

Independence Realty Trust Raised to Buy From Hold by Jefferies

KeyCorp Raised to Buy From Neutral by Citigroup

Kilroy Realty Cut to Equal-Weight From Overweight by Wells Fargo

Knight-Swift Transport Raised to Neutral From Sell by Citigroup

Mid-America Apartment Raised to Buy From Hold by Jefferies

Neumora Therapeutics Cut to Neutral From Buy by Guggenheim

Occidental Petroleum Cut to Outperform From Strong Buy by Raymond James

Paycom Software Raised to Overweight From Sector Weight by Keybanc

Pebblebrook Hotel Trust Cut to Neutral From Buy by Compass Point

Samsara Raised to Outperform From Market Perform by BMO Capital

Samsara Raised to Overweight From Neutral by Piper Sandler

Sherwin-Williams Cut to Hold From Buy by Jefferies

Shift4 Payments Raised to Strong Buy From Outperform by Raymond James

Trevi Therapeutics Raised to Strong Buy From Outperform by Raymond James

UDR Inc Cut to Hold From Buy by Truist Securities

WW Grainger Raised to Outperform From Market Perform by William Blair

This article is a text version of a Wall Street Journal newsletter published earlier today.

(END) Dow Jones Newswires

March 11, 2025 06:03 ET (10:03 GMT)

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