All three major indices remain in the red midday Thursday, after trimming earlier losses which saw the Dow Jones down more than 600 points at session lows. The major averages lost more than 2% this week as U.S. tariffs on Canadian, Mexican and Chinese imports took effect and trade partners responded with retaliatory <a href="https://www.benzinga.com/markets/forex/25/03/44161314/us-stocks-likely-to-open-lower-after-wednesdays-blip-be-patient-but-be-ready-to-act-says-analyst-as-market-uncertainties-can-create-opportunities">levies on U.S. goods. </a>



Investors awaited clarity on President Donald Trump&#8217;s trade policies after Commerce Secretary Howard Lutnick told CNBC the president is likely to allow exemptions for more than just carmakers.



Lutnick also stated that Mexico and Canada might avoid reciprocal tariffs planned for April if they make sufficient progress in curbing the flow of fentanyl into the U.S. Following Lutnick&#8217;s remarks, stocks rebounded from their lows during Thursday&#8217;s trading session.



Read Next: <a href="https://www.benzinga.com/news/econ-s/25/03/44143666/us-services-sector-unexpectedly-expands-in-february-despite-slowing-job-growth">US Services Sector Unexpectedly Expands In February Despite Slowing Job Growth</a>



WTI crude oil futures <a href="https://www.benzinga.com/25/03/44168987/oil-prices-hit-multi-year-lows">continued to slide</a> at multi-year lows as trade policies and OPEC+ production increases weighed on the market. The United States Oil Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/USO#NYSE">USO</a>), tracking WTI futures contracts, fell 0.81%.



Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) traded above the $90,000 level, up more than 7% for the week, as investors anticipated announcements from Trump&#8217;s crypto summit to be held at the White House on Friday.



<h1 class="wp-block-heading">Thursday&#8217;s Performance In Major U.S. Indices, ETFs</h1>



<figure class="wp-block-table"><table style="overflow:auto; height: 90px; display: block;"><tbody><tr><td>Major Indices</td><td>Price</td><td>1 day % chg.</td></tr><tr><td>Nasdaq 100</td><td>18,336.60</td><td>-1.04%</td></tr><tr><td>S&amp;P 500</td><td>5,791.25</td><td>-0.88%</td></tr><tr><td>Dow Jones</td><td>42,808.25</td><td>-0.46%</td></tr><tr><td>Russell 2000</td><td>2,093.92</td><td>-0.36%</td></tr></tbody></table></figure>



According to Benzinga Pro data:



<ul>
<li>The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) fell 0.89% to $577.88.</li>



<li>The SPDR Dow Jones Industrial Average (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) was down 0.49% at $428.32.</li>



<li>The tech-heavy Invesco QQQ Trust Series (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) dropped 1.35% to $495.25.</li>



<li>The iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) eased 0.62% to $207.17.</li>



<li>The Consumer Discretionary Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLY#NYSE">XLY</a>) slid 1.31% to $208.65.</li>



<li>The Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>)&nbsp;rebounded 0.14% to $85.83.&nbsp;</li>
</ul>



<h1 class="wp-block-heading">Thursday's Stock Movers&nbsp;</h1>



Marvell Technology, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MRVL#NASDAQ">MRVL</a>) <a href="https://www.benzinga.com/25/03/44166971/marvell-technology-stock-is-tumbling-thursday-whats-going-on">shares dropped </a>Thursday after the chipmaker issued mixed first-quarter guidance, dragging other chip-related stocks like NVIDIA Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) and Broadcom Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVGO#NASDAQ">AVGO</a>) lower as well.



Stocks reacting to company earnings reports included:&nbsp;



<ul>
<li>Grindr Inc.&nbsp; (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GRND#NYSE">GRND</a>)</li>



<li>LendingTree, Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TREE#NASDAQ">TREE</a>)</li>



<li>MongoDB, Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MDB#NASDAQ">MDB</a>)</li>



<li>Rigetti Computing, Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RGTI#NASDAQ">RGTI</a>)</li>



<li>Marvell Technology, Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MRVL#NASDAQ">MRVL</a>)</li>



<li>Zscaler, Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZS#NASDAQ">ZS</a>) <a href="https://www.benzinga.com/quote/zs" target="_blank" rel="noreferrer noopener"></a><a href="https://www.benzinga.com/quote/zs" target="_blank" rel="noreferrer noopener"></a></li>



<li>Victorias Secret &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VSCO#NYSE">VSCO</a>)</li>



<li>JD.com, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JD#NASDAQ">JD</a>)</li>



<li>BJ&#8217;s Wholesale Club Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BJ#NYSE">BJ</a>)</li>



<li>Burlington Stores, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BURL#NYSE">BURL</a>)</li>



<li>Macy&#8217;s Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/M#NYSE">M</a>)</li>
</ul>



Companies reporting after Thursday's closing bell include:&nbsp;



<ul>
<li>Costco Wholesale Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COST#NASDAQ">COST</a>)</li>



<li>Hewlett Packard Enterprise Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HPE#NYSE">HPE</a>)</li>



<li>Funko, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FNKO#NASDAQ">FNKO</a>)</li>



<li>Broadcom Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVGO#NASDAQ">AVGO</a>)</li>



<li>Reliance Global Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RELI#NASDAQ">RELI</a>)</li>



<li>Serve Robotics Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SERV#NASDAQ">SERV</a>)</li>
</ul>



Read Next:<a href="https://www.benzinga.com/general/social-media/25/03/44098232/markets-tank-after-trump-confirms-more-tariffs-heres-what-wall-street-is-saying" target="_blank" rel="noreferrer noopener">&nbsp;</a>



<ul>
<li><a href="https://www.benzinga.com/general/social-media/25/03/44098232/markets-tank-after-trump-confirms-more-tariffs-heres-what-wall-street-is-saying" target="_blank" rel="noreferrer noopener">Markets Tank After Trump Confirms More Tariffs: Here&#8217;s What Wall Street Is Saying</a></li>
</ul>



Image: Shutterstock

Equities

Market Summary

News

Sector ETFs

Bonds

Broad U.S. Equity ETFs

Global

Markets

Movers

ETFs

General

$BTC

AVGO

BURL

COST

FNKO

GRND

MRVL

NVDA

RELI

RGTI

SERV

TREE

VSCO

Trade Turmoil, Oil Slides: What's Driving Markets Thursday?

Retailers are facing selling pressure this week following warnings about continued consumer uncertainty and the potential <a href="https://www.benzinga.com/25/03/44140954/tariffs-cast-a-shadow-over-best-buy-target-but-is-it-a-buying-opportunity">impacts of tariffs</a>.



What To Know: Trade war fears are rising after President Donald Trump imposed 25% tariffs on imports from Canada and Mexico earlier this week. Trump also doubled tariffs on China from 10% to 20%, which has been met with retaliatory tariffs on American goods.



Consumer confidence has also soured in recent months as some GDP forecasts have turned negative and consumer spending&nbsp;unexpectedly <a href="https://www.benzinga.com/news/econ-s/25/02/43736972/us-retail-sales-fall-more-than-expected-raise-growth-concerns" target="_blank" rel="noreferrer noopener">declined in January</a>. Inflation also remains top of mind with&nbsp;<a href="https://www.benzinga.com/news/25/02/43667632/inflation-rises-in-january-housing-costs-up-adding-to-consumers-2025-concerns" target="_blank" rel="noreferrer noopener">Consumer Price Index&nbsp;data</a>&nbsp;from January showing a 3% rise, above economist forecasts.&nbsp;If inflation remains elevated above the Federal Reserve's 2% goal, rates are not likely to come down anytime soon.



Earnings from retailers this week have also weighed on consumer sentiment. Despite beating estimates on the top and bottom lines in the fourth quarter, Target Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TGT#NYSE">TGT</a>) shares plunged after the retailer warned that February sales were weak and said it expects to see a &#8220;meaningful&#8221; decline in profits in the first quarter.



Target attributed &#8220;soft&#8221; February sales to declining consumer confidence paired with cold weather, per <a href="https://www.cnbc.com/2025/03/04/target-tgt-q4-2024-earnings.html">CNBC</a>. 



&#8220;Looking ahead, we expect to see a moderation in this trend as apparel sales respond to warmer weather around the country, and consumers turn to Target for upcoming seasonal moments such as the Easter holiday,&#8221; CFO Jim Lee said. &#8220;We will continue to monitor these trends and will remain appropriately cautious with our expectations for the year ahead.&#8221;



Target CEO Brian Cornell also told CNBC that Trump&#8217;s tariffs on Mexican imports that went into effect on Tuesday could end up causing Target and other grocers to increase prices on produce such as bananas, strawberries and avocados. 



Related Link: <a href="https://www.benzinga.com/25/03/44149833/trump-delays-ford-gm-stellantis-from-from-tariffs-on-mexico-canada-for-one-month">Trump Delays Ford, GM, Stellantis Tariffs On Mexico, Canada For One Month</a>



Best Buy Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BBY#NYSE">BBY</a>) also reported earnings this week that came in above analyst expectations, but shares traded down after CEO Corie Barry warned price increases are &#8220;highly likely&#8221; due to Trump&#8217;s tariffs, according to <a href="https://www.cnbc.com/2025/03/04/best-buy-bby-q4-2025-earnings.html">CNBC</a>.



Barry told investors and analysts on the earnings call that about 55% of Best Buy&#8217;s products are sourced from China and about 20% come from Mexico. 



&#8220;Trade is critically important to our business and industry. The consumer electronic supply chain is highly global, technical and complex. We expect our vendors across our entire assortment will pass along some level of tariff costs to retailers, making price increases for American consumers highly likely,&#8221; Barry said.



Although the company only directly imports about 2% to 3% of its products, Best Buy is reportedly making adjustments to its supply chain sourcing in response to tariffs. The company also expressed concerns about the consumer&#8217;s ability to keep spending in the face of price increases. 



"The giant wild card here, obviously, is how the consumers are going to react to the price increases, in light of a lot of price increases potentially throughout the year and a general consumer confidence that is showing little signs of weakness at the moment," Best Buy CFO Matt Bilunas reportedly said on the conference call following earnings.



Read Next:



<ul>
<li><a href="https://www.benzinga.com/news/global/25/03/44164706/european-central-bank-cuts-interest-rates-marking-sixth-cut-in-9-months">European Central Bank Cuts Interest Rates Marking Sixth Cut In 9 Months</a></li>
</ul>



Photo: Shutterstock.

Government

Regulations

Retailers Warn Of Price Increases Due To Trump Tariffs As Consumer Health Concerns Persist

Gorilla Technology Group Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GRRR#NASDAQ">GRRR</a>) shares are tanking Thursday after The Bear Cave released a short report on the company. Here&#8217;s what investors <a href="https://www.benzinga.com/wiim/25/03/44170175/gorilla-technology-group-shares-are-trading-lower-following-a-short-report-from-the-bear-cave">need to know</a>.



What To Know: Short seller The Bear Cave released a bearish report on Gorilla Technology Thursday morning in response to the stock&#8217;s approximately 1,200% rise over the past six months, driven by retail investor enthusiasm surrounding recent partnership announcements.



&#8220;The Bear Cave believes recent retail investor enthusiasm for the company may be premature,&#8221; the short seller said.



The Bear Cave pointed out several red flags at Gorilla Technology including the company&#8217;s aggressive pivot to AI technology, its revenue streams, unconventional partnerships and controls over financial reporting.



Benzinga has reached out to Gorilla Technology Group for comment on The Bear Cave report.



The Bear Cave noted that Gorilla Technology was founded in 2001 as a video analytics company. The company recently pivoted its focus to AI technology under current chairman and CEO Jay Chandan, who also led the special purpose acquisition company <a href="https://www.benzinga.com/topic/spacs">(SPAC)</a> that brought Gorilla public in 2022. 



Check This Out: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/25/03/44171776/victorias-secret-turnaround-in-progress-but-challenges-remain-analyst-lowers-forecast">Victoria&#8217;s Secret Turnaround In Progress But Challenges Remain: Analyst Lowers Forecast</a>



The short seller highlighted a myriad of trendy technologies that Gorilla says it focuses on including smart cities, blockchain technology, <a href="http://benzinga.com/topic/ai">AI</a> and the Internet of Things. The Bear Cave also noted that in the company&#8217;s most recent annual report, it disclosed that approximately 94% of revenue came from two customers: the Government of Egypt and the Criminal Investigation Bureau of Taiwan.



Despite the underwhelming financials, retail investors have bid up the stock on the back of a series of optimistic announcements including a deal with ONE Amazon to power the &#8220;Internet of Forests&#8221; in the Amazon Rainforest.



The Bear Cave also raised questions around the company&#8217;s financial reporting, noting that the company&#8217;s former CFO resigned with &#8220;no apparent notice&#8221; in September 2024 and was replaced by a CFO who appears to have limited experience.



&#8220;Even for the most trusting investor, some of Gorilla's statements seem to be a stretch,&#8221; the short seller said.



Gorilla Technology&#8217;s longtime auditor was also dismissed last year after the company disclosed material weaknesses in its internal control over financial reporting. The company engaged an auditor from Marcum Asia who has served as an audit engagement partner for several other companies, all of which have performed poorly in public markets, according to The Bear Cave. 



GRRR Price Action: <a href="http://benzinga.com/quote/grrr">Gorilla Technology shares</a> were down 22.5% at $32.24 at the time of publication Thursday, according to <a href="http://pro.benzinga.com">Benzinga Pro</a>.



Read Next:



<ul>
<li><a href="https://www.benzinga.com/25/03/44168987/oil-prices-hit-multi-year-lows">Oil Prices Hit Multi-Year Lows As OPEC+ Production, Tariffs Weigh On Market</a></li>
</ul>



This illustration was generated using artificial intelligence via Midjourney.

Short Sellers

Short Ideas

Trading Ideas

GRRR

Short Seller Targets Gorilla Technology Group Stock, Investors Take Profits

Michael Saylor, executive chairman of Strategy (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>), suggested on Thursday that the United States plans to purchase 1 million Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) to establish a strategic reserve, aligning with a framework outlined in the bill <a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42601193/senator-lummis-introduces-strategic-bitcoin-reserve-proposal">proposed by senator</a> Cynthia Lummis (R-Wyo.)



He was <a href="https://x.com/Vivek4real_/status/1897398288502100068">speaking </a>in a Fox Business interview, ahead of a White House Crypto Summit scheduled for Friday, <a href="https://www.benzinga.com/markets/cryptocurrency/25/03/44125213/white-house-crypto-summit-to-feature-roundtable-with-industry-leaders-including-michael-saylor">where Saylor will participate. </a>



What Happened: Saylor emphasized a deliberate acquisition process over four years, leveraging the government's existing 200,000 Bitcoin holdings, valued at approximately $17 billion at current prices, to build the reserve.



Saylor, whose company holds over 500,000 Bitcoin—about 2.4% of the global supply—provided insight into the proposed strategy. 



"The Lummis bill has laid out the idea of acquiring Bitcoin strategically over four years, just consistently day by day, in order to reach a million Bitcoin target," he said, noting the involvement of a 12-member presidential working committee, including industry leaders, Senate, and House representatives. 



He clarified that the financing details remain undecided but stressed transparency as key to managing market impact. 



"The most responsible thing would be to go slow and steady and deliberate with clear telegraphing and transparency," Saylor added, addressing concerns about price volatility as supply decreases.



Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/25/03/44148430/bitscrunch-acquires-nidum-ai-to-build-decentralized-ai-compute-network">BitsCrunch Acquires Nidum AI To Build Decentralized AI Compute Network</a>



The executive framed Bitcoin as "digital property" and a savings mechanism for Americans, drawing parallels to historical land acquisitions like the Louisiana Purchase. 



"If you think of Bitcoin as property in cyberspace… the logic behind a Bitcoin strategic reserve is not so much you're storing up Bitcoin, it's really that you're taking control of planting the flag in cyberspace," he explained. 



Saylor advocated for a focus on Bitcoin alone in the reserve, citing its status as the "universally agreed upon foundational asset" due to its issuer-less nature, though he acknowledged the need for a broader digital asset framework to support currencies, securities, and tokens.



What&#8217;s Next: Saylor addressed skepticism from Bitcoin's early adopters, who value its independence from government.



"Satoshi gave us a protocol for prosperity… it's logical that a country that is interested in economic empowerment and prosperity is going to adopt Bitcoin," he said, suggesting national adoption aligns with individual and corporate use. 



As he prepares for the summit, Saylor advised President Trump to prioritize clarity in asset classification and a progressive, transparent acquisition process, reinforcing his vision of U.S. leadership in the digital economy.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/25/03/44148294/robinhood-ceo-vlad-tenev-expects-crypto-rails-to-become-the-foundation-of-stock-trading">Robinhood CEO Vlad Tenev Expects &#8216;Crypto Rails&#8217; To Become The Foundation Of Stock Trading</a></li>
</ul>



Image: Shutterstock

Cryptocurrency

MSTR

Michael Saylor Hints US Will Buy 1 Million Bitcoin For Strategic Reserve

West Texas Intermediate crude oil prices have fallen 6% over the past month to reach multi-year lows on Wednesday. Several factors, including trade policies and OPEC+ production increases, contributed <a href="https://www.benzinga.com/news/25/03/44150023/why-exxon-mobil-xom-stock-hit-a-new-52-week-low-today">to the sharp decline.&nbsp;</a>



U.S. Tariffs: President Donald Trump&#8217;s 25% tariff on energy imports from Canada and Mexico disrupted trade flows and raised concerns about slower global growth and reduced energy demand. Investors reacted positively to a <a href="https://www.benzinga.com/25/03/44149833/trump-delays-ford-gm-stellantis-from-from-tariffs-on-mexico-canada-for-one-month">one-month</a> exemption for automakers, which temporarily lifted market sentiment on Wednesday.&nbsp;



Read Next: <a href="https://www.benzinga.com/news/econ-s/25/03/44143666/us-services-sector-unexpectedly-expands-in-february-despite-slowing-job-growth">US Services Sector Unexpectedly Expands In February Despite Slowing Job Growth</a>



Supply and Demand Imbalances: EIA data showed U.S. crude inventories rose more than expected, while gasoline and distillate stockpiles have fallen, adding to oversupply concerns.&nbsp;



OPEC+ Production Increases: Earlier this week OPEC+ announced <a href="https://www.benzinga.com/markets/forex/25/03/44103558/asia-and-europe-markets-decline-oil-falls-as-opec-confirms-output-hike-global-markets-today-while-us-slept">plans to raise</a> oil production starting in April, marking the first increase since 2022. The decision exacerbated oversupply fears and put downward pressure on oil prices.



"There is a bit of a concern in the market that the OPEC+ decision is the start of a series of more monthly supply additions, but the statement from OPEC+ reiterates an approach in bringing back barrels only if the market can absorb them," UBS analyst Giovanni Staunovo said, <a href="https://oilprice.com/Latest-Energy-News/World-News/Oil-Prices-Remain-Under-Pressure-From-Trade-Tensions-and-Supply-Overhang.html">per</a> OilPrice.com.&nbsp;



Geopolitical Factors: Ongoing trade tensions and geopolitical uncertainties, including President Trump's pause on aid for Ukraine, raised speculation of potential Russian sanctions relief and added further pressure on crude markets.



<h3 class="wp-block-heading">Crude Oil Price Action</h3>



WTI crude oil futures are trading 0.25% lower after attempting to rebound early Thursday.&nbsp;



"The sharp dip in oil prices below the key $70.00 level may prompt a slight breather in today&#8217;s session, as technical conditions attempt to stabilize from oversold territory," IG analyst Yeap Jun Rong told Reuters.



"However, recovery momentum remains fragile, with unfavourable supply-demand dynamics being a key overhang for bullish sentiment," Rong added.



The United States Oil Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/USO#NYSE">USO</a>), which tracks WTI futures contracts, was down 0.45% at $71.10, and the Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>), which holds oil company stocks, was down 0.64% at $85.18 at the time of publication Wednesday. 



Read Next:



<ul>
<li><a href="https://www.benzinga.com/general/social-media/25/03/44098232/markets-tank-after-trump-confirms-more-tariffs-heres-what-wall-street-is-saying">Markets Tank After Trump Confirms More Tariffs: Here&#8217;s What Wall Street Is Saying</a></li>
</ul>



Image: Shutterstock

Specialty ETFs

Commodities

Oil Prices Hit Multi-Year Lows As OPEC+ Production, Tariffs Weigh On Market

The European Central Bank on Thursday cut interest rates as expected and acknowledged that monetary policy is becoming "meaningfully<a href="https://www.benzinga.com/markets/forex/25/03/44161314/us-stocks-likely-to-open-lower-after-wednesdays-blip-be-patient-but-be-ready-to-act-says-analyst-as-market-uncertainties-can-create-opportunities"> less restrictive."</a>



The Details: The Governing Council lowered its three key interest rates by 25 basis points, bringing the deposit facility rate to 2.50%, the main refinancing rate to 2.65%, and the marginal lending rate to 2.90%.



"Monetary policy is becoming meaningfully less restrictive, as the interest rate cuts are making new borrowing less expensive for firms and households and loan growth is picking up," the ECB said in a statement.



Read Next: <a href="https://www.benzinga.com/news/econ-s/25/03/44143666/us-services-sector-unexpectedly-expands-in-february-despite-slowing-job-growth">US Services Sector Unexpectedly Expands In February Despite Slowing Job Gro</a>



Inflation projections show a gradual convergence towards the 2% target, with expectations of 2.1% in 2025, 1.9% in 2026, and 2% in 2027. Core inflation is also expected to approach the 2% target.



The Governing Council said it will maintain a data-dependent approach and be ready to adjust its instruments to ensure inflation stabilizes at the 2% medium-term target without committing to a specific rate path.&nbsp;



Markets React: European markets declined with the STOXX 50 and the STOXX 600 falling by 0.8%, after the European Central Bank delivered the interest rate cut.&nbsp;



Investors can monitor the Xtrackers MSCI Europe Hedged Equity ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DBEU#NYSE">DBEU</a>) and the SPDR Portfolio Europe ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPEU#NYSE">SPEU</a>)&nbsp; to gauge the U.S. market reaction to the cuts.&nbsp;



The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), tracking the S&amp;P 500, was down 1.11% at $576.60 and the Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), tracking the Nasdaq 100 index, was down 1.47% at $494.64 in Thursday's premarket session.&nbsp;



Read Next:



<ul>
<li><a href="https://www.benzinga.com/news/earnings/25/03/44110273/trump-tariffs-will-raise-prices-within-days-target-ceo-says">Trump Tariffs Will Raise Prices &#8216;Within Days,&#8217; Target CEO Says</a></li>
</ul>



Image: Shutterstock

Eurozone

Emerging Market ETFs

Econ #s

DBEU

SPEU

European Central Bank Cuts Interest Rates Marking Sixth Cut In 9 Months

Kroger Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KR#NYSE">KR</a>) shares are <a target="_blank" href="https://www.benzinga.com/pressreleases/25/03/n44163304/kroger-reports-fourth-quarter-and-full-year-2024-results-announces-guidance-for-2025" rel="noreferrer noopener">trading higher on Thursday</a>.



The company reported fourth-quarter adjusted earnings per share of $1.14, beating the street view of $1.11. Quarterly sales of $34.308 billion missed the analyst consensus estimate of $34.509 billion.



The LIFO charge for the quarter was&nbsp;$30 million, compared to a LIFO credit of&nbsp;$18 million&nbsp;for the same period last year.



Gross margin was 22.7% of sales for the fourth quarter compared to 22.3% for the same period last year. The improvement in gross margin was primarily attributable to the sale of Kroger Specialty Pharmacy and lower shrink, partially offset by lower pharmacy margins and the LIFO charge.



The FIFO gross margin rate, excluding rent, depreciation and amortization, fuel, and the 53rd&nbsp;week in 2023, increased 54 basis points compared to the same period last year.



Also Read: <a target="_blank" href="https://www.benzinga.com/news/earnings/25/03/44165337/bjs-wholesale-club-posts-q4-earnings-above-street-view-due-to-strong-membership-fee" rel="noreferrer noopener">BJ&#8217;s Wholesale Club Posts Q4 Earnings Above Street View Due To Strong Membership Fee</a>



The improvement in rate was primarily attributable to the sale of Kroger Specialty Pharmacy and lower shrink, partially offset by lower pharmacy margins.



Kroger&#8217;s net total debt to adjusted EBITDA ratio is 1.79, compared to 1.33 a year ago, excluding the 53rd&nbsp;week in 2023.



&#8220;Kroger is operating from a position of strength, delivering fourth quarter results that came in ahead of expectations due to the strength of our model and the disciplined execution of our teams,&#8221; said Chairman and interim&nbsp;CEO&nbsp;Ron Sargent.



Earlier this month,&nbsp;the company announced the resignation of&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/25/03/n44073307/kroger-announces-resignation-of-ceo-rodney-mcmullen" rel="noreferrer noopener">CEO&nbsp;</a><a target="_blank" href="https://www.benzinga.com/news/management/25/03/44077422/kroger-stock-is-sliding-monday-whats-going-on" rel="noreferrer noopener">Rodney McMullen</a>.



McMullen resigned from Kroger following an investigation of personal conduct by the board. Kroger said it was made aware of a certain personal conduct on Feb. 21, which was immediately investigated.



The company&#8217;s board found that McMullen&#8217;s conduct was inconsistent with Kroger&#8217;s policy on business ethics.



Outlook: Kroger sees FY25 adjusted EPS of $4.60 &#8211; $4.80 versus $4.79 estimate. Company projects FY25 identical sales growth <a href="https://www.benzinga.com/calendars/guidance">without fuel of 2.0% &#8211; 3.0%.</a>



Price Action: KR shares are trading higher by 2.49% to $64.09 at last check Thursday.



Read Next:



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<li><a href="https://www.benzinga.com/tech/25/03/44143576/apples-latest-macbook-air-with-m4-chip-is-twice-as-fast-as-its-predecessor-with-lower-price" target="_blank" rel="noreferrer noopener">Apple&#8217;s Latest MacBook Air With M4 Chip Is Twice As Fast As Its Predecessor With Lower Price</a></li>
</ul>



Photo via Shutterstock.

Earnings

Guidance

Kroger Q4 Earnings: EPS Beat, Sales Miss, Soft Outlook And More

As the Trump administration escalates tariffs on China, the world&#8217;s largest economies are on the verge of a superpower standoff reminiscent of the Cold War era.



What Happened: A recent&nbsp;<a href="https://www.wsj.com/world/china/china-trump-trade-war-worries-0c2fa146?mod=hp_lead_pos7">report</a>&nbsp;in the Wall Street Journal suggests that Chinese President&nbsp;Xi Jinping&nbsp;is concerned that the growing trade tensions with the U.S. might lead to China&#8217;s isolation, akin to the Soviet Union&#8217;s during the Cold War. Despite the perceived global isolation of President&nbsp;Donald Trump, China&#8217;s domestic economic woes put it on the defensive.



On Tuesday, Trump increased tariffs on China, amid its role in the U.S. fentanyl crisis. This move caught Chinese officials off guard, who are still trying to navigate their relationship with the unpredictable US leader.



China, in its attempt to redefine the global order, now faces a setback. Xi&#8217;s looming concern is that trade restrictions and sanctions could isolate China, mirroring the Soviet-era scenario. The consultants around senior Chinese officials have revealed that Xi fears &#8220;China could get isolated like Moscow&#8221;



Despite the escalating trade pressures, Beijing has&nbsp;set a GDP target of&nbsp;about 5% for 2025, signaling its expectation that the Chinese economy will withstand&nbsp;the intensifying trade pressures. A&nbsp;Chinese Foreign Ministry spokesman stated, &#8220;If war is what the US&nbsp;wants, be it a tariff&nbsp;war, a trade war or&nbsp;any other type of war,&nbsp;we&#8217;re&nbsp;ready to fight till the&nbsp;end.&#8221;



SEE ALSO: <a href="https://www.benzinga.com/personal-finance/25/03/44067895/warren-buffett-detailed-a-disgusting-investing-mistake-he-was-making-for-years-soggy-one-puff-stocks-dont-make-you-rich">Warren Buffett Detailed A &#8216;Disgusting&#8217; Investing Mistake He Was Making For Years: &#8216;Soggy, One-Puff&#8217; Stocks Don&#8217;t Make You Rich</a>



Why It Matters: Trump&#8217;s &#8220;America First&#8221; policy has become a major cause of concern for Beijing because it aims to dismantle the trade norms established by the World Trade Organization (WTO) in the mid-90s. It is due to these norms that China dominated global markets with low-cost exports while restricting foreign access to its domestic market.



China&#8217;s concerns over being cornered manifests as a forceful response to Trump&#8217;s tariff increases, which included reciprocal tariffs on selected American goods, sanctions on U.S. companies, and plans to <a href="https://www.benzinga.com/news/25/03/44102063/china-strikes-back-at-trumps-tariffs-with-retaliatory-duties-us-company-sanctions-and-wto-showdown">file a complaint </a>with the WTO. Sources told WSJ that the U.S. may pressure China to implement fundamental economic reforms, a proposal that Xi is unlikely to accept.



Meanwhile, a potential military conflict between the U.S. and China cannot be completely ruled out. Former Congressman and Head of Defense at Palantir Technologies Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NASDAQ">PLTR</a>), Mike Gallagher has raised alarm over Beijing&#8217;s military intentions, stating that the U.S.<a href="https://www.benzinga.com/markets/equities/25/03/44157866/palantirs-head-of-defense-warns-of-chinas-war-preparations-were-not-taking-it-seriously"> is failing to adequately</a> prepare for potential conflict.



READ MORE:<a href="https://www.benzinga.com/markets/25/03/44159766/us-indicts-12-chinese-nationals-over-alleged-global-hacking-operation-targeting-critics-been-paying-hackers-for-hire-to-inflict-digital-harm-on-americans"> US Indicts 12 Chinese Nationals Over Alleged Global Hacking Operation Targeting Critics: &#8216;&#8230;Been Paying Hackers-For-Hire To Inflict Digital Harm On Americans&#8217;</a>

PLTR

Is Beijing Worried About Losing Trade War With US? Xi Jinping Reportedly Fears 'China Could Become Isolated Like Moscow,' Say Close Aides

The Trump administration is exploring a strategy to halt and examine Iranian oil tankers at sea as part of an international agreement aimed at curbing the spread of <a href="https://www.benzinga.com/25/02/43480859/trump-confirms-maximum-economic-pressure-on-iran-calls-chinas-tariff-retaliation-fine">weapons of mass destruction</a>.



What Happened: According to Reuters, Trump officials are considering enabling allied nations to stop and inspect vessels passing through critical maritime routes such as Asia's Malacca Strait.



Such actions could delay crude deliveries to refiners and potentially damage the reputations of those involved in facilitating these trades.



The administration is evaluating whether these sea inspections could be conducted under the Proliferation Security Initiative (PSI), a U.S.-led program launched in 2003 with the participation of over 100 countries to prevent the movement of weapons of mass destruction. 



See Also: <a href="https://www.benzinga.com/markets/equities/25/03/44157043/jim-cramer-doubles-down-on-crowdstrike-despite-drop-analysts-who-were-so-negativehad-it-wrong">Jim Cramer Doubles Down On CrowdStrike Despite Drop: &#8216;Analysts Who Were So Negative…Had It Wrong&#8217;</a>



Why It Matters: Opponents of Tehran's oil revenue say it supports nuclear proliferation as well as terrorism.



However, past attempts to seize Iranian oil have sparked retaliation from Tehran. In 2023, Iran seized foreign ships—one chartered by Chevron (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVX#NYSE">CVX</a>)—after the U.S. attempted to intercept Iranian oil cargoes.



&#8220;You don't have to sink ships or arrest people to have that chilling effect that this is just not worth the risk,&#8221; said one source, emphasizing that delivery delays could sow uncertainty in illicit trade networks. 



Analysts warn that the longer sanctions remain in place, the more Iran and its oil buyers will find ways to circumvent them.



With Iran's oil revenues largely tied to exports to China, any prolonged disruption could have significant economic impacts. 



<h2 class="wp-block-heading">ETFs To Watch</h2>



During pre-market hours on Thursday, <a href="https://pro.benzinga.com">Benzinga Pro</a> showed: 



<ul>
<li>ProShares Ultra Bloomberg Crude Oil (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UCO#NYSE">UCO</a>) fell by 0.17%,</li>



<li>United States Oil Fund LP (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/USO#NYSE">USO</a>) dropped 2.58%,</li>



<li>SPDR S&amp;P Oil &amp; Gas Exploration &amp; Production ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOP#NYSE">XOP</a>) decreased by 0.39%, and</li>



<li>MicroSectorsTM Oil &amp; Gas Exploration &amp; Production 3X Leveraged ETNs (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OILU#NYSE">OILU</a>) saw a 0.28% drop,</li>
</ul>



Now Read:



<ul>
<li><a href="https://www.benzinga.com/markets/forex/25/03/44161314/us-stocks-likely-to-open-lower-after-wednesdays-blip-be-patient-but-be-ready-to-act-says-analyst-as-market-uncertainties-can-create-opportunities">US Stocks Likely To Open Lower After Wednesday&#8217;s Blip: &#8216;Be Patient, But Be Ready To Act,&#8217; Says Analyst As Market Uncertainties Can Create &#8216;Opportunities&#8217;</a></li>
</ul>



Image: Shutterstock

Politics

OILU

Trump Administration Weighs Sea Inspections Of Iranian Oil Tankers

U.S. stock futures fell on Thursday following Wednesday&#8217;s relief after a two-day fall. Futures of all four benchmark indices fell in premarket trading.



President Donald Trump&#8217;s administration postponed implementation of auto tariffs by one month on Wednesday after the tariffs on Canada, Mexico, and China were implemented on Tuesday.



Meanwhile, the 10-year Treasury yield stood at 4.30%, while the two-year yield was at 3.99%. According to the CME Group's FedWatch <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">tool</a>, there is a 93% chance that the Federal Reserve will keep interest rates unchanged for the March meeting.



<figure class="wp-block-table is-style-stripes"><table style="overflow:auto; height: 90px; display: block;"><tbody><tr><td>Futures</td><td>Change (+/-)</td></tr><tr><td>Nasdaq 100</td><td>-1.32%</td></tr><tr><td>S&amp;P 500</td><td>-1.12%</td></tr><tr><td>Dow Jones</td><td>-0.92%</td></tr><tr><td>Russell 2000</td><td>-1.14%</td></tr></tbody></table></figure>



The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) and Invesco QQQ Trust ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), which track the S&amp;P 500 index and Nasdaq 100 index, respectively, rose in premarket on Thursday. SPY dropped 1.15% to $576.35, and QQQ declined 1.33% to $495.34, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a> data.



Cues From The Last Session



Utilities and energy were the only sectors that declined on Wednesday, while the market witnessed a rally led by materials, consumer discretionary, industrials, and communication services sectors.



On the economic front, February&#8217;s ADP report showed that the private sector employment was up 77,000 jobs, with annual pay rising 4.7%. The S&amp;P Global US Composite PMI Output Index fell to 51.6 in February, down from 52.7 in January. It was the second successive month in which the PMI has fallen, and the latest reading was the lowest since last April.



Marvell Technology Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MRVL#NASDAQ">MRVL</a>) declined in after-hours following a disappointing guidance. Rigetti Computing Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RGTI#NASDAQ">RGTI</a>) also fell in after-hours as its revenue missed estimates.



<figure class="wp-block-table is-style-stripes"><table style="overflow:auto; height: 90px; display: block;"><tbody><tr><td>Index</td><td>Performance (+/-)</td><td>Value</td></tr><tr><td>Nasdaq Composite</td><td>1.46%</td><td>18,552.73</td></tr><tr><td>S&amp;P 500</td><td>1.12%</td><td>5,842.63</td></tr><tr><td>Dow Jones</td><td>1.14%</td><td>43,006.59</td></tr><tr><td>Russell 2000</td><td>1.02%</td><td>2,100.75</td></tr></tbody></table></figure>



Insights From Analysts



A notable drop in the 10-year Treasury yield reflects market concerns about economic deceleration, said Scott Wren, senior global market strategist at Wells Fargo. Despite robust fourth-quarter earnings and previously strong growth, recent data paints a more cautious picture.



Wren attributes this shift to factors like lowered consumer sentiment, driven by tariff uncertainties and potential labor market weakness. He also points to a &#8220;pull-forward&#8221; effect, where companies and consumers accelerated purchases to avoid anticipated tariff-related price hikes, evidenced by record-high January trade deficits. Weather impacts further complicate the data.



However, Wren notes positive signs, including strong consumer spending on services and increased home purchase applications amid falling mortgage rates. While acknowledging a near-term economic slowdown, he anticipates solid growth in 2025.



&#8220;From our perspective, we see a slowing economy as something like a temporary air pocket in the nearer term, and we continue to expect solid economic growth in 2025. We see market uncertainties creating opportunities in both equities and fixed income as the year progresses. Be patient, but be ready to act.&#8221;



Analysts at BlackRock highlighted the &#8220;unusually uncertain policy environment,&#8221; which according to them requires different views across horizons.



&#8220;While U.S. corporate strength is our base case for now, we have seen the outlook evolve suddenly in recent years. We stand ready to pivot given uncertainty because of the economic transformation and U.S. policy now. We created our scenarios last year to help us navigate this volatile environment. While some of the incoming information on U.S. policy has been noisy, we expect that to become a concrete signal to adapt to,&#8221; stated the BlackRock note.



Reiterating confidence in AI-linked stocks, the analysts added, &#8220;AI-related shares have come under pressure from lingering investor worries about whether AI investment will pay off. Yet we think this is still the early phase of AI adoption and see room for the buildout winners to do well.&#8221;



See Also: <a href="https://www.benzinga.com/money/how-to-trade-futures">How to Trade Futures </a>



Upcoming Economic Data



Here&#8217;s what investors will keep on Thursday:



<ul>
<li>Initial jobless claims data for the week ended March 1 will be out by 8:30 a.m., ET.</li>
</ul>



<ul>
<li>U.S. productivity data for the fourth quarter and U.S. trade deficit data for January will be released at 8:30 a.m., ET as well.</li>
</ul>



<ul>
<li>January&#8217;s wholesale inventory data will be out by 10:00 a.m., ET.</li>
</ul>



<ul>
<li>Fed Governor Christopher Waller will speak at 3:30 p.m. and Atlanta Fed President Raphael Bostic will speak at 7:00 p.m.</li>
</ul>



Stocks In Focus:



<ul>
<li>BJ&#8217;s Wholesale Club Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BJ#NYSE">BJ</a>) was up 0.01% in the premarket on Thursday ahead of its earnings, which will be released before the opening bell. Analysts expect it to report earnings of 88 cents per share on revenue of $5.32 billion.</li>
</ul>



<ul>
<li>Kroger Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KR#NYSE">KR</a>) slipped 0.27% as Wall Street expects it to report quarterly earnings of $1.11 per share on revenue of $34.51 billion before the opening bell.</li>
</ul>



<ul>
<li>Macy&#8217;s Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/M#NYSE">M</a>) was 0.45% higher ahead of its earnings, which will be released before the opening bell. Analysts expect it to report earnings of $1.53 per share on revenue of $7.87 billion.</li>
</ul>



<ul>
<li>Hewlett Packard Enterprise Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HPE#NYSE">HPE</a>) declined 1.54% ahead of its earnings, which will be released after the closing bell. Analysts expect it to report earnings of 49 cents per share on revenue of $7.82 billion.</li>
</ul>



<ul>
<li>Veeva Systems Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VEEV#NYSE">VEEV</a>) climbed 6.12% after its revenue of $720.9 million, up 14% year-over-year, beat the consensus estimate of $699.11 million.</li>
</ul>



<ul>
<li>Propetro Holding Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PUMP#NYSE">PUMP</a>) plunged 45.88% after its CFO, David Schorlemer, departed the company on March 3, 2025, after 4.5 years of leading financial growth and development.</li>
</ul>



<ul>
<li>AGM Group Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AGMH#NASDAQ">AGMH</a>) surged 105.28% as it completed $5.4 million public offering to expand Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) mining operations.</li>
</ul>



<ul>
<li>Cutera Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CUTR#NASDAQ">CUTR</a>) shares jumped 37.23% as it announced a plan to reduce debt by $400 million and raise $65 million on Wednesday.</li>
</ul>



<ul>
<li>Visionary Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GV#NASDAQ">GV</a>) gained 25.3% after the company received a financing consent letter worth $1 billion from Alfardan Group of Qatar to fund product R&amp;D and the development of PEGASUS new energy vehicles.</li>
</ul>



Commodities, Gold And Global Equity Markets:



Crude oil futures were trading higher in the early New York session by 0.36% to hover around $66.55 per barrel.



The gold spot index was down by 0.83% to $2,894.73 per ounce. Its last record high was at $2,956.37 per ounce. The Dollar Index was down 0.07% at the 104.204 level.



Asian markets closed higher on Thursday except Australia's ASX 200 index. India's S&amp;P BSE Sensex, China's CSI 300, South Korea's Kospi, Japan's Nikkei 225, and Hong Kong's Hang Seng index advanced. European markets were mostly lower in trade.



Read Next:



<ul>
<li><a href="https://www.benzinga.com/general/market-summary/25/03/44160509/starlinks-european-rival-up-over-600-since-trump-halted-ukraine-aid-now-plans-to-replace-e">Starlink&#8217;s European Rival, Up Over 600% Since Trump Halted Ukraine Aid, Now Plans To Replace Elon Musk&#8217;s Satellite Internet Service In War-Torn Nation</a></li>
</ul>



Photo courtesy: Shutterstock

Futures

Forex

Economics

Pre-Market Outlook

Analyst Ratings

AGMH

CUTR

PUMP

VEEV

US Stocks Likely To Open Lower After Wednesday's Blip: 'Be Patient, But Be Ready To Act,' Says Analyst As Market Uncertainties Can Create 'Opportunities'

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