Stocks surged Wednesday morning, with major indices poised to snap a two-day losing streak, as cooler-than-expected inflation reinforced expectations for Federal Reserve <a href="https://www.benzinga.com/economics/macro-economic-events/25/03/44274165/inflation-cools-more-than-expected-in-february-strengthens-the-case-for-fed-rate-cuts">rate cuts in 2025</a>.



Futures on major U.S. indices rebounded sharply, with the S&amp;P 500 climbing 1.1% by 9:00 a.m. ET, the Nasdaq 100 jumping 1.6%, and the Dow Jones Industrial Average rising 0.8%. 



Small caps, as tracked by the iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>), were up 1.2%. 



<h2 class="wp-block-heading">Rate Cut Bets Gain Traction</h2>



The latest Consumer Price Index report showed inflation cooling more than anticipated in February. 



Headline CPI eased to 2.8% year-over-year, coming in below the 2.9% forecast, while core CPI, which strips out food and energy prices, slowed to 3.1%, below expectations of 3.2%



The data strengthened the case for monetary easing, pushing traders to fully price in three Federal Reserve rate cuts in 2025, according to the CME FedWatch Tool.



On the Kalshi event-prediction platform, three rate cuts also emerge as the most likely scenario for 2025. 



<iframe loading="lazy" src="https://kalshi.com/external-widgets/events/KXRATECUTCOUNT-25DEC31?color_scheme=light&#038;widget_size=medium&#038;variant=a&#038;ids=KXRATECUTCOUNT-25DEC31-T2&#038;ids=KXRATECUTCOUNT-25DEC31-T3&#038;ids=KXRATECUTCOUNT-25DEC31-T4" width="488px" height="196px" style="border:0"></iframe>



<h2 class="wp-block-heading">Commodities Surge, Bitcoin Nears $84,000</h2>



Commodity markets reacted strongly to the inflation data, with WTI crude oil climbing 1.6% and copper surging 2.7% to its highest level since May 2024. Silver also gained 1%, while natural gas tumbled 4.4%.



In the cryptocurrency space, Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) rose 1.4% to approach $84,000, while altcoins saw notable gains—Cardano jumped 5% to $0.7590, and Solana advanced 3% to $129.



<h3 class="wp-block-heading">Top Market Movers</h3>



Nasdaq 100's top five premarket performers:



<ol start="1">
<li>AppLovin Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/APP#NASDAQ">APP</a>) up 11.69%</li>



<li>Palantir Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NYSE">PLTR</a>) up 6.76%</li>



<li>Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) up 5.62%</li>



<li>Intel Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>) up 5.61%</li>



<li>Marvell Technology Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MRVL#NASDAQ">MRVL</a>) up 4.64%</li>
</ol>



S&amp;P 500's top five premarket performers:



<ol start="1">
<li>Super Micro Computer Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMCI#NASDAQ">SMCI</a>) up 8.34%</li>



<li>Palantir Technologies Inc. up 6.78%</li>



<li>Intel Corp. up 5.64%</li>



<li>Tesla Inc. up 5.57%</li>



<li>The Cooper Companies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COO#NYSE">COO</a>) up 5.52%</li>
</ol>



Dow Jones' top five premarket performers:



<ol start="1">
<li>NVIDIA Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) up 4.51%</li>



<li>Amazon.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) up 2.24%</li>



<li>The Goldman Sachs Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GS#NYSE">GS</a>) up 2.08%</li>



<li>Salesforce Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRM#NYSE">CRM</a>) up 2.04%</li>



<li>JPMorgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) up 1.75%</li>
</ol>



Read now: 



<ul>
<li><a href="https://www.benzinga.com/markets/equities/25/03/44269301/trumps-25-tariffs-on-steel-and-aluminum-imports-take-effect-eu-retaliates-us-steel-nucor-century-aluminum-and-other-domestic-stocks-cheer">Trump&#8217;s 25% Tariffs On Steel And Aluminum Imports Take Effect, EU Retaliates: US Steel, Nucor, Century Aluminum And Other Domestic Stocks Cheer</a></li>
</ul>



Photo: Shutterstock

Cryptocurrency

Equities

Large Cap

Macro Economic Events

Broad U.S. Equity ETFs

Commodities

Econ #s

Economics

Federal Reserve

Tech

ETFs

$BTC

AMZN

INTC

MRVL

NVDA

PLTR

SMCI

TSLA

Wall Street Rockets As February Inflation Cools More Than Expected

President Donald Trump is set to nominate Federal Reserve Governor Michelle Bowman as the central bank's vice chair for supervision, according to a source familiar with the decision, Bloomberg <a href="https://www.bloomberg.com/news/articles/2025-03-12/trump-to-announce-bowman-soon-as-nominee-for-fed-s-top-bank-cop?srnd=homepage-americas&amp;sref=TBDibEcD">reports</a>. The nomination could be announced as early as today, marking a significant shift in the Fed's regulatory leadership.



What To Know: This move comes after Michael Barr stepped down from the role earlier this year, citing concerns over a potential conflict with Trump.



Read Also: <a href="https://www.benzinga.com/economics/macro-economic-events/25/03/44274165/inflation-cools-more-than-expected-in-february-strengthens-the-case-for-fed-rate-cuts">Inflation Cools More Than Expected In February, Strengthens The Case For Fed Rate Cuts</a>



In January, Barr stated that the risk of a dispute over the position could divert attention from the Fed's core mission. His departure created a vacancy in one of the most influential regulatory roles overseeing the financial sector.



What Else: Bowman has been a member of the Federal Reserve Board <a href="https://www.federalreservehistory.org/people/michelle-w-bowman">since 2018</a>, with a background in banking regulation and public service. Before joining the Fed, she served as Kansas' state banking commissioner, where she focused on policies affecting community banks. 



Bowman&#8217;s experience also includes roles in the financial sector and government, including a position in the George W. Bush administration. Bowman has been a <a href="https://www.federalreserve.gov/newsevents/speech/bowman20250227a.htm">vocal advocate</a> for reducing regulatory burdens on smaller banks, arguing that rules designed for large financial institutions can be overly restrictive for local lenders.



Read now:



<ul>
<li><a href="https://www.benzinga.com/25/03/44270128/us-recession-probability-escalates-to-35-amid-tariffs-pimco-sounds-alarm" target="_blank" rel="noreferrer noopener">US Recession Risk Surges To 35%, Pimco Cautions On Economic Fallout From Trump's Tariffs</a></li>
</ul>



Photo: Shutterstock

News

Trump To Nominate Fed's Michelle Bowman As Top Banking Regulator: Report

On Wednesday, Alibaba Group Holding (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>) Chairman Joe Tsai voiced the possibility of <a target="_blank" href="https://www.benzinga.com/topic/alibaba" rel="noreferrer noopener">artificial intelligence eliminating</a> the need for equity research analysts while charting a Nvidia Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) or Apple Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) report <a target="_blank" href="https://www.cnbc.com/2025/03/12/alibabas-tsai-on-ai-research-analysts-can-be-completely-replaced.html" rel="noreferrer noopener">at</a> CNBC&#8217;s&nbsp;CONVERGE LIVE&nbsp;event in Singapore.&nbsp;



Tsai told CNBC that AI could enhance the quality of work by taking care of tedious research-related tasks, enabling better recommendations from human minds instead of eliminating the analyst roles.



Tsai also said he expects AI to fundamentally change the practice of law. He expects AI to efficiently chart out a contract, enhancing lawyer judgment instead of eliminating it.



Also Read: <a target="_blank" href="https://www.benzinga.com/25/03/44254562/deepseek-stays-free-founder-rejects-monetization-plans-new-reasoning-model-amid-alibaba-talks" rel="noreferrer noopener">DeepSeek Wants To Stay Free As Of Now, Founder Rejects Monetization</a>



He told CNBC that AI&#8217;s total addressable market is at least $10 trillion, making it bigger than industries like transportation and healthcare insurance.



Tsai expects Alibaba to benefit from this upsurge of AI thanks to its cloud computing business.



Tsai told CNBC that Alibaba could also benefit significantly from AI within its own business.



<a target="_blank" href="https://www.benzinga.com/markets/emerging-markets/25/03/44229408/alibaba-unveils-new-ai-chip-to-power-chinas-open-source-tech-push-challenge-us-chip-giants" rel="noreferrer noopener">Recent reports indicated</a> Alibaba&#8217;s XuanTie C930 processor&#8217;s potential to broaden domestic use of open-source chips built on the&nbsp;RISC-V instruction set architecture. The new XuanTie processors designed for AI acceleration, automotive applications, and high-speed interconnection will ship to clients in March.



Last week, Alibaba also launched a&nbsp;new reasoning model&nbsp;comparable to DeepSeek&#8217;s R1.



Alibaba was among the first major global tech companies to&nbsp;open-source its large-scale AI models. Over the next three years, Alibaba&nbsp;committed $53 billion&nbsp;to&nbsp;cloud and AI infrastructure.



<h2 class="wp-block-heading">Alibaba Stock Prediction For 2025</h2>



Equity research analysts on and off Wall Street typically use earnings growth and fundamental research as a form of valuation and forecasting. But many in trading turn to technical analysis as a way to form predictive models for share price trajectory.



Some investors look to trends to help forecast where they believe a stock could trade at a certain point in the future. Looking at Alibaba, an investor could make an assessment about a stock's long term prospects using a moving average and trend line. If they believe a stock will remain above the moving average, which many believe is a bullish signal, they can extrapolate that trend into the future using a trend line. For Alibaba Gr Hldgs, the 200-day moving average sits at $91.41, according to <a href="https://pro.benzinga.com/">Benzinga Pro</a>, which is below the current price of $139.02. For more on charts and trend lines, <a href="https://pro.benzinga.com/">see a description here.</a>



Traders believe that when a stock is above its moving average, it is a generally bullish signal, and when it crosses below, it is a more negative signal. Investors could use trend lines to make an educated guess about where a stock could trade at a later date if conditions remain stable.



Price Action: BABA stock is down 0.35% at $138.54 premarket at last check Wednesday.



Also Read:



<ul>
<li><a href="https://www.benzinga.com/markets/eurozone/25/03/44253751/asml-boosts-ai-chip-rd-in-europe-amid-us-sanctions-china-slowdown-and-subsidy-uncertainty" target="_blank" rel="noreferrer noopener">ASML Boosts AI Chip R&amp;D In Europe Amid US Sanctions, China Slowdown, And Subsidy Uncertainty</a></li>
</ul>



Photo by Ascannio via Shutterstock

Media

AAPL

BABA

Alibaba Chair Says AI Total Addressable Market Is $10 Trillion, Expects  Benefits Via Its Cloud Business

The&nbsp;25% tariffs on steel and&nbsp;aluminum imports imposed by U.S. President&nbsp;Donald Trump&nbsp;have now taken effect, triggering a swift retaliation from the European Union.



What Happened: The tariffs were enforced on Wednesday, impacting several countries including Canada, Australia, and the EU. The White House issued confirmation about the duties late Tuesday but also revealed that Trump had abandoned plans to increase tariffs on Canadian metals to 50%, <a href="https://www.cnbc.com/2025/03/12/trumps-25percent-tariffs-on-steel-and-aluminum-imports-take-effect.html">reported</a> CNBC.



In response, the European Union announced counter-tariffs on $28.33 billion&nbsp;worth of U.S. goods beginning in April. The European Commission stated that these measures aim&nbsp;to &#8220;protect European businesses, workers&nbsp;and consumers from the impact&nbsp;of these unjustified trade restrictions.&#8221;



Meanwhile, Australian Prime Minister&nbsp;Anthony Albanese&nbsp;criticized Trump&#8217;s move as &#8220;entirely unjustified,&#8221; adding that Australia will refrain from imposing reciprocal tariffs on U.S. imports to prevent price inflation for Australian consumers.



SEE ALSO: <a href="https://www.benzinga.com/trading-ideas/movers/25/03/44268979/melania-trumps-official-memecoin-worth-over-13-billion-barely-two-months-ago-is-now-valued-at-367-million">Melania Trump&#8217;s Official Memecoin, Worth Over $13 Billion Barely Two Months Ago, Is Now Valued At $367 Million</a>



Why It Matters: This development marks another chapter in the ongoing trade war, characterized by Trump&#8217;s bold tariff promises and subsequent reversals. The trade tensions have recently rattled markets, amid intensifying concerns that the tariffs could edge the world&#8217;s largest economy towards a recession.



Furthermore, Trump&#8217;s decision to <a href="https://www.benzinga.com/25/03/44267277/trump-scraps-50-tariff-hike-on-canadian-steel-aluminum-after-ontario-backs-down">scrap plans to hike </a>tariffs on Canadian metals to 50% came after Ontario paused&nbsp;a 25% tax on electricity&nbsp;exports to the U.S. This indicates a complex and rapidly evolving situation, with decisions being made and reversed in quick succession, adding to the uncertainty in global markets.



That being said, some of the domestic industry bodies hail the President&#8217;s move. American Iron and Steel Institute (AISI), representing U.S. steelmakers, supported the tariffs, stating they would generate jobs and strengthen domestic steel production, reported BBC. Furthermore, Jesse Gary, the CEO of Century Aluminum told the New York Times, "The new tariffs will close those loopholes back up and enable us to begin investing again, and bring on more production here in the U.S."



On the flipside, Bill Reinsch, a former Commerce Department official told BBC, &#8220;It protects [the steel and aluminium] industries but hurts downstream users of their products by making them more expensive.&#8221; 



The shares of domestic steelmakers, United States Steel Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/X#NYSE">X</a>) and Nucor Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NUE#NYSE">NUE</a>) climbed more than 13% year to date, as per<a href="http://pro.benzinga.com"> Benzinga Pro.</a> Meanwhile, Aluminum stocks Alcoa Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AA#NYSE">AA</a>) and Century Aluminum Co. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CENX#NASDAQ">CENX</a>) closed the last session with gains of 3% and 9%, respectively.



<ul>
<li>READ MORE: <a href="https://www.benzinga.com/25/03/44268596/trumps-net-worth-plummets-by-nearly-300m-as-djt-stock-drops-to-its-lowest-since-october">Trump&#8217;s Net Worth Plummets By Nearly $300M As DJT Stock Drops To Its Lowest Since October</a></li>
</ul>



Image via Shutterstock



Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Markets

CENX

Trump's 25% Tariffs On Steel And Aluminum Imports Take Effect, EU Retaliates: US Steel, Nucor, Century Aluminum And Other Domestic Stocks Cheer

Inflation eased in February, coming in lower than expected and reinforcing the Federal Reserve's path <a href="https://www.benzinga.com/topic/interest-rates">toward interest rate cuts.</a>



The headline Consumer Price Index fell from 3.0% year-over-year in January to 2.8% in February, according to a Bureau of Labor Statistics report released Wednesday. The reading was below economist expectations of 2.9%, as tracked by TradingEconomics, and marked the first decline after four straight months of rising price pressures.



On a monthly basis, CPI increased 0.2% in February, sharply moderating from 0.5% in January and below forecasts of 0.3%.



Core inflation, which excludes food and energy prices, slowed to 3.1% year-over-year, down from 3.3% in January and below forecasts of 3.2%. The monthly increase in core CPI was 0.2%, a cooldown from January's 0.4% pace and below estimates of 0.3%.



The shelter index climbed 0.3% in February, contributing nearly half of the overall monthly CPI increase. This rise was partially counterbalanced by a 4.0% drop in airline fares and a 1.0% decline in gasoline prices. 



Other categories that saw price increases included medical care, used cars and trucks, household furnishings and operations, recreation, apparel, and personal care. Among the few major indexes that declined in February were airline fares and new vehicles.



<h3 class="wp-block-heading">Fed's Outlook: A Step Closer To Rate Cuts</h3>



The softer-than-expected inflation data strengthens the argument for Federal Reserve rate cuts in 2025, as policymakers seek to balance economic risks.



U.S. economic growth is projected to slow sharply in the first quarter, with several investment banks revising GDP forecasts downward. The Atlanta Fed's GDPNow model estimates a potential 2.4% contraction, raising concerns about economic weakness.



With inflation easing and growth concerns mounting, the Fed may find more room to cut rates to support the economy. 



Prior to the report, money markets tracking Fed futures had priced in three to four rate cuts by year-end, according to the CME FedWatch Tool. The latest inflation data could further solidify that outlook.



<h3 class="wp-block-heading">Market Reactions</h3>



<ul>
<li>U.S. dollar: The dollar softened following the inflation report, with the U.S. dollar index, tracked by the Invesco DB USD Index Bullish Fund ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UUP#NYSE">UUP</a>), slipping 0.1% as traders priced in a higher likelihood of rate cuts. </li>



<li>Treasury yields: The 10-year U.S. Treasury yield edged lower by 2 basis points to 4.26%.</li>



<li>Stock market: U.S. equity futures turned higher, with S&amp;P 500 futures up 1.4% in premarket trading at 8:35 a.m. ET. On Tuesday, the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) closed at $555.92, its lowest level in seven months and 3% below its 200-day moving average. Contracts on the tech-heavy Nasdaq 100 were 1.6% higher. </li>
</ul>



Read now: 



<ul>
<li><a href="https://www.benzinga.com/25/03/44270128/us-recession-probability-escalates-to-35-amid-tariffs-pimco-sounds-alarm">US Recession Risk Surges To 35%, Pimco Cautions On Economic Fallout From Trump&#8217;s Tariffs</a></li>
</ul>



Photo: Janews/Shutterstock

Inflation Cools More Than Expected In February, Strengthens The Case For Fed Rate Cuts

The chairperson of Alibaba Group Holding ADR (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>), Joseph Tsai acknowledged that everyone around the world is concerned about the ongoing tariff battle between the economic powerhouses of the world.



What Happened: While speaking at CNBC&#8217;s event Converge Live, in Singapore, Tsai responded to a question on tariff imposition by the Donald Trump administration and said that &#8220;Everyone is concerned about tariffs.&#8221;



He highlighted that the Chinese multinational technology company sells $50 billion worth of American products on its platform to Chinese consumers every year. On the other hand, about $30 billion worth of European products are also sold annually.



"I think the Trump administration will want to have more American companies doing business in China and making money there," he said, adding that it was ultimately between the global leaders to meet and decide on the future course of these protectionist policies.



Furthermore, he suggested if Trump&#8217;s wider tariff approach was just a bargaining chip, there was still a likelihood of seeing specific tariffs on Chinese electric vehicles. Tsai added that it could be a move to safeguard the American auto industry from potential competition.



See Also: <a href="https://www.benzinga.com/25/03/44269729/debt-over-equity-billionaire-howard-marks-endorses-credit-investments-amid-shifting-investor-focus-and-market-correction">Billionaire Howard Marks Prefers Credit Over Equity Amid Falling Market: &#8216;Yields Implies Higher Returns From Credit Than The S&amp;P 500&#8217;</a>



Why It Matters: On Tuesday afternoon, President Trump unexpectedly reversed his decision to double tariffs on Canadian steel and aluminum to 50%, just hours after announcing the increase. The abrupt policy change, which rattled financial markets, followed Canada&#8217;s withdrawal of plans for a 25% surcharge on electricity.



Additionally, as Trump&#8217;s tariffs on steel and aluminum imports go into effect, the European Union announced on Wednesday that it will retaliate by imposing levies of 26 billion euros or $28.33 billion on U.S. goods beginning in April.



Price Action: 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 Wednesday. The SPY was up 0.73% to $560.00, and the QQQ also advanced 0.83% to $475.51, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a> data.



Read Next:



<ul>
<li><a href="https://www.benzinga.com/general/market-summary/25/03/44245897/billionaire-investor-ron-baron-reacts-to-nasdaq-sp-selloff-the-stock-prices-cant-believe-how-cheap-they-are" target="_blank" rel="noreferrer noopener">Billionaire Investor Ron Baron Reacts To Nasdaq, S&amp;P Selloff: ‘The Stock Prices…Can't Believe How Cheap They Are'</a></li>
</ul>



Photo courtesy: Shutterstock

Government

Global

Alibaba's Joseph Tsai Says 'Everyone Is Concerned About Tariffs,' As He Expects Levies On Chinese EVs

U.S. stock futures were up on Wednesday after a volatile session on Tuesday. Futures of all four benchmark indices advanced in premarket trading.



Investors will keep an eye on pivotal February inflation data as stagflation worries have been weighing on Wall Street. Economists polled by TradingEconomics predict a shift in inflation trends, with annual headline inflation expected to drop to 2.9% in February, breaking four months of increases. Monthly price growth is also forecast to slow, as is core inflation, which excludes volatile food and energy costs.



On Tuesday afternoon, President Donald Trump reversed his decision to double tariffs on Canadian steel and aluminum to 50%, just hours after announcing the hike. The sudden shift, which unsettled financial markets, came after a Canadian official withdrew plans for a 25% surcharge on electricity.



Meanwhile, the 10-year Treasury yield stood at 4.27%, while the two-year yield was at 3.94%. 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 97% 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>0.71%</td></tr><tr><td>S&amp;P 500</td><td>0.58%</td></tr><tr><td>Dow Jones</td><td>0.41%</td></tr><tr><td>Russell 2000</td><td>0.63%</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 Wednesday. The SPY was up 0.72% to $559.92, and the QQQ also advanced 0.84% to $475.54, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a> data.



Cues From The Last Session



The U.S. stock market closed lower on Tuesday after a volatile session. All sectors declined in trade. Industrials, consumer staples, health care and real estate sectors fell over 1%.



On the economic front, small business optimism fell in February, with the NFIB&#8217;s index dropping to 100.7. Uncertainty surged to near-record levels. Additionally, the labor market was strong in January, with rising openings. JOLTS report showed layoffs declining for a fourth straight month to the lowest level since last June.



The S&amp;P 500 index neared correction zone as of Tuesday&#8217;s close, it was 9.36% lower from the previous high of 6,147.43 to 5,572.07 points. Whereas, Nasdaq 100 was 12.80% lower from its 52-week high.



The Dow Jones closed 478 points or 1.14% lower at 41,433.48 on Tuesday, down 8.08% from its previous high.



<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>-0.18%</td><td>17,436.10</td></tr><tr><td>S&amp;P 500</td><td>-0.76%</td><td>5,572.07 </td></tr><tr><td>Dow Jones</td><td>-1.14%</td><td>41,433.48 </td></tr><tr><td>Russell 2000</td><td>0.22%</td><td>2,023.59</td></tr></tbody></table></figure>



Insights From Analysts



Ryan Detrick, the chief market strategist at Carson Research, highlighted in his note &#8216;March Madness,&#8217; that the seasonally the end of February and beginning of March are bound to see weakness.



However, he acknowledged that a correction was at hand, adding, &#8220;We do not expect things to get much worse and the odds of a full-blown bear market remain quite slim. As uncomfortable as this recent volatility feels, know that it is the toll we must pay to invest.&#8221;



According to Ed Yardeni from Yardeni Research, investors were worried about the adverse macroeconomic consequences of all this geopolitical turmoil. &#8220;The uncertainty associated with rapid-fire tariff announcements from the White House could weigh on the economy,&#8221; he said.



As Trump&#8217;s tariffs on steel and aluminum imports take effect, the European Union announced on Wednesday that it would retaliate with levies of 26 billion euros or $28.33 billion on the U.S. goods starting in April in response to the duties.



Highlighting this, economist Mohamed El-Erian hinted at the volatility caused by negotiations between Canada on Tuesday, which will likely translate as a cause of the tensions between the U.S. and EU on Wednesday.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Yesterday&#39;s tariff focus was mainly on the heightened tensions between Canada and US; today, the focus shifts to the EU-US tit-for-tat. (Photo from Bloomberg.)<a href="https://twitter.com/hashtag/economy?src=hash&amp;ref_src=twsrc%5Etfw">#economy</a> <a href="https://twitter.com/hashtag/trade?src=hash&amp;ref_src=twsrc%5Etfw">#trade</a> <a href="https://twitter.com/hashtag/tariffs?src=hash&amp;ref_src=twsrc%5Etfw">#tariffs</a> <a href="https://t.co/KeaknzVr5S">pic.twitter.com/KeaknzVr5S</a>&mdash; Mohamed A. El-Erian (@elerianm) <a href="https://twitter.com/elerianm/status/1899722713075212796?ref_src=twsrc%5Etfw">March 12, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Whereas, CNBC&#8217;s Jim Cramer quipped that if the President spoke softly, a decent inflation print would uplift the market.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">a decent CPI and we could have a good run IF President Trump decides to speak softly and carry a big stick&mdash; Jim Cramer (@jimcramer) <a href="https://twitter.com/jimcramer/status/1899639615834718551?ref_src=twsrc%5Etfw">March 12, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



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 Wednesday:



<ul>
<li>February&#8217;s core and headline consumer price index data will be out by 8:30 a.m., ET.</li>
</ul>



<ul>
<li>Monthly U.S. federal budget data for February will be announced at 2:00 p.m., ET.</li>
</ul>



Stocks In Focus:



<ul>
<li>E W Scripps Co. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SSP#NASDAQ">SSP</a>) surged 37.76% in premarket on Wednesday after it refinanced over $1.3 billion in term loans, secured a new $450 million accounts receivable facility, and a $208 million revolving credit line due 2027.</li>
</ul>



<ul>
<li>Innventure Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INV#NASDAQ">INV</a>) zoomed 32.62% secured a three-year white-label agreement with a major thermal management company and launched a new 250kW multi-rack liquid cooling system.</li>
</ul>



<ul>
<li>Stitch Fix Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SFIX#NASDAQ">SFIX</a>) jumped 18.68% after reporting the fourth quarter revenue of $312.1 million, exceeding expectations, with strong next-quarter guidance of $313.5 million.</li>
</ul>



<ul>
<li>StandardAero Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SARO#NYSE">SARO</a>) dropped 15.87% after reporting a $0.04 loss per share, missing estimates by $0.20, but beat revenue expectations with $1.41 billion, up 21.8% year-on-year.</li>
</ul>



<ul>
<li>Starbox Group Holdings Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/STBX#NASDAQ">STBX</a>) plunged 19.45% after receiving a Nasdaq non-compliance notice for failing to maintain a $1.00 minimum bid price, with trading suspension set for March 18, 2025.</li>
</ul>



<ul>
<li>Smith Micro Software Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMSI#NASDAQ">SMSI</a>) slumped 17.05% after reporting a $0.11 per share adjusted loss. This follows a previous quarter where their $0.30 loss beat estimates by 3.23%.</li>
</ul>



Commodities, Gold And Global Equity Markets:



Crude oil futures were trading higher in the early New York session by 0.68% to hover around $66.70 per barrel.



The gold spot index was up by 0.15% to $2,920.02 per ounce. Its last record high was at $2,956.37 per ounce. The Dollar Index was up 0.07% at the 103.487 level.



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



Read Next:



<ul>
<li><a href="https://www.benzinga.com/25/03/44269729/debt-over-equity-billionaire-howard-marks-endorses-credit-investments-amid-shifting-investor-focus-and-market-cor">Billionaire Howard Marks Prefers Credit Over Equity Amid Falling Market: &#8216;Yields Implies Higher Returns From Credit Than The S&amp;P 500&#8217;</a></li>
</ul>



Photo courtesy: Shutterstock

Earnings

Market Summary

Futures

Treasuries

Pre-Market Outlook

SARO

SFIX

SMSI

STBX

US Stocks Likely To Open Higher Ahead Of February's Inflation Print: Expert Says Odds Of A Full-Blown Bear Market Remain 'Quite Slim'

Taiwan Semiconductor Mfg. Co. Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>) has approached U.S. chip designers Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>), Advanced Micro Devices (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>) and Broadcom Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVGO#NASDAQ">AVGO</a>) to invest in a joint venture (JV), according to a report on Wednesday.



What Happened: With the joint venture, TSMC aims to operate Intel Corp.'s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>) factories, according to a report by Reuters.



The proposal suggests that the Taiwanese chipmaker would manage Intel&#8217;s foundry division, which customizes chips for clients, but would not own more than 50%, according to sources in the report.



TSMC has also approached Qualcomm Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QCOM#NASDAQ">QCOM</a>) for this JV, the report added.



SEE ALSO:<a href="https://www.benzinga.com/markets/equities/25/03/44269513/elon-musk-says-tesla-will-double-us-production-in-2-years-after-trump-backs-ev-giant-amid-stock-slump"> Elon Musk Says Tesla Will Double US Production in 2 Years After Trump Backs EV Giant Amid Stock Slump</a>



The discussions are in early stages and follow a request from the Trump administration for TSMC to aid in revitalizing Intel, a key U.S. industrial entity. The plan details and TSMC&#8217;s outreach to potential partners are being reported for the first time.



Any agreement would require approval from the Trump administration, which opposes full foreign ownership of Intel or its foundry division



Subscribe to the <a href="https://bztechtrends.beehiiv.com/subscribe">Benzinga Tech Trends newsletter</a> to get all the latest tech developments delivered to your inbox.



Intel&#8217;s shares have plummeted over 56% in the past year, and the company reported a net loss of $18.8 billion in 2024. The foundry division&#8217;s assets were valued at $108 billion as of December 31, according to a company filing.



Why It Matters: The proposal from TSMC comes at a time when the company is experiencing significant growth, driven by a surge in demand for its chips used in artificial intelligence applications.



In the first two months of 2025, TSMC<a href="https://www.benzinga.com/25/03/44213860/tsmc-rides-ai-wave-sales-surge-39-in-the-first-two-months-of-2025-on-higher-demand"> reported</a> a 39.2% increase in revenue, highlighting the robust demand for its products.



This growth is part of a broader trend, as TSMC&#8217;s CEO, C. C. Wei, emphasised that their U.S. expansion is<a href="https://www.benzinga.com/25/03/44195821/taiwan-semiconductor-chief-says-us-expansion-driven-by-ai-and-smartphone-boom-warns-of-supply-shortage"> driven</a> by the booming AI and smartphone markets, not political pressure.



This expansion includes a $100 billion investment plan to meet the rising demand from U.S. customers.



Additionally, Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) has<a href="https://www.benzinga.com/media/25/03/44255195/meta-taps-taiwan-semiconductor-to-build-ai-chip-aims-to-cut-nvidia-dependence-by-2026"> partnered</a> with TSMC to produce its first in-house AI chip, aiming to reduce dependence on suppliers like Nvidia.



This move underscores the growing importance of TSMC in the AI chip market. Meanwhile, Broadcom&#8216;s CEO, Hock Tan, has<a href="https://www.benzinga.com/markets/25/03/44184829/broadcom-ceo-hock-tan-brushes-off-intel-acquisition-speculation-ma-no-im-too-busy"> dismissed</a> speculation about a potential merger with Intel.



Benzinga has reached out to TSMC, Nvidia, Intel, Broadcom and Qualcomm for comments. This story will be updated as and when they respond.



Check out more of Benzinga's Consumer Tech coverage by <a href="https://www.benzinga.com/topic/consumer-tech">following this link</a>.



Read Next:



<a href="https://www.benzinga.com/25/03/44268506/elon-musk-led-spacex-inks-agreements-with-indias-top-telecom-providers-expands-addressable-market-by-over-850-million-users">Elon Musk&#8217;s SpaceX Inks Agreements With India&#8217;s Top Telecom Providers For Starlink, Expanding Access To 850 Million Users</a>



Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.



Photo courtesy: Shutterstock

AVGO

QCOM

TSMC Proposes Joint Venture With Nvidia, AMD And Broadcom To Operate Intel's Factories: Report

Goldman Sachs forecasts a surge in U.S. copper imports soon, driven by expectations of tariffs from President Donald Trump's <a target="_blank" href="https://www.benzinga.com/topic/donald-trump" rel="noreferrer noopener">administration</a>.



Per Reuters' <a target="_blank" href="https://www.reuters.com/markets/commodities/goldman-sachs-anticipates-surge-us-copper-net-imports-2025-03-11/" rel="noreferrer noopener">report</a>, the investment bank expects a 25% duty on copper imports by year's end, incentivizing stockpiling to frontrun the legislative. As a result, U.S. net copper imports could surge by 50-100%, adding between 200,000 to 300,000 metric tons to domestic inventories by Q3.



If this projection materializes, U.S. copper stockpiles could swell from 95,000 tons to as much as 400,000 tons or around half of global reported inventories – leaving the international market at historically low inventory levels.



For 2025, Goldman sees a 180,000-ton global copper deficit as growing demand for electrification, economic stimulus measures in China, and slow mine growth materialize. The bank sees the supply imbalance more pronounced in the second half of the year as a catalyst for higher prices.



"We maintain our forecast that the LME three-month price will average $10,200 per ton in Q3 2024 and see the impact of inventory dislocation predominantly in timespreads," the bank noted. Current three-month copper contracts on the London Metal Exchange were trading at $9,528.50 per ton as of Wednesday morning.



The largest U.S. copper producer, Freeport-McMoRan (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FCX#NYSE">FCX</a>), could benefit from this scenario, particularly if copper is classified as a critical mineral.



In a recent <a target="_blank" href="https://www.reuters.com/markets/commodities/ceraweek-freeport-sees-500-million-annual-boost-if-trump-declares-copper-2025-03-10/" rel="noreferrer noopener">interview</a>, CEO Kathleen Quirk expressed optimism that the Trump administration could make this move soon, unlocking the federal tax incentives to support domestic production.



"Having the incentives and clarity around those would be a big plus for the domestic copper industry," Quirk said. Such a designation would enable Freeport to claim more than $500 million annually in tax credits tied to the Inflation Reduction Act.



Freeport-McMoRan operates seven copper mines across the U.S. and one of two domestic copper smelters. The firm doesn't export any domestically produced copper, making it a key supplier in any scenario restricting imports.



However, production costs in the U.S. are higher than in Freeport's international operations due to lower ore grades, making policy support a crucial factor.



Per the <a target="_blank" href="https://mms.businesswire.com/media/20250122679192/en/2360933/1/FCX_250123_4Q_2024_Earnings_Release.pdf" rel="noreferrer noopener">latest guidance</a>, the company expects its U.S. copper production to increase by 8% in 2025, with further growth in subsequent years. Opportunities include doubling the concentrator capacity at its Bagdad operation in Arizona, which could add 200-250 million pounds of copper annually.



Quirk also hinted at a possible <a target="_blank" href="https://www.benzinga.com/25/03/44216408/dr-congo-explores-a-minerals-for-security-deal-with-the-us" rel="noreferrer noopener">return to the Democratic Republic of Congo</a>, where Freeport previously owned the Kisanfu copper-cobalt project before selling it to China Molybdenum in 2020. "We would be interested in going back for the right opportunity," she said, adding that Freeport would seek to be the operator of any project if it re-enters the DRC.



Price Watch: Freeport-McMoRan has declined 5.28% year-to-date. The stock is up 1.56% to $36.44 premarket at the last check on Wednesday.



Read Next:



<ul>
<li><a href="https://www.benzinga.com/25/03/44243837/iron-ore-production-to-accelerate-until-2030-study-says" target="_blank" rel="noreferrer noopener">Iron Ore Production To Accelerate Until 2030, Study Says</a></li>
</ul>



Photo via Shutterstock

Guidance

Politics

Legal

Trading Ideas

COPX

CPER

FQVLF

JJCTF

LUNMF

MTAL

SCCO

Goldman Sachs Sees Copper Imports Frontrunning Tariffs As FCX Positions To Benefit

The United States has lifted its pause on intelligence sharing and resumed security assistance to Ukraine following Ukraine&#8217;s acceptance of a U.S.-proposed 30-day ceasefire plan, according to a joint statement released Tuesday. However, an influential Russian lawmaker quickly rejected American terms, and <a href="https://in.benzinga.com/25/03/44138112/defense-stocks-take-centerstage-as-donald-trump-freezes-ukraine-military-aid-heres-a-list-of-top-global-defense-etfs-to-watch">defense stocks fell in response</a>.



What Happened: The agreement came during a meeting in Jeddah, Saudi Arabia, where Ukrainian representatives expressed &#8220;readiness to accept the U.S. proposal to enact an immediate, interim 30-day ceasefire,&#8221; which could be extended by mutual agreement and requires Russian acceptance and implementation.



Markets reacted swiftly to the news. The Nasdaq 100, tracked by Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), reversed earlier losses and surged more than 400 points from its intraday low, closing up 0.7% on Tuesday. 



Meanwhile, major defense contractors saw their shares decline. L3Harris Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LHX#NYSE">LHX</a>) fell 2.53%, Lockheed Martin Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LMT#NYSE">LMT</a>) dropped 2.15%, and General Dynamics Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GD#NYSE">GD</a>) declined 2.88% as investors recalibrated expectations <a href="https://in.benzinga.com/25/03/44138112/defense-stocks-take-centerstage-as-donald-trump-freezes-ukraine-military-aid-heres-a-list-of-top-global-defense-etfs-to-watch">amid peace prospects</a>.



Konstantin Kosachev, chairman of the international affairs committee of Russia&#8217;s Federation Council, pushed back against the proposal Wednesday, stating on Telegram that any agreement would be &#8220;on our terms, not on American,&#8221; reported Reuters. Kosachev added, &#8220;This is not boasting, but understanding that real agreements are still being written there, at the front.&#8221;



See Also: <a href="https://www.benzinga.com/25/03/44267113/ark-invests-strategic-moves-tempus-ai-block-inc-and-draftkings-inc-in-focus">Cathie Wood&#8217;s Ark Invest Continues To Load Up On Tempus AI, Dumps Bitcoin-Focused Block In Tech Meltdown Aftermath</a>



Why It Matters: The ceasefire development follows President Donald Trump&#8216;s recent threat to impose &#8220;large-scale banking sanctions, sanctions, and tariffs on Russia&#8221; until a peace agreement is reached. Earlier this month, Trump had paused military aid to Ukraine, pressuring President Volodymyr Zelensky to pursue peace with Russia following a contentious Oval Office meeting.



Prediction markets have shown increasing confidence in a resolution, with Polymarket data indicating a 37% probability of Trump brokering a ceasefire within his first 90 days in office, up from 23% <a href="https://www.benzinga.com/25/03/44260839/tech-stocks-bitcoin-strongly-rebound-as-ukraine-backs-us-proposal-for-30-day-ceasefire-with-russia">before the announcement</a>. 



As part of the agreement, both countries also committed to concluding &#8220;a comprehensive agreement for developing Ukraine&#8217;s critical mineral resources&#8221; that would expand Ukraine&#8217;s economy and secure its long-term prosperity.



Read Next:



<ul>
<li><a href="https://www.benzinga.com/news/25/03/44263206/warren-buffett-rakes-in-607-million-while-elon-musk-jeff-bezos-and-other-top-moneybags-bleed-67-bill" target="_blank" rel="noreferrer noopener">Warren Buffett Rakes In $607 Million While Elon Musk, Jeff Bezos, And Other Top Moneybags Bleed $67 Billion In A Day Amid Market Wipeout</a></li>
</ul>



Image Via Shutterstock



Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Trump Restores Ukraine Aid After Threatening 'Large-Scale' Sanctions On Moscow, But Russian Lawmaker Rejects Ceasefire Terms: Defense Stocks Fall

The odds of a US recession occurring in 2025 have escalated due to the imposition of tariffs, as per&nbsp;Alec Kersman, managing director and&nbsp;head of Asia-Pacific at Pimco.



What Happened: Alec Kersman, speaking at <a href="https://www.cnbc.com/2025/03/12/tariffs-have-increased-the-probability-of-a-us-recession-pimco.html">CNBC&#8217;s</a> CONVERGE event in Singapore on Wednesday, revealed that there is now a 35% chance of a US recession this year. This figure marks a considerable surge from the 15% probability Pimco projected in December 2024, primarily due to the impact of tariffs enforced by the US.



However, Kersman also pointed out that Pimco&#8217;s base case scenario is a growth of 1% to 1.5% in the U.S. economy, a significant drop from previous forecasts, but still an expansion.



On the other hand, Kamal Bhatia, president and CEO&nbsp;of Principal Asset Management, told CNBC that trade policies leading to increased domestic consumption could potentially boost the U.S. economy more than anticipated. Bhatia noted that trade wars could prompt countries to become more insular, fostering patriotism that translates into increased local spending.



Consumer spending, which constitutes approximately two-thirds of U.S. gross domestic product, could rise due to tariffs, potentially causing the country&#8217;s GDP to perform better than expected, Bhatia added.



SEE ALSO: <a href="https://www.benzinga.com/markets/equities/25/03/44269513/elon-musk-says-tesla-will-double-us-production-in-2-years-after-trump-backs-ev-giant-amid-stock-slump">Elon Musk Says Tesla Will Double US Production in 2 Years After Trump Backs EV Giant Amid Stock Slump</a>



Why It Matters: The 25% tariffs on steel and aluminum imports imposed by U.S. President Donald Trump have now taken effect, triggering a <a href="https://www.benzinga.com/markets/equities/25/03/44269301/trumps-25-tariffs-on-steel-and-aluminum-imports-take-effect-eu-retaliates-us-steel-nucor-century-aluminum-and-other-domestic-stocks-cheer">swift retaliation</a> from the European Union. This move has impacted several countries, including Canada, Australia, and the EU. "We've had very muted geopolitics in investing for a long period of time, and clearly tariffs are changing that," opined Bhatia.



While the tariffs have fueled a buying frenzy and sent Hot Rolled Coil (HRC) prices soaring 36% year-to-date, real demand hasn&#8217;t budged, according to JPMorgan analyst Bill Peterson. The <a href="https://www.benzinga.com/trading-ideas/long-ideas/25/03/44245031/steels-hot-streak-faces-reality-check-analyst-weighs-tariffs-vs-recession-fears">looming economic uncertainty</a>, coupled with demand stagnation and rising scrap costs, could prevent stocks from fully cashing in.



<ul>
<li>READ MORE:<a href="https://www.benzinga.com/25/03/44267277/trump-scraps-50-tariff-hike-on-canadian-steel-aluminum-after-ontario-backs-down"> Trump Scraps 50% Tariff Hike On Canadian Steel, Aluminum After Lutnick Talks With Ontario Premier</a></li>
</ul>



Image via Shutterstock



Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

US Recession Risk Surges To 35%, Pimco Cautions On Economic Fallout From Trump's Tariffs

President Donald Trump has canceled plans to <a href="https://www.benzinga.com/news/25/03/44253100/trump-slaps-50-tariff-on-canadian-steel-aluminum-threatens-auto-industry">increase tariffs on Canadian steel and aluminum</a> imports to 50%, White House trade advisor Peter Navarro confirmed on Tuesday.



What Happened: The reversal came hours after Trump announced the tariff hike in response to Ontario&#8217;s 25% tax on electricity exports to the U.S., which itself was retaliation for Trump&#8217;s earlier 25% tariffs on Canadian imports.



&#8220;We&#8217;re not going to see 50% tariffs come tomorrow,&#8221; Navarro <a href="https://www.cnbc.com/2025/03/11/trump-raises-canadian-steel-aluminum-tariffs-to-50percent-in-retaliation-for-ontario-energy-duties.html">told</a> CNBC, praising Commerce Secretary Howard Lutnick for negotiating the resolution.



Ontario Premier Doug Ford agreed to pause the electricity surcharge following discussions with Lutnick. According to a joint statement, the two officials will meet Thursday in Washington to discuss a &#8220;renewed&#8221; trilateral trade agreement.



Ford had earlier threatened to shut off Ontario&#8217;s energy supply to Michigan, New York and Minnesota if Trump &#8220;continues to hurt Canadian families,&#8221; warning of a potential &#8220;Trump recession.&#8221;



See Also: <a href="https://www.benzinga.com/25/03/44260839/tech-stocks-bitcoin-strongly-rebound-as-ukraine-backs-us-proposal-for-30-day-ceasefire-with-russia">Markets Bounce As Ukraine Expresses Readiness For 30-Day Ceasefire Proposal With Russia</a>



Why It Matters: The de-escalation came amid market concerns, with the Dow Jones Industrial Average tracked by SPDR Dow Jones Industrial Average ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) dropping more than 500 points following Trump&#8217;s initial announcement, extending recent losses driven by <a href="https://www.benzinga.com/economics/macro-economic-events/25/03/44258002/wall-street-drop-deepens-as-trade-war-fears-escalate-sp-500-hits-7-month-lows-whats-driving-markets-tuesday">tariff fears and recession concerns</a>.



The trade dispute coincides with a political transition in Canada, where Mark Carney recently won the Liberal Party leadership to succeed Justin Trudeau as prime minister. Carney has pledged to <a href="https://www.benzinga.com/news/25/03/44213871/canadas-next-pm-mark-carney-vows-to-win-trade-war-with-trump-says-americans-should-make-no-mistake">maintain retaliatory measures</a> &#8220;until the Americans show us respect.&#8221;



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/news/25/03/44263206/warren-buffett-rakes-in-607-million-while-elon-musk-jeff-bezos-and-other-top-moneybags-bleed-67-bill">Warren Buffett Rakes In $607 Million While Elon Musk, Jeff Bezos, And Other Top Moneybags Bleed $67 Billion In A Day Amid Market Wipeout</a></li>
</ul>



Image Via Shutterstock



Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Trump Scraps 50% Tariff Hike On Canadian Steel, Aluminum After Lutnick Talks With Ontario Premier

On Tuesday, Cathie Wood&#8216;s Ark Invest executed notable trades, including significant activity involving Tempus AI Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TEM#NASDAQ">TEM</a>), Block Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XYZ#NYSE">XYZ</a>), and DraftKings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DKNG#NASDAQ">DKNG</a>). These trades come amid a backdrop of market volatility and strategic repositioning by Ark Invest.



The Tempus AI Trade



Ark Invest&#8217;s ARK Innovation ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARKK#NYSE">ARKK</a>) made a substantial purchase of 94,251 shares of Tempus AI, valued at approximately $4.29 million, based on the closing price of $45.58. Tempus AI recently reported its fourth-quarter earnings, revealing a revenue miss but an earnings-per-share beat. Despite the revenue shortfall, the company provided strong guidance, which may have influenced Ark&#8217;s decision to increase its stake.



In a recent market environment characterized by a tech sector downturn, Ark has been actively acquiring shares in companies like Tempus AI. Amid Monday&#8217;s tech stock meltdown, Wood had <a href="https://www.benzinga.com/25/03/44239652/cathie-wood-goes-on-shopping-spree-amid-tech-bloodbath-monday-loads-up-on-tesla-palantir-coinbase-and-these-stock">acquired Tempus AI stock</a> worth $13.23 million.



The Block Trade



On the same day, Ark Invest&#8217;s ARKK ETF sold 203,659 shares of the Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)-focused company Block — amounting to approximately $11.26 million at the closing price of $55.29. Block&#8217;s recent earnings report <a href="https://in.benzinga.com/news/earnings/25/02/43867724/block-shares-sink-after-q4-revenue-miss-ceo-jack-dorsey-expects-to-end-year-at-rule-of-40-run-rate">showed a revenue miss</a>.



Despite the revenue miss, Block&#8217;s CEO, Jack Dorsey, remains optimistic about achieving a &#8220;Rule of 40&#8221; run rate by the end of the year.



The DraftKings Trade



Ark Invest also reduced its holdings in DraftKings by selling 23,195 shares from the ARK Next Generation Internet ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARKW#NYSE">ARKW</a>), valued at approximately $896,718, based on the closing price of $38.66. DraftKings recently reported its fourth-quarter earnings, which included a <a href="https://www.benzinga.com/general/sports-betting/25/02/43748897/draftkings-lost-some-games-but-won-the-quarter-analyst">revenue miss</a> during a challenging period for the sports betting industry.



Despite the revenue miss, analysts have highlighted DraftKings&#8217; resilience and potential for future growth. 



Other Key Trades:



<ul>
<li>Sold shares of Roku (ROKU) from the ARKF, ARKQ, and ARKK.</li>



<li>Bought shares of Ibotta Inc. (IBTA) for the ARKF  and ARKW.</li>



<li>Sold shares of Roblox Corp. (RBLX) from the ARKF, ARKK, and ARKW ETFs.</li>



<li>Sold shares of CareDx Inc. (CDNA) from the ARKG ETF.</li>



<li>Bought 6,495 shares of CRISPR Therapeutics AG (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRSP#NASDAQ">CRSP</a>) for the ARKK and ARKG ETFs.</li>
</ul>



Image via Shutterstock



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<li><a href="https://www.benzinga.com/25/03/44266805/trump-turns-white-house-into-tesla-showroom-says-elon-musk-was-treated-very-unfairly-heres-the-car-he-picked-for-himself">Trump Turns White House Into Tesla Showroom, Says Elon Musk Was &#8216;Treated Very Unfairly&#8217; — Here&#8217;s The Car He Picked For Himself</a></li>
</ul>



This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

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Cathie Wood's Ark Invest Continues To Load Up On Tempus AI, Dumps Bitcoin-Focused Block In Tech Meltdown Aftermath

As Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) reportedly <a href="https://in.benzinga.com/tech/25/03/44211544/apple-breaks-tradition-with-a-flood-of-new-releases-explores-smart-glasses">rethinks its strategy</a> for AR wearables, Alphabet Inc.'s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) Google is doubling down with a possible $115 million acquisition of eye-tracking startup AdHawk Microsystems.



What Happened: Google is in final talks to acquire AdHawk, a Canadian startup specializing in advanced eye-tracking hardware and software, <a href="https://www.bloomberg.com/news/articles/2025-03-11/google-googl-is-poised-to-acquire-eye-tracking-startup-adhawk-for-glasses?utm_medium=email&amp;utm_source=author_alert&amp;utm_term=250311&amp;utm_campaign=author_19842959&amp;sref=9hGJlFio">reported</a> Bloomberg on Tuesday, citing people with knowledge of the matter.



The reported deal includes $15 million in performance-based payments and is expected to close this week.



See Also: <a href="https://www.benzinga.com/general/entertainment/25/03/44212936/eddy-cue-praises-severance-for-breaking-through-the-noise-globally-says-apple-tv-isnt-going-to-throw-20-shows-on-the-wall-hoping-one-will-stick">Eddy Cue Praises &#8216;Severance&#8217; For Breaking Through The Noise Globally, Says Apple TV+ Isn&#8217;t Going To Throw 20 Shows On The Wall Hoping One Will Stick</a>



Founded in 2017, AdHawk developed MindLink smart glasses and low-power components that can track eye movements.



AdHawk's staff is expected to join Google's Android XR team, the report noted. Google's team is already working on software for next-gen headsets, including a <a href="https://www.benzinga.com/25/01/43151196/samsung-google-team-up-to-develop-ar-glasses-entering-the-race-against-meta-and-apple">joint device</a> with Samsung Electronics Co. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SSNLF#OTC">SSNLF</a>).&nbsp;



Subscribe to the&nbsp;<a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a>&nbsp;to get all the latest tech developments delivered to your inbox.



Why It's Important: The acquisition underscores <a href="https://www.benzinga.com/news/23/03/31376205/what-went-wrong-with-google-glass-enterprise-inside-look-at-the-discontinued-ar-project">Google's renewed focus</a> on augmented reality. In 2023, the tech giant had halted the sales of its Google Enterprise smart glasses and discontinued software support.



Meanwhile, AdHawk has been available in the market for several years. In fact, in 2022, Meta Platforms, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) explored the possibility of acquiring it.



Apple is also said to be exploring a new design for lightweight glasses by 2030 after the Vision Pro's <a href="https://www.benzinga.com/news/24/07/39747111/apples-vision-pro-struggles-to-find-its-killer-app-to-justify-3-500-price-tag-just-not-quite-hit-the">lukewarm reception</a>.&nbsp;



Price Action: As of this writing, Alphabet's Class A shares rose 0.11% in after-hours trading to $164.23, while Class C shares climbed 0.096% to $166.14. Apple's stock closed Tuesday's regular session at $220.84, down 2.92%, but edged up 0.10% in after-hours trading, according to the <a href="https://benzinga.grsm.io/lxquj26b2sag">data from Benzinga Pro</a>.



Check out more of Benzinga's Consumer Tech coverage by <a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.



Image via Shutterstock



Read Next:



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<li><a href="https://www.benzinga.com/media/25/03/44207932/apple-delays-next-gen-siri-its-going-to-take-us-longer-than-we-thought-to-deliver-ai-upgrades" target="_blank" rel="noreferrer noopener">Apple Delays Next-Gen Siri: ‘It's Going To Take Us Longer Than We Thought' To Deliver AI Upgrades</a></li>
</ul>

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Apple's AR Glasses Approach Aside, Google Makes Its Move On Eye-Tracking Tech With $115 Million AdHawk Acquisition: Report

Markets bounced back in early afternoon trading Tuesday as Ukraine signaled its readiness to accept a U.S.-backed proposal for a 30-day ceasefire, an agreement that could be extended <a href="https://www.benzinga.com/topic/ukraine">if both sides comply.</a>



While the plan still hinges on Russia's acceptance, investors saw the development as a step toward de-escalation, triggering a relief rally in the riskiest assets, such as stocks and cryptocurrencies.



According to a joint U.S.-Ukraine <a href="https://www.president.gov.ua/en/news/spilna-zayava-za-pidsumkami-zustrichi-delegacij-ukrayini-ta-96553">statement</a> released Tuesday, both nations made "important steps" toward securing durable peace in Ukraine. The statement praised the resilience of the Ukrainian people and underscored the urgency of beginning a long-term negotiation process.



<h3 class="wp-block-heading">Stocks and Bitcoin Jump on De-Escalation Hopes</h3>



Markets responded swiftly to the news. The Nasdaq 100, tracked by the Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), reversed earlier losses and surged more than 400 points from its intraday low, closing up 0.7% for the session. 



Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) climbed over 6%, snapping a five-day losing streak as risk appetite returned. The largest cryptocurrency changed hands at $83,320 by 3 p.m. in New York.



As per <a href="https://www.benzinga.com/pro/?utm_source=BZprocontent&amp;t=be2bearmibe3na1">Benzinga Pro</a> data, large-cap stocks witnessing the most substantial gains over the past hour of trading included:



<ul>
<li>Astera Labs Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ALAB#NASDAQ">ALAB</a>) up 5.13%</li>



<li>AppLovin Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/APP#NASDAQ">APP</a>) up 4.45%</li>



<li>FTAI Aviation Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTAI#NASDAQ">FTAI</a>) up 4.19%</li>



<li>SailPoint Technologies Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SAIL#NYSE">SAIL</a>) up 4.16%</li>



<li>Reddit Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RDDT#NYSE">RDDT</a>) up 4.01%</li>



<li>Vertiv Holdings Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VRT#NYSE">VRT</a>) up 3.80%</li>



<li>Coinbase Global Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>) up 3.65%</li>



<li>Affirm Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AFRM#NASDAQ">AFRM</a>) up 3.63%</li>
</ul>



<h3 class="wp-block-heading">What's In The Ceasefire Plan?</h3>



The U.S.-backed ceasefire proposal calls for an immediate, interim 30-day truce between Ukraine and Russia that could be extended by mutual agreement. The deal hinges on Russian participation, with the U.S. set to communicate that Russian reciprocity is key to achieving peace.



Additionally, the U.S. announced it would lift its pause on intelligence sharing and resume security assistance to Ukraine. The agreement also prioritizes humanitarian relief, including the exchange of prisoners of war, the release of civilian detainees, and the return of Ukrainian children who were forcibly transferred.



U.S. Secretary of State Marco Rubio said Ukraine has taken a "positive step" and expressed hope that Russia would reciprocate.



Beyond the immediate military considerations, the U.S. and Ukraine also agreed to finalize a comprehensive agreement on Ukraine's critical mineral resources. 



Read now: 



<ul>
<li><a href="https://www.benzinga.com/economics/macro-economic-events/25/03/44255030/nasdaq-100-trades-below-its-200-day-moving-average-history-says-you-should-buy-the-dip-now">Nasdaq 100 Trades Below Its 200-Day Moving Average: History Says You Should Buy The Dip Now</a></li>
</ul>



Photo: Shutterstock

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Markets Bounce As Ukraine Expresses Readiness For 30-Day Ceasefire Proposal With Russia

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