Dow Jones Today | US stock market LIVE Updates: Dow jumps 300 points, S&P 500 turns positive for the week

Brown-Forman fell more than 6% on margin pressure concerns, Abercrombie & Fitch dropped over 4% on weak guidance, and GitLab slid 8% after issuing softer-than-expected fiscal 2027 outlook.

CNBC

CoreWeave surged 8% after signing a multiyear deal with Perplexity to power AI workloads, while Broadcom rose 2% ahead of earnings. Dow Inc gained 4% after a KeyBanc upgrade citing higher oil prices benefiting US ethylene producers. KKR added 3% after co-CEOs Scott Nuttall and Joseph Bae disclosed $8.8 million in share purchases.

Moderna jumped 12% after agreeing to pay up to $2.25 billion to settle a Covid vaccine patent lawsuit. Ross Stores climbed 7% on stronger-than-expected quarterly earnings and revenue, and CrowdStrike rose 3% on upbeat forward guidance.

Coinbase rallied 15% after President Donald Trump signaled support for a digital asset market structure bill. Box advanced over 8% on earnings and revenue beat with strong guidance.

On the downside, Brown-Forman fell more than 6% on margin pressure concerns, Abercrombie & Fitch dropped over 4% on weak guidance, and GitLab slid 8% after issuing softer-than-expected fiscal 2027 outlook.

CNBC

Tesla (TSLA) shares rose 3% in afternoon trading after Bank of America reinstated coverage of the stock with a Buy rating and a bullish outlook on EV maker’s robotaxi and autonomous initiatives.

In a long and wide-ranging note, analyst Alexander Perry gave Tesla a $460 price target, based on the investment bank’s sum-of-the-parts analysis. Perry picked up Tesla and BofA’s auto coverage after longtime analyst John Murphy left the firm.

“We view [Tesla] as the current leader in consumer autonomy,” Perry wrote. “We expect TSLA to quickly become a leader in robotaxi services, given its ability to scale more profitably than competitors.”

Perry predicts autonomous vehicles and robotaxis will usher in the next era of mobility and be the “most significant change agent” in the Auto 2.0 landscape, with Tesla at the forefront.

Yahoo Finance

President Donald Trump on Wednesday officially nominated Kevin Warsh to be the next chairman of the Federal Reserve.

Warsh, if confirmed by the Senate, would replace Fed Chairman Jerome Powell, for a four-year term.

Trump’s nomination was transmitted to the Senate, the White House said in a statement posted online on Wednesday.

That transmittal came more than a month after Trump first publicly announced he wanted Warsh as the Fed chairman.

UK Chancellor of the Exchequer Rachel Reeves backtracked on plans to scrap a controversial windfall tax on North Sea oil and gas, after prices spiked because of the conflict in Iran.

Reeves had been planning this week to announce an early end to the tax, which is due to finish in March 2030, according to a government official who spoke on condition of anonymity about unannounced plans. However, rising prices forced her to put that plan on ice,” the person said.

Bayer AG said a US judge granted preliminary approval for its $7.25 billion settlement proposal aimed at containing its liability from thousands of lawsuits over Roundup weedkiller, which have weighed on the German company for years.

The class-action settlement, which Bayer proposed in February, is a key part of the company’s plans to cap its obligations by resolving current and future damage claims, with funding running for up to 21 years. Former users of Roundup blame the herbicide for their non-Hodgkin’s lymphoma, an allegation Bayer denies.

US-listed chemicals stocks are likely to benefit from tighter supply and higher prices fueled by the war with Iran, according to analysts.

Prices for Brent crude have surged by 14% over the past five days, driven by disruptions to Iran’s oil production and the critical transit route through the Strait of Hormuz. That’s helped boost the shares of petrochemical stocks like Dow Inc. and LyondellBasell Industries NV.

LyondellBasell shares gained as much as 5.6% on Wednesday, rising to their highest price since July, while Dow shares rose by as much as 4.3% and the S&P 500 Chemicals Index rose as much as 0.6%.

Investors kept putting money into exchange-traded funds that invest in emerging-markets this week, even as markets convulsed, indicating confidence that the war in the Middle East won’t roil risk assets for long.

Money managers injected over $600 million of fresh cash into developing-world ETFs on Tuesday, according to data compiled by Bloomberg — a day that saw the MSCI Emerging Markets Equity Index slump by the most since April and currencies tumble against the surging dollar.

Leading flows were the iShares JP Morgan USD Emerging Markets Bond ETF, or EMB, which had its largest inflow since December 2023.

Bitcoin surged past $73,000 as cryptocurrency markets built on recent resilience, drawing momentum from ETF inflows and rising open interest even as Wall Street steadied itself against an unresolved Middle East conflict. The largest cryptocurrency rallied as much as 8% to surpass the $73,000 mark, hitting its highest value in nearly a month. Ether also surged up as much as 9% to more than $2,100.

Stocks rose, and oil steadied as signs that the conflict in Iran may be shorter-lived than feared lifted sentiment. Bitcoin, which fell to around $63,000 after Saturday’s US and Israeli strikes on Iran, has rebounded, with US spot Bitcoin ETFs pulling in more than $680 million over the past two days, according to data compiled by Bloomberg.

Top defense contractors, including Lockheed Martin Corp. and RTX Corp. are set to meet at the White House as the Pentagon pushes to speed weapons production for an escalating war on Iran. The Friday meeting with executives was confirmed by a White House official. Reuters reported earlier on the meeting.

President Donald Trump and his Pentagon have long pressured US defense primes to step up production, accusing them of focusing too much on shareholder rewards like buybacks or dividends rather than research and development. As the war on Iran entered its fifth day with pledges from all sides to keep up attacks, US stockpiles of its most expensive weapons are being depleted.

Shares of the “Magnificent Seven” were all higher in late morning trading Wednesday.

Leading the way were Tesla and Amazon, both up more than 3%. Tesla’s jump came after an upgrade by Bank of America, declaring its robotaxi services could propel the company’s growth.

The two were followed by gains in Meta and Nvidia, which rose more than 2% and more than 1%, respectively. Shares of Apple and Microsoft only marginally advanced, both up just around 0.2%.

As US stock investors endure bouts of volatility in the wake of the US war on Iran, Citadel Securities’ Scott Rubner said his fundamental analysis of the market signals now is a time to turn bullish on equities.

Rubner, who studies positioning and the flow of funds, said washed-out sentiment, supportive seasonality and resilient retail flows have set the stage for a rebound after weeks of choppy trading.

Bloomberg

European gas’s biggest rally in four years came to an abrupt halt as traders weighed US moves in the Middle East that could potentially ease pressure on the market. Benchmark futures dropped as much as 16%, though they subsequently clawed back some of the loss. Prices are still up more than 50% since the US and Israel started bombing Iran over the weekend.

An American plan to protect tanker shipping through the critical Strait of Hormuz has somewhat calmed nerves, while a New York Times report that Iran made indirect contact with the US to negotiate an end to the war raised hopes of an off-ramp. Yet Iran denied that its intelligence ministry had reached out, and skepticism persists that either side is ready to back down.

Oil producers across the Middle East face a tense countdown as the Iran war blocks the region’s main export artery, filling the countries’ storage tanks and threatening output cuts if the situation persists.

With shipping through the Strait of Hormuz suspended, Persian Gulf countries are having to stockpile the stranded supplies in storage tanks. Iraq — which has limited storage capacity — has been compelled to begin massive production cuts, and JPMorgan Chase & Co. warns that others like Saudi Arabia and the United Arab Emirates may need to follow suit within weeks.

Moderna Inc. agreed to pay $950 million to settle litigation related to the delivery technology behind its Covid shot, removing a looming financial risk for the struggling vaccine maker.

The company has settled all litigation worldwide with Arbutus Biopharma Corp. and Genevant Sciences GmbH over its existing and future vaccines, with no future royalties owed.

At issue were claims that Moderna had infringed on patents owned by Genevant and Arbutus related to lipid nanoparticles, or tiny bubbles of fat that Moderna used to deliver its Covid shot inside patients.

The German government has set up a task force to assess whether action may be required to contain fuel-price gains triggered by the Middle East conflict, though it sees no immediate need to intervene.

Stefan Kornelius, chief spokesman for Chancellor Friedrich Merz, told reporters at the regular government news conference Wednesday that authorities are “monitoring the situation” but currently see “no need whatsoever to respond.”

Asked about accusations that gas-station operators and oil companies may be exploiting the Iran crisis, a spokeswoman for the economy and energy ministry said the government had no evidence of such behaviour. She confirmed the establishment of a task force to monitor the situation.

Donald Trump deployed his Interior Secretary Doug Burgum to Venezuela on Wednesday as the president seeks to revive oil and mineral production in the South American country.

Burgum, who leads Trump’s Energy Dominance Council, is expected to meet with officials, including acting President Delcy Rodríguez, along with mining and oil executives during the trip, a White House official said. He’s also expected to unveil an oil deal while in Venezuela, delivering an early affirmation of Trump’s bid to boost crude production in the country, the official said.

The trip to Caracas comes as the US government steps up coordination with Venezuela’s interim government in the wake of the January capture of former President Nicolás Maduro.

Jet fuel prices are soaring around the world as oil traders grapple with the fallout of the Iran war, adding to wider concerns about global inflation.

In Europe, they’ve spiked to the highest since 2022 — the year that Russia began its invasion of Ukraine — while prices in the US and Asia hit a more than two-year high, according to figures from General Index. Costs are rallying faster than crude oil, which has risen as the Middle East conflict destabilises energy output and disrupts a crucial shipping route in the region.

US stocks rose on Wednesday (March 4) after a volatile previous session as investors eyed developments in the U.S.-Israeli war on Iran.

The Dow Jones Industrial Average added 180 points, or 0.4%. The S&P 500 traded up 0.3%, while the Nasdaq Composite moved 0.5% higher.

Federal Reserve Governor Stephen Miran said he thinks it’s still appropriate to continue cutting interest rates given that it’s too early to take a stance on the impact of war in the Middle East on the US economy.

“I believe it’s appropriate to continue acting,” Miran said Wednesday in an interview on Bloomberg TV. “Thus far, the evidence from events over the weekend hasn’t led me to change any of my forecasts for the labour market, for inflation.”

The European Union expects that the US won’t increase its universal tariff on the bloc to 15%, even after Treasury Secretary Scott Bessent said the higher rate would likely go into effect this week.

The EU received assurances that the US will keep a 10% universal tariff rate in effect for the bloc’s exports, according to people familiar with the matter, who spoke on the condition of anonymity.

Spokespeople for the US Trade Representative and the European Commission, which handles trade matters for the EU, declined to comment on the matter.

The European Union expects that the US won’t increase its universal tariff on the bloc to 15%, even after Treasury Secretary Scott Bessent said the higher rate would likely go into effect this week.

The EU received assurances that the US will keep a 10% universal tariff rate in effect for the bloc’s exports, according to people familiar with the matter, who spoke on the condition of anonymity.

Spokespeople for the US Trade Representative and the European Commission, which handles trade matters for the EU, declined to comment on the matter.

Every airline has contingency plans to manage disruptions from extreme weather or mechanical failures, but those based in the Middle East always have another item on their list: war.

And last week, Kuwait’s Jazeera Airways Co. was one of those mobilising after the US and Israel attacked Iran. The low-cost carrier grounded planes, whisked its crews and passengers to safe locations and worked diplomatic channels to get 200 Iranian customers back home by land through Iraq, Chief Executive Officer Barathan Pasupathi said.

Enacting these steps was complicated by the fact that Pasupathi, a Singaporean national who previously ran Jetstar Asia Airways, was in Munich when he received a call that nations across the Gulf were closing their airspace.

European stocks saw their biggest gain since May on increased investor optimism for a short-lived conflict in the Middle East.

The Stoxx Europe 600 rose 1.6% by 1:38 p.m. in London. The New York Times reported that Iran had earlier made indirect contact with the US to negotiate an end to the war, while US Defense Secretary Pete Hegseth said that he expected control of Iranian skies “in under a week.”

Stocks had earlier pared gains after Treasury Secretary Scott Bessent said a proposed 15% global tariff may take effect this week.

Stocks rose and oil steadied as developments in the Middle East boosted traders’ optimism that the war in Iran could be shorter-lived than initially feared. The dollar slid after two days of haven-driven gains.

S&P 500 futures advanced 0.3% after swinging between gains and losses. Brent crude dipped toward $81 a barrel. A selloff in global bonds eased, with the yield on 10-year Treasuries little changed at 4.06%. The dollar dropped 0.2%. Bitcoin topped $71,000.

Sentiment received a boost after the New York Times reported that Tehran had made indirect contact with the US to negotiate an end to the conflict, even though officials were skeptical that either Iran or the Trump administration was ready for an off-ramp. Defense Secretary Pete Hegseth said US and Israel had full control of Iranian airspace.

Private sector hiring was a bit better than expected in February, though most of the job creation came from just two sectors, ADP reported on Wednesday.

Companies added a seasonally adjusted 63,000 workers during the month, an improvement from the downwardly revised 11,000 in January and better than the Dow Jones consensus estimate for 48,000, according to the payrolls processing firm’s latest update. Read more.

CrowdStrike Holdings Inc. projected quarterly sales that were roughly in line with analysts’ estimates, signalling steady demand in an era when artificial intelligence has heightened concerns over cybersecurity threats.

Revenue will be $1.36 billion to $1.364 billion in the period ending in April, the Austin-based company said Tuesday in a statement. Analysts, on average, estimated $1.36 billion, according to data compiled by Bloomberg.

Treasury Secretary Scott Bessent said that President Donald Trump’s plan to increase a 10% universal tariff up to 15% will likely be done this week. “That’s likely sometime this week,” Bessent said on CNBC in response to a question about when the increase to 15% would be implemented.

Trump last month put a 10% universal levy in place after the Supreme Court invalidated most of his previous tariff regime. Bessent noted that the authority for the new duties only allows for the measure to last 150 days. During that time, he said that US trade authorities will be looking at using other legislation to resurrect the tariff regime that had been in place prior to the high court’s ruling.

Kraken has been awarded a limited purpose account by the Federal Reserve Bank of Kansas City, giving the crypto exchange direct access to the Fed’s core payment systems.

The account allows Kraken to move money on rails reserved for licensed banks, a privilege that lenders have long monopolised. Crypto and fintech firms typically rely on partner banks for access, as well as for compliance infrastructure like anti-money laundering monitoring.