GoAI Market Wrap - 12th Mar

Stock Market

U.S. equity indices finished mixed on Wednesday as investors continued to monitor the U.S.-Iran conflict and the trajectory of oil prices.

By the closing bell, the Dow Jones Industrial Average fell 0.61% to 47,417.27; the S&P 500 slipped 0.08% to 6,775.80; and the Nasdaq Composite rose 0.08% to 22,716.13.

Despite the International Energy Agency (IEA) announcing the release of 400 million barrels of oil reserves on Wednesday—the largest strategic reserve release in history—oil prices continued to climb. WTI crude oil futures rose more than 4% to settle at $87.25 per barrel, while Brent crude futures gained approximately 4.8% to close at $91.98 per barrel.

Ron Albahary, Chief Investment Officer at Laird Norton Wetherby, stated that the decision "does not solve the other issues that will affect the global economy." He pointed out that refined products transported through the Strait of Hormuz, such as jet fuel, remain a significant potential risk. "The market is now pondering one question: where is the 'exit path' for this conflict?" Albahary noted. "With both sides taking a hardline stance, it is difficult to see a positive resolution in the short term."

The U.S. President stated on Wednesday that there are "hardly any targets left to hit" within Iran and that U.S. military operations against Iran are "nearing an end," echoing similar remarks made on Tuesday.

Emmanuel Cau, Head of European Equity Strategy at Barclays, wrote in a Wednesday report: "Trump’s hint that the war may end soon following the violent fluctuations in oil prices might suggest he has reached his own 'pain threshold.' The longer the spike in oil prices persists, the greater the downward risk to corporate earnings and valuations."

Oracle ($ORCL) shares surged over 9% on Wednesday after the company reported third-quarter revenue and profit that exceeded analyst expectations and raised its revenue guidance for fiscal year 2027.

Global Markets

U.S. to Release 172 Million Barrels from Strategic Petroleum Reserve

U.S. Energy Secretary Chris Wright stated in a release that 172 million barrels will be released from the Strategic Petroleum Reserve starting next week. Wright noted that at the planned release rate, the process would take approximately 120 days to complete.

U.S. February Tariff Revenue Drops Over $1 Billion Following Overturn of "Reciprocal Tariffs"

U.S. tariff revenue reached $26.59 billion in February, declining again from the previous month, primarily due to the U.S. Supreme Court overturning most of President Trump's tariff measures. According to the Treasury Department’s monthly fiscal report released Wednesday, January tariff revenue stood at $27.74 billion.

Iran Sports Minister: Participation in World Cup Impossible

Iranian Sports Minister Ahmad Doniyamali stated on March 11 that given the current situation, it is impossible for the Iranian team to participate in this summer's FIFA World Cup in North America. Citing military strikes by the U.S. and Israel, he noted that the team has "no conditions to participate" and it is "absolutely impossible to compete."

Corporate News

Meta Advances MTIA Roadmap with Four Next-Gen Chips

On March 11, Meta ($META) announced the development of four new AI chips as part of its Meta Training and Inference Accelerator (MTIA) project. These will support generative AI features and content ranking systems. One chip, the MTIA 300, is already in production, while the MTIA 400, 450, and 500 are expected to launch between now and 2027.

Amazon Expands Euro Bond Issuance to €14.5 Billion

Reports indicate Amazon ($AMZN) has increased its Euro-denominated bond offering to a record €14.5 billion (approx. $16.8 billion). The company has set spreads for the eight-part offering, which features maturities ranging from 2 to 38 years.

Nvidia to Invest $2 Billion in Nebius: On March 11, Nvidia ($NVDA) and Nebius announced a strategic partnership to develop and deploy a next-generation hyperscale cloud platform for the AI market. Nvidia will invest $2 billion to support Nebius in deploying over 5 gigawatts of Nvidia systems by the end of 2030.

Uber Partners with Zoox for Robotaxi Deployment

Uber ($UBER) announced a partnership with Amazon’s autonomous driving unit, Zoox, to offer Zoox's purpose-built robotaxis on its platform. The service is slated to launch in Las Vegas this summer and expand to Los Angeles by mid-2027.

Forex & Commodities

International oil prices rose on March 11:

WTI Crude Oil Futures rose $4.96 (5.94%) to $88.41 per barrel.

COMEX Gold Futures fell $58.20 (1.11%) to $5,183.90/oz.

COMEX Silver Futures fell $3.68 (4.11%) to $85.91/oz.

Spot Gold dropped 0.32% to $5,176.20/oz; Spot Silver fell 2.88% to $85.74/oz.

Key Events

IEA Members to Release 400 Million Barrels of Emergency Reserves

32 member nations of the International Energy Agency (IEA) unanimously agreed to release 400 million barrels of oil—the largest in the agency's 50-year history—to counter market disruptions from the Middle East conflict.

This marks the sixth collective stock release since the IEA’s founding in 1974.

Cryptocurrency

Key Events

Mike McGlone Warns of Potential Drop to $10,000 for BTC

Bloomberg Intelligence Senior Commodity Strategist Mike McGlone reiterated his bearish view that Bitcoin could fall below $10,000 amid a macro-driven correction in risk assets.

However, many analysts remain skeptical, suggesting such a drop would require an extreme shock like a global liquidity crisis, and expect Bitcoin to consolidate between $60,000 and $70,000 in the near term.