Trending Market News

Apple plans to open its Siri voice assistant to third-party AI services beyond ChatGPT, allowing integration with rivals like Google's Gemini and Anthropic's Claude, according to Bloomberg News. The move, expected with iOS 27, represents a significant shift in Apple's AI strategy as it seeks to position the iPhone as a broader AI platform and catch up with Silicon Valley competitors.

• Users will be able to route queries to different AI services from within Siri and choose which service handles each request through tools integrated with Apple Intelligence platform
• Apple could generate additional revenue by taking a cut from subscriptions to premium AI services accessed through its platform
• The company is expected to preview these new software features at its Worldwide Developers Conference in June, though plans could still change

Microsoft has ordered a hiring freeze across major divisions including its cloud unit and North American sales groups, according to The Information. The directive was issued by executives in recent weeks to managers at these key business segments. Three employees with direct knowledge confirmed the decision.

• The hiring freeze affects Microsoft's cloud division, a critical growth driver for the company's business
• North American sales groups are also impacted by the suspension of new hiring
• The decision was communicated by executives to managers in recent weeks across multiple major divisions

Elon Musk's lawyer has asked a federal judge to review a jury verdict that found Musk liable for defrauding Twitter investors, alleging jurors compromised their integrity by writing '$4.20' in blue ink on the verdict form as a joke. The March 20 verdict awarded nominal damages to investors who claimed Musk made false statements affecting Twitter's stock price. The lawyer argues this 'numerical joke' shows the jury was sending a message to Musk rather than rendering an impartial verdict.

• Musk's attorney Alex Spiro claims jurors 'mocked' Musk by writing '$4.20' in bright blue ink while other entries were in black, referencing marijuana culture and Musk's frequent use of the number 420
• The jury found Musk liable for two statements questioning whether Twitter was accurately counting spam bots, which investors claim was intended to pressure Twitter into renegotiating the buyout price
• Musk has repeatedly used '420' in business contexts, including pricing Tesla's Model S at $69,420 in 2020 and his 2018 tweet about taking Tesla private at $420 per share

United Airlines and its flight attendants union reached a tentative labor deal that includes their first pay raises in roughly six years. If ratified, United would become the last major U.S. carrier to secure a labor agreement with cabin crew since the pandemic ended. Flight attendants previously rejected a deal last July that included immediate 26% raises.

• Flight attendants last received raises approximately six years ago, making this their first compensation increase since before the pandemic
• The deal includes higher base pay, additional compensation for flight disruptions, and new restrictions on overnight flight assignments
• United flight attendants rejected a previous contract in July that would have provided immediate 26% pay increases

Medical device maker Stryker is recovering from a cyberattack that occurred on March 11, which disrupted its operations by impacting Windows-based devices connected to its systems. The company has restored electronic ordering systems and is working to return manufacturing to full capacity while coordinating with cybersecurity experts and authorities.

• The cyberattack affected cellphones, laptops, and remote devices running Microsoft Windows that connected to Stryker's platforms
• Electronic ordering systems have been restored, with the company now reconciling orders and working to manufacture and deliver products to customers
• Stryker operates in 61 countries with 56,000 employees, and authorities have attempted to seize domains linked to the hackers behind the attack

French spirits maker Pernod Ricard is considering acquiring Brown-Forman, the owner of Jack Daniel's whiskey, according to Bloomberg News. The Paris-listed company has reportedly held initial discussions with the Louisville, Kentucky-based Brown-Forman. Neither company has commented on the potential transaction.

• Pernod Ricard has engaged in preliminary discussions with Brown-Forman regarding a potential acquisition deal
• Brown-Forman, based in Louisville, Kentucky, owns the iconic Jack Daniel's whiskey brand
• Both companies declined to comment on the reported discussions when contacted by Reuters

French oil major TotalEnergies announced it will reevaluate its 2050 carbon neutrality targets, stating that global society is not transitioning away from fossil fuels fast enough to meet Paris Agreement goals. The company said it cannot adopt a formal 'Net Zero' transition plan under European reporting standards, citing dependence on technical innovation, public policies, and consumer choices beyond its control.

• TotalEnergies emitted 368 million metric tons of CO2 equivalent in 2025, down from 376 million tons in 2024, remaining within its target of under 400 million tons through 2030
• The company acknowledged that society has begun an energy transition 'but at a pace that does not yet allow for the collective achievement of carbon neutrality' under the Paris Agreement
• Other European oil majors BP and Shell have similar 2050 carbon intensity targets but also cite the pace of societal transition from hydrocarbons as a critical factor in achieving goals

Apple announced a $400 million expansion of its American Manufacturing Program through 2030, adding four new partners—Bosch, Cirrus Logic, TDK, and Qnity Electronics—to manufacture components domestically. This expansion is part of Apple's larger $600 billion, four-year commitment to U.S. manufacturing and innovation, aimed at strengthening domestic supply chains and creating jobs.

• Apple will purchase over 100 million advanced chips from TSMC's Arizona facility in 2026, a significant increase from 2025 production levels
• New partners will produce critical components including sensors for camera stabilization (TDK), chips for Crash Detection (Bosch), and Face ID semiconductors (Cirrus Logic)
• Apple has absorbed approximately $3.3 billion in tariff costs since Trump's trade policies began, choosing not to raise consumer prices

Kodiak Sciences' stock surged 52% in premarket trading after its experimental eye drug Zenkuda met primary endpoints in a late-stage trial for diabetic retinopathy. The trial showed 62.5% of patients achieved at least a two-step improvement on retinopathy severity scales at 48 weeks versus 3.3% on placebo. The company plans to accelerate its FDA approval submission.

• Patients on Zenkuda saw an 85% reduction in risk of developing sight-threatening complications such as proliferative diabetic retinopathy
• The drug was well tolerated with no reported cases of vision-threatening conditions like blood vessel or eye inflammation
• Zenkuda demonstrated consistent efficacy regardless of whether patients were taking GLP-1 medications

Brazilian state-run oil company Petrobras announced the discovery of high-quality oil in the pre-salt area of the Campos Basin off Rio de Janeiro's coast. The find was made at exploratory well 3-BRSA-1397-RJS in the Marlim Sul field, marking another significant discovery in Brazil's prolific offshore oil region.

• The discovery was made in the pre-salt area of the Campos Basin, a geologically complex but highly productive zone that has been central to Brazil's oil production growth
• The oil was found at the Marlim Sul field, located off the coast of Rio de Janeiro state
• Petrobras characterized the discovery as 'high-quality' oil, though specific volume estimates were not provided in the initial announcement

Korean Air announced plans to purchase 103 Boeing aircraft between 2026 and 2039, valued at $36.2 billion based on 2025 list prices. The order includes a mix of wide-body and narrow-body planes across Boeing's product lineup, representing a significant fleet expansion for South Korea's flag carrier.

• The order comprises 20 B777-9s, 25 B787-10s, 50 B737-10s, and 8 B777-8F cargo planes
• Total purchase value of $36.2 billion is based on 2025 list prices, though airlines typically negotiate substantial discounts
• Deliveries will span 13 years from 2026 to 2039, supporting Korean Air's long-term fleet modernization strategy

Google's top legal counsel in India, Bijoya Roy, has resigned after 16 months in the role, leaving the U.S. tech giant without key leadership as it faces mounting regulatory challenges in one of its most crucial markets. The departure follows the exit of Google's head of public policy last year, a position that remains unfilled. India is a strategic market for Google, as most smartphones in the country run on its Android operating system.

• Roy resigned last month for personal reasons to start her own venture, marking another high-profile leadership gap at Google India
• Google faces multiple regulatory hurdles in India including antitrust challenges, new AI training regulations, and digital competition rules that took effect in February
• Despite the turmoil, Google announced a $15 billion investment in October to build an AI data center in India's Andhra Pradesh state over five years

Barclays warns that a prolonged closure of the Strait of Hormuz due to the Iran war could eliminate 13-14 million barrels per day of oil supply, roughly a fifth of global oil. The bank expects traffic to normalize by early April in its base case, with Brent averaging $85/barrel in 2026, but prolonged disruptions could push prices to $100-$110 per barrel. Brent is currently trading at $104.36, up over 2% Thursday.

• The disruption represents the largest geopolitical shock to energy markets since the 1990 Gulf War, affecting roughly 20% of global oil and LNG supplies with world demand at 104-105 million bpd
• Price scenarios: normalization by early April could mean $85/barrel Brent in 2026, but disruptions through end-April could push prices to $100, and through end-May to $110
• Supply response is structurally weaker than past crises due to under-delivering OPEC+ spare capacity and decelerating non-OPEC+ growth from years of under-investment

Swedish fashion retailer H&M reported first-quarter operating profit of 1.51 billion crowns ($162 million), exceeding analyst expectations of 1.39 billion crowns, despite a 1% decline in organic sales. The company announced March sales increased 1% in local currencies, driven by positive reception of spring collections. H&M is monitoring Middle East tensions and their impact on global trade, though the region represents a small portion of total sales.

• Operating profit rose to 1.51 billion crowns, beating the analyst consensus of 1.39 billion crowns, marking the third consecutive quarter of profit growth despite a 1% organic sales decline
• CEO Daniel Erver cited well-received spring collections for driving positive sales trends that continued into March, with local-currency sales up 1% that month
• The company maintains supply chain flexibility with low air freight dependence to adapt to Middle East tensions, including the closure of the Strait of Hormuz, though Middle Eastern markets account for only a small portion of sales through franchise partners

Tropical Cyclone Narelle, a category 3 storm intensifying to category 4, forced the closure of four major iron ore and LNG ports in Western Australia's Pilbara region on Thursday. The shutdowns affect key export operations by Chevron, Rio Tinto, Mineral Resources, and Santos, though the world's largest iron ore export hub, Port Hedland, remains open.

• Four ports closed due to the cyclone: Ashburton (used by Chevron's Wheatstone LNG plant and Mineral Resources' iron ore), Dampier (Rio Tinto's iron ore and salt exports), Cape Preston West, and Varanus Island (Santos operations)
• The cyclone was forecast to intensify from category 3 to category 4 by Thursday afternoon, bringing strong gales and storm force winds to the resource-rich Pilbara region
• Port Hedland, the world's largest iron ore export terminal, continues operating despite the severe weather affecting neighboring ports

German consumer goods maker Henkel is in advanced talks to acquire U.S. hair care brand Olaplex in a deal valued at approximately $2 billion. The acquisition could be announced in the coming days, according to Bloomberg reports. The deal would expand Henkel's presence in the premium hair care market.

• The transaction values Olaplex at around $2 billion
• An announcement could come within days as negotiations are in advanced stages
• Neither Henkel nor Olaplex immediately responded to requests for comment on the reported acquisition

Valero Energy began restarting its 380,000 barrel-per-day Port Arthur, Texas refinery on Wednesday, two days after an explosion at a diesel hydrotreater unit forced a complete shutdown. The damaged 47,000-bpd hydrotreater will remain offline for repairs while other units are brought back online. The incident highlights operational risks at major U.S. refining facilities.

• The explosion on Monday night shut down 14 units including the 210,000-bpd crude distillation unit, the refinery's larger CDU that converts crude oil into feedstocks
• Key production units offline include a 75,000-bpd fluid catalytic cracking unit, 57,000-bpd hydrocracker, and 100,000-bpd coker used for diesel and gasoline production
• Valero plans a cautious restart to avoid further explosion or fire risks as production is restored at the idled facility

Australia's Lynas Rare Earths has partnered with South Korea's LS Eco Energy to produce rare earth metals and magnets. LS Eco Energy will convert Lynas's rare earth materials into metals in Vietnam and manufacture permanent magnets in Virginia, U.S. This partnership addresses critical supply chain needs for rare earths used in electronics, electric vehicles, and military systems.

• Lynas is the world's largest rare earth producer outside China, reducing dependence on Chinese supply chains
• LS Eco Energy, a unit of major cable maker LS Cable & System, will process materials in Vietnam and manufacture magnets in the United States
• Rare earth magnets are essential components in devices ranging from iPhones and appliances to F-35 jets and electric vehicles

Shareholders filed a class action lawsuit against Super Micro Computer (SMCI), alleging the company concealed its dependence on sales to China that violated U.S. export laws. The lawsuit follows criminal charges against co-founder Wally Liaw and others for allegedly using a Southeast Asian intermediary to sell $2.5 billion worth of Nvidia chip-equipped servers to China. Super Micro's stock plunged 33% after the criminal charges were announced, erasing $6.1 billion in market value.

• Criminal prosecutors allege that Liaw and an associate directed a Southeast Asian company to buy $2.5 billion of servers with Nvidia chips in 2024-2025, circumventing U.S. export restrictions to China
• Super Micro's stock dropped 33% following the criminal charges announcement, wiping out approximately $6.1 billion in market capitalization, and Liaw subsequently resigned from the company's board
• The civil lawsuit targets Super Micro, CEO Charles Liang, and CFO David Weigand, seeking damages for investors between April 30, 2024, and March 19, 2026, while neither Super Micro nor Nvidia face criminal charges

Elon Musk's legal team is demanding Delaware Court of Chancery Judge Kathaleen McCormick recuse herself from two Tesla-related lawsuits, alleging bias after she reportedly used an emoji to support a social media post about a separate verdict that could cost Musk upwards of $2 billion. McCormick previously ordered Tesla to rescind Musk's $56 billion pay package before being partially overturned on appeal.

• McCormick allegedly responded with an emoji to a post celebrating a San Francisco federal court verdict that could cost Musk over $2 billion, though she claims she did not read the full text
• Two active cases before McCormick involve Tesla directors' compensation and a consolidated shareholder lawsuit related to Tesla's $2 billion investment in xAI, which was later acquired by SpaceX
• Delaware's Supreme Court ruled in 2025 that McCormick's decision to void Musk's 2018 pay package was too extreme, prompting Musk to previously move his businesses' incorporation out of Delaware