Global Markets: European and American stock markets close lower collectively; most large tech stocks decline; spot gold drops nearly 4%

U.S. Stock Market: The three major U.S. stock indices all declined on March 3rd. At the close, the Dow Jones Industrial Average fell 403.51 points to 48,501.27, down 0.83%; the S&P 500 dropped 64.99 points to 6,816.63, down 0.94%; the Nasdaq Composite declined 232.17 points to 22,516.69, down 1.02%.

European Markets: All three major European stock indices declined on March 3rd. The UK FTSE 100 closed at 10,484.13, down 295.98 points or 2.75%; France’s CAC 40 closed at 8,103.84, down 290.48 points or 3.46%; Germany’s DAX closed at 23,790.65, down 847.35 points or 3.44%.

Most large tech stocks declined, with Micron down nearly 8%, Intel down over 5%, Tesla down more than 2%, Nvidia down over 1%, while Google and Apple saw slight declines; Microsoft rose over 1%, Amazon and Netflix saw small gains.

In earnings reports, Ross Stores reported Q4 revenue of $6.6 billion for fiscal 2025, up from $5.9 billion in the same period last year. Net profit was $646 million, up from $587 million. CrowdStrike’s Q4 revenue for fiscal 2026 was $1.31 billion, a 23% year-over-year increase from $1.06 billion in the same quarter last year. Net profit was $40.78 million.

Most popular Chinese concept stocks declined, with the Nasdaq Golden Dragon China Index down 3.34%. TSMC fell 4.33%, Alibaba down 4.89%, Pinduoduo down 2.05%, Amer Sports down 2.56%, JD.com down 2.69%, Baidu down 3.93%, ASE Semiconductor down 7.81%, Ctrip rose 0.43%, Futu Holdings fell 3.29%, Tencent Holdings (ADR) down 1.72%.

Commodities Market: International oil prices rose on March 3rd. At the close, NYMEX WTI crude oil futures for the current month increased $3.57 to $74.80 per barrel, up 5.01%. COMEX gold futures for the current month fell $212.10 to $5,099.50 per ounce, down 3.99%. COMEX silver futures declined $6.55 to $82.30 per ounce, down 7.38%. Spot gold dropped $233.47 to $5,088.65 per ounce, down 4.39%. Spot silver fell $7.30 to $82.06 per ounce, down 8.17%.

Overnight Headlines

Trump Claims Iran’s Military Capabilities Have Been Severely Damaged, Denies Being Dragged Into War by Israel

On March 3rd, U.S. President Trump met with German Chancellor Merz at the White House. Trump stated that the U.S. had previously negotiated with Iran but believed Iran was “ready to launch an attack first,” including strikes against Israel and other countries, prompting the U.S. to decide on a “preemptive” military action. He denied being dragged into war by Israel, saying, “If anything, I may have pushed Israel’s hand.”

Trump Says He Will Cut Off Trade, Spain Responds: U.S. Must Respect Bilateral Agreements

On March 3rd, in response to Trump’s announcement to sever trade relations with Spain, the Spanish government stated that the U.S. must respect bilateral agreements with the EU. Spain emphasized, “As a NATO member and a major EU exporter, Spain maintains a long-standing, mutually beneficial trade relationship with the U.S. If the U.S. wishes to change this, it must respect the autonomy of private enterprises, international law, and bilateral agreements between the EU and the U.S.”

NY Fed President Comments: Impact of Conflict Still to Be Seen, Rate Cuts Not Off the Table

John Williams, President of the New York Fed, recently said that the economic impact of the U.S.-Iran conflict will depend on asset prices, especially how long oil prices remain volatile. Asked about the potential inflation impact of the current conflict, Williams said, “We need to see how long this impact lasts.” So far, the financial market impact has been “moderate.”

Qatar Expands Production Halt to Urea, Polymers, Methanol, Aluminum, and Other Products

On Tuesday evening, QatarEnergy announced an expansion of production cuts to downstream products including urea, methanol, polymers, and aluminum produced within Qatar.

Fed’s Kashkari: Cloud of Iran War Adds Uncertainty to Monetary Policy Outlook

Minneapolis Fed President Kashkari said Tuesday that escalating Iran tensions increase uncertainty about the U.S. economic outlook, making the path of interest rate policy harder to predict. He, who has voting rights on the FOMC this year, stated that before the U.S. and Israel launched joint strikes on Iran, “I remain confident in the economic outlook.”

ECB Chief Economist Warns: Prolonged Middle East Conflict Could Worsen Growth and Inflation

European Central Bank Chief Economist Philip Lane warned that if the Middle East conflict persists and oil and gas supplies continue to decline, the Eurozone could face a dual shock of soaring inflation and sharply declining output. In an interview, Lane said, “Rising energy prices will exert upward pressure on inflation, especially in the short term.” He added that this development would also be “negative” for economic growth.

Strait of Hormuz “Choked”! Reports Say Saudi Aramco Plans to Reroute to Red Sea Ports for Self-Rescue

Latest reports indicate that Saudi Aramco is considering increasing crude shipments through Yanbu port. The day before, Iranian Revolutionary Guard Commander Jafari stated that any ships attempting to pass through the Strait of Hormuz would be destroyed, and Iran would not allow a single drop of oil to flow from the region.

SpaceX Valued at $1.75 Trillion? Analyst Says Long-Term Worth This Price

Franco Granda, senior analyst at PitchBook, said that a potential IPO valuation of SpaceX at $1.75 trillion is “reasonable.” Earlier, well-known American entrepreneur Peter Diamandis tweeted that SpaceX is rumored to file for IPO in March with a valuation of $1.75 trillion, with funds to be used for Starship, lunar and Mars missions, and Earth Dyson sphere projects.

Regional Tensions Lead to Suspension of Production at a Major Oil Field in Southern Iraq

On March 3rd, Iraq’s Ministry of Oil announced that due to the closure of the Strait of Hormuz disrupting international shipping and hindering oil tanker access to the Persian Gulf, the southern port oil tankers are short, and the Rumaila oil field in southern Iraq has suspended production. Additionally, due to regional tensions, the Kurdistan Regional Government (KRG) announced a halt to oil exports from its territory to Turkey’s Ceyhan port on the same day.

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