Trending Market News

GSK and Amgen will add their medicines to TrumpRX, a prescription drug website launched by President Donald Trump's administration, according to a Fox Business report. The move expands the pharmaceutical options available through the government-backed platform.

• Two major pharmaceutical companies, GSK and Amgen, are joining the TrumpRX prescription drug platform
• TrumpRX is a prescription drug website launched by the Trump administration
• The addition of these companies' medicines will expand the drug selection available through the government platform

Meta is planning major layoffs affecting potentially 20% or more of its workforce (around 79,000 employees as of December 31) as it seeks to offset rising AI infrastructure costs and leverage AI-driven efficiency gains. The cuts would mark Meta's largest reduction since its 2022-2023 'year of efficiency' restructuring. The company is investing heavily in AI, including $600 billion planned for data centers by 2028.

• Meta plans to invest $600 billion in data centers by 2028 and has offered compensation packages worth hundreds of millions of dollars to attract top AI researchers to a new superintelligence team
• CEO Mark Zuckerberg cited efficiency gains from AI, noting that 'projects that used to require big teams now be accomplished by a single very talented person'
• The layoffs reflect a broader tech industry trend, with Amazon cutting nearly 10% of its workforce in January and Block making similar reductions, both citing AI capabilities as enabling smaller teams

Spirit Airlines plans to slash its fleet to approximately 76-80 aircraft by Q3 2026, down from 214 planes when it entered bankruptcy in August 2025. The drastic reduction to roughly one-third of its pre-bankruptcy size is part of a deep restructuring aimed at cutting debt from $7.4 billion to about $2 billion while the carrier seeks buyers and targets bankruptcy emergence by June 2026.

• Spirit currently operates 114 aircraft and will reduce to 76-80 planes (primarily Airbus A320 and A321ceo jets) by Q3 2026, focusing on strongest markets including Fort Lauderdale, Orlando, Detroit, and New York City
• A bankruptcy auction is underway with CSDS Asset Management as stalking-horse bidder at $530 million floor price, with competing bids due April 20; restructuring aims to cut debt obligations from $7.4 billion to approximately $2 billion
• Fuel price volatility linked to the Iran war has complicated bankruptcy exit negotiations and cash-flow projections, extending timeline beyond initial expectations for Chapter 11 plan confirmation targeted for late May or June

President Trump announced that U.S. Central Command executed a major bombing raid on Iran's Kharg Island, targeting military infrastructure while deliberately sparing oil facilities. The strike hit a strategically vital island that handles approximately 90% of Iran's crude exports with a capacity of 7 million barrels per day. Oil prices have surged above $100 per barrel for the second consecutive day following the operation.

• Kharg Island accounts for roughly 90% of Iran's crude oil exports and has a loading capacity of approximately 7 million barrels per day, making it one of Iran's most sensitive economic targets
• The five-mile-long island in the Persian Gulf had previously been left untouched through waves of U.S. and Israeli strikes against Iran, with analysts warning that attacking it carries extremely high geopolitical and economic risks
• Oil prices closed above $100 per barrel for the second straight day, though the Trump administration claims it expects prices to fall dramatically once Operation Epic Fury concludes

President Donald Trump signed two executive orders on March 13 aimed at improving housing affordability by reducing regulatory burdens on homebuilding and easing mortgage lending rules. The orders direct federal agencies to eliminate regulations that delay residential construction and restrict credit access, as the White House addresses a key voter concern ahead of November's midterm elections.

• The first order directs agencies to review and eliminate permitting and environmental requirements that slow housing projects and increase developer costs to accelerate new housing supply
• The second order instructs regulators to examine rules that have discouraged smaller lenders from offering home loans and restricted access to credit for homebuyers
• The orders build on earlier administration efforts including pushing Fannie Mae and Freddie Mac to expand mortgage-backed securities purchases and curbing institutional investors' single-family home purchases

SpaceX has selected Gibson Dunn as its legal counsel and Davis Polk to represent underwriting banks for its planned IPO, marking concrete preparation steps for a public listing. The offering could value the company at $1.75 trillion, making it one of the world's most valuable companies. A confidential filing could come as soon as this month, with major banks including Bank of America, Goldman Sachs, JPMorgan, and Morgan Stanley being interviewed for lead roles.

• SpaceX hired Gibson Dunn for legal representation while underwriting banks chose Davis Polk & Wardwell, with a potential confidential filing expected as early as this month
• The IPO could value SpaceX at $1.75 trillion, making it one of the most highly valued companies globally and giving public investors their first opportunity to buy shares
• The offering is part of a strong 2026 IPO market alongside planned mega-offerings from AI companies Anthropic and OpenAI

Elon Musk has removed multiple co-founders from his AI startup xAI amid dissatisfaction with the underperformance of its coding division, according to the Financial Times. The departures of co-founders Guodong Zhang and Zihang Dai leave only two of the original 12 co-founders remaining at the three-year-old company. The upheaval follows Musk's recent merger of xAI with SpaceX ahead of a planned IPO.

• Co-founders Guodong Zhang (head of Imagine team) and Zihang Dai departed this week after audits by 'fixers' from SpaceX and Tesla deemed work inadequate, leaving only 2 of 12 original co-founders
• Staff complaints cite damaged morale and burnout from Musk's 'extremely hardcore' work demands, with researchers continuing to leave for rival offers
• Musk apologized on X for past rejections and said he will reach out to previously declined candidates, while recruiters contact rejected applicants with improved financial terms

A Luxembourg court overturned Amazon's record €746 million ($854 million) GDPR fine from 2021, ruling that the country's data protection regulator failed to properly analyze whether the violation was intentional or negligent. The regulator must now reassess the case against Amazon's online behavioral advertising practices, though the company has already brought its practices into compliance.

• The court found Luxembourg's CNPD did not examine whether Amazon intentionally violated GDPR rules or was merely negligent, and 'almost automatically' issued the fine without considering other sanction options
• The original 2021 penalty concerned Amazon's processing of users' personal data for online behavioral advertising, which regulators said breached EU privacy rules
• Despite the fine being annulled, the CNPD stated that Amazon has already brought its advertising practices into full compliance with relevant GDPR provisions

Amazon is raising the price of its ad-free Prime Video tier from $2.99 to $4.99 per month starting April 10, representing a 67% increase. The service, being rebranded as 'Prime Video Ultra,' will include enhanced features like streaming on five devices simultaneously and 4K quality. The move follows Amazon's introduction of ads to Prime Video in 2024, which requires members to pay extra for ad-free content despite already paying $139 annually for Prime membership.

• The price increase takes effect April 10, raising the ad-free tier to $4.99/month from $2.99/month, while adding features including simultaneous streaming on 5 devices, up to 100 downloads, and 4K streaming
• Prime Video's ad-supported audience grew to over 315 million viewers globally, up from 200 million in April 2024, demonstrating strong user retention despite the 2024 introduction of ads
• Amazon's advertising revenue rose 22% year-over-year to $68.6 billion in 2025, with the company ranking third in the digital ad market behind Google and Meta

Boeing is repairing up to 25 undelivered 737 MAX aircraft due to wiring flaws, potentially delaying first-quarter deliveries. This follows the company's earlier disclosure of small scratches on jets caused by a machining error. While some March deliveries will be delayed, the impact is expected to be less extensive than initially anticipated.

• As many as 25 undelivered 737 MAX jets require wiring repairs due to identified flaws
• The issue adds to Boeing's recent quality problems, including scratches from machining errors disclosed earlier in the week
• Some March deliveries will face delays, though the overall impact is now expected to be less severe than Boeing initially projected

United Steelworkers union members at BP's Whiting refinery in Indiana overwhelmingly rejected the company's final contract offer, with 98.3% voting against it on March 12. The rejection affects approximately 800 workers at the largest refinery in the U.S. Midwest and comes after their contract expired on January 31, leaving negotiations at an impasse.

• An unprecedented 94% turnout resulted in 98.3% of union members rejecting BP's 'last, best, and final' offer after two months of negotiations
• The union claims BP's proposal included significant concessions: limiting strike rights, stripping bargaining rights, base wage cuts, elimination of 100 union jobs, and ending seniority protections for layoffs
• Workers continue operating under rolling 24-hour extensions of their previous agreement while the union bargaining committee asks BP to present a more serious proposal

Brazilian state-run oil company Petrobras announced a diesel price increase of 0.38 reais ($0.0725) per liter starting March 14, bringing the average price to 3.65 reais per liter. The hike follows a surge in global oil prices due to conflict with Iran, which created a record gap between Petrobras' local prices and international benchmarks. Brazil's government scrapped diesel taxes on Thursday to help offset the impact on consumers.

• The price adjustment addresses a widening gap between local and international diesel prices that made distributors reluctant to purchase from Petrobras due to concerns about higher resupply costs
• The government responded by eliminating taxes on diesel while imposing a levy on oil exports to cushion the blow of higher global prices on Brazilian consumers
• CEO Magda Chambriard scheduled a press conference to further discuss the price hike and its implications for the market

Crude oil supply cuts are approaching 12 million barrels per day due to a U.S.-Israeli conflict with Iran that has disrupted tanker traffic through the Strait of Hormuz for nearly two weeks. JPMorgan reports that production shut-ins have reached 6.5 million bpd, while global supply sits roughly 7 million bpd below demand, creating severe shortages of diesel, jet fuel, and other refined products.

• Commercial tanker traffic through the Strait of Hormuz, which handles one-fifth of global oil supply, remains extremely limited with most vessels now Iranian-flagged and headed to China; supplies to Asia could run out this week and Europe-bound flows may halt next week
• Approximately 2 million bpd of Middle Eastern refining capacity is offline due to export constraints and infrastructure attacks, with about 5 million bpd of refined products normally transiting the disrupted waterway
• Europe faces particular vulnerability as it heavily depends on Middle Eastern diesel and jet fuel following its ban on Russian imports; limited spare refining capacity globally means adjustments will likely result in higher product prices rather than increased output

Kharg Island, Iran's strategic oil hub in the Persian Gulf that handles 90% of the country's crude exports with 7 million barrels per day capacity, has remained untouched during nearly two weeks of U.S. and Israeli strikes on Iran. The Trump administration has reportedly discussed seizing the island, but analysts warn any such operation would require approximately 5,000 ground troops and would likely trigger sustained oil price increases in already volatile markets.

• Seizing Kharg Island would require significant military commitment of roughly 5,000 ground combat troops and would be a high-risk operation both geopolitically and economically
• Oil prices have already been climbing since U.S.-Israeli airstrikes began Feb. 28, with Brent crude at $99.45 and WTI at $93.81, while Iran retaliates by targeting ships in the Strait of Hormuz where 20% of global oil and gas passes
• Disabling the island could knock out up to half of Iran's 3.3 million barrels per day production, as the country has limited export alternatives and the loss would 'rapidly trigger upstream shut-ins across major southwest fields'

Adobe will pay $75 million to the U.S. government to settle a lawsuit alleging the company harmed consumers by hiding substantial termination fees in its popular subscription plans and making cancellations difficult. As part of the settlement, Adobe will also provide $75 million worth of free services to qualifying customers.

• The lawsuit accused Adobe of concealing hefty termination fees in its most popular subscription plan
• Adobe agreed to pay $75 million to the U.S. government plus provide another $75 million in free services to eligible customers
• The case centered on allegations that Adobe made it difficult for subscribers to cancel their Photoshop and Acrobat subscriptions

The U.S. FDA has expanded approval for GSK's RSV vaccine Arexvy to include adults aged 18 to 49 who are at increased risk of respiratory tract disease from the virus. The vaccine was previously approved only for adults 50 and older. An estimated 21 million Americans under 50 have at least one risk factor for severe RSV infection.

• Arexvy now covers a significantly expanded age range, from its previous approval for adults 60+ and at-risk adults 50-59
• Approximately 21 million U.S. adults under age 50 have at least one risk factor for severe RSV infection, representing a substantial new market
• GSK faces competition from Moderna's mRESVIA and Pfizer's Abrysvo in the RSV vaccine market, with European regulators also considering broader approval for adults 18+

U.S. markets experienced their worst day since the Iran war began as oil prices surged past $100 per barrel amid Middle East turmoil and a shuttered Strait of Hormuz. Despite historic oil volatility and a massive 400-million-barrel emergency reserve release by the IEA, energy markets remain under severe stress, particularly affecting Asia. Multiple central banks meet next week as policymakers face the biggest crisis since the pandemic, while concerns grow about risks in opaque private credit markets.

• Oil prices saw a record $35 intraday swing with Brent crude nearing $120/barrel before falling below $90, eventually settling back above $100 as Tehran warned prices could reach $200
• U.S. gasoline prices are rising sharply and the Fed's preferred inflation gauge (PCE) is expected to remain well above the 2% target when released today
• JPMorgan is reassessing private credit loan exposure, raising concerns about hidden risks similar to pre-2008 subprime housing tremors that could be exposed by the current exogenous shock

The United States issued a 30-day waiver allowing countries to purchase sanctioned Russian oil currently at sea, aimed at stabilizing global energy markets disrupted by U.S. and Israeli strikes on Iran. Russia's Kremlin spokesman said the two countries share a common interest in market stabilization, noting that significant Russian oil volumes are essential for calming energy markets.

• The waiver marks the second major rollback of Ukraine war-related U.S. sanctions in just over one week, as the administration attempts to tame energy prices after strikes on Iran paralyzed shipping through the Strait of Hormuz
• Kremlin spokesman Dmitry Peskov stated that 'without significant volumes of Russian oil entering the market, such stabilisation is impossible' and acknowledged aligned interests between Russia and the U.S. on energy market stability
• The Kremlin warned of risks that the global energy crisis could escalate further despite the temporary sanctions relief measure

Apple announced it will reduce App Store commission fees in mainland China from 30% to 25% starting March 16, following pressure from Chinese regulators in the company's second-largest market. The move is estimated to save Chinese developers $873 million annually and represents a significant win for app developers and 'super app' operators like Tencent and ByteDance.

• Standard in-app purchase fees drop from 30% to 25%, while fees for small business and mini apps programs decrease from 15% to 12%
• The fee reduction follows discussions with China's IT ministry and comes amid antitrust scrutiny of Apple's 'Apple Tax' globally, including EU legislation that forced fees down to 10-17%
• Chinese state media framed the move as benefiting consumers, estimating savings of nearly 1 billion yuan annually on digital goods and services

ByteDance, TikTok's Chinese parent company, is deploying high-end Nvidia AI chips outside China by partnering with Southeast Asian cloud provider Aolani Cloud in Malaysia. The arrangement allows ByteDance to access advanced computing power that may be restricted from direct shipment to China due to export controls.

• ByteDance is deploying approximately 500 Nvidia Blackwell computing systems in Malaysia, totaling roughly 36,000 B200 chips
• The deployment is being executed through partnership with Southeast Asian firm Aolani Cloud
• The offshore approach suggests ByteDance is circumventing U.S. restrictions on exporting advanced AI chips to China