Trending Market News

Amazon's e-commerce website experienced a significant outage on Thursday, March 5, affecting thousands of users across the United States. According to Downdetector, more than 19,800 reports were filed by 3:19 p.m. ET, with users reporting problems logging in, checking out, and browsing products. Amazon has not yet commented on the cause of the disruption.

• Over 19,800 outage reports were logged on Downdetector as of 3:19 p.m. ET on Thursday
• Users reported issues with core functions including login, checkout, and product browsing across the Amazon website
• Amazon has not responded to requests for comment on what caused the outage or its expected duration

A senior FDA official publicly stated that UniQure's gene therapy for Huntington's disease is a 'failed' treatment and requires a new placebo-controlled study to prove efficacy. The agency disputes UniQure's claim that conducting such a trial would be unethical due to the need for sham brain surgery. This escalates an ongoing public dispute between UniQure and the FDA over the approval pathway for the treatment.

• The FDA is requiring UniQure to conduct a randomized, placebo-controlled trial, rejecting the company's use of an external control database to measure patient outcomes
• UniQure claims a placebo-controlled study is unethical because it would require patients to undergo hours-long sham brain surgery under general anesthesia, but the FDA official disputed this characterization
• UniQure's stock has fallen 58% this year amid the dispute, though it rose more than 10% on Thursday following the FDA's public comments

The FDA approved Johnson & Johnson's blood cancer drug Tecvayli in combination with Darzalex for multiple myeloma patients who have received at least one prior therapy. The approval came in just 55 days under the FDA's new speedy National Priority Voucher Program, compared to the typical 10-12 month review period. The combination therapy reduced the risk of disease progression or death by 83% in late-stage trials.

• This is the third drug cleared under the FDA's National Priority Voucher Program, which cuts review time from 10-12 months to 1-2 months; the decision was issued 55 days after filing
• The Tecvayli-Darzalex combination reduced risk of disease progression or death by 83% relative to standard care in late-stage trials for multiple myeloma patients
• The FDA also converted Tecvayli's 2022 accelerated approval to traditional approval for standalone use in patients who have received at least four prior lines of therapy

Roche's experimental obesity drug petrelintide demonstrated up to 10.7% weight loss over 42 weeks in a mid-stage trial with 493 patients, significantly outperforming the 1.7% loss seen with placebo. Roche gained access to the drug through a collaboration and licensing deal with Denmark's Zealand Pharma in the previous year.

• The trial showed petrelintide achieved 10.7% body weight reduction over 42 weeks compared to just 1.7% with placebo
• The study involved 493 patients in a mid-stage clinical trial conducted by Genentech, Roche's subsidiary
• Roche obtained rights to petrelintide through a licensing agreement with Danish biotech Zealand Pharma

Oracle is planning thousands of job cuts across multiple divisions as it faces financial strain from its massive AI data center expansion. The company has committed significant capital to build infrastructure for major clients including OpenAI ($300 billion deal), xAI, and Meta, raising investor concerns about its rising debt load. The layoffs, expected as soon as this month, are broader than Oracle's typical workforce reductions and come as the company freezes hiring in its cloud division.

• Oracle has approximately 162,000 full-time employees as of May 31, 2025, and the planned cuts will be wider-reaching than typical rolling layoffs
• The company announced a $300 billion deal with OpenAI and is expanding data centers to serve customers including Elon Musk's xAI and Meta, fueling investor concerns about funding and debt
• Some job cuts target categories expected to shrink due to AI, while Oracle has also frozen or slowed hiring in its cloud division by reviewing open positions

Venezuela's acting President Delcy Rodriguez signed oil deals with Shell, according to state television reports on Thursday. The announcement came during a visit by U.S. Interior Secretary Doug Burgum to Venezuela, though no details about the agreements were disclosed.

• State television VTV showed silent footage of the meeting but provided no specifics about the terms or scope of the oil deals
• The deal signing occurred while Venezuela hosted U.S. Interior Secretary Doug Burgum, suggesting potential broader energy diplomacy efforts
• Shell becomes the latest international major to engage with Venezuela's oil sector under the Rodriguez administration

Prada plans to restructure its recently acquired Versace brand by reducing outlet sales, eliminating secondary lines like Versace Jeans, and focusing on full-price retail. New creative director Pieter Mulier will join in July 2026, with his first collection debuting in early 2027. The transformation aims to improve Versace's profitability after it posted an operating loss in 2025.

• Versace has one of the industry's highest outlet exposures, with over 30% of sales from discounted channels and 62 brick-and-mortar outlet stores
• Versace reported 684 million euros in revenue for 2025 and is expected to see mid-single-digit sales decline in 2026, with operating losses projected to remain in the two-digit range
• Prada will shut down Versace Jeans and other sub-brands while relaunching the top-tier Atelier Versace line focused on haute couture, with profitability improvement expected from 2027

The Federal Reserve terminated its enforcement action against Wells Fargo on March 5, ending nearly a decade of regulatory oversight stemming from the bank's fake accounts scandal. The 2018 action had included an unprecedented asset cap on the bank's growth, which was lifted in 2025, and the Fed now says Wells Fargo has sufficiently overhauled its operations.

• The enforcement action lasted nearly 10 years, with remediation work beginning after the widespread fake accounts scandal
• The Fed's 2018 action included an unprecedented asset cap restricting Wells Fargo's growth, which was removed in 2025
• The termination signals the Fed's determination that the bank has completed sufficient operational reforms

Netflix has acquired InterPositive, an AI-powered filmmaking technology company founded by Ben Affleck in 2022. The deal, with undisclosed financial terms, marks Netflix's first acquisition since its pursuit of Warner Bros Discovery assets and signals Hollywood's growing acceptance of AI tools in content production. Affleck will join Netflix as a senior advisor.

• InterPositive's AI model is designed to understand visual logic and editorial consistency while maintaining cinematic rules under real-world production challenges like missing shots or incorrect lighting
• Netflix Chief Content Officer emphasized that new tools should 'expand creative freedom, not constrain it or replace the work of writers, directors, actors, and crews'
• The acquisition reflects a broader industry shift, following Disney's late 2025 partnership with OpenAI to use Star Wars, Pixar, and Marvel characters in AI video generation

JD.com reported its first quarterly loss since early 2022, posting a net loss of 2.71 billion yuan ($392.9 million) in Q4, compared to a profit of 9.85 billion yuan a year earlier. The loss was driven by aggressive subsidies in China's competitive food-delivery market, where JD.com has been battling Meituan and Alibaba since entering the sector in early 2025.

• The Q4 loss of 2.71 billion yuan significantly exceeded analyst expectations of a 203.6 million yuan loss, while non-GAAP adjusted net profit fell 90% to 1.08 billion yuan
• Despite the quarterly loss, full-year 2025 revenue grew 13% to 1,309.1 billion yuan ($187.2 billion), with core JD Retail achieving double-digit growth in both revenue and operating profit
• JD Retail's Q4 operating margin held steady at 3.2%, while full-year operating income rose to 51.4 billion yuan with an improved margin of 4.6%, showing resilience in the core business

President Donald Trump and Attorney General Pam Bondi face a lawsuit challenging their approval of ByteDance's TikTok divestiture deal, which created an 80% American-owned joint venture. The lawsuit, filed by the Public Integrity Project on behalf of U.S. investors in rival social media firms, alleges the deal violates a 2024 law requiring full divestiture of TikTok's U.S. assets and allows ByteDance to retain control over content and algorithms.

• Congress passed legislation in April 2024 requiring ByteDance to sell TikTok's U.S. assets by January 2025 or face a ban and potentially hundreds of billions in fines, but Trump declined to enforce the law.
• The approved joint venture is 80% owned by non-Chinese investors, but the lawsuit claims ByteDance still controls essential elements like algorithms and content, enabling Chinese propaganda and censorship.
• This marks the first legal challenge to the deal involving TikTok's 200 million U.S. users, and could reveal details about the joint venture structure that has faced criticism from lawmakers.

U.S. investment fund Flacks Group has expressed interest in acquiring Thyssenkrupp's steel division if the German industrial conglomerate's current sale efforts fail. CEO Michael Flacks stated the firm would be 'ready to bid' for the steel unit. This represents a potential backup option for Thyssenkrupp as it seeks to divest its struggling steel operations.

• Flacks Group CEO confirmed the firm's readiness to submit a bid if ongoing sale negotiations collapse
• The statement provides Thyssenkrupp with an alternative buyer option for its steel division, which has been seeking divestment
• The U.S. investment fund's interest suggests continued market appetite for European steel assets despite industry challenges

BP evacuated foreign staff from Iraq's Rumaila oilfield after two unidentified drones landed at the facility on Thursday, amid broader disruptions from the Iran war. The incident comes as Iraq has cut oil production by nearly 1.5 million barrels per day due to export constraints caused by the closure of the Strait of Hormuz, with further cuts expected.

• Two unidentified drones landed inside the Rumaila oilfield, prompting BP to evacuate foreign personnel as a safety precaution
• Iraq has reduced oil production by nearly 1.5 million bpd, with potential cuts exceeding 3 million bpd as storage fills and exports remain blocked due to the Iran conflict
• Rumaila's output, normally 1.4 million bpd, was already reduced by 700,000 bpd prior to the drone incident

Britain's Revolut has applied for a U.S. bank charter and appointed former Visa executive Cetin Duransoy as its new U.S. CEO as part of its expansion strategy. The fintech company, which serves 70 million clients across 40 markets, plans to invest $500 million in the U.S. over the next three to five years. If approved by regulators, Revolut will offer deposits, loans, credit cards, and payment services in the lucrative American market.

• Revolut needs approval from the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation to gather deposits, make loans, and issue credit cards in the U.S.
• The company plans to invest $500 million in the U.S. over three to five years, covering bank capital, marketing, and hiring to help reach its global goal of 100 million customers
• Former U.S. CEO Sid Jajodia will transition to global chief banking officer while Duransoy takes over U.S. operations; the company completed a secondary share sale valuing it at $75 billion

Spain categorically rejected the White House's claim that Madrid agreed to cooperate militarily with U.S. forces in the Iran conflict, creating confusion between the NATO allies. The dispute follows President Trump's threat to sever trade ties with Spain after Prime Minister Pedro Sánchez emerged as a leading EU critic of U.S. and Israeli strikes against Iran.

• White House spokesperson Karoline Leavitt claimed Spain changed its position on allowing military bases to be used in the Iran war, but Spanish Foreign Minister Jose Manuel Albares swiftly denied any policy change
• Trump threatened trade action against Spain despite the U.S. having a trade surplus with the country, though implementation would be difficult as Spain's trade policy is managed collectively by the 27-nation EU
• Former Spanish Foreign Minister Arancha González noted Trump has targeted multiple European leaders who questioned his decisions, including the UK's Starmer, Ukraine's Zelenskyy, and Denmark's Frederiksen

Nvidia has halted production of chips designed for the Chinese market, reallocating its manufacturing capacity at TSMC away from H200 chips to its next-generation Vera Rubin hardware. The decision reflects the company's expectation that U.S. and Chinese regulatory barriers will continue to restrict sales to China, the world's second-largest economy.

• Nvidia redirected TSMC manufacturing capacity from H200 chips intended for China to next-generation Vera Rubin hardware
• The move signals Nvidia's strategic bet that ongoing U.S. and China export controls will persistently limit access to the Chinese market
• The decision impacts sales to the world's second-largest economy amid continuing regulatory tensions between the U.S. and China

Alibaba CEO Eddie Wu confirmed the departure of the head of the company's Qwen AI division in a staff letter on Thursday. Wu pledged to allocate more resources to Alibaba's artificial intelligence development efforts following the leadership change.

• The head of Alibaba's Qwen AI division has left the company, marking a significant leadership change in the tech giant's AI operations
• CEO Eddie Wu committed to increasing resource allocation for AI development in his internal communication to staff
• The announcement comes as major tech companies intensify competition in the artificial intelligence sector

Johnson & Johnson has launched a direct-to-consumer website to sell select medications to uninsured or out-of-pocket U.S. patients. The move fulfills commitments made in a January 2026 deal with the Trump administration to cut drug prices in exchange for tariff exemptions. The initiative is part of broader efforts by 16 pharmaceutical companies to reduce U.S. drug costs to align with other wealthy nations.

• The website currently lists three drugs: diabetes treatments Invokana and Invokamet, and blood thinner Xarelto
• J&J's direct sales commitment stems from a January 2026 agreement with the Trump administration to lower prices for Medicaid and cash-paying consumers in exchange for tariff exemptions
• Several other drugmakers including Eli Lilly and Novo Nordisk have already launched similar direct-to-consumer websites, while the government has created TrumpRx.gov for discounted prescriptions

Exxon Mobil is shipping approximately 600,000 barrels of refined fuel from the U.S. Gulf Coast to Australia in March 2026, marking the first such shipments by the oil major and the first U.S. Gulf-to-Australia fuel exports since late 2023. The move comes as Asian refiners face severe crude shortages due to Iranian strikes disrupting shipping in the Strait of Hormuz, forcing the industry to seek alternative supply routes despite high freight costs.

• Two vessels, Largo Eagle and Nord Ventura, will transport gasoline, diesel, or jet fuel loading from Houston between March 13-18, with charter costs estimated at $6 million per vessel or $20 per barrel
• Asian refiners are cutting production runs due to Middle East crude supply disruptions, creating urgent demand for alternative fuel sources despite the economic challenges of long-distance shipping
• Traders remain skeptical about the sustainability of this U.S.-to-Australia route given high freight costs and limited vessel availability, with the arbitrage viability dependent on the duration of the Middle East conflict

American Eagle Outfitters forecast annual sales growth above Wall Street expectations on March 4, driven by marketing efforts and new product launches targeting younger, higher-earning shoppers. The company expects comparable sales to rise in the mid-single-digit percentage range, exceeding analysts' estimates of 2.92% growth, despite a broader retail slowdown.

• Annual comparable sales expected to grow in mid-single-digit percentage range, surpassing analyst estimates of 2.92% increase
• Marketing campaigns and new product launches aimed at younger, higher-income consumers helped offset retail industry headwinds
• Company's strategy includes high-profile advertising featuring Sydney Sweeney to attract target demographic