Trending Market News

The FDA issued a second warning to Novo Nordisk within a month for misleading advertising, this time targeting commercials for Ozempic, its blockbuster diabetes drug. The February 26 letter claims the ads make false and misleading claims about the drug's capabilities, following a previous warning on February 5 about Wegovy weight-loss pill advertisements.

• This marks the second FDA warning letter in less than a month, with the first issued February 5 for Wegovy TV commercials and the latest dated February 26 for Ozempic ads
• The FDA specifically cited that Ozempic commercials make 'false and misleading claims' about what the diabetes drug can do
• Novo Nordisk did not immediately respond to requests for comment on the regulatory action

Moderna has agreed to pay up to $2.25 billion to Genevant Sciences (a Roivant Sciences subsidiary) and Arbutus Biopharma to settle a patent dispute over the lipid nanoparticle technology used in its COVID-19 vaccine. The settlement includes $950 million payable in July 2026, with an additional $1.3 billion contingent on a separate legal appeal outcome.

• The upfront payment of $950 million is scheduled for July 2026, with the remaining $1.3 billion dependent on ongoing legal proceedings
• The dispute centered on technology that was essential to making Moderna's COVID-19 vaccine possible, specifically lipid nanoparticle delivery systems
• The settlement resolves a long-running legal battle between Moderna and the patent holders over vaccine technology rights

Ross Stores forecast annual sales above Wall Street expectations on March 3, citing strong demand for discounted apparel and accessories despite macroeconomic uncertainty. The off-price retailer is benefiting from value-focused shoppers seeking branded goods at lower prices amid persistent inflation and trade policy concerns.

• Ross expects annual same-store sales growth of 3% to 4%, exceeding analysts' estimate of 3.05% increase
• Off-price chains are attracting steady store traffic as shoppers turn to discount retailers for branded goods during inflationary periods
• The company's optimistic outlook reflects resilient consumer demand for value-oriented retail amid ongoing economic uncertainty

U.S. Commerce Secretary Howard Lutnick, Goldman Sachs' departing chief legal officer Kathryn Ruemmler, and Apollo Global Management co-founder Leon Black will testify before the House Oversight Committee regarding their connections to convicted sex offender Jeffrey Epstein. The testimony follows the Justice Department's January release of millions of new Epstein-related files. Lutnick, who faces bipartisan calls to resign, claims he had minimal contact with Epstein despite newly released documents suggesting more extensive ties.

• Lutnick previously claimed he 'barely had anything to do with' Epstein and exchanged only about 10 emails, but newly released documents show apparent contradictions with his prior statements; Epstein lived next door to Lutnick in New York
• Goldman Sachs announced Ruemmler's resignation effective June 30 after documents revealed she accepted gifts from Epstein and advised him on managing media inquiries about his crimes
• The committee is also seeking testimony from Bill Gates, former Epstein employees Lesley Groff and Sarah Kellen, and others connected to the disgraced financier; former President Bill Clinton already testified last week

U.S. banks are on heightened alert for potential cyberattacks from Iran-linked actors following the killing of Iranian Supreme Leader Ali Khamenei in an air strike. The financial services industry, which operates critical infrastructure including payments and Treasury markets, is stepping up monitoring amid concerns over geopolitical conflict-driven cyber threats. U.S. intelligence assesses that Iran-aligned hacktivists could conduct low-level attacks such as DDoS operations against American networks.

• Financial services was the top target of DDoS attacks in 2024, with geopolitical conflicts like Hamas-Israel and Russia-Ukraine wars fueling a surge in hacktivism, according to FS-ISAC.
• U.S. intelligence warns Iran-aligned 'hacktivists' could launch distributed denial-of-service (DDoS) attacks that overwhelm targeted servers with internet traffic.
• Credit rating agency Morningstar DBRS and investment bank Lazard both flagged elevated cyber risks, noting Iran's demonstrated willingness to deploy cyber capabilities against commercial targets including financial systems.

General Motors is restructuring its U.S. used-car sales operations by transitioning dealers from traditional certified pre-owned programs to its CarBravo online platform to better compete with digital sellers like Carvana. Starting in June, Chevrolet, Buick, and GMC dealers must use CarBravo to sell used GM vehicles with factory warranties, while the program will expand to include non-GM models and vehicles up to 15 years old.

• CarBravo has sold approximately 216,000 vehicles since launching in 2023, compared to Carvana's 596,641 vehicles sold in 2025, but GM reports faster sales rates despite fewer than 25% of its 3,500 U.S. dealers currently using the platform
• The expanded program will cover non-GM brands and older vehicles (up to 15 years old) with warranties, significantly broader than current certified pre-owned programs that typically only include GM vehicles up to 5 years old
• The move addresses affordability challenges in a market where 40 million used vehicles are sold annually compared to only 16 million new vehicles, with used-car buyers showing higher propensity to return for new vehicle purchases

Belgium has set a 10 million euro bail for the Russian oil tanker Ethera, seized on Sunday for operating as part of Russia's 'shadow fleet' with false documentation. The vessel, which is on the EU sanctions list, was found with 45 violations including sailing under a false Guinean flag. The action is part of EU efforts to enforce sanctions and cut Russia's oil revenue used to finance the war in Ukraine.

• The tanker committed 45 violations, primarily involving false certificates and operating under a fraudulent Guinean flag
• The vessel can only sail again after paying the 10 million euro ($11.61 million) bail, passing inspection, securing a legitimate flag state, and obtaining valid certificates
• Shadow fleet vessels pose environmental risks due to opaque ownership, aging infrastructure, and poor regulation, making them prone to spills and mechanical failures

Exxon Mobil plans to send a technical team to Venezuela within weeks to assess investment opportunities following the removal of President Nicolas Maduro by U.S. forces in January. The visit comes after President Trump urged oil companies to invest $100 billion in rebuilding Venezuela's energy sector. Exxon is seeking durable investment protections before committing, having had its assets expropriated twice previously.

• Exxon will only return to Venezuela if 'the right investment terms are in place,' requiring strong protections after losing assets to expropriation twice before, most recently in 2007
• President Trump has called for $100 billion in oil industry investment to rebuild Venezuela's energy sector after Maduro's January removal
• The company believes it can outperform its previous successful Venezuelan operations using improved heavy oil technology developed since leaving 17 years ago

Blackstone defended its flagship private credit fund BCRED after investors withdrew 7.9% (from approximately $82 billion in assets) in the last quarter, the largest redemptions for the world's biggest private credit fund. President Jon Gray attributed the withdrawals to market 'noise' and negative sentiment in the sector rather than fundamental credit quality issues, as Blackstone and its employees invested $150 million to help meet redemption requests.

• BCRED's 400-plus borrowers showed 10% EBITDA growth last year and the fund delivered 9.8% annualized returns since inception, according to Gray's defense of credit quality
• The redemptions reflect broader jitters in private credit following Blue Owl's $1.4 billion loan sale at a 30% discount and collapses of other firms last fall
• Blackstone used $150 million of its own capital to meet 100% of investor withdrawal requests with 'certainty and timeliness,' demonstrating alignment with fund investors

Venture Global's shares surged nearly 17% in premarket trading after a New York court dismissed Shell's request to overturn an arbitration award favoring the U.S. LNG developer. The dispute centered on Shell's allegations that Venture Global improperly sold LNG on the spot market during the post-Ukraine invasion price surge instead of honoring long-term contracts. The court ruling removes a key legal overhang that had been depressing the stock.

• Justice Joel Cohen ruled no additional evidence-gathering was warranted and deferred to the arbitration decision that favored Venture Global over Shell's complaint
• Multiple major energy companies including BP, Edison, Repsol, and Galp have filed similar claims accusing Venture Global of selling LNG on the spot market when prices surged after Russia's invasion of Ukraine instead of delivering contracted cargoes
• Shell and Edison have already lost their arbitration cases, while BP won in October and awaits a damages decision; analysts view the dismissal as removing arbitration overhang that had depressed Venture Global's stock price

Activist investment firm Elliott Investment Management is investing $1 billion in Pinterest, the social media and image-sharing platform. The investment was announced by Pinterest on Tuesday, marking a significant stake by the prominent activist investor in the company.

• Elliott Investment Management, known for activist investing strategies, is making a $1 billion investment in Pinterest
• The investment represents a major capital injection and signals potential strategic changes or governance involvement typical of activist investors
• Pinterest announced the investment on March 3, confirming Elliott's substantial stake in the social media platform

Ticketmaster and parent company Live Nation began an antitrust trial in Manhattan on March 3, facing allegations from the DOJ and a coalition of states that they illegally monopolized live event ticketing and venue markets. The bipartisan case could result in Live Nation being forced to divest Ticketmaster or restructure contracts, though the company denies the allegations and claims the trial won't address ticket pricing concerns.

• The DOJ alleges Live Nation requires artists to use its promotion services to play at its owned amphitheaters and that Ticketmaster dominates ticketing through threats and multi-year exclusive venue contracts
• High-profile witnesses including Taylor Swift and Mumford & Sons' Ben Lovett are expected to testify, along with executives from rival ticketing companies and Madison Square Garden
• New York is leading states seeking compensation for fans, while Live Nation maintains the allegations are baseless and the trial outcome won't lower ticket prices

Blackstone is reportedly exploring a potential bid for Senior Plc, a British aerospace supplier, according to Bloomberg News citing sources familiar with the matter. Reuters could not immediately verify the report. The news highlights private equity interest in the UK aerospace supply sector.

• Blackstone is among multiple suitors considering an acquisition of Senior Plc
• Senior Plc is a UK-based aerospace supplier, though specific company details were not provided in the brief report
• The information remains unverified by Reuters as of the March 3 report date

Iran has blockaded the Strait of Hormuz, a critical waterway through which 31% of global seaborne crude (13 million barrels per day) and 20% of global LNG exports flow. The closure is causing oil prices to surge toward $100 per barrel and creating severe supply disruptions, with Asian countries facing the most acute impact due to their heavy dependence on Gulf energy imports.

• South Asia faces immediate physical strain: Qatar and UAE account for 99% of Pakistan's LNG imports, 72% of Bangladesh's, and 53% of India's, while India also sources 60% of its oil from the Middle East.
• Japan and South Korea are highly exposed with 75% and 70% of oil imports from the Middle East respectively, holding only 2-4 weeks of LNG reserves and facing severe current-account pressures.
• Thailand emerges as the most vulnerable to oil price shocks with net oil imports at 4.7% of GDP, where each 10% oil price rise worsens its current account by 0.5 percentage points of GDP.

Apollo Global Management and former CEO Leon Black face a lawsuit alleging they concealed the extent of Black's business ties to Jeffrey Epstein from shareholders. Apollo's stock dropped 15% in three weeks during February, erasing about $12 billion in market value, after new documents revealed broader connections than previously disclosed. The lawsuit stems from allegations that Apollo misled investors about the relationship despite past assurances that only Black had dealings with Epstein.

• Apollo's stock fell approximately 15% over three weeks in February, wiping out roughly $12 billion in market value as new information emerged about Epstein connections
• A 2021 review by law firm Dechert found Black paid Epstein $158 million for tax and estate planning services, but Apollo claimed the firm itself never retained Epstein
• The January 30 DOJ release of Epstein-related documents allegedly contradicted Apollo's prior assurances, with media reports citing written and in-person communications between Epstein and Apollo officials during the mid-2010s

Amazon Web Services (AWS) reported that its cloud facilities in the United Arab Emirates and Bahrain were impacted by drone strikes on March 2, linked to the ongoing Middle East conflict. The attacks represent a physical threat to critical cloud infrastructure in the Gulf region, potentially affecting AWS customers operating in those markets.

• AWS facilities in both UAE and Bahrain were damaged in coordinated drone strikes amid escalating Middle East tensions
• The incidents occurred as the broader Iran conflict intensifies, with related reports of strikes on U.S. embassy in Riyadh and warnings for Americans to leave over a dozen Middle Eastern countries
• The attacks highlight emerging risks to cloud infrastructure in the Gulf region, where major tech companies have established data centers to serve Middle East clients

U.S. Secretary of State Marco Rubio announced the government will take action to mitigate rising energy prices caused by the Iran conflict. Treasury Secretary Scott Bessent and Energy Secretary Chris Wright are set to announce specific plans on Tuesday. Oil and gas prices surged following Israeli and U.S. strikes on Iran and subsequent retaliation that disrupted oil facilities and shipping in the Strait of Hormuz.

• The administration anticipated price impacts from the Iran conflict and prepared mitigation phases to be rolled out starting Tuesday
• Oil and gas prices jumped following military strikes and Iranian retaliation that forced shutdowns of regional oil and gas facilities
• Disruptions to shipping in the Strait of Hormuz, a crucial energy transit route, contributed to the price surge affecting American consumers

JPMorgan Chase CEO Jamie Dimon stated that President Trump's $5 billion lawsuit against the bank for closing his accounts has no merit, but acknowledged sympathy for concerns about debanking practices. JPMorgan closed dozens of accounts associated with Trump following the January 6, 2021, Capitol attack. Dimon explained that banks close accounts to avoid legal and regulatory risks related to reputational concerns, not for political reasons.

• JPMorgan acknowledged in court filings that it closed dozens of Trump-associated accounts in the weeks after the January 6, 2021, Capitol attack
• Dimon claims banks are 'forced' to debank individuals to comply with regulators who could punish companies for reputational risk, stating 'it's been much easier for a bank to say, I'm not taking the risk'
• The lawsuit puts Dimon in an awkward position as he must defend his bank while not angering Trump, who has power to move markets and whose appointees are pursuing deregulatory policies beneficial to the banking industry

Eli Lilly is preparing to launch orforglipron, its new oral obesity drug, in the United States as early as Q2 2025, pending FDA approval. CFO Lucas Montarce announced the timeline at the TD Cowen healthcare conference, signaling the company's readiness to bring the product to market once regulatory clearance is obtained.

• The oral obesity drug orforglipron could launch as early as the second quarter of 2025 in the U.S.
• Launch is contingent on receiving Food and Drug Administration approval
• Eli Lilly CFO confirmed the company is 'on track' with preparations for the product's market entry

Secretary of State Marco Rubio and other Trump administration officials will brief Congress this week on a weekend military strike against Iran that killed Supreme Leader Ayatollah Ali Khamenei. Democrats are questioning the legality of the attack, which was conducted without congressional authorization, and plan to force votes on legislation limiting President Trump's authority for further strikes.

• Rubio will brief the bipartisan Gang of Eight on Monday, followed by an all-Congress briefing Tuesday with Defense Secretary, CIA Director, and Joint Chiefs Chairman
• Democrats criticize the administration for failing to provide justification for the 'preemptive strikes' and warn the conflict could 'easily spiral and escalate in ways we cannot anticipate'
• Congressional Democrats plan to force votes this week on measures to limit Trump's authority to carry out additional attacks on Iran