Good morning investors! Fear continues to rule as stocks go down.
Today we cover:
Oil back above $100
Big earnings
And enjoy this tax benefit
📊 Economy and News
Oil Back Over $100
Brent crude oil jumped 9% to hover just above $100 per barrel (with reports of trading up to around $102 in some sessions), while WTI rose similarly above $95, amid escalating fears from the ongoing war with Iran.
Iran's new Supreme Leader, Mojtaba Khamenei (son of the late Ali Khamenei, killed early in the conflict), issued his first statement via state TV, declaring the Strait of Hormuz—a chokepoint for ~20% of global oil—will remain shut as "leverage" and warning of potential further attacks on US bases and continued strikes on regional targets.
This follows recent tanker attacks in the Gulf (including two in Iraqi waters and others in the Persian Gulf), halting most transit and causing the largest supply disruption in oil market history, per the IEA.
Key impacts:
Middle East producers (Saudi Arabia, Iraq, UAE, etc.) have cut output by at least 10 million barrels/day due to export bottlenecks and full storage.
A record 400 million barrel emergency release by 32 nations (led by IEA) aims to ease shortages but could be depleted in ~26 days if the blockade persists.
Sustained $90–$100+ prices risk fueling inflation and slowing global growth.
Similarly, US gas prices are spiking, hitting highs not seen since 2022.
Global hits:
India’s retail inflation rose to 3.21% year-over-year in February. Whereas, Brazil’s 12-month inflation slowed in February to its lowest level in almost two years.
Canada’s trade deficit in January widened, missing consensus estimates, as as the U.S. facing headwinds in trade negotiations with Canada.
Turkey’s central bank holds rates steady after energy price shock; Serbia’s central bank holds key rate at 5.75%; Bank of England to hold rates in March, cut twice this year but timing unclear.
Check this: Mortgage rates climb to 6.11%.
Sam Altman faced ‘serious questions’ in meeting with lawmakers about OpenAI’s defense work.
Goldman raises U.S. PCE forecast, cuts GDP outlook on higher oil prices.
Reminder: Fed to cut rates in June, economists still say, despite war inflation risks. However, as both energy prices and inflation fears pop, expectations for Federal Reserve interest rate cuts are sliding. Also, US Dollar flirts with new 2026 highs as oil price jump hurts euro and gold slips.
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📈 Stocks
S&P 500 6,672.62 (-1.52%)
DJIA 46,677.85 (-1.56%)
NASDAQ 22,311.98 (-1.78%)
BRENT CRUDE 100.14 (+9.22%)
* Prices as of Mar 12th, 12:20 AM UTC
Adobe and Ulta Beauty Fall After Poor Guidance
Adobe earnings beat by $0.20, revenue topped estimates, yet the stock fel 6% after the report as Adobe CEO Shantanu Narayen says he will leave after company installs successor. Narayen, who has helmed the software company since 2007, will stay on as chair of the board. Also, poor guidance did not help. Adobe Systems sees Q2 2026 EPS of $5.80-$5.85, versus the consensus of $5.70.
Ulta Beauty reported fourth fiscal quarter earnings that beat Wall Street’s revenue expectations but missed on earnings per share. The company’s net sales grew 11.8% in the fourth quarter compared with the year-ago period. For the full fiscal 2025 year, Ulta reported a 9.7% increase in net sales to $12.4 billion. For fiscal 2026, Ulta said it expects net sales growth of 6% to 7% and diluted earnings per share of between $28.05 and $28.55. The midpoint of that EPS guidance, at $28.30, was slightly less than the $28.40 at the midpoint what analysts had expected for 2026. The report sent the stock down -8% after the bell.
Interesting: Classic car and fine art auctions brought in more than $600 million last week.
💵 Personal Finance
Spousal IRAs: An Overlooked Tax Break
Spousal IRAs allow non-working spouses to contribute to their own traditional or Roth IRA, as long as the working spouse has sufficient earned income and the couple files jointly.
Advisors call this one of the most overlooked retirement tax advantages, effectively doubling household tax-advantaged savings.
The deadline to make 2025 contributions is April 15, 2026.
For 2025: Up to $7,000 per spouse ($8,000 if age 50+), for a potential total of $16,000 for older couples.
Traditional contributions may offer tax deductions (income-dependent), while Roth options provide future tax-free withdrawals, aiding tax diversification.
Many couples miss this, especially during workforce gaps or in single-income households. IRA ownership is high, but contribution rates remain low per industry reports.
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