Dow, S&P 500, Nasdaq futures slide after Trump orders Hormuz blockade against Iran

🛢️ BP strengthens exploration pipeline with Namibia offshore play

BP p.l.c. shares traded higher in Monday's premarket session, even as broader indices pointed lower, supported by a risk-on tone across the energy sector.

The company said Monday it has agreed to acquire a 60% stake in three offshore exploration blocks, PEL 97, PEL 99, and PEL 100, in Namibia's Walvis Basin from Eco Atlantic Oil & Gas, subject to regulatory approvals.

BP will operate the assets, while Eco Atlantic and NAMCOR will retain minority stakes.

"Namibia is a region attracting growing industry interest…," said Gordon Birrell, BP's executive vice president of production & operations, highlighting long-term growth potential.

The deal builds on BP's recent exploration momentum, including multiple discoveries through Azule Energy, its joint venture with ENI S.p.A. Benzinga reports.


🥤 McDonald's to add energy drinks, crafted sodas to US menus, WSJ reports

McDonald's is preparing to introduce a Red Bull Dragonberry Energizer as part of a broader revamp of its cold drink menu at its U.S. restaurants later this year, the Wall Street Journal reported on Sunday, citing company documents.

The new beverages, slated to roll out next month, include a Dirty Dr Pepper and a Mango Pineapple Refresher, the report said. Reuters reports. MarketWatch reports.


🧬 IDEAYA eye cancer drug combo meets main goal of mid-to-late-stage trial

IDEAYA Biosciences said on Monday its drug for a type of eye cancer met the main goal of a mid-to-late-stage trial, after showing improvement in patients' survival without progression of the disease, sending its shares 39.2% higher in premarket trade.

The drug, darovasertib, in combination with Pfizer's Xalkori, improved survival by a median of 6.9 months versus 3.1 months for other therapies chosen by the trial's investigator.

There were five complete responses, or disappearance of all detectable signs of cancer, observed in the darovasertib combination arm. Yahoo Finance reports.


🧠 Keep calm and carry on buying the dip, says JPMorgan

Any investor who has a time horizon of at least three months should use any weakness in stocks to buy, says a new research note from JPMorgan strategists.

Mislav Matejka leads the JPMorgan team and in an equity strategy note published Monday he warns investors against “succumbing to bearish views” because he believes the various political, economic and military constraints against that geopolitical escalation are largely intact.

Even three weeks into the conflict, Matejka and team were advising clients that oversold signals had begun to appear and their conviction in that view appears to be solidifying. MarketWatch reports.


⚠️ ‘Big Short’ Michael Burry sends signal on Nvidia stock

Short-seller Michael Burry just made his view on Nvidia stock a lot harder to ignore.

In a new Substack post, the popular investor disclosed that he added to his bearish Nvidia position, loading up more on long-dated puts, with the stock still at the heart of the AI rally.

At the same time, he scooped up shares in the biggest Chinese tech companies, such as Alibaba and JD.com. Yahoo Finance reports.

Time (ET)/ Report/ Period

10:00 AM - Existing home sales - March
6:20 PM - Fed governor Stephen Miran speaks - N/A

“If you can’t take a small loss, sooner or later you will take the mother of all losses.”

– Ed Seykota

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