Preview of US Stock Market | Three major stock index futures fell together, US February CPI hits tonight.

1. Before the U.S. stock market on Tuesday, the futures of the three major U.S. stock indexes all fell. As of the time of writing, Dow Jones Industrial Average futures fell by 0.13%, S&P 500 Index futures fell by 0.06%, and Nasdaq futures fell by 0.08%. 2. As of the time of writing, the German DAX index fell by 1.33%, the UK FTSE 100 index fell by 0.89%, the French CAC 40 index fell by 0.89%, and the Euro Stoxx 50 index fell by 1.14%. 3. As of the time of writing, WTI crude oil rose by 4.37% to $87.10 per barrel. Brent crude oil rose by 4.00% to $91.31 per barrel. Market News The suspense is left to March? The U.S. CPI in February is expected to rise moderately, but the market bets that subsequent inflation will rebound significantly. As investors wait for the U.S. Consumer Price Index (CPI) report for February, which will be released on Wednesday at 20:30 Beijing time, inflation once again becomes the focus of Wall Street. The market generally expects that gasoline prices will rise in February due to expectations of heightened Middle East tensions, and there is a high probability that the U.S. consumer prices will rebound; as the conflict continues to drive up oil prices, inflation in March is expected to further increase. The expected increase in the previous month's CPI also partly reflects the continuing but gradually transmitted impact of the Trump administration's large-scale tariff policy on end prices. Trump had enacted tariffs based on a law applicable to national emergencies, a law that has been ruled invalid by the U.S. Supreme Court. However, the market expects that the inflation report to be released on Wednesday will show that, due to relatively lower prices for used cars and airline tickets, core prices in February will only experience a mild increase. Officials say that the U.S. has not yet directed an end to the war, Iran claims not limited to retaliating in kind, will implement "chain strikes." A senior Israeli official said that in closed-door discussions, Israeli officials have acknowledged that the war launched against Iran cannot be certain to lead to the collapse of its theocratic government, and there are no signs of an uprising among the Iranian people under continued bombings. Two Israeli officials said that despite Trump's statement that the war may end soon, the Israeli assessment is that the U.S. is still a long way from instructing an end to the conflict. However, Netanyahu reiterated that while Israel hopes to help the Iranian people "break free from the chains of tyranny," ultimately "it depends on them." The spokesperson emphasized that Iran's previous "retaliation in kind" has ended, and from now on, Iran will implement a "chain strike" strategy, no longer maintaining a one-to-one retaliation pace. Japan and Germany will release strategic oil reserves. Japanese Prime Minister Sanae Takashi said that Japan will release its strategic oil reserves to cope with the impact of the Middle East war. In a speech broadcast on NHK on Wednesday, Sanae Takashi said that the release action may start as early as March 16 and will release the equivalent of 15 days of private sector oil reserves and one month of national oil reserves. This move comes as the International Energy Agency has proposed to release emergency oil reserves, with the release expected to be the largest in the history of the agency, with a specific decision expected to be made later on Wednesday. In addition, the German Minister of Economic Affairs also said that Germany will release 2.4 million tons of national oil reserves, with specific details still to be determined. Damon's "roach theory" coming true? JPMorgan Chase (JPM.US) tightens private credit fund loans, PIMCO warns of industry "liquidation." Against the backdrop of escalating pressure in the private credit market, JPMorgan Chase has begun to restrict loans to some private credit funds, as the bank has downgraded the value of certain loans in its investment portfolio. In addition, there are reports that JPMorgan Chase is working to reassess the value of its private credit investment portfolio on its balance sheet and has voluntarily lowered the book value of related assets. At the same time, senior officials at Pacific Investment Management Company (PIMCO) sharply criticize the industry for its loose underwriting standards over the years, and now face a "liquidation." According to sources, JPMorgan Chase's action involves loans to software companies, which have been under scrutiny recently due to investor concerns about the potential impact of artificial intelligence (AI). Is the software industry's "AI disruption theory" cooling? After reaching a 17-year high in short positions, hedge funds are starting to "retaliatory buying." After months of heavy selling due to concerns about AI disruption, software stocks seem to have bottomed out at least for now. The S&P 500 software index just had its best week since May. The iShares Expanded Tech-Software Sector ETF (IGV.US) recorded its strongest weekly gain in 11 months. Since February 23, the index has risen by 14%, after Citrini Research's dystopian vision of the future of AI caused market turmoil. Although this week's pullback has narrowed the gains, these stocks still look cheap due to the sell-off that began in the second half of last year. Goldman Sachs Group, Inc.'s basket of software stocks has a forward P/E ratio of 22, while the Standard Pool Corporation 500 index is 21. Individual Stock News AI orders drive Oracle Corporation (ORCL.US) Q3 results beat expectations, cloud infrastructure revenue up 84% YoY. Oracle Corporation's cloud business in the third quarter of fiscal year 2026 significantly exceeded market expectations and provided strong guidance for future revenue prospects, indicating that the company is gradually fulfilling large AI customer orders. The company's cloud infrastructure business revenue grew by 84% year-on-year to $4.9 billion, which exceeded analysts' previous forecast of 79% and was significantly faster than the 68% growth in the previous quarter. The remaining performance obligations (RPO), which measure future order sizes, reached $553 billion, higher than the $523 billion in the previous quarter. Looking ahead, Oracle Corporation expects total revenue for fiscal year 2027 to reach $90 billion, significantly higher than the market's average expectation of $86.7 billion. The company stated that the growth in cloud computing demand for AI training and reasoning is still outpacing market supply. Tesla, Inc. (TSLA.US) electric car sales in China increased by 91% YoY in February. In February, a total of 58,600 Model 3 and Model Y vehicles produced at Tesla, Inc.'s Shanghai Gigafactory (including exports to European markets) increased by 91% compared to the same period last year, with a 9.3% increase from January. However, sales decreased by 15.2% compared to January. Deliveries of electric vehicles produced by Tesla, Inc. in China in February 2025 were affected by the production stoppage of some assembly lines for the new Model Y at the Shanghai factory during the Spring Festival holiday. JOYY, Inc. Sponsored ADR Class A (JOYY.US) Q4 revenue growth of 6% exceeds expectations, BIGO Ads revenue up 61.5%. JOYY, Inc. Sponsored ADR Class A group's fourth-quarter revenue was $581.9 million, exceeding market average expectations, a 5.9% increase from the $549.4 million in the same period in 2024 and a 7.7% increase from the $540.2 million in the third quarter of 2025. Operating income was $18.3 million, compared to an operating loss of $427.9 million in the same period in 2024 and operating income of $19.6 million in the third quarter of 2025. Non-GAAP EBITDA was $50.6 million, compared to $55.7 million in the same period in 2024 and $50.6 million in the third quarter of 2025. Net income from continuing operations attributable to JOYY Holdings shareholders was $54.3 million, compared to a net loss of $304.1 million in the same period in 2024 and net income of $62 million in the third quarter of 2025. $370 billion financing still not enough! Amazon.com, Inc. (AMZN.US) issues eight tranches of 10 billion bonds, globally raising funds for computing power infrastructure. Amazon.com, Inc. has officially launched a cross-currency bond issuance plan with plans to raise approximately $370 billion to $420 billion in funds through the U.S. dollar and euro markets. In this financing action, the most scrutinized is its record-breaking euro bond layout. The company plans to issue up to 10 billion (approximately $11.6 billion) in bonds in the European market and has unusually divided it into eight tranches of different maturities for sale, with maturities ranging from 2 years to 38 years. It is worth mentioning that Amazon.com, Inc. has completed the sale of 11 tranches of U.S. dollar bonds on Tuesday, successfully raising $370 billion. The semiconductor equipment supercycle arrives! Applied Materials (AMAT.US) joins forces with two major memory chip giants to unleash an upgrade and expansion wave. One of the world's largest semiconductor equipment manufacturers, Applied Materials, along with memory chip leaders Micron Technology, Inc. (MU.US) and South Korea's SK Hynix announced on Tuesday that they have reached a significant cooperation agreement to jointly develop and build cutting-edge solutions for DRAM, High Bandwidth Memory (HBM memory systems), and data center NAND memory systems, as well as upgrade iteration paths to comprehensively enhance overall storage chip capacity and the performance of AI training/inference systems. Important Economic Data and Events Preview 20:30 Beijing time: U.S. CPI YoY Not Seasonally Adjusted for February. 22:30 Beijing time: Change in EIA Crude Oil Inventories in the week ending March 6. 23:00 Beijing time: U.S. March IPSOS Primary Consumer Sentiment Index PCSI. 01:00 the next day Beijing time: U.S. 10-year Treasury Note Auction on March 11th-Total Amount. 21:30 Beijing time: Federal Reserve Board member Bowman speaks on regulatory issues. To be determined: OPEC monthly oil market report (the specific release time of the monthly report is yet to be determined, generally announced around 18-21 Beijing time). To be determined: The International Energy Agency (IEA) proposes the largest-ever release of strategic oil reserves. Countries are expected to make a decision on the proposal on Wednesday. Earnings Preview Thursday pre-market: Li Auto, Inc. Sponsored ADR Class A (LI.US), Full Truck Alliance Co. Ltd. Sponsored ADR (YMM.US), EHang Holdings Ltd (EH.US), Futu Holdings Ltd (FUTU.US), Dollar General Corporation (DG.US)