Iran Day 11: US launches “most intense strikes”; Iran attacks all 6 GCC nations. Energy Sec. Wright’s false Hormuz tweet sparked a $30 intraday oil crash — White House retracted in minutes. WTI settled -6.3% at $88.85; S&P seesawed -1.5% to +0.8% before closing -0.21%. Gold hit a new record at $5,211/oz (+2%). Oracle blows out Q3 AMC: Rev +22%, $553B RPO (+325% YoY). February CPI due tomorrow 8:30 AM — market-defining print.
TABLE OF CONTENTS
A. EXECUTIVE SUMMARY
B. MARKET DATA
C. HIGH-IMPACT STORIES (5)
D. MODERATE-IMPACT STORIES (5)
E. EARNINGS WATCH (1)
F. ECONOMY WATCH (5)
G. WHAT’S NEXT
A. EXECUTIVE SUMMARY -> TOP
MARKET SNAPSHOT:
The S&P 500 (-0.21%) closed virtually unchanged after one of the most volatile intraday sessions since the war began — opening down 1.5% as the Pentagon declared Tuesday “the most intense day of strikes” against Iran, then spiking to +0.8% when President Trump told CBS the conflict was “pretty much complete” and ending “very soon,” before fading back to a marginal loss after Energy Secretary Chris Wright’s tweet falsely claiming a successful Hormuz tanker escort was retracted within minutes by the White House and denied by Joint Chiefs Chairman Gen. Dan Caine. WTI crude settled at $88.85 (-6.25%), down sharply from Monday’s $94.77 close, as the false peace signals deflated the oil risk premium. Sector breadth was sharply divergent rather than directionally broad: defense stocks (LMT -3.2%, NOC -2.8%) sold off on ceasefire hopes, energy majors fell hard on WTI’s plunge, and tech names bounced (NVDA +2.71%, AAPL +2.0%) — this was a geopolitical rotation day, not a directional conviction move. Gold hit a new all-time record at $5,211/oz (+2%) and silver surged 6.25%, signaling that safe-haven demand remains at maximum even as the market seesaws on mixed war signals.
TODAY AT A GLANCE:
• Maximum war uncertainty: US escalated to “most intense strikes” on Day 11 while simultaneously Trump signaled the war was “ending very soon” — the simultaneous escalation and de-escalation signals are creating a paralysis-by-contradiction market environment
• Wright false Hormuz tweet: Energy Sec. Wright claimed the Navy “successfully escorted an oil tanker through the Strait of Hormuz” at ~1:02 PM ET; White House Press Sec. Leavitt denied it within minutes; Gen. Caine confirmed no operation occurred — oil fell 17% from intraday highs on the false claim
• February CPI tomorrow (March 11, 8:30 AM ET): Consensus revised DOWN to 2.4-2.5% YoY (from yesterday’s 2.7-2.8% expectation); this print captures only two days of the Iran conflict — the “clean read” pre-war baseline; markets already priced for a modest relief at this level
• Oracle Q3 FY2026 blowout (AMC tonight): Revenue $17.2B (+22% YoY, beat est. $16.91B), Non-GAAP EPS $1.79 (beat $1.70 est.), OCI cloud infrastructure +84% YoY, RPO backlog $553B (+325% YoY) — ORCL surging 8-10% after-hours to ~$161-164
• Gold new record $5,211/oz, Silver +6.25%: Safe-haven metals hitting records as war enters Day 11 with no resolution; gold has risen over $600/oz since the conflict began Feb 28
• 10-Year Treasury whipsaw: Touched 3.96% intraday (flight-to-safety) then reversed to close at 4.15% (+3 bps) as stagflation fears dominated the afternoon; the yield is signal-jamming between two competing forces
KEY THEMES:
1. The War Signal Credibility Problem — Trump’s optimistic CBS interview and Wright’s false Hormuz tweet introduce a structural new risk: markets cannot simply react to headlines — they must verify whether official claims are accurate before acting. This “double-tap volatility” (react, retract, re-react) is not a one-day anomaly; it is likely to persist throughout the conflict. Portfolio managers need a rules-based filter for war-headline trading rather than reflexive price chasing.
2. The Oracle AI Signal Cuts Through Macro Noise — Oracle’s $553B RPO (+325% YoY) — the largest backlog in the company’s history — confirms that enterprise AI infrastructure spending is accelerating even as the macro backdrop deteriorates. The signal from Marvell (+23% last Friday) plus Oracle tonight represents two consecutive enterprise AI demand confirmations in five days. The question for the AI trade is no longer “is demand real” — it is “can execution keep pace.”
3. The Pre-War Baseline Trap — Tomorrow’s February CPI (2.4-2.5% expected) will show a healthy-looking pre-war economy. For the next four weeks — until March CPI prints April 9 — economic data will systematically understate the damage being done by $90+ oil. Portfolio managers face a period where data says “okay” while market prices say “stressed.” The gap between lagging data and real-time price signals is the key risk management challenge for Q2 2026.
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B. MARKET DATA -> TOP
CLOSING PRICES – Tuesday, March 10, 2026:
MAJOR INDICES
| Index | Close | Change | % Change | Why It Moved |
|---|---|---|---|---|
| S&P 500 | 6,781.48 | -14.36 | -0.21% | Extreme intraday whipsaw: opened -1.5% on Iran escalation, rallied to +0.8% on Trump ceasefire hint, faded after Wright false tweet retraction; defense selloff partially offset by tech bounce |
| Dow Jones | 47,706.51 | -34.41 | -0.07% | Near-flat; industrials and financials held firm; energy names (XOM, CVX) dragged on WTI plunge, offset by defensive positioning |
| Nasdaq | 22,697.10 | +9.10 | +0.04% | Tech sector outperformed on Trump peace signals and Oracle AMC beat expectations; NVDA +2.71%, AAPL +2.0% — tech was the day’s sole bright spot |
| Russell 2000 | 2,548.08 | -5.61 | -0.22% | Small-caps lagged; elevated recession and stagflation risk disproportionately affects domestically-focused small businesses; no direct tariff-refund benefit |
| NYSE Composite | 22,546.68 | -75.07 | -0.33% | Broader market decline led by energy sector drag; healthcare and tech partially offset; breadth negative (decliners outpaced advancers) |
VOLATILITY & TREASURIES
| Instrument | Level | Change | Why It Moved |
|---|---|---|---|
| VIX | 25.50 | -3.99 (-13.53%) | Sharp decline on Trump “war ending soon” comment deflated short-term fear premium; still elevated at 25.5 — well above the 17-18 pre-war range — reflecting genuine ongoing uncertainty |
| 10-Year Treasury Yield | 4.15% | +3 bps | Stagflation vs. flight-to-safety battle; touched 3.96% intraday (flight-to-safety from Iran escalation), then reversed to 4.15% as oil-driven stagflation fears dominated the afternoon session |
| 2-Year Treasury Yield | 3.71% | -2 bps | Short-end yields slightly lower as market retained one 25bps cut priced for September; mild short-term flight-to-safety in Treasuries; yield curve continues to steepen modestly |
| US Dollar Index (DXY) | 98.59 | -0.58 (-0.59%) | Dollar weakened slightly as risk-off pressure partially eased on Trump peace signals; dollar has been suppressed by stagflation fears and capital rotation out of US assets since war began |
COMMODITIES
| Asset | Price | Change | % Change | Why It Moved |
|---|---|---|---|---|
| Gold | $5,211/oz | +$103 | +2.02% | New all-time record high; safe-haven demand at peak as Iran war enters Day 11 with no diplomatic off-ramp visible; central bank buying continues; gold is up $600+ since Feb 28 war start |
| Silver | $89.81/oz | +$5.28 | +6.25% | Outperformed gold significantly; dual role as safe-haven and industrial metal (solar, EV, AI data center cooling) drove outsized demand; reached multi-decade high |
| Crude Oil (WTI) | $88.85/bbl | -$5.92 | -6.25% | Sharp session decline from Monday’s $94.77 close; initial drop on Trump “war ending soon” comment (~1:00 PM), accelerated on Wright’s false Hormuz escort tweet (-17% from intraday highs), held lower even after retraction |
| Natural Gas | $2.99/MMBtu | -$0.03 | -1.00% | Mild weather forecasts outweighed LNG export disruption concerns (Qatar Hormuz closure); domestic supply ample; European LNG procurement anxiety not translating to US futures premium |
| Bitcoin | $70,830 | +$1,860 | +2.69% | Rose alongside gold as a digital safe-haven; midday rally on Trump peace signals held most gains; benefiting from same macro-uncertainty demand that’s driving precious metals |
TOP LARGE-CAP MOVERS:
Selection criteria: US-listed companies with market cap above $25 billion that moved ±1.5% or more during the session. Movers are ranked by percentage change and capped at 5 gainers and 5 decliners. On muted trading days when fewer than 3 names meet the threshold, the largest moves are shown regardless. Moves driven by earnings, M&A, analyst actions, sector rotation, or macro catalysts are prioritized over low-volume or technical moves.
GAINERS
| Company | Ticker | Close | Change | Why It Moved |
|---|---|---|---|---|
| NVIDIA | NVDA | $184.77 | +2.71% | AI infrastructure demand thesis reinforced by pre-earnings Oracle expectations; tech sector bounced broadly on Trump Iran peace signals; NVDA increasingly viewed as structurally demand-immune |
| Apple | AAPL | $260.83 | +2.00% | SCOTUS IEEPA ruling tariff refund windfall (~$3B expected); tech sector recovery; AI services demand resilient; stock was a notable loser in the tariff era and is recovering on the refund thesis |
| Newmont Corporation | NEM | ~$58.40 | +4.8% | World’s largest gold miner surged as gold hit new all-time record at $5,211/oz; gold miners typically leverage the underlying metal price 2-3x; war safe-haven demand at peak |
DECLINERS
| Company | Ticker | Close | Change | Why It Moved |
|---|---|---|---|---|
| Lockheed Martin | LMT | ~$494 | -3.2% | War-premium deflation: Trump’s “war ending soon” comment triggered a sharp defense sector selloff; LMT had surged to all-time highs since the Iran conflict began; ceasefire signals mean less weapons demand |
| Northrop Grumman | NOC | ~$503 | -2.8% | Same ceasefire-signal deflation as LMT; Northrop had been the top-performing defense name during the Iran conflict on bomber and missile defense exposure; same logic applies to the selloff |
| Chevron | CVX | ~$142 | -3.2% | WTI fell 6.25% on Wright false tweet + Trump peace signals; integrated oil major revenues directly tied to crude prices; Hormuz partial easing fears weigh on the Hormuz supply-shock premium |
| ExxonMobil | XOM | ~$111 | -2.5% | Oil price decline from $94.77 to $88.85 on false peace signals; Exxon has been a significant war beneficiary and is giving back gains as ceasefire probability appears to be rising |
| RTX Corporation | RTX | ~$134 | -2.1% | Defense/aerospace conglomerate (Patriot missile systems, Raytheon) sold off on ceasefire signals; Patriot demand had surged with GCC nations needing air defense against Iran drones |
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C. HIGH-IMPACT STORIES -> TOP
BEARISH
1. Iran War Day 11: US Launches “Most Intense Strikes Yet”; Iran Retaliates Against All 6 GCC Nations Simultaneously
The core facts:Defense Secretary Pete Hegseth declared Tuesday “our most intense day of strikes inside Iran,” deploying “the most fighters, the most bombers, the most strikes” in Operation Epic Fury’s 11-day run. Iran responded by firing drones and ballistic missiles at all six Gulf Cooperation Council nations simultaneously — Saudi Arabia, Kuwait, UAE, Bahrain, Qatar, and Oman — the first time Iran has attacked every GCC member in a single day. Saudi Arabia intercepted drones targeting the Ras Tanura oilfield, temporarily shutting the facility; UAE intercepted 26 of 35 drones and 9 ballistic missiles. Newly appointed Supreme Leader Mojtaba Khamenei (appointed March 8 under IRGC pressure) is a hardliner whose public stance is explicitly against ceasefire: Iranian parliament speaker Ghalibaf stated Tuesday, “Certainly we aren’t seeking a ceasefire. We believe the aggressor must be punished.”
Why it matters:The simultaneous escalation on both sides — US intensifying strikes, Iran widening the geographic scope of retaliation to every GCC nation — directly contradicts Trump’s “war ending soon” rhetoric. The new Supreme Leader’s hardline stance removes the principal diplomatic counterparty needed for any ceasefire negotiation. Markets face a now-familiar but dangerous pattern: political leaders signaling peace while military operations signal the opposite. The spread of Iranian attacks to all six GCC nations significantly expands the potential geographic footprint of supply disruptions beyond just the Strait of Hormuz — the eastern Arabian Peninsula contains roughly 30% of global proven oil reserves, and yesterday’s simultaneous drone attacks on six nations represent the largest coordinated Iranian strike since the war began. The combination of US escalation + new hardline Iranian leadership + GCC-wide attacks raises the probability of a prolonged conflict well above the “days-to-weeks” resolution timeline priced into current oil levels.
What to watch:Iran’s new Supreme Leader Mojtaba Khamenei’s first formal statement on ceasefire conditions — this is the single most important diplomatic indicator for war resolution. Any mention of conditional ceasefire terms (even maximalist ones) would be bullish for oil; continued explicit rejection of talks is a sustained supply-disruption signal. Watch also for Ras Tanura operational status — Saudi Aramco updates on facility restart will be the first physical supply signal from the GCC-wide attack.
UNCERTAIN
2. Trump: Iran War “Pretty Much Complete,” Ending “Very Soon”; Oil Falls 6% on Ceasefire Signal
The core facts:President Trump told CBS News on Tuesday that the US-Iran conflict is “very complete, pretty much” and “will end very soon.” Trump also floated lifting oil sanctions on third-party nations: “So in some countries, we’re going to take those sanctions off until this straightens out,” citing Russia and Venezuela as candidates for temporary sanctions relief to flood global supply. Treasury Secretary Scott Bessent confirmed Washington is actively considering lifting sanctions on Russian oil exports. Trump also announced the US Navy would provide escorts and insurance for oil tankers attempting to transit the Strait of Hormuz, though no operational escort occurred Tuesday (see Story 3). WTI crude fell from Monday’s close of $94.77 to a session low below $85 during the Trump statement and subsequent Wright tweet episode, recovering partially to close at $88.85 (-6.25%). The S&P 500 briefly traded at +0.8% during Trump’s CBS airing before fading.
Why it matters:Trump’s “very soon” language has been used before on other geopolitical situations without precision; markets have learned this qualifier does not specify a timeline. More concretely, the sanctions relief proposal creates a genuine near-term oil supply counter-thesis: if Russian oil sanctions are lifted even temporarily, an additional 1-2 million barrels per day of supply could theoretically enter global markets within weeks, partially offsetting the Hormuz disruption. However, the sanctions-relief path faces Congressional resistance, and Russia’s production capacity may not fill the gap as rapidly as markets are pricing. The net oil market impact of “ceasefire hints + Russian sanctions relief” being roughly offset by “military escalation + GCC attacks” is precisely why WTI remains in a $85-95 range rather than returning to pre-war $63. This story is UNCERTAIN because both the war-end and the supply-addition scenarios have material but not dominant probability.
What to watch:Any formal State Department statement on ceasefire negotiations with named counterparties is the first concrete de-escalation signal to watch. For supply additions, watch the Senate Foreign Relations Committee for any debate on sanctions relief authority — executive action on Russian oil sanctions without Congressional authorization will face legal challenge. WTI holding above $85 vs. breaking below would confirm whether the peace-signal discount has run its course or has further to run.
UNCERTAIN
3. Energy Secretary Wright’s False Hormuz Escort Tweet Triggers 17% Intraday Oil Flash Crash; White House Retracts Within Minutes
The core facts:At approximately 1:02 PM ET Tuesday, Energy Secretary Chris Wright posted on social media: “President Trump is maintaining stability of global energy… The U.S. Navy successfully escorted an oil tanker through the Strait of Hormuz to ensure oil remains flowing to global markets.” Within minutes, White House Press Secretary Karoline Leavitt directly contradicted the post: “I can confirm that the US Navy has not escorted a tanker or a vessel at this time.” Joint Chiefs Chairman Gen. Dan Caine separately confirmed to reporters that no escort operation had occurred. Wright’s tweet was deleted, but not before oil prices fell more than 17% from their intraday highs — a flash crash driven by algorithmic traders parsing the “Hormuz open” signal before human verification was possible. Oil partially recovered after the retraction but remained significantly below pre-tweet levels, closing at $88.85 vs. the $95+ pre-Wright-tweet intraday level.
Why it matters:The Wright false tweet reveals a critical structural vulnerability in markets during the Iran conflict: when a cabinet-level official posts false operational information, algorithmic systems react before human fact-checking can occur, creating a 17% intraday move based on a fabrication. This is not merely an embarrassing mistake — it establishes a precedent where any administration official’s tweet about Hormuz status can trigger a commodities flash crash regardless of accuracy. The broader concern is credibility: if Wright was not coordinating with the military before posting, portfolio managers must now discount all non-JCS administration statements about Hormuz operational status. The incident also raises the question of whether the Wright tweet was intentional market manipulation, accidental miscommunication, or a test of market reactions — all three scenarios carry different implications for how to weight future war-status communications from administration officials.
What to watch:Congressional response to the Wright tweet — any investigation into potential market manipulation or credibility protocols will be important for setting future standards. For trading purposes, the practical protocol now established is: Hormuz operational claims should only be acted upon when confirmed by Joint Chiefs of Staff or CENTCOM, not administration officials. Monitor for follow-up from Congressional energy or financial committees requesting an explanation from Wright.
UNCERTAIN
4. February CPI Consensus Revised Down to 2.4-2.5% YoY — Pre-War Baseline Will Not Capture Iran Oil Shock
The core facts:Ahead of tomorrow’s February CPI release (BLS, March 11, 8:30 AM ET), research desks including FactSet and Kiplinger have revised their consensus estimates downward to 2.4-2.5% YoY for headline CPI and approximately 2.5% for core — meaningfully below the 2.7-2.8% consensus that prevailed as recently as Monday. The revision reflects: (1) shelter inflation showing early signs of deceleration in January and February data, (2) the February measurement window (Feb 1-28) only captured two days of the Iran conflict (war began Feb 28), meaning the massive energy price spike will appear only partially in this print, and (3) MoM estimates of +0.3% for both headline and core, consistent with a disinflationary trend. January 2026 CPI was 2.4% — a 2.4-2.5% February print would show essentially flat inflation progress, not a resurgence. Any print below 2.4% would revive rate cut expectations for June; any print at or above 2.8% would be an upside surprise interpreted as early Iran oil transmission.
Why it matters:Tomorrow’s CPI print matters far more as a baseline than as a current read. If February comes in at 2.4-2.5%, it establishes the pre-war inflation floor — the economy was running at 2.4-2.5% inflation before the oil shock hit. The Iran war’s oil transmission will begin showing in March CPI (April 9), April CPI (May), and accelerate through Q2. The analytical framing portfolio managers need: February CPI is the “before” — March CPI is the “after.” At $88-95 WTI sustained through Q2, Barclays’ model (published Monday) projects an additional 0.5-0.7 percentage points on headline CPI, putting year-over-year inflation at 2.9-3.2% by summer — potentially above the Fed’s credibility threshold. The FOMC is in blackout until March 18-19 meeting; the CPI print will be interpreted exclusively by market pricing with no Fed communication buffer available.
What to watch:February CPI release tomorrow, March 11, 8:30 AM ET: headline ≥2.8% = upside surprise, suggests early Iran transmission or persistent services inflation — bearish for bonds, S&P likely -1% or more; 2.4-2.6% = in-line, modest relief; ≤2.3% = material dovish surprise, rate cut expectations pulled forward. The 10-year yield reaction in the first 30 minutes will be the cleanest signal of market interpretation.
UNCERTAIN
5. 10-Year Treasury Touches 3.96% Intraday Before Stagflation Fears Push Back to 4.15% — Yield Signal Jammed by Competing Forces
The core facts:The 10-year Treasury yield experienced one of its most volatile intraday sessions since the war began Tuesday, touching 3.96% (its lowest level since mid-2025, as flight-to-safety demand surged on news of US “most intense strikes”) before reversing sharply to close at 4.15% — a 19-basis-point intraday range. The 2-year yield closed at 3.71% (-2 bps), widening the 2Y-10Y spread to +44 bps — the steepest the yield curve has been this year. The VIX fell 13.5% to 25.50 on Trump’s “war ending soon” signal, but remained well above the pre-war level of approximately 17, confirming that the market has not priced in a ceasefire as a base case.
Why it matters:The 10-year yield is now being simultaneously pulled in opposite directions by two equally powerful forces: (1) flight-to-safety demand from war escalation pushes yields DOWN (investors buy Treasuries), and (2) stagflation fears from $90+ oil push yields UP (inflation expectations rise, forcing investors out of fixed income). This creates a “signal-jammed” yield environment where the traditional bond-equity relationship is no longer predictive. In normal markets, rising yields hurt stocks; in this environment, the reason for yield movements matters as much as the direction. A yield decline driven by flight-to-safety (as today’s intraday 3.96% low) is BEARISH for stocks, not bullish. A yield decline driven by Fed-cut expectations would be bullish. Portfolio managers cannot use 10-year yield direction alone as a risk indicator — they must track the component driving each move. The yield curve steepening (+44 bps 2Y-10Y spread) is historically associated with pre-recession conditions, as markets price short-end rate cuts to fight a weakening economy before long-end inflation expectations reset higher.
What to watch:A sustained break below 4.00% on the 10-year following tomorrow’s CPI (not intraday, but a close below 4.00%) would signal that flight-to-safety is dominating — bearish for risk assets. A close above 4.30% would signal stagflation fears dominating — also bearish for risk assets via rate pressure. The narrow band between 4.00-4.20% is the “holding pattern” zone. The 2Y-10Y spread widening above 60 bps would be the first formal yield curve recession warning.
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D. MODERATE-IMPACT STORIES -> TOP
BEARISH
6. Iran Drone Near-Miss at Saudi Arabia’s Ras Tanura: Attack on World’s Largest Oil Export Terminal Temporarily Shuts Facility
The core facts:Iranian drones targeted Saudi Arabia’s Ras Tanura oil terminal and its surrounding region Tuesday — Saudi Arabia intercepted four drones over the Ras Tanura facility, which temporarily shut down operations as a precautionary measure. Saudi Arabia also intercepted two additional drones over its oil-rich eastern region. Ras Tanura is the world’s largest oil export terminal, handling approximately 7% of total global oil supply (roughly 7 million barrels per day in peak capacity). Two additional drones struck in the eastern province but caused no critical infrastructure damage, per Saudi officials. The facility was expected to resume operations within hours, but the attack underscores that Iran’s retaliatory strikes are not limited to the Hormuz closure — they are directly targeting Gulf export infrastructure.
Why it matters:A successful strike on Ras Tanura — rather than an intercepted near-miss — would represent a second simultaneous supply disruption on top of the Hormuz closure, compounding the global supply shock from approximately 20% of global supply (Hormuz) to potentially 27%+ of global supply. Saudi Arabia’s Aramco Export Terminal at Ras Tanura is not easily replaceable; Saudi Arabia has alternative export routes (Petroline pipeline to Yanbu on the Red Sea) but at significantly reduced capacity (approximately 5M bbl/day vs. Ras Tanura’s 7M). The near-miss precedent means energy traders now have to model both a “Hormuz closure only” scenario (current) and a “Hormuz + Ras Tanura” scenario as a tail risk. The tail risk pricing for WTI under a simultaneous scenario would be $120-150/bbl, well above current $88-95 levels.
What to watch:Saudi Aramco updates on Ras Tanura operational status and any announcement of Petroline throughput increases as a precautionary reroute. A formal Saudi Aramco statement of sustained Ras Tanura capacity would be bullish for oil prices (demonstrating infrastructure resilience); any damage assessment report indicating structural compromise would add $5-10/bbl to current levels instantly.
UNCERTAIN
7. Defense Sector Sold Off on Ceasefire Hopes: LMT -3.2%, NOC -2.8%, RTX -2.1% — War-Premium Deflation Trade Begins
The core facts:The US defense sector sold off sharply Tuesday as Trump’s “war ending soon” comments triggered the first meaningful “war-premium deflation” trade since the conflict began Feb 28. Lockheed Martin (LMT) fell 3.2%, Northrop Grumman (NOC) declined 2.8%, RTX Corporation fell 2.1%, and General Dynamics (GD) declined approximately 1.8%. These names had surged 15-25% since the conflict started as investors priced in accelerated weapons procurement, expanded Middle East defense contracts, and a sustained high-intensity combat theater. The sector remains far above pre-war levels — LMT was at approximately $470 on Feb 28 and despite today’s correction is still trading in the $490+ range — indicating the market has not fully exited the war-premium positioning.
Why it matters:The defense sector selloff is a leading sentiment indicator: when defense stocks fall, the “smart money” is pricing a lower probability of sustained conflict and the associated multi-year weapons contracts. Today’s 2-3% pullback is a partial unwinding — defense names are still pricing a significant war risk premium. A sustained ceasefire would likely produce a 10-15% additional correction in LMT, NOC, and RTX from current levels as the entire war premium exits. Conversely, if the war escalates further (more GCC attacks, Hormuz damage), the pullback will reverse. The uncertainty is ORANGE because both outcomes are credible given the Day 11 military escalation vs. political de-escalation contradiction.
What to watch:LMT and NOC holding above their pre-war Feb 28 levels ($470 and $485 respectively) would confirm the market is maintaining a structural defense premium; breaking below pre-war levels would signal a complete war-premium exit. Watch also for any new Pentagon weapons procurement announcements, which would confirm continued defense spending regardless of war duration.
BULLISH
8. Gold Hits New All-Time Record at $5,211/oz; Silver Surges 6.25% — Precious Metals Signal Maximum War-Risk Premium
The core facts:Gold rose to a new all-time record high of $5,211 per troy ounce (+$103, +2.02%) Tuesday, extending its extraordinary run since the Iran conflict began. Gold has now risen more than $600/oz since February 28 — when it stood near $4,600 — representing a 13%+ gain in 11 days. Silver outperformed dramatically at $89.81/oz (+$5.28, +6.25%), reaching its highest level in multiple decades. Gold mining stocks led the large-cap gainer list, with major producers up 4-6%. The gold-to-oil ratio (gold price / WTI price) expanded sharply as gold rose while oil fell — standing at approximately 58.7 (gold/WTI), one of its highest readings since the post-COVID commodity dislocation.
Why it matters:Gold’s new record high despite today’s oil price decline and Trump’s “war ending soon” comments is the most important non-equity signal of the session: safe-haven demand is not responding to peace signals the way oil is. Oil moved on the Wright tweet and Trump CBS interview; gold largely ignored both and continued higher on its own trajectory. This divergence suggests the metals market is pricing a sustained period of geopolitical uncertainty regardless of the specific war outcome — a world where even a ceasefire leaves Iran nuclear capabilities unresolved, GCC relations permanently damaged, and global energy infrastructure demonstrated to be more vulnerable than previously assumed. Silver’s 6.25% move adds an industrial demand dimension — silver is critical for solar panels, EV batteries, and AI data center power equipment, all of which will see accelerated demand regardless of war outcome as energy diversification drives massive infrastructure investment.
What to watch:Gold sustaining above $5,000/oz as a new technical floor would confirm the structural safe-haven demand thesis has replaced the purely war-driven premium. Any ceasefire announcement will likely produce a $100-200/oz gold correction from peak — the magnitude of that correction relative to the $600+ war run will reveal what percentage of the move was purely war-driven vs. structural.
UNCERTAIN
9. US Eyes Russian Oil Sanctions Relief; India Gets Emergency Authorization to Buy Stranded Russian Tankers
The core facts:Treasury Secretary Scott Bessent confirmed Tuesday that the administration is actively considering lifting US sanctions on Russian oil exports, either temporarily or structurally, to partially compensate for the Hormuz supply disruption. Separately, the US government authorized India to purchase Russian oil from tankers currently stranded at sea — a one-off emergency authorization to prevent those cargoes from being wasted. Trump’s CBS interview explicitly referenced Russia and Venezuela as candidates for temporary sanctions relief “until this straightens out.” Russian Deputy Prime Minister Novak responded: Russia could increase oil production by 500,000-800,000 bbl/day within 60-90 days if sanctions were lifted, though full restoration of pre-2022 volumes (approximately 1.5-2M bbl/day) would take 12-18 months given infrastructure degradation from years of reduced investment.
Why it matters:Russian sanctions relief would be the most significant geopolitical repositioning since the 2022 Ukraine invasion — a complete reversal of the G7 energy sanctions regime that took years to negotiate. For oil markets, 500-800K bbl/day of incremental Russian supply is partial but material: the Hormuz closure disrupts 15-20M bbl/day, so Russian additions would represent only a 3-5% offset. This means Russian sanctions relief is not large enough to close the Hormuz gap but would provide psychological support and reduce peak oil prices by $5-10/bbl at the margin. Politically, the sanctions reversal creates a fracture in the NATO/G7 coalition that European allies (who pushed hardest for the 2022 sanctions) will resist loudly — UK, France, and Germany have already signaled opposition to any Russian sanctions relief that appears to reward Russia’s broader foreign policy behavior.
What to watch:Any formal G7 response to the US Russian sanctions relief consideration — European opposition from Macron or Scholz would signal a coalition fracture that complicates the policy further. For practical oil supply impact, watch Russian tanker tracking data (Kpler, Vortexa) for any increase in Russian Urals loading programs over the next 30-60 days as a forward signal of whether the sanctions change is actually proceeding.
BULLISH
10. Eli Lilly Oral GLP-1 (Orforglipron) Receives FDA Priority Review — First Pill-Form Obesity Drug With No Food/Water Restrictions
The core facts:Eli Lilly’s orforglipron — an oral GLP-1 receptor agonist for obesity and type 2 diabetes — received an FDA National Priority Voucher, placing it on an accelerated 1-2 month review timeline versus the standard 10-12 month review period. A decision is expected March-April 2026. If approved, orforglipron would be the first oral GLP-1 agonist without food or water restrictions (existing oral GLP-1 Rybelsus requires fasting and a small water amount, limiting convenience). The addressable market expansion is significant: injectable GLP-1 drugs (Ozempic, Wegovy, Mounjaro, Zepbound) have an estimated global market of $35B in 2025, but pill-form drugs could expand total adoption by 30-50% among patients who avoid injections. Novo Nordisk also has a competitive oral obesity pill in Phase 3 development.
Why it matters:The oral GLP-1 market is the most significant new pharmaceutical category since Humab biosimilars — the convenience factor of a pill dramatically expands the addressable patient population. Current GLP-1 injectable penetration is estimated at 8-12% of eligible obese patients; pill-form could realistically reach 20-25%+ penetration over a 3-5 year period. For Eli Lilly (LLY), a successful orforglipron launch would represent a second major GLP-1 blockbuster alongside Mounjaro/Zepbound — potentially adding $15-20B in peak annual revenue. The Novo Nordisk (NVO) competitive dynamic is equally important: whoever wins the oral GLP-1 race establishes the dominant patient habit before the competitor, a pharmaceutical “installation base” that historically generates decades of prescription loyalty. In the current macro environment (Iran war, oil shock, recession fears), GLP-1 drugs represent a rare demand-inelastic growth category — patients on chronic obesity therapy do not stop treatment due to geopolitical events.
What to watch:FDA advisory committee meeting date, expected March-April 2026, and any PDUFA (Prescription Drug User Fee Act) action date assigned — this sets the specific approval deadline. Also watch NVO’s oral semaglutide Phase 3 trial data expected mid-2026 as the competitive benchmark: whoever reaches approval first gains 12-18 months of market exclusivity in the oral GLP-1 category.
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E. EARNINGS WATCH -> TOP
Selection criteria: This section covers only market-moving earnings from large-cap companies (>$25B market cap) with sector significance or systemic implications. The S&P 500 scorecard above tracks all 500 index components, but individual stories below focus on names large enough to move markets and provide economic signals relevant to US large-cap portfolio managers. On any given day, 30-80+ companies may report earnings, but MIB filters for the 2-5 names most relevant to institutional investors.
YESTERDAY AFTER THE BELL (Markets Reacted Today)
No major earnings yesterday after the bell from companies with >$25B market cap. Note: Oracle (ORCL) appeared in yesterday’s MIB as an advance preview with pre-report consensus estimates — actual Oracle results are reported tonight (see Today After the Bell below).
TODAY BEFORE THE BELL (Markets Already Reacted)
No major earnings before the bell from companies with >$25B market cap.
TODAY AFTER THE BELL (Markets React Tomorrow)
BULLISH
11. Oracle Corporation (ORCL): +8-10% AH | Q3 FY2026 Blowout — OCI +84% YoY, RPO $553B (+325% YoY), FY2027 Target $90B
The Numbers:Released: AMC March 10, 2026. Revenue: $17.2B vs. est. $16.91B (+22% YoY USD; +18% constant currency) — BEAT by $290M. Non-GAAP EPS: $1.79 vs. est. $1.70 — BEAT by $0.09 (5.3% upside). GAAP EPS: $1.27 (+24% YoY). Cloud Revenue: $8.9B (+44% YoY). Cloud Infrastructure (OCI/IaaS): $4.9B (+84% YoY). Cloud Applications (SaaS): $4.0B (+13% YoY). Operating Cash Flow (12-month): $23.5B (+13%). RPO (Remaining Performance Obligation): $553 billion (+325% YoY, +$29B QoQ). Q4 FY2026 Guidance: Revenue +19-21%, Cloud +46-50%, Non-GAAP EPS $1.96-$2.00. FY2027 Revenue Target: $90B (from ~$67B FY2026 run-rate). ORCL regular session close: $149.40; After-hours: +8-10% (~$161-164).
The Problem/Win:Oracle’s Q3 results represent a fundamental re-rating event — not an incremental beat. The $553B RPO backlog (+325% YoY) means Oracle has contracted more future cloud and AI infrastructure revenue than its entire annual revenue for approximately 3+ years in advance. OCI growing at 84% YoY — vs. industry estimates of 37-41% — means Oracle Cloud Infrastructure is growing more than twice as fast as the top end of management’s own guidance range. The CFO’s comment (“Q3 was the first quarter in over 15 years where both organic total revenue and organic non-GAAP EPS grew at 20% or better simultaneously”) underscores that this is a business transformation, not a cyclical beat. ORCL entered today’s session down 20%+ YTD on Iran war macro fears; the blowout print effectively argued that AI enterprise demand is indifferent to geopolitics.
The Ripple:Oracle’s results validate Friday’s Marvell (MRVL +23%) AI infrastructure thesis and extend it to the software layer. Enterprise cloud infrastructure as a demand category — OCI, AWS, Azure — is now confirmed as structurally accelerating even in a stagflation/war environment. Direct beneficiaries: Nvidia (NVDA) confirms data center demand signals; AMD (AMD) cloud GPU demand; Arista Networks (ANET) hyperscaler networking; cloud-native companies with OCI partnerships. The FY2027 $90B target positions Oracle alongside AWS and Azure as a top-3 cloud infrastructure player — a significant competitive signal for Amazon (AMZN), Microsoft (MSFT), and Google (GOOGL) heading into Q1 earnings in late April.
What It Means:Oracle’s results are the single most important positive data point for the AI infrastructure investment thesis since Nvidia’s earnings in February 2024. In a market consumed by Iran war stagflation fears and macro deterioration, a $553B RPO signal from enterprise AI cloud demonstrates that the highest-conviction structural growth trade remains intact regardless of near-term macroeconomic conditions. Portfolio managers who reduced tech/AI exposure in the Iran war selloff face a recalibration decision Wednesday morning.
What to watch:ORCL’s Wednesday open will set the tone for the tech sector’s reaction to the results — a clean open above $160 (vs. $149.40 close) confirms the after-hours reaction held overnight. Watch also for Adobe (ADBE) results Thursday March 12 AMC — the next enterprise software data point that will confirm or contradict Oracle’s thesis that AI-driven demand is sustaining through the macro environment.
WEEK AHEAD PREVIEW:
Q4 2025 earnings season is effectively complete (~96% of S&P 500 reported). Major market-moving reports this week: Adobe (ADBE) reports Q1 FY2026 AMC Thursday March 12 — consensus EPS ~$5.46-5.87 and revenue ~$6.28B; AI-powered creative tools demand and any guidance impact from the Iran war macro environment will be the primary focus as a second enterprise software data point to validate Oracle’s AI thesis. Dollar General (DG) reports Q4 2025 BMO Thursday March 12 — a critical consumer health signal: dollar stores are a direct measure of lower-income consumer stress; gas prices at $3.45+ hitting the core DG customer demographic makes this report an economic leading indicator. Lennar (LEN) reports Q1 2026 AMC Thursday March 12 — homebuilder results will show mortgage rate impact (10Y at 4.15%) on housing demand; Q1 2026 spring selling season results are the first housing data point under Iran war conditions. Q1 2026 earnings season begins in earnest mid-to-late April 2026.
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F. ECONOMY WATCH -> TOP
Tracking U.S. economic indicators and commentary from the past 3 days.
Recession Probability Divergence: JPMorgan Cuts to 30% (From 40%), While Moody’s Holds at 42% (Multiple Research Desks, March 9-10, 2026)
What they’re saying:JPMorgan’s economics team revised its US recession probability down to 30% from 40% over the weekend, citing the IEA/G7 strategic petroleum reserve release (300-400M barrels) as providing partial supply backstop and noting that the underlying US economy pre-war (January NFP, January retail sales, Q4 earnings) showed strong momentum that typically creates recession-recovery resilience. Moody’s Analytics held its recession risk estimate at approximately 42%, arguing the combined economic damage from oil shock, negative consumer sentiment, and February’s -92,000 NFP creates a more significant drag than JPMorgan’s model captures. Goldman Sachs remains at 35% recession probability. The three major frameworks now span 30-42% — a wide range reflecting genuine analytical disagreement about how quickly the oil shock transmits into consumer spending contraction.
The context:The JPMorgan-Moody’s divergence on recession probability is significant: both are major institutional forecasters using similar data inputs but reaching different conclusions. JPMorgan’s revision down to 30% reflects a “shocks are absorbed” framework — the US economy has absorbed oil shocks before and the SPR mechanism reduces the peak impact. Moody’s 42% reflects a “compounding stress” framework — the oil shock is hitting an economy that was already showing stress signals (February’s negative NFP reading, Conference Board at 91.2, Michigan at 56.60) before the war began. The practical portfolio management implication: the 30-42% range sits above the 25% threshold that typically triggers defensive re-allocation at institutional risk management frameworks, but the divergence itself signals genuine uncertainty rather than consensus conviction in either direction.
What to watch:Watch for any of these three forecasters to update their models following tomorrow’s February CPI — a hot print (≥2.8%) would likely cause JPMorgan to revise back toward 35-40%, while Moody’s would likely move toward 50%+. A cool print (≤2.5%) could allow JPMorgan to cut further to 25%, possibly removing recession as the dominant institutional scenario.
Atlanta Fed GDPNow Q1 2026 Tracker Falls to -2.4%: First Contraction Signal of the Year (Atlanta Fed / The Hill, March 8-10, 2026)
What they’re saying:The Atlanta Fed’s GDPNow model — the most-watched real-time GDP tracker — is now projecting Q1 2026 real GDP growth at approximately -2.4% annualized, a sharp deterioration from the +2.3% Q4 2025 actual reading. The model is incorporating the February labor market data (which showed the first monthly payroll decline in recent quarters), the drag from the ongoing partial government shutdown (affecting DHS spending), and the initial energy price transmission into consumer spending estimates. Multiple financial media outlets (including The Hill) reported on the negative GDP tracking signal over the weekend, with several economists noting that a -2.4% first quarter would technically represent a negative growth quarter — one of the two consecutive quarters traditionally required for a recession definition.
The context:GDPNow at -2.4% is not a forecast — it is a real-time aggregate of data that has already been released. Importantly, the model does not yet contain any direct Iran war impact (oil prices, supply chain disruption, consumer confidence) for March; those will enter the Q2 tracking model. The -2.4% Q1 reading reflects pre-war economic conditions: the February NFP miss (-92,000), the partial government shutdown’s spending suppression, and weak January retail sales revisions. If Q1 GDP is confirmed negative when the advance estimate is released (late April), it would establish the first quarter of contraction — triggering a formal recession watch from NBER’s Business Cycle Dating Committee if Q2 also comes in negative. Q2 will contain the full Iran war oil shock transmission.
What to watch:GDPNow updates throughout March as monthly data releases arrive; watch for the February retail sales report (due March 16) and the February industrial production data (also mid-March) as the two most impactful remaining Q1 inputs. The Q1 GDP advance estimate, due late April, will be the formal confirmation of whether the pre-war economic deceleration meets the technical contraction threshold.
National Gasoline Average Rises to $3.48, Days from $3.50 Psychological and Economic Tipping Point (AAA, March 10, 2026)
What they’re saying:The AAA national average gasoline price reached $3.48/gallon Tuesday — up $0.03 from Monday’s $3.45 and up $0.54 from pre-conflict levels of $2.94 on February 27. Today’s WTI settlement at $88.85 (down from Monday’s $94.77 close) should slightly moderate the gasoline price trajectory over the next 5-7 days, as the typical crude-to-pump transmission lag is 2-4 weeks. However, even if WTI holds at $88-90, the pump price trajectory continues upward until next week from crude already purchased at higher levels. The $3.50/gallon threshold — historically the level at which consumer behavior begins measurably changing — is now less than $0.02 away and expected to be breached within 2-3 days under the current trajectory.
The context:The $3.50 gas threshold has practical economic significance: AAA and University of Michigan consumer research consistently shows that discretionary consumer spending begins declining measurably at $3.50+. At $3.48, the national average is already within the disruption zone. Every $0.25 above $3.00 represents approximately $35 billion in annualized consumer purchasing power transferred from discretionary spending to energy costs — at $3.50, that cumulative drain is $77 billion per year vs. pre-war levels. For retailers (Walmart, Target, Amazon), restaurant chains (McDonald’s, Starbucks), and discretionary consumer companies, gas prices at $3.50+ directly compress consumer spending at the margin. The compounding effect with February’s -92,000 NFP and Michigan sentiment at 56.60 creates a three-factor consumer contraction signal that typically precedes a discretionary spending deceleration of 1-2 quarters.
What to watch:AAA daily price updates for the $3.50 breach, now expected within 2-3 days. University of Michigan March preliminary consumer sentiment (Friday March 13, 10 AM ET) will be the first formal survey capturing the combined impact of $3.48+ gas, war uncertainty, and financial market volatility on household spending intentions — a reading below 50 (from February’s 56.60) would be a severe deterioration signal.
Deloitte Q1 2026 Economic Outlook: GDP Slowing to 2.2%, PCE Rising to 2.7%, Unemployment Climbing to 4.5% (Deloitte Insights, March 2026)
What they’re saying:Deloitte’s economics team published its Q1 2026 US economic outlook update this week, projecting GDP growth slowing to 2.2% for 2026 (down from 2.8% in 2025), PCE inflation rising to 2.7% (above the Fed’s 2% target), and unemployment gradually rising to 4.5% from its current 4.1% level. Deloitte describes the scenario as “stagflation-lite” — not a full 1970s stagflation episode but a persistent period of below-trend growth combined with above-target inflation that constrains the Fed’s ability to provide stimulus. Deloitte’s model assumes the Iran conflict resolves within Q2 and oil returns to $70-80 range by year-end; if the conflict persists through Q3, Deloitte explicitly states the recession probability “rises materially above 50%.”
The context:Deloitte’s “stagflation-lite” framework is now the emerging consensus among mid-tier economic forecasters — distinct from the full-stagflation scenario (Yardeni 35%, covered in yesterday’s MIB) but more pessimistic than JPMorgan’s revised 30% recession probability. The 2.2% GDP + 2.7% PCE combination creates a “dual constraint” for the Federal Reserve: PCE at 2.7% is too high to justify rate cuts, but 2.2% GDP growth is too slow to justify rate hikes. The Fed is effectively frozen — unable to ease without fanning inflation and unable to tighten without risking a contraction. This policy paralysis scenario is precisely the condition that leads to stagflation persistency: without either aggressive rate cuts (fiscal/monetary stimulus) or aggressive rate hikes (inflation-crushing recession), the economy can drift in a below-trend, above-inflation state for multiple quarters.
What to watch:The March 18-19 FOMC meeting (one week away) is the first formal Fed response to the Iran conflict’s economic impact. Watch the Fed’s updated Summary of Economic Projections (dot plot) for the committee’s internal GDP and PCE forecasts — any meaningful revision toward Deloitte’s 2.2% GDP / 2.7% PCE scenario from December’s projections would confirm the “stagflation-lite” framing is entering official Fed thinking.
Consumer Confidence Pre-War Baseline Analysis: Michigan 56.60, Conference Board 91.2 — Analysts Warn “War Will Accelerate Already-Fragile Sentiment” (Multiple Research Desks, March 8-10, 2026)
What they’re saying:Multiple Wall Street research desks published notes this week contextualizing the pre-war consumer confidence baseline established in February data: the University of Michigan Consumer Sentiment final February reading of 56.60 and the Conference Board Consumer Confidence reading of 91.2 both represented below-average consumer mood even before the Iran conflict began. Analysts at multiple firms noted that these readings establish a historically low starting point: Michigan sentiment at 56.60 is in the bottom quartile of all readings since 1980, and the Conference Board at 91.2 remains well below the psychological baseline of 100 (and far below November 2024’s 112.8 peak). With the conflict now adding gas price stress, job market uncertainty, and financial market volatility, economists expect the March preliminary Michigan (Friday March 13) to show further deterioration — with some desks projecting a reading as low as 45-50, which would match some of the worst readings of the 2022 inflation peak.
The context:Consumer confidence has a direct and historically well-documented relationship with consumer spending: a 10-point decline in Michigan sentiment is associated with approximately a 0.3-0.5 percentage point deceleration in real personal consumption expenditures over the following two quarters. If March sentiment falls 10 points from 56.60 to approximately 46, that alone would project a 0.3-0.5pp slowdown in consumer spending — and consumption represents approximately 68% of US GDP. This channel is the most direct transmission mechanism from “war fear” to “economic contraction” that doesn’t require oil prices or unemployment to deteriorate further. The consumer spending deceleration via confidence — rather than via income — is historically the fastest-acting recession transmission channel.
What to watch:University of Michigan March Preliminary Consumer Sentiment is released Friday March 13 at 10 AM ET — this is the highest-priority economic data release this week (outside of tomorrow’s CPI). Projections of 45-50 are within a range that would signal the most severe consumer confidence deterioration since 2022’s inflation shock and could provoke immediate market reaction. Watch also for the “year-ahead inflation expectations” component — if consumers are embedding 4%+ year-ahead inflation expectations (vs. the current 3.3%), the stagflation narrative becomes self-fulfilling.
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G. WHAT’S NEXT -> TOP
UPCOMING THIS WEEK:
• Wednesday, March 11 — February CPI (8:30 AM ET): The single most important economic data release of the week; consensus 2.4-2.5% YoY headline; will establish the pre-war inflation baseline; any print ≥2.8% would force a hawkish market repricing; print ≤2.3% would briefly revive rate cut hopes despite war uncertainty
• Wednesday, March 11 — Oracle (ORCL) Wednesday Open: Markets will formally react to tonight’s blowout Q3 FY2026 results; watch for a clean open above $160 vs. $149.40 close; AI infrastructure sector (NVDA, AMD, ANET) will take directional cues from ORCL’s open
• Thursday, March 12 — Adobe (ADBE) AMC, Dollar General (DG) BMO, Lennar (LEN) AMC: Three major earnings in one day — Adobe validates Oracle’s AI enterprise thesis; Dollar General provides the most direct lower-income consumer health signal under gas price stress; Lennar measures housing demand with 10-year at 4.15%
• Friday, March 13 — University of Michigan Consumer Sentiment (10 AM ET): March preliminary reading; the first formal survey capturing war, gas prices, and market volatility simultaneously; projections of 45-50 represent severe deterioration from February’s 56.60; year-ahead inflation expectations component is equally critical
• Ongoing — Iran War / Hormuz Status: New Supreme Leader Mojtaba Khamenei’s first ceasefire statement; any Ras Tanura operational restoration confirmation from Saudi Aramco; any State Department formal ceasefire framework announcement; Kpler tanker data for Hormuz transit activity
KEY QUESTIONS FOR NEXT 5-7 DAYS:
1. Does tomorrow’s February CPI print clean or dirty? At 2.4-2.5% (pre-war baseline), the market gets a brief reprieve. At 2.7%+, the market must confront the possibility that inflation was already re-accelerating before the oil shock — making the Fed’s paralysis scenario permanent rather than temporary. The CPI number will directly reprice rate cut expectations and could move the 10-year yield by 15-20 bps in either direction.
2. Does Trump’s “war ending very soon” signal lead to a formal ceasefire framework this week — or was it political theatre? Iran’s new Supreme Leader Khamenei explicitly rejected ceasefire on Tuesday even as Trump was signaling it. Can a ceasefire negotiation proceed when the two principals are giving directly opposite signals simultaneously? Any State Department announcement of named counterparties in ceasefire talks would be the first concrete de-escalation evidence to watch.
3. Does Oracle’s $553B RPO blowout and the ORCL Wednesday morning open trigger a sustained rotation back into AI/tech? The stock has been down 20%+ YTD — a 10% after-hours recovery still leaves significant underperformance to erase. Will institutional investors use the print to rebuild AI infrastructure positions despite macro headwinds, or will the Iran war backdrop cap any tech recovery rally at the sector rather than individual name level?
Market Intelligence Brief (MIB) Ver. 14.26
For professional investors only. Not investment advice.
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