Market Watch: Top 10 Trends in March

Wall Street is expected to open muted on Tuesday after a brutal sell-off yesterday driven by mounting recession concerns. President Donald Trump has expressed frustration, stating he “can’t really watch the stock market” while his policies, including tariffs, continue to create uncertainty for businesses and investors. This environment of economic uncertainty is setting the stage for a day of cautious trading.

Delta Air Lines has significantly cut its first-quarter earnings outlook amid signs that the once-resilient travel theme may be losing its luster. The carrier now projects earnings between 30 and 50 cents per share, a stark downgrade from the previous forecast of 70 cents to $1 per share. CEO Ed Bastian attributed the shift to a combination of reduced consumer and corporate confidence, worsened by two recent safety incidents that have further dampened travel sentiment.

American Airlines is also revising its forecast, lowering both revenue and profit estimates after facing challenges from the fatal collision of one of its regional jets with an Army helicopter in Washington, D.C., in late January. The carrier now expects a loss of 60 to 80 cents per share in the first quarter, compared to its earlier projection of a loss between 20 and 40 cents per share. The company’s domestic leisure segment has been particularly weak in March, adding to the pressure.

Oracle’s shares fell sharply this morning after the tech giant missed expectations on both the top and bottom lines. However, the company’s cloud unit demonstrated tremendous growth, and Chair Larry Ellison highlighted record levels of customer demand. Despite the earnings miss, Oracle continues to invest in a monumental data center buildout to support its expanding cloud business.

Shares of Asana are plunging more than 25% following a light revenue forecast issued last night. The work management software provider has faced growing concerns from investors, especially with CEO Dustin Moskovitz announcing his retirement while planning to remain as chairman until his successor takes over, which has left the market unsettled.

Mizuho Securities characterized the 30% sell-off in Coinbase shares as overdone, although analysts maintained a hold-equivalent rating on the stock. The cryptocurrency exchange has been down in sympathy with the recent pullback in bitcoin, which is now trading above $80,000.

Retail sector struggles continue as shares of Kohl’s dropped 15% after the retailer’s full-year guidance fell significantly short of expectations. The company now anticipates revenue to decline between 5% and 7% and same-store sales to fall by 4% to 6%, far from the modest declines predicted by consensus.

Dick’s Sporting Goods is joining the list of retailers issuing cautious guidance. Although the company reported a solid quarter with both revenue and earnings per share exceeding expectations, its shares have dipped nearly 2% in early trading, reflecting investor caution.

Wells Fargo has cut its price target on natural gas exporter Venture Global from $18 to $11 per share, following a series of disappointing results that have seen the stock lose about two-thirds of its value since its public debut in late January.

In contrast, HSBC upgraded On Holding to a buy rating, highlighting the potential of the up-and-coming Swiss shoemaker despite its shares tumbling roughly 30% from their peak in late January.

These developments underscore the mixed landscape on Wall Street, with major airlines, tech companies, and retailers all facing different challenges amid a broader economic slowdown. Investors will be watching closely as additional guidance emerges ahead of the upcoming JPMorgan airline industry conference, and market participants brace for another day of cautious trading.

Sources: AirGuide Business airguide.info, bing.com, cnbc.com

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Market Watch: Top 10 Trends in March

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