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The Pentagon has made preparations for deploying U.S. ground forces to Iran, despite Trump not yet making a decision. Military commanders have submitted requests to respond to potential conflict, while the White House states there are currently no plans to send ground forces. U.S. military is preparing to redeploy troops to the Middle East.

Hedge fund manager Bill Ackman met with Trump administration officials to advocate for canceling preferred shares of Fannie Mae and Freddie Mac held by the government, involving $370 billion in claims. His goal is to use lobbying activities to encourage President Trump to support this plan. These companies remain under government control, and lifting this status will take time.

Nvidia executives confirmed that the company will deliver 1 million graphics processors to Amazon AWS between 2026-2027, involving Spectrum networking chips and Groq chips. This major partnership will drive optimization of AI inference workloads, while AWS will also deploy Nvidia's networking equipment. The two companies did not disclose financial details of the agreement, and Nvidia expects to face trillion-dollar sales opportunities in the future.

Citi analysts stated that following attacks on Middle Eastern energy infrastructure, hopes for resolving the Iran conflict have weakened, with Brent crude oil prices potentially rising to $110-$120 per barrel and possibly reaching $150. Iran's retaliatory strikes on Middle Eastern facilities have heightened supply concerns. The United States is working to ease market tensions and restore passage through the Strait of Hormuz.

Goldman Sachs CEO David Solomon stated that with the recovery in M&A transactions and growth in wealth management and alternative investments, the firm expects to exceed its 15% return target. He noted that increased market volatility requires cautious risk management, while emphasizing that artificial intelligence will bring benefits over the long term.

The British pound fell slightly on Friday, pressured by rising oil prices, but still gained 1.2% for the week. The Bank of England unexpectedly signaled a hawkish stance, prompting markets to reassess rate expectations, with approximately 80 basis points of rate hikes anticipated before year-end. Oil price volatility and geopolitical factors dominated market sentiment.

On Friday, major stock index futures in Canada and the United States declined slightly as investors focused on elevated oil prices and developments in the Iran conflict. The S&P/Toronto Composite Index hit lows, with energy stocks supported by high oil prices. Central banks including the Federal Reserve maintained interest rates unchanged, while Trump considered loosening sanctions on Iran. Gold prices rebounded slightly and the US dollar weakened, though still facing high inflation pressures. FedEx raised its profit outlook, but potential war impacts remained a market focus.

The Bank of England held interest rates steady at 3.75% at its March meeting, but the hawkish tone was unexpected, with market expectations shifting toward a rising possibility of rate hikes. Analysts point out that even previously dovish members discussed rate increases, and future months' interest rate policy will be influenced by energy prices and economic conditions.

Pre-Market Movements
1. On March 20(Friday), U.S. stock index futures fell across the board before the market open. As of press time, Dow futures fell 0.31%, S&P 500 index futures fell 0.32%, and Nasdaq futures fell 0.45%.
2. As of press time, Germany's DAX index rose 0.07%, UK FTSE 100 index rose 0.11%, France's CAC40 index rose 0.17%, and Europe's Stoxx 50 index rose 0.32%.
3. As of press time, WTI crude oil fell 1.34%, trading at $94.27 per barrel. Brent crude oil fell 1.59%, trading at $106.92 per barrel.
Record $5.7 Trillion "Quadruple Witching Day" Looms Over U.S. Stocks!
As Middle East tensions escalate, a volatility storm is on the verge of erupting. According to Citigroup data traceable back to 1996, Friday will see approximately $5.7 trillion in notional value related to U.S. individual stocks, indices and exchanges expiring.

Bank of America economist Aditya Bhave pointed out that the market has already priced in expectations of a Fed rate cut, and any rate hikes would need to meet conditions such as a stable labor market, rising core inflation, and Powell remaining in office. Iran-related oil price shocks could affect inflation and decrease the likelihood of rate cuts. He expects next week's economic data to be weak, reflecting the impact of the Iran conflict.

Bank of America report recommends investors prepare for prolonged geopolitical volatility and oil price fluctuations, with a focus on high-quality, large-cap value stocks. Historical data suggests buying after market pullbacks can be profitable, but there is insufficient preparation for future declines. Rising oil prices have complex effects on the stock market, with financial stocks weakening but global systemically important banks still showing potential. In high-volatility environments, quality stocks outperform other equities.

The European Central Bank kept interest rates unchanged amid uncertainties stemming from conflicts in the Middle East. Analysts have differing views on future rate hikes, with some institutions expecting a 25 basis point increase in June and September respectively. Inflation forecasts have been revised upward, indicating that the central bank remains alert to policy tightening.

SAP Chief Executive Officer Klein stated that the defense industry is becoming a rapidly growing area for the company, contributing approximately 10% of revenue. As global military spending increases, there is strong market demand for advanced software and artificial intelligence. SAP is providing system upgrade services to militaries in multiple countries, despite encountering some software issues. Klein emphasized that assessing the impact of global conflicts on SAP still requires time, but the company has competitive advantages in addressing complex business challenges.

Flowco Holdings Inc. stock price declined 10% following its announcement to underwrite 7.8 million shares of Class A common stock at $22 per share, below the previous closing price of $23.64. The offering is expected to close on March 23, 2026, and Flowco plans to repurchase 780,000 shares. JPMorgan Chase and Jefferies are acting as joint lead underwriters.

HSBC upgraded Arm Holdings from underweight to buy with a price target of $205, believing the potential of its transformation toward AI server processors is insufficiently reflected. The bank expects server CPU royalty revenue to grow at an annual rate of 76% from 2026 to 2031, and the possibility of launching proprietary chips could significantly enhance profitability.

The Trade Desk stock price rose 3.7% after Needham analyst Laura Martin reiterated a buy rating with a $32 price target. She analyzed that the dispute with Publicis Groupe has limited financial impact, with factors supporting her optimistic outlook including new revenue sources and strategic positioning.

Apple's App Store revenue growth slowed in March, but iPhone production increased by 12% year-over-year, indicating that hardware demand remains strong. Although the service business experienced a short-term slowdown, the robust performance of the iPhone provided strong support for Apple's overall results. Overall, Apple demonstrated a good balance between hardware and its ecosystem.

US stock index futures came under pressure on Friday as investors focused on elevated oil prices and developments in the Iran conflict. Dow Jones, S&P 500, and Nasdaq futures all declined. Chevron and ExxonMobil edged higher, while FedEx stock surged 9%. Planet Labs and York Space Systems beat expectations, while Super Micro Computer dropped significantly. Figs Inc. and Firefly Aerospace rose in price.

The Trump administration released a national legislative framework aimed at addressing artificial intelligence policy, with a focus on protecting children's privacy, streamlining energy infrastructure permitting, and promoting balanced intellectual property rights. The framework calls for unified state laws to enhance innovation and plans to work with Congress on developing legislation.