👀 Uber & Waymo Partner Up...

Good afternoon! Colossal Biosciences is one step closer to making Jurassic Park a reality—sort of. The Dallas-based startup, best known for its ambitious plans to resurrect the woolly mammoth, has successfully engineered a “woolly mouse” by splicing mammoth DNA into mice. The result? Adorably fuzzy, golden-brown rodents with cold-resistant fat, just like their prehistoric counterparts. While the company still has a long way to go before implanting modified embryos into elephants, these pint-sized mammoths are proof their genetic tinkering is on the right track.

But not everyone is thrilled about this scientific flex. Some critics argue that resources would be better spent saving species currently on the brink of extinction rather than reviving long-gone ones. Others worry about the environmental consequences of reintroducing mammoth-like creatures into Arctic ecosystems. Colossal, however, insists its project could help restore balance to degraded habitats. Whether they’re on the verge of a scientific breakthrough or just creating nature’s weirdest science fair project remains to be seen.

MARKETS

• Stocks staged a comeback Wednesday after President Trump gave US automakers a one-month break from tariffs on imports from Canada and Mexico. Investors, who had spent the morning bracing for the worst, took the news as a sign that more concessions could be on the table, sending markets higher across the board.

• The S&P 500 and Dow Jones Industrial Average both climbed 1.1%, while the Nasdaq jumped 1.5% after nearly slipping into correction territory earlier in the day. Auto stocks led the rally, with Ford, GM, and Stellantis all surging more than 5% as traders bet on a smoother ride ahead—at least for now.

STOCKS
Winners & Losers

What’s up 📈

• Moderna surged 15.94% after CEO Stephane Bancel bought $5 million worth of company stock, signaling confidence in the biotech firm. ($MRNA)

• Stellantis jumped 9.24%, General Motors rose 7.21%, and Ford climbed 5.81% after reports that the Trump administration may delay auto tariffs for one month. ( $STLA ) ( $GM ) ( $F )

• Huntington Ingalls Industries soared 12.36% after President Trump praised the shipbuilding industry in his speech last night. ( $HII )

• Palantir gained 6.8% after analysts at William Blair upgraded the stock, citing its recent selloff as an attractive entry point. ( $PLTR )

• Novo Nordisk advanced 3.84% following an announcement that it will sell its weight loss drug Wegovy at half price through a new direct-to-consumer pharmacy. ( $NVO )

• Dollar Tree rose 5.21% after announcing Stewart Glendinning as its next chief financial officer, effective March 30. ( $DLTR )

• Foot Locker popped 5.12% after the shoe retailer beat earnings expectations and reported strong same-store sales in the fourth quarter. ($FL )

• Brown-Forman climbed 10.1% after the parent company of Jack Daniels posted better-than-expected earnings, easing investor concerns. ( $BF.B )

What’s down 📉

• Abercrombie & Fitch dropped 9.24% after the retailer provided a weak 2025 sales outlook and noted that February apparel demand was soft. ($ANF )

• CrowdStrike slid 6.34% as its Q1 revenue and operating income guidance missed expectations, despite in-line full-year projections. ( $CRWD )

• AeroVironment declined 4.38% after issuing weak full-year guidance and missing earnings and revenue expectations for its fiscal third quarter. ( $AVAV )

• Box fell 3.23% after the cloud storage company's Q1 revenue guidance came in below analyst estimates. ( $BOX )

• Campbell’s Co. dipped 2.85% after the company lowered its full-year outlook, blaming weakness in its snacking segment. ( $CPB )

• Thor Industries plummeted 14.52% following disappointing earnings and a guidance cut, as fewer consumers are taking road trips. ( $THO )

AUTONOMY
Uber and Waymo Begin Driverless Ridehailing Service in Austin

Self-driving rides are here—just don’t expect them everywhere yet.

Austin just became the latest testing ground for driverless ride-hailing, with Uber and Waymo launching their autonomous taxi service this week. Riders booking an UberX, Uber Green, Comfort, or Comfort Electric trip (I just book whatever’s the cheapest) could find themselves inside a Waymo self-driving Jaguar at no extra charge—if they opt in. For now, the service covers 37 square miles, including downtown and surrounding neighborhoods, with Uber managing the fleet.

SXSW Test Drive

The timing couldn’t be better. With 300,000 people flooding Austin for South by Southwest (SXSW), Waymo has a prime opportunity to showcase its tech to a massive audience. Uber already offers Waymo rides in Phoenix, but Austin marks the first city where it’s fully managing Waymo’s fleet—handling everything from cleaning to charging, with an expansion to Atlanta set for later this year.

Elon Musk has his sights on the same market. Tesla plans to launch its own driverless ride-hailing service in Austin by June, setting up a head-to-head battle with Waymo and Uber. Unlike Waymo, Tesla’s system still requires a human backup driver—so whether it can truly compete in the fully autonomous space remains to be seen.

Who’s Really Winning the Robotaxi Race?

Waymo is already dominating the self-driving ride scene, reportedly handling 200,000 trips per week across San Francisco, Los Angeles, and Phoenix. Tesla, meanwhile, is still perfecting its AI-assisted driving tech, while Lyft has all but abandoned its own autonomous ambitions. For now, Waymo’s biggest competitor might just be human drivers who still do most of Uber’s work.

The Road Ahead: The real test is whether people actually want driverless rides. While Waymo’s service is expanding, safety concerns and regulatory hurdles remain. If Austin’s launch goes smoothly, expect more cities to follow. If not? Well, human drivers aren’t going anywhere just yet.

NEWS
Market Movements

• 💻 Amazon expands AI ambitions with new agentic AI group: Amazon’s cloud unit is forming a new division focused on developing agentic AI, aiming to automate complex workflows with human-like reasoning. Led by AWS veteran Swami Sivasubramanian, the initiative seeks to enhance efficiency across industries while competing with Microsoft and Google. ($AMZN)

• 🚢 BlackRock secures control of key Panama Canal ports: BlackRock and its investment partners have reached a $23 billion deal to acquire control of major Panama Canal ports from Hong Kong-based CK Hutchison. The acquisition gives BlackRock control over 43 ports worldwide, addressing U.S. concerns over Chinese influence in global trade. ($BLK)

• 🚗 Trump grants automakers a temporary tariff exemption: President Trump has given automakers a one-month exemption from tariffs on Mexican and Canadian imports, provided they comply with the USMCA trade agreement. The move follows requests from Ford, General Motors, and Stellantis, which have been lobbying against the new tariffs. ($F, $GM, $STLA)

• ⚖️ Judge allows Musk’s OpenAI lawsuit to proceed: A federal judge denied Elon Musk’s request to block OpenAI’s transition to a for-profit model but allowed his lawsuit against the company and CEO Sam Altman to move forward. Musk argues OpenAI violated its founding agreement and antitrust laws by shifting from a nonprofit to a commercial AI powerhouse. ($MSFT)

• 🤖 Palantir teams up with TWG to expand AI into finance: Palantir is launching a joint venture with investment firm TWG Global to integrate AI into small and regional banks. The partnership aims to modernize outdated IT systems and drive personalized financial services using Palantir’s AI technology. ($PLTR)

• 💊 Novo Nordisk slashes Wegovy price: Novo Nordisk will offer its weight loss drug Wegovy for $499 per month—less than half its $1,350 list price—through its new direct-to-consumer online pharmacy, NovoCare. The pricing strategy aims to expand access for uninsured patients, including Medicare recipients, as the company seeks to maintain dominance in the weight-loss drug market. ($NVO)

• 📺 Disney to cut hundreds of jobs in media division: Disney plans to lay off nearly 6% of staff across ABC News Group and Disney Entertainment Networks. The move, which affects fewer than 200 employees, reflects the company’s ongoing restructuring efforts amid declining TV audiences. ($DIS)

• ✈️ Southwest Airlines to shut down crew bases in July: Southwest Airlines will close its crew bases in Fort Lauderdale and Austin as part of cost-cutting measures. The shutdown, set for July 1, will impact 280 flight attendants as the airline adjusts operations. ($LUV)

• 🗳 Kenvue settles boardroom battle with Starboard: Kenvue has reached a settlement with activist investor Starboard Value, agreeing to add three new directors, including Starboard CEO Jeff Smith. The Johnson & Johnson spinoff aims to improve leadership and operational performance following investor pressure. ($KVUE, $JNJ)

• 🔬 Merck faces patent fight over Keytruda injection: Merck is in a legal dispute with Halozyme over an enzyme used in a new injectable version of its blockbuster cancer drug, Keytruda. As Keytruda’s patents begin expiring in 2028, Merck is fighting to protect billions in revenue while awaiting FDA approval for the injectable version later this year. ($MRK, $HALO)

EARNINGS
Echelon Of Earnings From CrowdStrike, Marvell, MongoDB, Abercrombie & Fitch And Foot Locker

CrowdStrike took a nosedive, falling 6.34%, as a weak earnings forecast overshadowed solid quarterly results. The cybersecurity firm has been clawing back from last year’s disastrous software update that bricked computers worldwide, but its forward guidance left investors unimpressed. CEO George Kurtz tried to reassure investors, saying growth will pick up in the second half of the year, but Wall Street wasn’t buying it. ($CRWD)

Marvell Technology sank 14.85% after hours as investors realized that AI-fueled growth wasn’t moving as fast as they’d hoped.The chipmaker’s revenue forecast was in line with expectations, but some had been hoping for even bigger numbers. Given the recent AI stock pullback, Marvell’s cautious outlook only added to the sector’s jitters. Broadcom, another AI chip player, fell 2.35% in sympathy. ($MRVL)

MongoDB tanked 16.11% in after-hours trading after its weak guidance sent investors scrambling. The database software firm had strong revenue growth last quarter, but its outlook for the full year suggests the party may be winding down. MongoDB blamed slower adoption of its Atlas cloud service, but that didn’t stop Wall Street from heading for the exits. ($MDB)

Abercrombie & Fitch plunged 9.24% as investors decided its hot streak might be cooling off. The retailer has been a rare comeback story, nailing trends and expanding its customer base beyond teenagers. But its 2025 revenue forecast came in weaker than expected, and with Trump tariffs looming, investors are skittish about the stock’s ability to keep up its run. ($ANF)

Foot Locker surged 5.12% after the company reassured investors that its exposure to tariffs would be limited.While the sneaker retailer still faces pressures from Nike’s direct-to-consumer push and a highly promotional retail environment, it managed to beat sales estimates last quarter. Foot Locker also laid out plans to cut costs and revamp its stores, which seems to have given investors something to cheer about. ($FL)

Calendar
On The Horizon

Tomorrow

The labor market took a hit in today’s ADP report, and there’s more jobs data on deck tomorrow with the latest batch of initial jobless claims. Traders will also be eyeing updates on the US trade deficit and wholesale inventories for clues on how the manufacturing sector is holding up.

Earnings season rolls on with fresh reports from some big names, including Macy’s ($M), Broadcom ($AVGO), Hewlett Packard Enterprise ($HPE), Kroger ($KR), JD .com ($JD), The Gap ($GPS), and Cracker Barrel ($CBRL).

After Market Close:

• Costco remains the undisputed champion of wholesale retail, winning over both shoppers and shareholders with its rock-solid management and cash-rich balance sheet. Whether the economy is booming or stumbling, Costco thrives by offering bulk bargains that keep customers coming back—especially with tariff tensions pushing more shoppers toward cost-cutting strategies. The only real knock? Its stock price has surged, leaving limited room for upside based on Wall Street’s targets. Investors still love the business, but with shares closing in on analyst expectations, Costco may need a surprise beat to keep the rally rolling. ($COST)

NEWS
The Daily Rundown

• 🛒 Retailers brace for price hikes from tariffs: Best Buy and Target warned that Trump’s tariffs will drive up prices across multiple product categories, including fresh produce, electronics, and apparel. Target CEO Brian Cornell said shoppers could see price increases as soon as this week, while Best Buy noted that the new duties on China and Mexico would significantly impact its supply chain. International backlash is growing, with Canada, China, and Mexico planning retaliatory tariffs, though Trump’s Commerce Secretary suggested negotiations could happen soon.

• 📢 Trump touts administration’s achievements in Congress address: President Trump delivered a 100-minute speech declaring “America is back” and outlining his policies on immigration, tax cuts, and foreign affairs. He announced the capture of a terrorist linked to the 2021 Kabul bombing, teased a letter from Ukraine’s Zelensky, and reiterated his stance on trade and border security. The speech also included praise for Elon Musk, a swipe at Sen. Elizabeth Warren, and a call to repeal the CHIPS Act.

• 🔮 Samsung teases new XR headset to compete with Apple’s Vision Pro: Samsung previewed its upcoming extended reality (XR) headset, signaling its entry into the competitive AR/VR market. The company showcased AI-driven smartphone integrations and its Moohan XR glasses, emphasizing its commitment to immersive technology. The announcement comes as major tech firms, including Apple and Meta, race to dominate the next wave of consumer electronics.

• 🏠 California orders 100,000 state employees back to the office: Gov. Gavin Newsom mandated a four-day in-office workweek for nearly 100,000 state employees, following the Trump administration’s federal return-to-office directive. Newsom argued that in-person collaboration would boost productivity, but unions are expected to challenge the order. Compliance with similar mandates has ranged between 50% and 70%, raising concerns about enforcement and pushback from workers.

• 🌿 Supreme Court ruling limits EPA’s authority over sewage regulation: In a 5-4 decision, the Supreme Court ruled that the EPA overstepped its authority by imposing vague water quality standards on San Francisco’s wastewater system. The ruling allows the city to continue its current sewage discharge practices under existing permits, despite environmental concerns. Critics warn the decision could weaken national water protections and set a precedent for rolling back federal environmental regulations.

• 📉 Tesla stock tumbles amid tariff concerns and supply chain risks: Tesla shares fell below their 200-day moving average for the first time since August 2024, dropping 27.6% in February. The decline coincided with new Trump administration tariffs on imports from Canada and China, raising fears of supply chain disruptions and retaliatory measures. Investors are watching closely as China, one of Tesla’s key markets, considers countermeasures that could impact the automaker’s sales.

• 🍹 Kraft Heinz enters alcohol market with Crystal Light Vodka Refreshers: Kraft Heinz launched its first alcoholic beverage, offering a low-calorie, zero-sugar vodka drink under the Crystal Light brand. The ready-to-drink cocktails come in Wild Strawberry and Lemonade flavors, targeting health-conscious consumers. The move marks Kraft Heinz’s expansion beyond food into the growing alcoholic beverage sector.

• 📉 Trump administration proposes excluding government spending from GDP calculations: Commerce Secretary Howard Lutnick suggested removing government expenditures from GDP reporting, arguing that public-sector spending artificially inflates economic performance. Economists warn the change could distort economic data, as government spending accounts for 17% of GDP and influences overall growth. The proposal comes as the Federal Reserve projects a 2.8% GDP contraction for Q1, with concerns that the downturn would appear even worse under the revised formula.

RESOURCES
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