Preview of US Stock Market | The three major stock index futures rose together. NIKE, Inc. Class B (NKE.US) fell sharply after its performance. Trump will issue an important update on the Iran issue.

Pre-market market trends 1. On April 1 (Wednesday), before the US stock market opened, the futures of the three major US stock indexes all rose. As of the time of writing, the Dow Jones Industrial Average futures rose 0.86%, the S&P 500 index futures rose 0.83%, and the Nasdaq futures rose 1.07%. 2. As of the time of writing, the German DAX index rose by 2.98%, the UK FTSE 100 index rose by 2.04%, the French CAC 40 index rose by 2.04%, and the European Stoxx 50 index rose by 2.73%. 3. As of the time of writing, WTI crude oil fell by 2.81% to $98.53 per barrel. Brent crude oil fell by 2.59% to $101.28 per barrel. Market news Trump will make an "important update" regarding the Iran issue. The White House announced on March 31 that Trump will make a national address on April 1 at 9:00 am Beijing time regarding the Iran issue. According to reports, Trump mentioned to the media while signing an executive order on March 31 that the US may end military actions against Iran within two to three weeks. He stated that the US military is completing its final tasks, saying, "I think within two weeks, maybe a few more days, we can complete it." Meanwhile, Iranian President Rouhani stated on March 31 that Iran has the "necessary willingness" to end the war, provided that the other party meets Iran's demands, especially providing necessary guarantees of no further aggression. JP Morgan, Goldman Sachs Group, Inc. dissect the truth of the big rebound in US stocks: Short squeeze rather than sentiment reversal. After signals of easing tensions between the US and Iran, the S&P 500 index surged 2.9% on Tuesday, marking the largest single-day increase since May last year. However, trading desks at Wall Street's major institutions stated that the extreme bearish positioning in the stock market leading up to the end of the quarter was the main driver behind the significant rebound in US stocks on Tuesday, rather than a change in investor sentiment regarding the outlook of the Middle East conflict. Traders at Goldman Sachs Group, Inc. and JPMorgan stated that the rise in US stocks on Tuesday was mainly due to short squeezes, with the sudden rebound largely a result of various market participants covering their short positions. Hedge funds and commodity trading advisors (CTAs) had been heavily shorting stocks. These trading desks also predicted that pension funds would conduct large-scale fund reallocations at the end of the month, shifting to buying stocks, and the negative gamma pressure points held by options traders would gradually dissipate as options expired on Tuesday, providing further momentum for the market to rise. Don't wait for the war to end! Wall Street "wizards": Stock markets usually bottoms out at the beginning of conflicts. Renowned strategist and co-founder of Fundstrat, Tom Lee, sent a positive signal to investorsalthough the duration of the military conflict remains uncertain, historical experience shows that the bottom of the stock market typically occurs at the start of a war, not the end. Lee reviewed seven major military conflicts since 1900 in his latest research report. The research found that equity assets tend to rebound shortly after the outbreak of conflicts. He explained that investors often "price risk of risk" in a very short period, leading to quick pricing of negative expectations. Data shows that market bottoms typically occur in the first 10% of the total duration of a war. He stated, "Looking ahead to April, we believe that the market is much closer to the true bottom than pessimists anticipate." He firmly believes that after a sharp decline, a "V-shaped reversal" often follows, as the US economy is fully capable of addressing current macro challenges. Bottom buyers beware? Top economists warn: Steer clear of the US stock market indices! Top economist and former Chief Investment Officer of PIMCO, Mohamed El-Erian, has issued a warning to bottom buyers. He stated that as the Iran war enters its second month, he is currently avoiding stocksparticularly broad stock market indices. He mentioned a series of cascading economic consequences triggered by high oil prices, stating that the market now must address a risk that "demand shocks" will begin to spread throughout the entire economy. He said, "This is another tipping point for the global economy. My investment strategy has shifted from 'lowering risk' to 'across-the-board hedging.' At this point, although there are several individual stocks that seem attractive, I would not enter to buy broad market indices." He added that even considering the current declines, investors may still be underpricing the economic risks triggered by the Iran war. Gold and silver may have peaked, "once-in-a-lifetime" high point passed? Senior market analyst Mike McGlone issued a warning to investors the peak values of gold and silver in January of this year may represent a "once-in-a-lifetime" historical high point. He stated that gold is facing a challenging obstacle, caused by an overextended speculative rally at the beginning of the year. "By the end of February, the price of gold relative to the commodity spot index reached an all-time high, and the premium relative to the 60-month moving average was the highest since 1980." Like gold, he expects that the rally in silver to $120 per ounce in January may also represent a historic peak. He stated, "A prolonged war or ceasefire may keep the gold price above $5,000 per ounce, but if signs of defeat appear in Iran's offensive and the Strait of Hormuz returns to safety, the gold price may face pressure to drop to $4,000." Individual stock news After halving its market share, Tesla, Inc. (TSLA.US) returned strongly: March sales in France surged by 203% year-on-year, while sales in Denmark increased by 108%. The latest data released on Wednesday showed that Tesla, Inc.'s March new car registrations in France more than doubled year-on-year, just slightly lower than the historical peak set over two years ago, while also doubling in Denmark. This latest sign indicates a sales recovery for the electric vehicle giant in the European market. Data released by the French automotive industry association (PFA) on Wednesday showed that Tesla, Inc. had 9,569 new car registrations in France in March, an increase of 203.10% compared to the same period in 2025, just slightly lower than the historical peak of 9,572 set in December 2023. Data from bilstatistik.dk in Denmark showed that Tesla, Inc. had a 144% year-on-year increase in registrations, reaching 1,447 vehicles. As of writing, Tesla, Inc. was up over 2% in pre-market trading on Wednesday. Growth slowdown! NIKE, Inc. Class B (NKE.US) plummeted in pre-market trading, with Iranian warfare and a "20% decline" warning in China region severely impacting its recovery efforts. Financial reports showed that NIKE, Inc. Class B reported revenue of $11.3 billion for the third quarter ending on February 28, exceeding average expectations but remaining flat compared to the same period last year; earnings per share were $0.35, higher than the expected $0.28. NIKE, Inc. Class B stated that promotional activities and war-related transport disruptions have led to high inventory levels in Europe and the Middle East region. In China, due to operational errors combined with intense domestic competition, NIKE, Inc. Class B saw a 10% decline in sales in the third quarter. These negative factors, along with weakness in the Greater China region and other business areas, overshadowed strong performance in North America. Additionally, the company expects revenue to decline by 2% to 4% in the fourth quarter of the fiscal year starting in March. This has exacerbated investor concerns that the Iran war will harm its recovery efforts. As of writing, NIKE, Inc. Class B was down nearly 11% in pre-market trading on Wednesday. Facing the risk of delisting with performance hitting new lows, Beyond Meat (BYND.US) rebrands and transitions to bet on low-controversy new products for self-rescue. Beyond Meat, a pioneer in the global plant-based meat industry (now formally known as Beyond The Plant Protein Company), recently disclosed its financial report for the fourth quarter and full year of 2025. The report showed continued significant declines in revenue, setting a record low annual revenue since its IPO, with significantly increased losses, as well as multiple delays in financial report disclosures due to internal control issues leading to a decline in stock price and receiving a delisting warning from Nasdaq. In the face of ongoing weak industry demand, this former capital star is initiating a full brand overhaul, downplaying the "meat" label and betting on low-controversy new products such as bubble protein drinks in an attempt to turn its performance around. As of writing, Beyond Meat was down over 8% in pre-market trading on Wednesday. Iran threatens retaliation airstrikes, targets tech giants such as NVIDIA Corporation (NVDA.US), Apple Inc. (AAPL.US). Iran's Islamic Revolutionary Guard Corps (IRGC) issued a threat to strike a series of US tech companies operating in the Middle East, including NVIDIA Corporation, Apple Inc., Microsoft Corporation (MSFT.US), and Alphabet Inc. Class C (GOOGL.US). The IRGC warned that in retaliation for US and Israeli airstrikes on Iran, 18 companies would be considered "legitimate targets". The organization warned that attacks may begin from 8 pm Tehran time on Wednesday, urging employees to leave their workplaces. The list also includes Cisco Systems, Inc. (CSCO.US), HP Inc. (HPQ.US), Intel Corporation (INTC.US), Oracle Corporation (ORCL.US), IBM (IBM.US), Dell Technologies, Inc. Class C Technology (DELL.US), Palantir Technologies (PLTR.US), JPMorgan Chase (JPM.US), Tesla, Inc., GE Aviation (GE.US), Boeing Company (BA.US), Spire Solutions, and the UAE-based artificial intelligence company G42. Earlier this month, Iran attacked Amazon.com, Inc.'s (AMZN.US) AWS cloud services facilities in the Middle East, leading to disruptions in multiple applications and digital services in the UAE. Focus on oil and gas business! BP p.l.c. Sponsored ADR (BP.US) new CEO set to accelerate performance improvement and maintain strategic coherence on first day of tenure. According to an employee memo, BP p.l.c. Sponsored ADR's newly appointed CEO, Meg O'Neill, stated on her first day in office that the company would accelerate performance improvement while maintaining strategic coherence. In a memo to employees, she stated, "I believe we are able to steadily accelerate performance improvement and drive innovation, sustainable development, and growth. I am committed to providing clear direction and consistency to enable us to confidently move forward together." She officially took office as BP p.l.c. Sponsored ADR attempts to steer away from its previously underperforming layout in renewable energy areas. The company has firmly shifted its strategic direction back to the oil and gas sector a year ago. Important economic data and events forecast 8:15 pm Beijing time - US March ADP Employment Change 8:30 pm Beijing time - US February Retail Sales MoM 9:05 pm Beijing time - 2028 FOMC voter, St. Louis Fed President Moussa Zalam will speak on the US economy and monetary policy 9:10 pm Beijing time - Federal Reserve Governor Baal will speak on "Artificial Intelligence and Consumer Issues" 9:45 pm Beijing time - US March SPGI Manufacturing PMI Final 10:00 pm Beijing time - US March ISM Manufacturing PMI