Wall Street News Breakfast FM-Radio | March 3, 2026
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Huajian Morning Voice
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Market Overview
Energy and tech stocks fueled a rebound in two major US indices: The S&P and Nasdaq reversed gains after dropping more than 1% intraday, while the Dow fell for the second straight session; S&P Energy sector rose nearly 2%; among the "Tech Magnificent Seven," only Google and Amazon closed lower, Nvidia rose 3%, Google dipped over 1%; Lumentum and Coherent, invested by Nvidia, rose nearly 12% and over 15% respectively; Palantir surged nearly 6%; Berkshire dropped nearly 5% after earnings.
European stocks plunged, with the pan-European index posting its biggest decline in more than three months amid Middle East conflict threatening oil shipping routes. Travel stock TUI dropped nearly 10%, Air France-KLM fell over 9%, shipping giant Maersk jumped nearly 8%, Norwegian Oil rose over 8%.
Oil prices surged sparking inflation fears and weakening rate-cut expectations, pressuring US Treasury prices. 10-year US Treasury yields hit new lows intraday since last April's tariff announcement, then rebounded more than 10 basis points later; DXY rose more than 1% intraday to hit a six-week high.
Offshore RMB plunged over 500 points intraday, breaching 6.91 for the first time in two weeks; cryptocurrencies surged, Bitcoin briefly broke above $70,000, up nearly 8% from daily lows.
Iran was attacked, crude oil rose more than 10% intraday and later gave back over half its gains, closed up more than 6%, marking the largest gain since the June mutual airstrikes between Iran and Israel; Saudi Arabia closed its largest domestic refinery, European gasoline futures soared more than 20% intraday; Qatar shut down the world's largest LNG export facility, European natural gas futures surged over 50% intraday.
Gold hit a one-month high intraday, gold futures jumped more than 3%; Spot gold turned lower briefly after US manufacturing data, silver hit a daily low, spot silver fell nearly 8%. Iran conflict threatens Middle East supply, London aluminum rebounded nearly 2% to a one-month high.
In Asia, the Shanghai Composite opened lower but closed up nearly 0.5%, "Three Oil Giants" collectively hit the daily limit for the first time ever. Energy and chemical commodities experienced a wave of limit-ups, while the HSI Tech Index plunged nearly 3%.
Headlines
China
Overseas markets surge, MiniMax 2025 revenue up 158.9% YoY, adjusted net loss widened 2.7% to $250 million YoY, gross margin significantly improved; Conference call: focus on "full modality" and "high quality," moving beyond model competition, advancing toward AI platform ecosystem.
Alibaba Qianwen launches first AI glasses, fully integrated with Qianwen App, starting at 1,997 yuan.
Overseas
Trump: will not stop the war until goals are met, does not rule out US military ground troop deployment to Iran if "necessary," "major wave" of strikes against Iran yet to begin, actions may last four to five weeks, prepared for a longer duration; NATO and UK both say they will not participate in US-Israel military action against Iran; Kuwait says "multiple" US military jets crashed; SCO says use of force unacceptable, urges all parties to exercise restraint.
Iran: will not negotiate with US, timing of ceasefire to be decided by Iran, did not attack Saudi Aramco; Hormuz Strait is closed, will strike any ships attempting passage.
Qatar halted production of world’s largest LNG export plant after attack, European natural gas futures surged over 50% intraday; Saudi Arabia's largest refinery closed after drone attack, European gasoline futures soared over 20%.
US Federal Appeals Courtrejects Trump administration's request to delay tariff rebate, $175 billion rebate battle commences.
US February ISM Manufacturing Indexexpanded for a second month, price index surged to nearly four-year highs, Iran conflict may add further inflation pressure.
GPT-5.4 rumored to launch next week, 2 million context window + persistent state, say goodbye to frequent memory loss.
Apple releases iPhone 17e and new iPad Air, unchanged pricing targets mid-range market.
Report: ASML plans to expand chip manufacturing equipment into advanced packaging.
Market Closing
Europe & US Stocks: S&P 500 up 0.04% at 6881.62, Dow down 0.15% at 48904.78, Nasdaq up 0.36% at 22748.857. Europe STOXX 600 down 1.65% at 623.36.
A-shares: Shanghai up 0.47% at 4182.59; Shenzhen down 0.20% at 14465.79; Chinext down 0.49% at 3294.16.
Bonds: Close, US 10-year Treasury yield about 4.03%, up about 9bp; US 2-year Treasury yield about 3.48%, up about 10bp intraday.
Commodities: WTI April crude futures up 6.28% at $71.23/barrel. Brent April crude futures up 6.68% at $77.74/barrel. COMEX April gold up 1.21% at $5311.6/oz. COMEX May silver down 4.76% at $88.853/oz. LME tin down 7% at $53685/ton. LME copper down nearly 1.8% at $13108/ton. LME aluminum up about 1.7% at $3194/ton.
News Details
Global Highlights
China
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Industry/Concepts
1.Waterproof Materials | According to grassroots broker research, leading waterproof materials companies issued price increase letters announcing 5%-10% hikes for asphalt-based engineering and coating products.
Commentary: Guotai Haitong Securities notes after rapid quantity-price drops and credit risk in receivables, the waterproof segment is the most sharply cleansed among consumer building materials, raising concentration and price recovery possibility. Price increases may continue in 2026, with improved profitability intent clear among leaders.
2.Supernodes | Security Times reports Huawei debuted its latest Atlas 950 SuperPoD, TaiShan 950 SuperPoD and solutions overseas at MWC26 starting March 2. AI tech enters rapid iteration, trillion-models become mainstream, Agentic AI deeply integrates into core production, raising requirements for compute strength and latency. Huawei innovates with UnifiedBus protocol for supernode connectivity, upgrading compute architecture to fuel further global AI development.
3.Tungsten | According to China Tungsten Online, the first week of March saw strong jumping prices: 65% Black Tungsten at 830,000 yuan/ton, up 30,000; 65% White Tungsten at 829,000 yuan/ton, up 30,000; APT at 1,250,000 up 50,000; prices up 80%+ since start of year.
Commentary: Limited mine operations reinforced supply tightness coupled with geopolitical risk spillover and strategic metal revaluation drives current pricing sentiment. The Middle East tension spurred risk aversion and financial market volatility, boosting tungsten’s strategic value and price strength.
4.Agentic Networks | China Securities Journal reports Huawei will debut Agentic Core solution at MWC 2026 Barcelona, addressing AI traffic surge, network demand, and new operator monetization, pushing large-scale commercial deployment of agentic networks.
Commentary: Agentic Core marks network shift from “connectivity pipeline” to “intelligent service hub”, using triple intelligence for scaled AI apps and new operator business models, accelerating digital transformation. Standardized agentic communication protocol enables secure, efficient cross-industry collaboration, possibly a core technology for 6G networks.
5.Quantum Technology | According to China Securities Journal, the Beijing Quantum Information Science Research Institute and CAS Semiconductor team developed a high-efficiency, high-purity dual-photon emitter, achieving a key milestone for solid-state dual-photon quantum sources.
Commentary: Quantum sources are core to quantum tech; deterministic dual-photon sources matter for measurement, imaging, biomedicine. Tests show 98.3% paired emission, 29.9% dual-photon efficiency, currently leading domestic and international standards, propelling practical quantum source developments.
6.Perovskite | Recent breakthrough by CAS Qingdao Bioenergy and HKUST team in perovskite solar cell interface engineering: "solvate crystal pre-seed" strategy for scalable, efficient module manufacture.
Commentary: Perovskite modules have achieved 22% production conversion efficiency, weak light and low Temp coefficient means actual output is 10%+ higher than rated. Commercialization accelerates, est. 2030 global shipments to hit 20GW for a market of 20 billion RMB and CAGR over 200%, poised for a key PV industry “efficiency revolution”.
Top News Preview Today
Eurozone February CPI.
German Chancellor Mertz visiting US to meet Trump.
UK Budget Office releases Spring forecast.
NY Fed President Williams, Minneapolis Fed President Kashkari to speak.
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