Chapter 1: What recent trends are affecting the price of gold?
Welcome to Seeking Alpha's Wall Street Breakfast, where we cover the top news for investors every morning. It's good to be with you on this final day of March. Today is Tuesday the 31st. I'm Julie Morgan. Gold is ticking higher. Spot gold is up about 1% to $45.67, but down 14% this month. Silver advanced 4.4% to $73, but slipped 23% so far this month.
Chapter 2: Why is General Motors halting operations at its EV plant?
The 14% fall for gold puts it on track for its steepest fall since October of 2008, weighed down by a stronger dollar index and fading expectations of a U.S. interest rate cut this year. Prices are, however, up about 5% for the quarter. But Goldman Sachs retains its bullish view on gold despite the recent sell-off, forecasting renewed gains by the end of this year.
According to media reports, analysts at Goldman said in a note that gold's medium-term outlook remains intact, and the precious metal may reach $5,400 an ounce, citing continued central bank purchases and two more U.S.
Chapter 3: What changes is Netflix making to its NFL coverage?
rate cuts this year. General Motors is halting operations at factory zero until April 13th. This extends downtime that initially started around March 16th. The automaker said the move is meant to align EV output with current market demand. after a roughly 50% cut in production at factory zero earlier this year. This underscores a broader slowdown in EV adoption in the U.S.
GM has also taken significant financial hits tied to its EV strategy, including write-downs totaling about $7.6 billion. Netflix is reportedly looking to double its coverage of NFL games.
Chapter 4: What merger is Unilever and McCormick discussing?
The streamer is seeking a four-game package that would add a game on the day before Thanksgiving, as well as an international game. Under its current package with the NFL expiring at the end of this calendar year, Netflix has a three-year deal for a specialized Christmas Day package, which typically includes two games.
According to the Wall Street Journal, the NFL is taking a flexible approach to selling additional games and could open up negotiations with other current rights holders, including Google and Amazon. Now for a look at a few other articles that are trending. Unilever and McCormick are near a merger to create a global food giant.
Chapter 5: What investment is Microsoft planning in Thailand?
The Pentagon calls a report on Hegseth BlackRock Defense Fund bets before the Iran war as false and fabricated. And Microsoft plans to invest over $1 billion in Thailand for cloud and AI infrastructure. I have a few items to tell you about on our catalyst to watch for the day. Hershey will hold its Investor Day event.
The CEO and the CFO will discuss the company's key strategic and financial priorities.
Chapter 6: What are the key economic indicators to watch today?
Just mentioning Hershey makes me think about the Kit Kat bars that were stolen. 12 tons. If you haven't seen that story, you gotta look it up. I'm like, what are they doing with that much candy? Now back to our Catalyst Watch. The new Coca-Cola CEO will take over the top spot from James Quincy, who will transition to the executive chairman position. Royal Gold will hold an Investor Day event.
And Nike will hold its earnings conference call. Options trading on Nike implies a 9% post-earnings move. The update for management on trends in China will also be closely watched by other consumer companies with a higher exposure to the nation, including Starbucks, Estee Lauder, and Skechers, while On Holdings has the closest trading correlation to Nike over the last year.
On Wall Street, stock index futures are sharply higher after The Wall Street Journal reported that President Trump told aides he is willing to end hostilities with Iran on a four- to six-week timeline, prioritizing the degradation of Iran's navy and missile stocks over the more complex mission of reopening the Strait of Hormuz.
Dow, S&P and Nasdaq futures are in the green, all up around the 0.9% range. Crude oil is up 1% at 103. Bitcoin is down 0.5% at 66,000. The FTSE 100 is up 0.7% and the DAX is up 0.8%. And the markets in India closed for a holiday. Virgin Galactic Holdings is on our list of the biggest movers of the day pre-market.
Spaced without the A is up 9% despite mixed Q4 results with revenue declining about 28% year over year. And on today's economic calendar, we have two items at 9 a.m. and another two at 10 a.m., the K. Schiller Home Price Index and the FHFA House Price Index, both at 9 a.m. and at 10 a.m., Consumer Confidence and the Job Openings and Labor Turnover Survey.
That's it for today's Wall Street Breakfast. Thanks for listening. For a full offering of news, analysis, ratings, and data on stocks and ETFs, become a premium subscriber. Learn more at seekingalpha.com slash subscriptions. I'm your host, Julie Morgan. Go out and make it a great day.
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