Chapter 1: What are the latest stock index trends and oil prices?
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 Monday, March 16th. I'm Julie Morgan. Stock index futures are higher on this Monday. The Nasdaq is up 0.4%, the S&P 500 is up 0.3%, and the Dow is up a tiny fraction.
Crude oil futures are at $100 and Brent futures are at $104 as of the time of this recording. Bitcoin is up 0.4% at $73,000 and gold is down 0.7% at $49.85. Micron Technology is on our biggest movers list this morning.
Chapter 2: How is Micron Technology expanding its operations in Taiwan?
MU is up 4.2% in pre-market action. Micron Technology announced plans to build a second chip manufacturing facility at its newly acquired site in Taiwan. The site includes approximately 300,000 square feet of existing cleanroom space, and will support the company's efforts to expand the supply of DRAM products, including HBM, to meet growing AI-driven demand.
The expansion follows the completion of its $1.8 billion acquisition from Powerchip Semiconductor Manufacturing announced in January.
Chapter 3: What challenges did Foxconn face in its latest earnings report?
The new site is expected to support product shipments from the existing FAB beginning in fiscal 2028. The construction of a second facility of comparable scale, which will add approximately 270,000 square feet of cleanroom space, is set to begin by the end of fiscal 2026.
Foxconn, the world's largest contract electronics maker, reported a 2% decline in fourth quarter profit on Monday, compared with the same period last year, falling short of expectations.
Chapter 4: What are Goldman Sachs' predictions for the S&P 500?
Reuters reported that net profit for the October to December period was $1.42 billion. Foxconn's guidance for both the first quarter and full year revenue are for strong growth, the highest outlook the company can give as it does not provide a numeric outlook. The electronics giant said it also expected first-quarter revenue for smart consumer electronics to see significant growth year-on-year.
Chapter 5: What significant events are upcoming in the tech sector?
The chairman earlier this month said everyone will feel the impact on prices of oil and raw materials if the U.S.-Israeli conflict with Iran continues. The Apple and Nvidia supplier has said visibility into the first quarter of 2026 aligns with market expectations. Now for a look at a few other articles that are trending. Goldman Sachs sees the S&P 500 rising to 7,600 on earnings growth.
I'm pointing this next one out because it has more than 160 comments thus far. Peter Thiel is said to host a private conference in Rome on the Antichrist. And Alibaba reportedly plans to launch an enterprise-focused AI agent as soon as this week. The catalyst to watch for today looks very busy. The tech sector will be focused on the four-day NVIDIA GTC event in San Jose.
Chapter 6: What economic indicators are being released today?
The company's messaging highlights OpenAI, Google DeepMind, Meta, Microsoft, and Tesla as participating in main stage or marquee sessions. NVIDIA's CEO will give a keynote address at 2 p.m. on Monday. Stocks that could react to GTC developments include AMD, Taiwan Semi, Broadcom, and Intel. News Corporation has a Dow Jones investor briefing scheduled.
The four-day Oppenheimer Healthcare MedTech and Services Conference will begin. The three-day J.P. Morgan Industrials Conference will also start. Delta Airlines, Archer Aviation, and Alcoa are some of the notable companies participating. Shareholders with Two Harbors Investment will vote on the buyout deal from UWM Holdings.
And Okta will hold an event to unveil its latest AI security and identity security innovations. Meta Platforms is on our list of the biggest movers of the day pre-market. Meta is up 3% following slight gains in other MAG7 stocks as markets look to stabilize after another weak week for equities, while investors kept a close watch on the war between U.S. and Iran.
And Sunday, we told you on Wall Street Brunch with Kim Kahn that Meta is reportedly planning to initiate widespread layoffs that could impact 20% or more of the company's workforce. And a couple of items for you on today's economic calendar at 8.30 a.m. retail sales and at 10 a.m. the housing market index. That's it for today's Wall Street Breakfast. Thanks for listening.
To take full advantage of Seeking Alpha with coverage on significant stocks and ETFs, become a premium subscriber. Check out seekingalpha.com slash subscriptions. I'm your host, Julie Morgan. Go out and make it a great day.
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