---
title: "U.S. Stock Market Preview | Three Major Index Futures Decline, Trump Shouts \"Negotiating,\" but Bombing in the Middle East Continues"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/280319599.md"
description: "U.S. stock index futures all fell, with Dow futures down 0.23%, S&P 500 futures down 0.33%, and Nasdaq futures down 0.38%. Trump claimed that negotiations with Iran are ongoing, but the conflict in the Middle East continues to escalate. U.S. Treasury Secretary Yellen is facing fiscal pressure as the Supreme Court ruled that Trump's tariff policy is unconstitutional, and the war is driving up government spending demands"
datetime: "2026-03-24T12:52:02.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/280319599.md)
  - [en](https://longbridge.com/en/news/280319599.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/280319599.md)
---

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# U.S. Stock Market Preview | Three Major Index Futures Decline, Trump Shouts "Negotiating," but Bombing in the Middle East Continues

1.  As of March 24 (Tuesday) before the US stock market opened, the three major US stock index futures all fell. As of the time of writing, Dow futures were down 0.23%, S&P 500 futures were down 0.33%, and Nasdaq futures were down 0.38%.

![image.png](https://imageproxy.pbkrs.com/https://img.zhitongcaijing.com/image/20260324/1774355778487036.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg)

1.  As of the time of writing, the German DAX index was up 0.04%, the UK FTSE 100 index was up 0.26%, the French CAC 40 index was up 0.20%, and the Euro Stoxx 50 index was down 0.10%.

![image.png](https://imageproxy.pbkrs.com/https://img.zhitongcaijing.com/image/20260324/1774355755360025.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg)

1.  As of the time of writing, WTI crude oil was up 4.08%, at $91.73 per barrel. Brent crude oil was up 3.04%, at $98.84 per barrel.

![image.png](https://imageproxy.pbkrs.com/https://img.zhitongcaijing.com/image/20260324/1774355765929714.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg)

## Market News

**In the face of the front line, is the "TACO" narrative being suppressed? Trump shouts "negotiations are ongoing" while bombings in the Middle East continue.** Despite President Donald Trump's claims that negotiations to end this geopolitical conflict are underway, the fighting between Iran and the US-Israel alliance continues without any signs of abating, and the military standoff is becoming increasingly uncontrollable. After Trump announced "productive dialogue" with Iran and delayed strikes on Iranian power plants and energy infrastructure by five days, the market immediately traded according to the "TACO" narrative script, leading to a collective rebound in the three major US stock indices on Monday and a sharp drop in international oil prices; however, as the real frontline situation between the US/Israel and Iran continues and escalates, the market began to doubt whether the "TACO" buy-the-dip investment strategy, which has been prevalent since April 2025, would continue to be effective within less than 24 hours.

**The "3% deficit dream" is fading: Tariff setbacks combined with the Middle East war, US Treasury Secretary Mnuchin faces a fiscal "double whammy."** US Treasury Secretary Mnuchin often states that his motivation for public service stems from concerns about the growing US debt. Recent developments have made these alarm bells ring even louder. First, the Supreme Court ruled that Trump's comprehensive tariff policy was unconstitutional. In fact, tariff revenues peaked last October. Subsequently, Trump's war with Iran has increased government spending demands and obscured growth prospects, raising the risks to revenue streams. All of this means that Mnuchin's goal of reducing the fiscal deficit to below 4% of GDP by January 2029, before Trump leaves office, looks increasingly daunting. The nonpartisan Congressional Budget Office (CBO) predicted last month that the average deficit rate over the next decade would be around 6% **Under the shadow of geopolitical uncertainty, Morgan Stanley's investment management chief urges clients: increase liquidity and shorten duration!** Ben Hueneck, head of investment management at Morgan Stanley, stated that in light of ongoing geopolitical uncertainties disrupting the market, he is advising clients to adopt a more conservative investment strategy. In an interview, Hueneck mentioned that against the backdrop of significant market volatility, the firm has suggested that investors increase liquidity and reduce portfolio duration. Hueneck manages $1.9 trillion in assets. He stated, "Market volatility is too high. We have advised clients to perhaps be more conservative, hold more liquid assets, and possibly shorten portfolio duration, but it is difficult to make tactical moves in such a rapidly changing situation." Hueneck pointed out that although the earnings outlook entering 2026 was originally strong, recent events have clouded that outlook.

## Individual Stock News

**Pointing directly to TSMC's (TSM.US) capacity "reaching its peak"! Broadcom (AVGO.US) publicly warns of a chip supply chain crisis, with the AI arms race facing its biggest constraint.** As the global AI arms race continues to heat up, the fragility of the chip supply chain has once again become a focal point. Chip design giant Broadcom recently publicly warned that the company is currently facing supply chain constraints, particularly highlighting the limited capacity of its key foundry partner, TSMC, which has become a core bottleneck restricting the development of the entire industry. Meanwhile, the energy and raw material supply pressures brought about by conflicts in the Middle East have added new uncertainties to the global semiconductor industry. Natarajan Ramachandran, director of product marketing for Broadcom's physical layer products division, stated on Tuesday, "We have observed that TSMC's capacity has reached its limit." He also mentioned that just a few years ago, he would describe TSMC as having "unlimited capacity."

**Stock price plummets 36%, attracting Japanese capital? Mitsui Sumitomo Financial (SMFG.US) reportedly plans to acquire Jefferies (JEF.US), with shares rising over 15% in pre-market trading.** According to reports, Japan's Mitsui Sumitomo Financial Group is planning a proposal for the potential acquisition of the American investment bank Jefferies. Boosted by this news, Jefferies' stock rose over 15% in pre-market trading on Tuesday, and as of the time of publication, the pre-market gain narrowed to 7.46%. Mitsui Sumitomo Financial has formed a special team to closely monitor Jefferies' stock price movements to ensure swift action when the right opportunity arises. So far this year, Jefferies' stock has fallen more than 36%. Last year, the firm's asset management business was involved in the bankruptcy of American auto parts supplier First Brands, leading to a further deep decline in its stock price.

**Oracle (ORCL.US) restructures financial procurement software to usher in the era of automation, deeply investing in AI to overcome the "replacement" crisis.** On March 24th (Tuesday) at 4:00 PM Beijing time – March 25th (Wednesday) at 1:45 AM in London, global software giant Oracle (ORCL.US) plans to announce a transformation of its cloud-based financial software used by large enterprises, enabling it to collaborate with AI agents. The goal is to allow users to pose business questions to the system, with AI determining how to retrieve the relevant data This change is part of a broader trend where enterprise software vendors are transforming their software to be used by AI agents, thereby executing tasks on behalf of human users. At the same time, it marks Oracle's transition from traditional software service models to a new era fully adapted to AI agents.

**The AI chip arms race escalates! SK Hynix spends nearly $8 billion to acquire ASML (ASML.US) EUV lithography machines.** SK Hynix plans to invest 11.9 trillion won (approximately $7.9 billion) to purchase cutting-edge extreme ultraviolet (EUV) lithography equipment from ASML (ASML.US) to deepen its layout in the next-generation memory field and meet the growing demand for artificial intelligence (AI). This order is valid until 2027 and is one of the largest of its kind, highlighting that chip manufacturers are competing to secure the EUV equipment necessary for producing the world's most advanced semiconductors.

## Important Economic Data and Event Forecasts

Beijing time 20:55: U.S. Redbook commercial retail sales year-on-year for the week ending March 16.

Beijing time 21:45: U.S. March S&P Global Manufacturing PMI preliminary value.

Beijing time 22:00: U.S. March Richmond Fed Manufacturing Index.

Next day Beijing time 04:30: U.S. API crude oil inventory change for the week ending March 20

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