---
title: "U.S. Stock Market Preview | Three Major Index Futures All Decline, Brent Oil Rises Over 6%, Gold Falls Below $4,700, Micron Technology Plummets After Earnings"
type: "News"
locale: "zh-HK"
url: "https://longbridge.com/zh-HK/news/279776891.md"
description: "U.S. stock index futures all fell, and stock indices in Germany, the UK, and France also experienced declines. WTI crude oil rose by 1.28%, while Brent crude oil increased by over 6%. Gold and silver prices fell, with spot gold reported at $4,694 per ounce. Economist Marko Bjegovic criticized the Federal Reserve for failing to cut interest rates, considering it a policy mistake that could exacerbate rising unemployment and the risk of economic recession. JP Morgan warned that inflation will impact the job market"
datetime: "2026-03-19T11:31:59.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/279776891.md)
  - [en](https://longbridge.com/en/news/279776891.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/279776891.md)
---

> 支持的語言: [简体中文](https://longbridge.com/zh-CN/news/279776891.md) | [English](https://longbridge.com/en/news/279776891.md)


# U.S. Stock Market Preview | Three Major Index Futures All Decline, Brent Oil Rises Over 6%, Gold Falls Below $4,700, Micron Technology Plummets After Earnings

## Pre-Market Market Trends

1.  As of March 19 (Thursday), U.S. stock index futures are all down before the market opens. As of the time of writing, Dow futures are down 0.20%, S&P 500 futures are down 0.21%, and Nasdaq futures are down 0.32%.

![11.png](https://imageproxy.pbkrs.com/https://img.zhitongcaijing.com/image/20260319/1773919514954598.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 is down 2.58%, the UK FTSE 100 index is down 2.10%, the French CAC 40 index is down 1.81%, and the Euro Stoxx 50 index is down 2.17%.

![12.png](https://imageproxy.pbkrs.com/https://img.zhitongcaijing.com/image/20260319/1773919521641305.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 is up 1.28%, priced at $96.68 per barrel. Brent crude oil is up 6.56%, priced at $114.42 per barrel.

![13.png](https://imageproxy.pbkrs.com/https://img.zhitongcaijing.com/image/20260319/1773919528244669.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg)

## Market News

**Gold and silver both fall.** With the escalation of the situation in the Middle East pushing oil prices up again, along with the Federal Reserve's hawkish stance, both gold and silver have declined. As of the time of writing, spot gold is down 2.6%, priced at $4,694 per ounce; spot silver is down over 6%, priced at $70.68 per ounce.

**Inaction leads to policy mistakes? "Minority economists" criticize the Federal Reserve for misjudging the situation again.** Marko Bjegovic, a senior macroeconomist from Arkomina Research, stated after the Federal Reserve announced its decision to hold rates steady that the Fed's failure to announce a rate cut means that the central bank missed a critical opportunity for a rate cut against the backdrop of rising unemployment, committing a policy error. Bjegovic outlined several concerns regarding the Fed policymakers' decision to maintain current rates amid increasing signs of weakness in the U.S. and global economies. He believes that the Fed's inaction is a policy mistake, primarily because his policy function is completely inconsistent with mainstream market expectations: he places greater emphasis on the deterioration of the labor market and "real interest rates still being too tight," rather than continuing to prioritize inflation risks. In his view, the U.S. is already facing negative job growth and a rapidly rising unemployment rate, which is sufficient to signal recession risks. If the central bank continues to delay rate cuts due to concerns about oil prices and stagflation, it will only push the labor market into a worse situation.

**Soaring oil prices "don't panic"? JPMorgan directly confronts the Federal Reserve: don't try to fool the market, inflation will ultimately impact employment.** Bob Michele, global head of fixed income at JPMorgan Asset Management, stated that in the face of soaring oil prices and escalating geopolitical risks from the Middle East conflict, the Federal Reserve is sending a "don't panic" signal to the market. He expressed skepticism about this statement: "Inflation will ultimately have a substantial impact, and the labor market will also be hard to escape." "Michele also pointed out that whether Federal Reserve Chairman Jerome Powell will remain in office after his term ends in May is still a focus of market attention. 'Personally, I believe he will stay until after the midterm elections,' even if Powell is no longer the chairman at that time, 'his continued presence can bring market stability.'

**Morgan Stanley follows Goldman Sachs and Barclays, expecting the Federal Reserve's first rate cut this year to be delayed until September.** Morgan Stanley has joined Goldman Sachs and Barclays in pushing back expectations for the Federal Reserve's next rate cut from June to September. The Wall Street investment bank currently expects the Federal Reserve to cut rates by 25 basis points in both September and December, revising its previous forecast of one cut in June and one in September. Morgan Stanley strategists stated in a report: 'The Federal Reserve's cautious stance means a delay in rate cuts. The main risk to our view is that rate cuts may come even later, or not at all,' adding, 'On the other hand, a second surge in oil prices could weaken economic activity and the labor market, prompting rate cuts.'

**Technical analysts warn: U.S. stocks are on the verge of a reversal! If it breaks below the critical line, it could drop another 10%.** The S&P 500 index fell 1.4% on Wednesday, marking the worst performance on a Federal Reserve decision day since 2024, breaking a two-day winning streak, and closing at 6624.70 points, just above its 200-day moving average of 6615.70 points. Jonathan Krinsky, Managing Director and Chief Market Technician at BTIG, stated that this is the third time since October of last year that the S&P 500 has tested the 6600 level. If the market declines on Thursday, the S&P 500 could break this key support level. He said, 'We have little confidence that it can hold the support level.' He added that this technical pattern indicates that the S&P 500 now has a significant likelihood of dropping all the way back to 6000 points, implying another 10% downside.

**Middle East war raises global economic growth concerns, copper prices hit a new low since December last year.** Due to the escalation of conflict in the Middle East driving up energy prices and increasing the risk of global economic damage, copper prices have fallen to their lowest point since December last year. Copper prices started strong this year, reaching an all-time high at the end of January, but have dropped over 8% this month. As of the time of writing, LME copper futures fell 2.5%, trading at $12,091 per ton. Wu Kunjin, head of base metals research at Minmetals Futures Co., stated: 'This is about concerns over the economy and inflation; the longer oil prices stay high, the greater the impact on inflation. Rising oil prices do not necessarily mean interest rates will increase, but that possibility does exist.'

## Individual Stock News

**Surge in AI demand drives performance skyrocketing, Micron Technology (MU.US) Q2 revenue nearly triples year-on-year, high capital expenditure raises market concerns.** Micron delivered results far exceeding market expectations, but its high capital expenditure plans have made investors cautious. The financial report shows that for the second fiscal quarter of 2026, ending February 26, Micron's revenue surged to $23.86 billion, nearly tripling from $8.05 billion in the same period last year, far exceeding the market expectation of $20.07 billion; adjusted earnings per share were $12.20, also significantly above the expected $9.31 Net profit surged to $13.8 billion, compared to only $1.58 billion in the same period last year, significantly improving profitability. Gross margin also increased significantly to 74.4%, doubling from 36.8% in the same period last year. Looking ahead, Micron provided a more optimistic performance outlook. The company expects third-quarter revenue to reach approximately $33.5 billion, with a year-on-year increase of over 200%, and adjusted earnings per share of about $19.15, far exceeding market expectations of $24.3 billion in revenue and around $12 in earnings per share. However, alongside the surge in demand, there has been a significant increase in capital expenditures. The company expects capital expenditures for the current fiscal year to exceed $25 billion, higher than the previous market expectation of $22.4 billion, and anticipates that expenditures will further increase significantly by fiscal year 2027, especially with an additional investment of over $10 billion in wafer fabrication facilities. As of the time of publication, Micron's stock fell nearly 6% in pre-market trading on Thursday.

**Apple (AAPL.US) sees a 23% increase in smartphone sales in China in early 2026, while the Android camp is forced to raise prices due to memory costs.** Apple achieved a strong 23% growth in smartphone sales in China during the first nine weeks of 2026, resisting the overall market decline. Data from market research firm Counterpoint shows that overall smartphone sales in China fell 4% year-on-year from January to early March this year. Despite the government's consumer subsidy policy introduced at the beginning of the year, it failed to effectively stimulate weak consumer demand. Apple's sales growth is mainly attributed to discounts on e-commerce platforms and the policy support for its entry-level iPhone 17 model, which is eligible for national subsidies. The report noted that Apple's strict supply chain management gives it a better cost absorption capability than its competitors, allowing it to effectively withstand the impact of soaring memory chip prices. The market expects Apple to maintain its current pricing strategy, while competitors are forced to raise prices, which may allow Apple to further expand its market share.

**Musk: Tesla (TSLA.US) is expected to complete the AI6 chip tape-out in December.** Musk stated on Thursday that the tape-out of its next-generation AI6 chip could be completed in December, meaning the final design of the chip will be sent to the factory for production. Musk indicated last year that Samsung Electronics would be responsible for producing the AI6 chip, which is likely to be used in self-driving cars and humanoid robots produced at Tesla's new factory in Taylor, Texas. Previously, the South Korean company reached a $16.5 billion agreement with Tesla to supply artificial intelligence chips. A Samsung executive stated on Wednesday that the company plans to start producing Tesla chips based on its advanced 2-nanometer process in the second half of 2027.

## Important Economic Data and Event Forecasts

At 20:30 Beijing time, the number of initial jobless claims in the U.S. for the week ending March 14.

At 20:30 Beijing time, the Philadelphia Fed Manufacturing Index for March.

At 22:00 Beijing time, the Federal Reserve will hold a meeting to discuss modifications to capital requirements for the largest and most internationally active banks, as well as related requirements for other large banks, and make adjustments to the additional capital requirements for globally systemically important banks in the U.S

## Earnings Forecast

Friday Morning: FedEx (FDX.US)

Friday Pre-Market: XPeng (XPEV.US)

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