Morning Preview: March 26, 2026

Early Look

Thursday, March 26, 2026

U.S. futures are lower overnight and oil prices climbed (WTI above $93 Brent near $106 per barrel) as the US and Iran offered conflicting comments on efforts to end the war that’s closed the Strait of Hormuz to shipping, impacting supply chains and stoked concerns of a global energy crisis. Even as President Trump pushes for talks to end the war against Iran, the U.S. has ordered thousands of troops to the region, fueling fears ahead of an end of week deadline for Iran to come to terms. Iranian foreign minister said yesterday Tehran was reviewing a U.S. proposal but had ​no intention of holding talks to wind down the war. Last night, the WSJ reported Israel faced a barrage of missiles while several Gulf countries said they were responding to incoming missiles and drones, as Iran pressed its attacks in the region into the morning. Israel said it had conducted wide-scale strikes targeting Iranian regime infrastructure. Also, Russian attacks overnight hit four energy facilities in Ukraine’s southern Odesa region, knocking out power to some residents, energy company DTEK said on Thursday. All these headlines are leading to more uncertainty and a lower open as the stock market remains beholden to every headline out of the White House or Iran pertaining to the war, as the QQQ and the SPY have both closed 4 straight days closed below their respective 200dma, while the DIA managed a close above the 200dma today and the IWM to this point never breached below 200dma all this time. In Asian markets, The Nikkei Index dropped -145 points to 53,603, the Shanghai Index fell -42 points to 3,889, and the Hang Seng Index tumbled -479 points to 24,856. In Europe, the German DAX is down -280 points to 22,677, while the FTSE 100 is down -100 points to 10,003.

Market Closing Prices Yesterday

• The Dow Jones Industrial Average climbed 305.43 points, or 0.66%, to 46,429.49
• The Nasdaq Composite gained 167.93 points, or 0.77%, to 21,929.83
• The Russell 2000 Index advanced 30.96 points, or 1.24% to 2,536.41

• 8:30 AM ET                  Continuing Claims…est. 1.851M
• 10:30 AM ET                Weekly EIA Natural Gas Inventory Data
• 11:00 AM ET                Kansas City Fed Manufacturing for March…prior 10

• Earnings After the Close: AGX BTGO CV LSF OXM SLND VERI WKSP WPRT XOS

• The bull-bear spread in the American Association of Individual Investors (AAII) weekly survey was -17.7% vs -21.6% last week. Bulls rise to 32.1% from 30.4%, Neutrals rise to 18.1% from 17.6%, Bears fall to 49.8% from 52%.

• MillerKnoll (MLKN) Q3 adj EPS $0.43 vs est $0.45 on revs $926.6Mm vs est $941.96Mm, gr mgn 38.1%, adj EBIT mgn 5.7%; guides Q4 sales $955-995Mm vs est $993.2Mm, gr mgn 38.5-39.5%, adj EPS $0.49-0.55 vs est $0.61.
• Next PLC shares rose after the U.K. clothing retailer maintained its fiscal-year sales-growth expectations, despite warning that the Iran war could affect costs, prices and consumer demand; said it had accounted for 15 million pounds ($20 million) in additional costs–including fuel and air freight–tied to the Middle East conflict.

• Ecolab (ECL) to acquire CoolIT Systems, a global leader in liquid data center cooling, from KKR (KKR) in a transaction valued at $4.75 billion. The sale will represent one of KKR’s largest recent realizations, generating approximately 15x the original equity invested, inclusive of distributions
• EnerSys (ENS) announced a strategic manufacturing realignment to enhance operational efficiency. As part of this initiative, EnerSys will close its legacy lead-acid battery manufacturing facility in Tijuana, Mexico, and transition the majority of production to its existing proprietary advanced Thin Plate Pure Lead plant in Springfield, Missouri, leveraging its investments to expand capacity within its U.S. manufacturing network.
• HB Fuller (FUL) Q1 adj EPS $0.57 vs. est. $0.56; Q1 revs $771M vs. est. $781.5M; Q1 adj net income $32M vs. est. $30.5M; guides FY EPS $4.55-$4.90 vs. est. $4.52 and adj Ebitda $645M-$675M vs. est. $642.3M; sees Q2 net revenue expected to be up low single digits and adj Ebitda in range of $175M-$185M.
• Karman Holdings (KRMN) Q4 revenue rose 37% y/y to $134.49M vs. est. $132.6M; Q4 adj EPS $0.06 and Ebit $21M; guides FY adj Ebitda $207M-$218M.
• Nucor (NUE) upgraded to Buy from Neutral at UBS saying the recent excessive correction presents a buying opportunity as the firm thinks U.S. steel producers are largely insulated from the Iran conflict.
• Worthington Steel (WS) Q3 adj EPS $0.27 vs est $0.43, adj EBIT $20Mm vs est $29.2Mm on revs $769.8Mm vs est $882.95Mm.

• Jefferies (JEF) Q1 EPS $0.70 vs. est. $0.96; Q1 total revs $2.02B vs. est. $2.07B; board increased share buyback authorization to $250M; said it had $17M in losses related to collapsed British lender Market Financial Solutions and bankrupt U.S. auto-parts supplier First Brands; Q1 investment banking net revenues rose 45% to $1.02B y/y.

• Celcuity (CELC) Q4 adj EPS ($0.73) vs est ($1.04); Outperform Exp $49.2Mm; cash and equivalents expected to finance operations through 2027
• Emergent BioSolutions Inc. (EBS) said it has secured a contract award valued at approximately $54M to deliver CNJ-016 the Administration for Strategic Preparedness and Response (ASPR), part of the U. S. Department of Health and Human Services (HHS), for smallpox preparedness.
• Precigen (PGEN) FY EPS ($1.37) vs est ($0.88) on revs $9.68Mm vs est $17.04Mm.

• Navan Inc. (NAVN) Q4 adj EPS $0.02 vs est ($0.12) on revs $177.9Mm vs est $162Mm, adj gr mgn 72%; guides Q1 revs $204-206Mm vs est $187.74Mm and adj EBIT $4.5-5.5Mm vs est ($11.13)Mm and adj EBIT mgn 2% at midpoint; sees FY revs $866-874Mm vs est $838.71Mm, adj EBIT $58-62Mm vs est $13.53Mm.
• Rigetti Computing Inc. (RGTI) said it intends to invest up to $100 million in the UK to accelerate quantum computing development, which will be the Company’s first major investment outside of the US. With this investment, the Company plans to deploy a quantum computer with over 1,000 qubits in the next 3 to 4 years.
• Shares of computer memory and storage makers slumped a second day after Google (GOOGL) said its new TurboQuant technology can limit the amount of memory required to run large language models by at least a factor of six, reducing the overall cost of training artificial intelligence (MU, SNDK, WDC shares fell yesterday).
• Nvidia (NVDA) backed startup Reflection is in discussions to raise $2.5B at a valuation of $25B, Berber Jin and Kate Clark of The Wall Street Journal reported.