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Shares of online travel agencies surged on Thursday after a report that OpenAI is scaling back plans to integrate direct bookings into ChatGPT, easing investor fears that the AI chatbots could eventually cut out travel intermediaries.

Crude prices jumped 6% to trade above $79 a barrel.

Markets are moving but not to the extended to the downside that would worry Jay Woods. ======== Schwab Network ======== Empowering every investor and trader, every market day.

Over the Horizon – Opportunity & Risk Highlights We believe: The economy is in solid shape and continues to surprise to the upside. The second quarter of 2025 posted 3.8% growth and accelerated in Q3 to a 4.3% annualized real GDP growth rate.

The concept of a K‑shaped economy gained traction during the COVID‑19 pandemic as economists tried to describe the shape of the eventual recovery. A “V‑shaped” recovery implies a sharp rebound, while an “L‑shaped” recovery suggests a slower and more prolonged period of stagnation.

The U.S. Federal Reserve announced Thursday that it had terminated the enforcement action it imposed on Wells Fargo following the bank's widespread fake accounts scandal, saying the bank had sufficiently overhauled its operations.

The KOSPI index crashed 20% in two days, driven by energy shocks and excessive leverage in South Korea's tech-heavy market. South Korea's dependence on imported energy and surging LNG prices triggered margin compression and forced deleveraging, especially in AI hardware leaders like Samsung and SK hynix.

New York AG Letitia James and other state prosecutors sued to block Trump's new tariffs and demand refunds after the Supreme Court struck down his previous IEEPA tariffs. The lawsuit says Trump is misusing Section 122 of the Trade Act of 1974 and violating the Constitution and statutory rules requiring consistent tariff application.

A "mixed at best" economic data slate Thursday has Kevin Green questioning the Fed's interest rate outlook as the balance between inflation and jobs shift. He talks about the latest challenger jobs cuts and jobless claims prints, and previews Friday's February jobs report.

Apollo Global Management CEO Marc Rowan commented on the conflict in Iran and what geopolitics does to the market. He said, "We always have an overreaction to the confrontation of problems, but this is a problem that needed to be dealt with.

Federal Reserve Bank of Minneapolis President Neel Kashkari, who had penciled in one interest-rate cut this year, said the attacks on Iran make him less certain about that. “Now, with the geopolitical events, we need to get a lot more data in,” Kashkari said Tuesday at the Bloomberg Invest conference in New York.

Goldman Sachs Chair and CEO David Solomon says he is surprised by the benign reaction to the Iran attacks but doesn't see complacency in the markets during an interview with Haidi Stroud-Watts on "Bloomberg: The Asia Trade."

The Trump administration's efforts to support some transit in the strait won't be enough to stabilize the energy market over the longer run, Ben Cahill writes in a guest commentary.

AI concerns are forcing a rapid reset of software stocks. But disruption rarely unfolds as fast as markets expect.

An increase of about 50,000 in February would be seen as another sign the labor market is thawing.

The structural stability of the S&P 500 is more threatened by East Asian financial dynamics than by Middle Eastern conflicts. Recent sharp declines in Japan's and Korea's equity markets have more potential to affect S&P 500 valuations.

Driven by rising oil and gas prices, energy shares are the leading sector performer by far, based on a set of ETFs through yesterday's close (Mar. 4). The State Street Energy Select Sector SPDR ETF (XLE), a Big Oil proxy, has surged more than 25% year-to-date.
The Supreme Court ruled that the International Emergency Economic Powers Act does not authorize the president to impose tariffs, invalidating those imposed under that authority by the Trump administration. This decision, made on Feb. 20, was the first of many dominoes to fall to shed light on the economic consequences associated with these tariff refunds.
With the conflict in the Middle East entering its sixth day on Thursday, Citi suggested that volatility for stock markets is set to continue as it assessed "how much preexisting market froth" had been unwound amid selling at the start of the week. "Three observations stand out," said Beata Manthey, the bank's European equity strategy head.
Iran's drone and missile strikes exposed weaknesses in regional air defenses. Drone stocks reacted strongly in the market, but the share price moves did not necessarily align with the companies that have the most capable counter-drone technologies.