Unemployment ticks up, Broadcom reports AI-powered earnings: Morning Buzz

The major averages were broadly lower near noon, adding to yesterday’s losses. The S&P 500 is headed for its worst week since September amid continued trade tensions and following a weaker-than-expected jobs report. Uncertainty surrounding the Federal Reserve’s next policy move remain, as do persistent concerns over economic growth and geopolitical risks.

Looking to commodities, gold prices have bounced back following Thursday’s retreat, while oil prices are sharply higher after multiple consecutive days in the red. The recovery comes amid ongoing supply concerns and uncertainty over global demand, with investors monitoring OPEC+ production plans and the broader impact of trade disruptions on energy markets.

Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.

1. STOCK NEWS:

• U.S. nonfarm payrolls increased 151,000 in February, with unemployment rising to 4.1%
• Broadcom (AVGO) reported better-than-expected Q1 earnings and revenue and provided upbeat Q2 revenue guidance
• HP Enterprise (HPE) reported mixed Q1 results, with ARR up 45% year-over-year
• Walgreens Boots Alliance (WBA) agreed to be acquired by Sycamore for up to $14.45 per share in cash
• Costco (COST) reported downbeat Q2 earnings, though February comparable sales are up 6.5%

2. WALL STREET CALLS:

• Tesla (TSLA) upgraded to Buy at TD and added to “Best Ideas List” at Wedbush
• Air Lease (AL) double downgraded at BofA, here’s why
• Bank of America (BAC) upgraded to Outperform at Baird
• Baird also upgraded JPMorgan (JPM) to Neutral
• Wayfair (W) upgraded to Buy at Jefferies

3. AROUND THE WEB:

• Microsoft (MSFT) is testing OpenAI alternatives for Copilot, The Information says
• Samsung’s (SSNLF) head of North American public affairs is expected to resign and the company is looking for a successor with ties to U.S. President Donald Trump’s administration and the Republican Party, Reuters reports
• Target (TGT), Amazon (AMZN), and Tractor Supply (TSCO), retailers that publicly scrapped diversity, equity and inclusion programs, are continuing certain efforts behind the scenes, Reuters says
• Blackstone (BX) recently closed on an $8B commercial real-estate debt fund, offering a sign of a property-market rebound, WSJ reports
• Nissan’s (NSANY) board is set to discuss potential successors to CEO Makoto Uchida at a meeting on March 11, Reuters reports

4. MOVERS:

• Array Technologies (ARRY) increases after Guggenheim upgraded the stock to Buy
• Hawaiian Electric (HE) gains after Evercore ISI upgraded the stock to Outperform
• ZIM Integrated (ZIM) higher in New York after Street Insider reported the CEO is considering a management-led buyout of the shipper
• BigBear.ai (BBAI) lower after reporting Q4 results and providing guidance for FY25
• Intuitive Machines (LUNR) falls after its moon landing of Athena didn’t touch down as designed

5. EARNINGS/GUIDANCE:

• Gap (GAP) reported Q4 results with EPS and revenue beating consensus
• Information Services (III) reported Q4 results and provided guidance for Q1
• Mammoth Energy (TUSK) announced Q4 results, with CEO Phil Lancaster commenting, “There were signs of improvement in our results for the fourth quarter”
• Lifeward (LFWD) reported Q4 results, with EPS lower year-over-year
• inTEST (INTT) reported Q4 results and provided guidance for Q1 and FY25

INDEXES:

Near midday, the Dow was down 0.83%, or 354.03, to 42,225.05, the Nasdaq was down 1.36%, or 245.86, to 17,823.40, and the S&P 500 was down 1.07%, or 61.57, to 5,676.95.