Preview of US Stock Market | The three major stock index futures are falling together, and the US Department of Defense is preparing for the "great decisive battle" with Iran.

1. Before the opening of the US stock market on Thursday, the futures of the three major US stock indexes all fell. As of the time of writing, the Dow Jones futures fell by 0.58%, the S&P 500 index futures fell by 0.64%, and the Nasdaq futures fell by 0.77%. 2. As of the time of writing, the German DAX index fell by 1.06%, the UK FTSE 100 index fell by 1.04%, the French CAC 40 index fell by 0.72%, and the Euro Stoxx 50 index fell by 1.10%. 3. As of the time of writing, WTI crude oil rose by 3.17%, to $93.18 per barrel. Brent crude oil rose by 3.26%, to $100.43 per barrel. Market News US officials: The US Department of Defense is preparing for a "big showdown" with Iran. According to reports, two US officials and two sources familiar with the matter revealed that the US Department of Defense is developing military plans for launching a "lethal strike" against Iran, which may include the use of ground forces and conducting large-scale bombing operations. Officials and individuals familiar with internal discussions described four major "lethal strike" options that Trump could choose from: Invade or block the island of Harlick. Invade the island of Larak, which would help Iran strengthen its control over the Strait of Hormuz. Occupy the strategically important islands of Abu Musa and two other smaller islands located near the western entrance of the strait. Intercept or detain ships carrying Iranian oil exiting the eastern side of the Strait of Hormuz. The US military has also prepared plans for ground operations deep inside Iran, aimed at controlling enriched uranium buried in nuclear facilities. Iran's Ambassador to Japan takes a tough stance: The US has no right to unilaterally impose peace plans. Iran's Ambassador to Japan, Payman Sedat, made it clear on Thursday that the US cannot unilaterally impose peace plans on Iran. Currently, signals from both the US and Iran regarding negotiations are contradictory, and there is no clear sign of an end to regional hostilities. "He cannot present a peace plan and claim 'I will enforce it'," Sedat pointedly criticized US President Trump in Tokyo. "Unilateral imposition is unacceptable." Despite Iran's public rejection of the US negotiating proposal and putting forward its own new conditions to end the conflict, the White House insists that US-Iran peace talks are ongoing. "Aggressors cannot unilaterally decide or orchestrate plans," Sedat emphasized after meeting with a pro-Iranian lawmaker alliance in Japan. "The ultimate decision does not lie with the US, but with Iran." Even as the flames of war may extinguish, the aftershocks are far from settled! Former CEO of Goldman Sachs Group, Inc. warns investors not to be overly optimistic about the Middle East situation. Lloyd Blankfein, senior chairman and former CEO of Goldman Sachs Group, Inc., recently warned that even if the Iran conflict "can be resolved tomorrow," the damage caused by it will "linger," urging investors to prioritize emergency planning during times of upheaval. Blankfein said in an interview on Wednesday that some market participants may be overly optimistic about the conflict. He also said that betting on "everything will eventually calm down" and asserting that "there will never be a solution to the conflict" are both dangerous trading strategies. Speaking about the Middle East conflict, he said, "It is clear to everyone that even if the war stops tomorrow, the destruction that infrastructure has suffered will continue to put pressure on the market for a longer period. Furthermore, there are no signs indicating that the conflict will see a turning point in the short term." Not just energy, AI will also lead to inflation! Global infrastructure fund giant IFM warns: Massive spending will trigger "inflation pulse" and impact could last for decades. David Neal, CEO of IFM Investors, a global infrastructure fund management company, said that massive spending on artificial intelligence and global energy transition could lead to inflation pressures in the coming decades. Neal said, "Investors should pay more attention to inflation issues, not just because of the soaring energy prices." Neal stated that the recent spike in energy prices serves as a "warning," but there are other structural pressures at play. He said, "A large amount of funds is flowing into areas such as artificial intelligence, energy transformation, etc. This in itself is an inflation pulse, and this trend will continue for decades." Morgan Stanley sounds the alarm on a "bull trap": Market underestimating the negative economic impact of the Middle East war, dollar rally unsustainable. Morgan Stanley states that as the interest rate differential between the US and Europe narrows, and with the Middle East war suppressing economic growth, the dollar will weaken. Since the US attack on Iran at the end of February, the dollar has been strengthening, benefiting from its status as a safe-haven currency and the currency of the largest oil-producing country. Since the outbreak of the war, an index measuring the dollar's exchange rate has risen by 2%, reaching its highest level since December last year on Monday. Meanwhile, the euro and the yen have fallen by over 2% during the war, as both countries rely on energy supplies from the Middle East. Individual Stock News Record investment banking revenue unable to offset credit 'misstep', Jefferies Financial Group Inc.'s (JEF.US) Q1 earnings fall short, stock price down 36% year-to-date. Jefferies Financial Group Inc. reported earnings below Wall Street expectations due to losses from credit investments. Despite the bank's investment banking business achieving its strongest first quarter performance ever, earnings of 70 cents per share fell short of analysts' expectations of 87 cents. The results included $17 million in losses related to recent credit risk events - Market Financial Solutions and First Brands Group. In a statement, Jefferies Financial Group Inc. said revenue increased by 26% year-on-year to $2.017 billion, with net profit increasing by 22% to $155.7 million. The bank benefitted from a 45% surge in investment banking revenue, driven by increased trading volumes in "multiple industries". Pony.ai (PONY.US) expects Robotaxi revenue to double by 2025, dual-use bicycles turn profitable, plans to expand to over 20 cities in China and internationally by 2026. Pony.ai's total revenue reached 629 million yuan in 2025, a 20% year-on-year increase, continuing its climb for the fourth consecutive year. The company expects the Robotaxi fleet size to exceed 3,000 vehicles by the end of 2026, and plans to deploy Robotaxi in over 20 cities in China and internationally. The Robotaxi business is entering a period of explosive growth. In 2025, the annual revenue from the Robotaxi business reached 116 million yuan, a 129% year-on-year increase, with passenger fare revenue nearly quadrupling year-on-year. In the fourth quarter, the Robotaxi business generated revenue of 46.6 million yuan, accounting for about 40% of the annual Robotaxi business revenue, with passenger fare revenue increasing by over 500% year-on-year. Middle East conflict spreads to the courier industry: USPS considering imposing an 8% surcharge on some packages to cope with soaring oil prices. The US Postal Service announced on Wednesday that it is seeking to impose a temporary fuel surcharge of 8% on packages and express mail to address rising transportation costs (including those caused by the increase in oil prices due to the Iran war). This adjustment applies to priority express mail, priority mail, USPS ground services, and select packages. Regular stamps and other mail services will not be affected. The USPS announced on its website that if approved by the Postal Regulatory Commission, the surcharge will take effect on April 26 and continue until January 17, 2027. FedEx Corporation (FDX.US) and United Parcel Service (UPS.US), the two major package delivery companies, have been imposing fuel surcharges on packages for many years. Since the US and Israel's attacks on Iran, oil prices have risen by over 40%. Alphabet Inc. Class C's compression technology triggers a "seismic" activity in storage chips, analysts invoke the Jevons paradox: Don't panic, demand will only grow. Market concerns about demand were sparked by Alphabet Inc. Class C researchers promoting a new compression technology, causing a sharp decline in the prices of computer memory and storage products. However, this disruption may be temporary rather than a threat to survival. In the Korean exchange market, key storage chip manufacturers for AI applications, SK Hynix, briefly fell by 6%. In the Tokyo market, flash memory manufacturer Kioxia Holdings fell by 4.4%. Previously, Micron Technology, Inc. and SanDisk recorded similar declines in the New York market on Wednesday. Alphabet Inc. Class C stated that its new TurboQuant technology can significantly reduce memory usage for large language models and vector search engines. However, bulls who are optimistic about the strong recent rise in global storage chip demand believe that efficiency improvements will actually increase demand rather than decrease it - this ancient theory is known as the Jevons paradox. Important Economic Data and Events Preview 20:30 Beijing time: Initial jobless claims numbers in the US for the week ending March 21st. Next day at 04:30 Beijing time: US Federal Reserve's balance sheet for the week ending March 25th. Next day at 04:00 Beijing time: Federal Reserve Board Governor Lisa Cook speaks on financial stability.