5 Things to Watch on
March 20, 2026

Markets are down over -0.2% in premarket trading as oil prices resumed their rally despite Netanyahu signaling that Israel is helping reopen the Strait of Hormuz and that Iran has lost the ability to enrich uranium or produce ballistic missiles. Stocks had bounced off yesterday's lows on those same comments, with WTI pulling back sharply post-settle before reversing again today's morning, and the commodity remains up over +48% this month. Treasury yields edged higher across the curve, with the 10-year at 4.27% and the 30-year at 4.86%, reflecting lingering inflation concerns as the geopolitical situation remains fluid.

Super Micro Computer (SMCI) is down over -24% in premarket trading after federal prosecutors charged three associates, including co-founder and board member Wally Liaw, with illegally diverting $2.5B in NVDA-powered servers to China since 2024 in violation of U.S. export controls. The alleged scheme used a Southeast Asian middleman and fake paperwork to bypass compliance teams, with Liaw personally pushing to accelerate Blackwell chip shipments ahead of new restrictions. SMCI has placed the named employees on leave, though the charges add to a growing list of governance concerns at the company.

Rivian Automotive (RIVN) and Uber (UBER) announced a multiyear partnership in which UBER will invest up to $1.3B in RIVN to deploy a fleet of fully driverless R2 SUVs. Fleet partners will purchase at least 10K autonomous vehicles starting in 2028, with options scaling to 50K across roughly 25 cities in the U.S., Canada, and Europe by 2031, exclusively through the UBER app.

Novo Nordisk (NVO) received FDA approval for a 7.2 mg version of Wegovy, branded Wegovy HD, as a long-term obesity treatment. The once-weekly injectable builds on the existing 2.4 mg formulation and is backed by Phase 3 STEP-UP data showing an average weight loss of -20.7% over 72 weeks in obese patients. NVO expects to begin the U.S. rollout via single-dose pen in April, and received a Commissioner's National Priority Voucher alongside the approval.

FedEx (FDX) is up over +6% in premarket trading after Q3 EPS of $5.25 crushed the $4.09 estimate on revenue of $24B, with the beat driven by disciplined cost execution and accelerating savings from its AI-powered Network 2.0 initiative, now expected to exceed $1B. FDX raised its full-year EPS guidance to $19.30-$20.10 from $17.80-$19.00, signaling confidence despite modest Iran war headwinds. The company also remains on track to spin off FedEx Freight as a standalone public company on June 1.