FINANCIALS: Wells Fargo (WFC) - Q1 earnings preview

1,083 name programme sell order on the cash open, given the pre-market weakness in futures flagged earlier. While not small, this isn’t particularly large and is well within the norms witnessed in early ’25.

Stephen Witkoff, US President Donald Trump Middle East Envoy – the official tapped to lead conflict diplomacy with Kyiv and Moscow – has told Fox News that he expects “substantial progress” at a meeting with Ukrainian officials in Jeddah, Saudi Arabia tomorrow. See: UKRAINE: Zelenskyy In Saudi Ahead Of 11 March US-Ukraine Talks

• Witkoff adds that he hopes the mineral sharing deal with Ukraine will “get done” this week, after the acrimonious Oval Office meeting between Ukrainian President Volodymyr Zelenskyy and Trump raised concerns that both parties would walk away from the agreement.
• Witkoff also stressed that the US, “never shut off intelligence for anything defensive Ukrainians need”, and adding that “intelligence sharing with Ukraine will be discussed in this week's meetings”.
• Witkoff’s comments signal a slightly more positive posture from the Trump administration ahead of tomorrow’s meeting however recent battlefield gains from Russia may be weakening Ukraine's negotiating position, with France24 noting that Russia, "is advancing on the battlefield in Kursk region, which Ukraine wanted to use as a bargaining chip in the upcoming crucial peace talks."
• AP reports that, according to a French official, "More than 30 nations" have noted interest in a security force for Ukraine ahead of a second “Coalition of the Willing” summit in Paris tomorrow, led by French President Emmanuel Macron and UK Prime Minister Keir Starmer.

Continued U.S. economic growth worries and a downtick in European equities leaves the 3 major e-mini futures 1.1-1.7% lower ahead of the NY cash equity open, with the NASDAQ 100 contract under the most pressure and the DJIA proving the most resilient.

• Our technical analyst highlights the ongoing bearish threat in S&P 500 e-minis following last week’s move lower.
• The contract traded to a fresh short-term cycle low again on Friday, marking an extension of the current bear leg.
• This highlights a stronger reversal and a double top pattern on the daily scale. The focus is now on the Sep 12 ‘24 low (5,658.00), with Friday’s base (5,673.00) protecting that level.