“Airports are like small cities where everyone is going somewhere.” ✍️

– Richard Branson

✅ Stocks ended lower on Friday as yields rose and uncertainty lingers – U.S. equities fell sharply on Friday, pressured by higher bond yields and ongoing geopolitical concerns.

✅Walmart is rolling out digital price labels nationwide to boost efficiency and accuracy, though the move is raising concerns about potential future use of dynamic pricing.

✅Donald Trump has suggested deploying immigration agents to airports during the DHS shutdown, as disruptions grow and Elon Musk offers to pay TSA workers.

✅Robert Mueller, who led the high-profile investigation into Russian interference in the 2016 election, has died at age 81 after a long career in public service.

✅FedEx is training hundreds of thousands of employees in AI to improve efficiency, drive innovation, and prepare its workforce for future roles.

✅ Nissan is launching a new hybrid system that delivers an EV-like driving experience without charging, reflecting a broader industry shift back toward hybrids.

MARKET SNAPSHOT

↘ Dow                            45,577.47                       - 0.96%
↘ Nasdaq                       21,647.61                       - 2.01%
↘ S&P                              6,506.48                       - 1.51%

Walmart’s Nationwide Rollout of Digital Price Labels Will Happen by End of Year

Walmart is preparing to install digital price labels on every store shelf across the United States by the end of 2026, marking one of the most significant changes to grocery store aisles in decades. Traditionally, these aisles have remained largely unchanged aside from the introduction of barcodes, but the move to digital shelf labels represents a major technological leap. The company says the new system will improve efficiency for employees and ensure that all customers see the same prices in-store, while competitors like Kroger have also begun testing similar technology.

The transition replaces paper price tags with digital displays that can be updated instantly, reducing the need for time-consuming manual changes. Employees report that the technology can cut pricing-related work by as much as 75%, freeing them to focus more on helping customers. Additional features, such as flashing labels, can also help delivery drivers quickly locate items, further streamlining store operations. Retailers emphasize that prices shown on these labels will match online listings and weekly promotions, reinforcing accuracy and consistency for shoppers.

Despite these advantages, the rollout has sparked concern among lawmakers and consumer advocates. Some critics warn that digital labels could become a “gateway to surge pricing,” allowing retailers to adjust prices rapidly in ways that may disadvantage consumers. In response, proposed legislation aims to restrict or even ban the use of digital shelf labels in large grocery stores. One proposal would prohibit the technology in stores over 10,000 square feet, reflecting fears that algorithm-driven pricing could become widespread.

Retailers and industry experts, however, argue that these concerns may be overstated. Walmart maintains that prices will remain consistent for all customers within each store and that the technology is intended solely to improve operations, not manipulate pricing. While dynamic pricing is already common in industries like airlines and ridesharing, experts note that grocery shoppers are particularly sensitive to price changes because they track them closely. This makes trust a critical factor, as even small or frequent changes could influence consumer perception.

Looking ahead, digital shelf labels could offer broader benefits, such as reducing food waste through real-time discounts on perishable items and better aligning in-store and online pricing. Ultimately, while the technology has the potential to transform grocery shopping through greater efficiency and accuracy, its success will depend on transparent use and effective regulation to maintain consumer trust.

Former Special Counsel Robert Mueller Has Died At 81

Robert Mueller, the former special counsel who led the investigation into Russian interference in the 2016 U.S. election, died Friday at the age of 81. His family confirmed the news in a statement, asking for privacy.

Mueller, who also served as director of the Federal Bureau of Investigation, had a long career in public service spanning decades.

In 2019, Mueller concluded that Russia interfered in the 2016 election to benefit the campaign of Donald Trump. His investigation became one of the most consequential and politically charged inquiries in modern U.S. history.

The probe—and Mueller himself—drew repeated criticism from Trump, who frequently described it as a “witch hunt” and a “hoax.” Following reports of Mueller’s death, Trump reacted on social media with a controversial statement expressing no sympathy.

Mueller’s investigation resulted in criminal charges against several Trump associates, including senior campaign officials and a former national security adviser.

His final report documented extensive contacts between Trump campaign figures and Russian individuals but did not establish a criminal conspiracy. On the question of obstruction of justice, Mueller stopped short of making a definitive legal judgment, citing Department of Justice policy regarding sitting presidents.

Before serving as special counsel, Mueller was one of the longest-serving FBI directors in history. Appointed shortly before the September 11 attacks, he oversaw the bureau’s transformation toward counterterrorism efforts.

In 2017, he returned to public service when he was appointed special counsel by the Justice Department to lead the Trump-Russia investigation. Known for his reserved and methodical style, Mueller conducted the nearly two-year probe largely out of public view.

A decorated military veteran, Mueller served as a Marine officer during the Vietnam War and received honors including the Bronze Star and Purple Heart. He later built a reputation as a meticulous prosecutor, handling major criminal cases and rising through the Justice Department’s ranks.

Mueller’s tenure as special counsel marked the culmination of a career defined by public service, legal rigor, and involvement in some of the most high-profile investigations in U.S. history.

Musk Offers to Pay TSA Workers Amid DHS Shut Down

President Donald Trump on Saturday warned that he could deploy federal immigration agents to U.S. airports if congressional Democrats do not quickly agree to fund the Department of Homeland Security (DHS). In a social media post, Trump said he may redirect Immigration and Customs Enforcement (ICE) personnel to handle airport security and indicated the move could happen as soon as Monday, telling agents to “get ready.”

The proposal comes as the administration faces criticism over its immigration enforcement policies. Trump suggested that ICE agents at airports would focus on identifying and detaining individuals in the U.S. without legal status, including specific reference to certain nationalities.

Meanwhile, lawmakers continue efforts to resolve the partial DHS shutdown. A bipartisan group of senators recently met with border policy officials to potential compromises, but no agreement has been reached. While Congress remains in session, it is unclear whether a vote on a funding deal is imminent.

The shutdown has strained airport operations nationwide. Because many DHS roles are classified as essential, employees—including Transportation Security Administration (TSA) officers—are required to work without pay. Staffing shortages have led to long security lines at major travel hubs during the busy spring break season, with some workers calling out or leaving their positions altogether.

Transportation Secretary Sean Duffy warned that disruptions could worsen without a deal, potentially forcing smaller airports to suspend operations due to limited staffing.

Separately, Elon Musk said he would be willing to cover TSA workers’ salaries during the shutdown. In a post on X, Musk stated that he wants to help offset the financial strain on employees affected by the funding lapse. However, it remains unclear how such an arrangement would work in practice, given legal restrictions on federal funding.

The standoff between the White House and Democrats has now stretched over a month, with both sides exchanging proposals but failing to reach a resolution.

Nissan’s New Hybrid Delivers EV Feel Without Plug-In Charging

Nissan is preparing to introduce a new type of hybrid vehicle to the U.S. that delivers an all-electric driving experience while still relying on a traditional gasoline engine. The system, called “e-Power,” represents a different approach from both fully electric vehicles and standard hybrids. Unlike typical hybrids, the gas engine does not drive the wheels—instead, it acts solely as a generator to power electric motors that move the vehicle. This design, known as a series hybrid, allows the car to function much like an EV but without requiring charging from a plug.

The technology is expected to debut in the U.S. later this year in a redesigned version of Nissan’s popular Rogue SUV. Timing may work in Nissan’s favor, as rising gas prices and slower-than-expected electric vehicle adoption are pushing both consumers and automakers to reconsider hybrids. After investing heavily in EVs with limited returns, automakers are increasingly turning to hybrid models as a more practical solution that balances fuel efficiency, cost, and performance. Industry forecasts reflect this shift, with hybrid vehicles projected to make up a growing share of new car sales while EV adoption declines slightly.

What sets e-Power apart is how it blends familiarity with innovation. Drivers refuel the vehicle with gasoline just like a conventional car, but the driving feel mirrors that of an electric vehicle, including smooth acceleration and reduced noise and vibration. The system eliminates the need for traditional transmission behavior, resulting in a quieter and more seamless ride. To meet U.S. expectations for performance, Nissan has developed a more powerful turbocharged engine designed specifically to improve efficiency, particularly at higher speeds where earlier versions of the technology struggled.

While series hybrids have been used in other global markets for years, automakers have been cautious about introducing them in the U.S. due to concerns over performance and consumer preferences. Nissan believes its latest generation of e-Power addresses those concerns and could appeal to drivers seeking EV-like benefits without the limitations of charging infrastructure. Early impressions suggest the system delivers strong acceleration and refined driving dynamics, although efficiency at highway speeds remains a challenge the company continues to refine.

Ultimately, Nissan’s e-Power signals a broader industry pivot toward hybrid technology as a bridge between traditional gas vehicles and fully electric models. As the market recalibrates, solutions that combine convenience, efficiency, and familiar fueling may play a critical role in shaping the next phase of automotive innovation.

FedEx has launched a large-scale AI training initiative aimed at educating and upskilling its nearly 440,000 employees worldwide. The program, developed in partnership with Accenture, is designed to improve efficiency, spark innovation, and make workers more “promotion-ready” as artificial intelligence becomes central to the company’s operations. The training includes personalized, role-based learning that continuously evolves, ensuring employees stay up to date with rapidly changing technology.

At the same time, FedEx is expanding its use of AI across the business, including advanced tracking systems and improved returns capabilities for customers. The initiative reflects a broader push within the logistics industry to adapt to economic pressures such as tariffs, cost-cutting, and workforce changes, while leveraging new technology to stay competitive. Company leadership has emphasized that investing in employee knowledge is critical to long-term success, both for workers and the organization as a whole.

A notable aspect of the program is its top-down commitment. Every member of FedEx’s executive team participated in an intensive learning session in Silicon Valley, highlighting a company-wide effort to embrace AI from leadership to frontline workers. Employees are also encouraged to collaborate through communities, hackathons, and shared learning environments to develop practical AI applications. Early signs suggest the program is already influencing career mobility, with more frontline workers pursuing advancement opportunities.

Ultimately, FedEx’s initiative underscores a growing trend among major companies: treating AI literacy as an essential workforce skill rather than a specialized expertise. As industries continue to integrate AI into daily operations, programs like this may play a key role in shaping how employees adapt—and how companies remain competitive.

📉 ON THE MOVE AND NOTABLES 📈

✔️ The 10-year Treasury yield finished just under 4.4%, up from below 4.0% at the end of February, as rising oil prices have lifted inflation expectations and dampened hopes for near-term Federal Reserve rate cuts.

✔️ Geopolitical tensions also remained in focus, with oil prices ticking higher amid uncertainty.

✔️ Sector performance was mixed: energy and financials posted gains, while rate-sensitive areas like utilities and real estate, along with growth sectors such as technology, lagged. Meanwhile, the U.S. dollar strengthened, climbing about 2% in March as investors sought safety.

✔️ Earnings outlook remains resilient despite volatility – Tensions involving Iran have added to recent market swings, with the S&P 500 now about 5% below its late-January peak.

✔️ Central banks hold steady as policy outlook evolves – Global monetary policy took center stage last week, as major central banks—including those in the U.S., Canada, Japan, the euro area, and the U.K.—left interest rates unchanged.

✔️ Bond markets faced pressure after a more hawkish shift from the Bank of England, which moved away from signaling gradual easing and instead emphasized its commitment to bringing inflation back to its 2% target.

✔️ Elsewhere, the Bank of Canada and European Central Bank adopted a more cautious, wait-and-see stance, while the Bank of Japan indicated it could continue raising rates if economic conditions meet expectations.

✔️ In the U.S., the Federal Reserve updated its economic forecasts, lifting its inflation projections for 2026 due to tariff-related pressures and higher oil prices. Despite this, policymakers still anticipate one rate cut in 2026. Overall, while the Fed’s easing cycle appears intact, it is likely delayed, with cuts now expected later in 2026 or potentially into 2027.

✔️ Though inflation continues surging along with oil prices, a Bloomberg survey of analysts this week showed the average estimate for U.S. 2026 gross domestic product (GDP) growth remained healthy at 2.5%. Top of FormBottom of Form

✔️ FedEx rallied after the company beat quarterly expectations and issued upbeat guidance. The CEO noted that global demand has remained resilient despite ongoing geopolitical tensions, according to Reuters.

✔️ Super Micro Computer (SMCI) tumbled 26% after U.S. authorities charged a company co-founder and two others in connection with an alleged scheme to reroute U.S.-assembled servers to China in violation of export controls, Barron’s reported. Among those charged is the firm’s senior vice president of business development. Meanwhile, competitor Dell (DELL) rose 4% ahead of the open.

✔️ Arm Holdings (ARM) gained after HSBC upgraded the stock to “buy,” citing its growing role in AI servers and CPUs as underappreciated by the market.

✔️ Planet Labs (PL) soared following strong earnings results and optimistic guidance.

✔️ Commodities pressured by rate outlook – Reduced expectations for Federal Reserve rate cuts weighed on gold, which dropped nearly 5% on Thursday, dragging down shares of precious metal miners. Silver and copper also declined amid concerns about weakening global demand. Gold and silver edged modestly higher on Friday.

💲What to Watch Ahead💲

🟢 Economic:

Monday (Mar. 23): Construction Spending

Tuesday (Mar. 24): New Home Sales

Wednesday (Mar. 25): Current Account Balance, Durable Orders, EIA Crude Oil Inventories, Export Prices, Import Prices, Mortgage Applications Index

Thursday (Mar. 26): Continuing Claims, EIA Natural Gas Inventories, Initial Claims

Friday (Mar. 27): Advanced International Trade in Goods, Advanced Retail Inventories, Advanced Wholesale Inventories, GDP – 3rd Estimate, PCE Prices, Personal Income, Personal Spending, University of Michigan Consumer Sentiment - Final

🟢 Earnings:

Monday (Mar. 23): Abivax SA (ABVX), Agi Inc. (AGBK), AITI Global Inc. (ALTI), Caledonia Mining Corp. (CMCL), DBV Technologies SA (DBVT), Lithium Argentina AG (LAR), WeRide Inc. (WRD)

Tuesday (Mar. 24): AAR Corp. (AIR), Centessa Pharmaceuticals (CNTA), Concentrix Corp. (CNXC), Core & Main Inc. (CNM), GameStop Corp. (GME), Hesai Group (HSAI), KB Home (KBH), New Gold Inc. (NGD), Smithfield Foods Inc. (SFD), T1 Energy Inc. (TE), Worthington Enterprises Inc. (WOR)

Wednesday (Mar. 25): Alumis Inc. (ALMS), Celcuity Inc. (CELC), Chewy Inc. (CHWY), Cintas Corp. (CTAS), H.B. Fuller Company (FUL), Jefferies Financial Group Inc. (JEF), JinkoSolar Holding Co. (JKS), Karman Holdings Inc. (KRMN), Ondas Inc. (ONDS), Paychex Inc. (PAYX), PDD Holdings Inc. (PDD), Winnebago Industries Inc. (WGO)

Thursday (Mar. 26): Argan Inc. (AGX), Bicara Therapeutics Inc. (BCAX), Commercial Metals Co. (CMC), Kodiak Sciences Inc. (KOD), Lumexa Imaging Holdings Inc. (LMRI), Pony AI (PONY), Seabridge Gold Inc. (SA), TMC the metals company Inc. (TMC)

Friday (Mar. 27): Autolus Therapeutics PLC (AUTL), Carnival Corp. (CCL), Humacyte Inc. (HUMA), Legence Corp. (LGN), SBC Metals Group Holdings (SBC)

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