As stock prices rise on hopes for a resolution to the Iran conflict, there’s plenty for CNBC TV producers to keep their eyes on. Unemployment claims data is set to be released on Squawk Box at 8:30 a.m. ET. Hosts Becky Quick, Joe Kernen, and Andrew Ross Sorkin will delve into the details and discuss market reactions. The Dow Jones forecast expects about 210,000 jobless claims, slightly up from last week’s figure of 205,000. Interestingly, a prediction market suggests that 65% of participants believe the claims will exceed 210,000, while around 34% think it’ll surpass 215,000 and 16% are estimating over 220,000.
In legal news, Meta faced another setback as a jury in Los Angeles found it and YouTube liable in a case regarding social media addiction. Damages came to $3 million, with Meta covering 70% and YouTube the remaining 30%. There will also be $3 million in punitive damages, with Meta paying $2.1 million of that. Recently, Mr. Mehta was ordered to pay $375 million for violating New Mexico’s child exploitation laws. While the financial impact on Meta isn’t substantial, the case might set a precedent for future lawsuits. Investors don’t seem overly concerned, as Meta’s stock has risen 0.2% this week, although it’s down 25% from its peak last summer.
On a brighter note, APA Corp reached a new 30-month high. Since the war began on February 28, its stock has risen by 36%. Similarly, EQT hit an all-time high during trading, advancing 10.6% since the conflict’s onset. Kinder Morgan reached an 11-year high, having gained 2% since the war started, and is up 23% this year. Occidental’s stock has increased by 16.5% since the start of the war, hitting a 20-month high. SLB also saw some gains, reaching a two-year high, although its prices have remained relatively stable since the conflict began. More discussions on oil and energy stocks will feature on “Wake Up Call” with Morgan Brennan at 5 a.m. ET.
In a more personal note, Coca-Cola’s Chairman and CEO James Quincey is set to appear on “Squawk Box” at 7 a.m. as he approaches his retirement on March 31. Under his leadership since May 2017, Coca-Cola’s stock has surged by 75%, considerably outperforming the S&P Consumer Staples Index, although it has declined around 8% from its peak last month.
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