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Novartis AG is set to raise $11 billion to help fund its acquisition of Avidity Biosciences Inc., adding to a flurry of buyout-related bond sales.

A unit of the Swiss drugmaker is offering investment-grade US dollar bonds in seven tranches, with maturities ranging from three to 30 years, according to a person familiar with the matter.

A five-year floating-rate note was dropped during syndication, added the person, who asked not to be identified as they’re not authorised to speak publicly.

Energy analysts and traders said Monday (March 16) that they wouldn’t be surprised if oil prices climb to as high as $200 per barrel as the sprawling Middle East crisis drags on.

It comes as the US and Israeli-led war on Iran continues to disrupt oil production and shipping in the region, with traffic through the strategically vital Strait of Hormuz effectively grinding to a halt in recent weeks.

Energy analysts and traders said Monday (March 16) that they wouldn’t be surprised if oil prices climb to as high as $200 per barrel as the sprawling Middle East crisis drags on.

It comes as the US and Israeli-led war on Iran continues to disrupt oil production and shipping in the region, with traffic through the strategically vital Strait of Hormuz effectively grinding to a halt in recent weeks.

Oil prices edged lower on Monday even as geopolitical tensions in the Middle East remained elevated. Brent crude slipped below $103 per barrel while US West Texas Intermediate fell sharply, retreating after briefly crossing the $100 mark earlier in the session. The pullback comes after a steep rally driven by the ongoing US-Iran conflict, which has pushed oil prices up nearly 40% and disrupted shipping through the Strait of Hormuz.

US President Donald Trump said Washington will soon reveal which countries have agreed to join a coalition to protect oil tankers moving through the critical waterway. However, he also voiced frustration that some allies are reluctant to participate.

Meanwhile, US Treasury Secretary Scott Bessent said Iranian oil tankers are still being allowed to transit the strait. The narrow route typically carries about one-fifth of global oil supply, making any disruption closely watched by energy markets.

US President Donald Trump said on Monday that several countries have agreed to help the United States protect oil tankers passing through the Strait of Hormuz, though some allies appear hesitant to join the effort. Speaking to reporters, Trump said a list of participating nations would be released soon, adding that while some countries are “very enthusiastic,” others are “less than enthusiastic” about taking part.

According to Trump, a few countries have already begun deploying resources to assist with tanker protection in the strategic waterway. However, he also indicated that some nations may ultimately decline to participate despite benefiting from decades of US security support.

“We strongly encourage the other nations to get involved with us and get involved quickly and with great enthusiasm,” Trump said.

The comments come amid heightened tensions in the region, with the Strait of Hormuz remaining one of the world’s most critical routes for global oil shipments.

A handful of stocks made notable moves in midday trading on Monday as investors reacted to corporate developments and expectations around artificial intelligence spending. Peloton shares rose about 4.5% after the company announced a new commercial series of its connected fitness equipment designed for high-traffic gyms. Meta Platforms gained more than 2% following reports that the company may consider large workforce reductions to offset rising AI investment costs, though the firm described the report as speculative. Meanwhile, Nvidia advanced around 2% ahead of its closely watched GTC conference, where CEO Jensen Huang is expected to outline the company’s next phase in the AI chip boom.

A quiet shift is unfolding in the US stock market. On Monday, nine stocks in the S&P 500 hit new all-time highs — and most of them came from the traditionally defensive utilities sector. Companies including Ventas, American Electric Power, Duke Energy, and Consolidated Edison climbed to record levels, reflecting investor appetite for stable cash flows amid global uncertainty. Utilities are often seen as safe havens when markets turn volatile. At the same time, weakness appeared in parts of the consumer sector, with Paramount Skydance, Campbell Soup, and General Mills slipping to fresh 52-week lows, highlighting a growing divide in market leadership.

The Dow Jones Transportation Average rose more than 1% on Monday, marking its strongest session since Feb. 26. The move was led by gains in United Airlines, XPO, Uber and Delta Air Lines.

The bounce stands out given the recent slump in the sector. Even after Monday’s gains, the transports index remains down nearly 9% for the month.

Several heavyweight names in the group are still sharply lower, including Union Pacific, CSX, Norfolk Southern and FedEx. The sector is on track for its worst monthly performance since December 2024 and is poised to snap a five-month winning streak.

From a technical standpoint, last week’s lows came close to the index’s 200-day moving average near 17,600, a level many traders view as critical support.

If that level breaks, the transports, often considered a key economic “canary” for the broader market, could signal deeper weakness ahead.

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Goldman Sachs said US equities have historically been resilient during geopolitical shocks, but elevated valuations could leave markets exposed if the conflict in Iran triggers a broader economic impact.

The S&P 500 remains less than 5% below its all-time high even as the war enters its third week, with valuations still historically elevated and equity risk premiums narrowing.

Goldman strategists warned that equities appear “priced for perfection,” meaning any prolonged surge in oil prices could spill over into inflation, weaken the bond market and lead to a broader equity re-rating.

The bank added that momentum in labor market data is starting to soften, which could reduce the economy’s resilience to additional shocks.

Still, Goldman said geopolitical sell-offs tied to energy spikes have historically been short-lived, and strong earnings and corporate balance sheets argue against a sustained bear market.

Best Buy shares could face valuation pressure if fuel prices remain elevated, according to a note from Loop Capital.

The brokerage cut its price target on the electronics retailer to $75 from $85 on Sunday, while maintaining a buy rating on the stock. The revised target still implies nearly 20% upside from Friday’s closing price.

Analyst Anthony Chukumba said it is still early to assess how higher gasoline prices may affect consumer spending.

“While it is too early in our opinion to gauge the impact on consumer spending from higher gasoline prices — which we think will depend on how long prices remain elevated — we are maintaining our current F2026 estimates,” Chukumba wrote in a note to clients.

However, he added that the uncertainty created by higher fuel costs could weigh on the stock’s valuation in the near term.

Shares of Best Buy are down about 6% so far this year.

Shares of Dutch cloud provider Nebius jumped 13% in morning trading Monday (ET) after inking a $27 billion AI infrastructure deal with Meta.

US industrial production rose modestly in February, lifted by a second month of gains in manufacturing and mining output.

The 0.2% increase in production at factories, mines and utilities followed a a 0.7% advance a month earlier, Federal Reserve data showed Monday. The median estimate in a Bloomberg survey of economists was a 0.1% increase.

Manufacturing output, which accounts for three-fourths of total industrial production, rose 0.2%. Mining and energy extraction increased 0.8%, while output at utilities decreased 0.6%.

Oil erased gains in a volatile session as traders assessed the next steps for the Middle East war that has upended global energy markets.

Brent futures dipped near $102 a barrel, after surging more than 40% over the past two weeks. Oil loading at the key United Arab Emirates port of Fujairah resumed, following a second drone attack in three days. But the country’s output is now down by almost half.

Bitcoin rose to an almost six-week high with demand for riskier assets rising amid growing optimism that turmoil caused in global markets by the conflict in the Middle East may be easing.

The original cryptocurrency climbed as much as 3.7% to $74,416, the highest since Feb. 4. Bitcoin is still down around 40% from a record high reached in October 2025.

Other smaller, more volatile, digital assets saw even greater gains. Ether, the second-largest cryptocurrency, rose as much as 8% to $2,302, roughly twice Bitcoin’s advance. Solana and XRP rose as much as 6.2% and 5%, respectively

America’s small investors have one main route for influencing corporate boards and it’s poised to get a lot narrower. Federal regulators are looking at new rules that could rein in shareholders who hold as little as $2,000 in stock to get their proposals on proxy ballots.

Business groups are pressing for higher ownership thresholds like the one adopted last year in Texas, where investors are now required to own at least $1 million in stock or a 3% stake to file a proposal with companies incorporated there.

The United Arab Emirates and Kuwait reduced oil output further as the effective closure of the Strait of Hormuz increases pressure on major producers, with the Iran war stretching into its third week.

The UAE’s production cut has deepened to about 1.5 million barrels a day, from 500,000 to 800,000 a day as of March 10, while Kuwait’s has increased to near 1.3 million a day from half a million about a week ago, people familiar with the matter said, asking not to be identified because the data isn’t public.

Wall Street banks led by JPMorgan Chase & Co. kicked off a $5.75 billion cross-border leveraged loan sale to help finance the buyout of video game maker Electronic Arts Inc., one of the largest transactions of its kind.

A $4 billion US dollar loan is being offered at a discounted price of around 98.50 cents on the dollar and a margin of 3.50 to 3.75 percentage points over a key benchmark. JPMorgan is also pitching a €1.53 billion loan, equivalent to about $1.75 billion, at similar pricing terms.

US President Trump may delay his China trip due to the Iran war, but Treasury Secretary Scott Bessent said Monday it’s not to pressure Beijing on the Strait of Hormuz.

Bessent said any delay to Trump’s trip to Beijing wouldn’t be because of disagreements over the Iran war or efforts to reopen the Strait of Hormuz.

“If the meeting for some reason was rescheduled, it would be rescheduled because of logistics,” he said. “The president wants to remain in D.C. to coordinate the war and travelling abroad at a time like this may not be optimal.”

Prime Minister Keir Starmer says Britain is working with allies on a plan to reopen the Strait of Hormuz, but “will not be drawn into the wider war.”

He spoke after US President Donald Trump said he’d demanded US allies send warships to open the key oil shipment route.

Starmer said Britain is discussing with the US and allies in Europe and the Gulf the possibility of using mine-hunting drones that the UK has in the region. But he signalled the UK is unlikely to dispatch a warship.

US President Donald Trump may delay his planned visit to China as the war with Iran continues to escalate, though US Treasury Secretary Scott Bessent said any postponement would not be intended to pressure Beijing over the reopening of the Strait of Hormuz.

The United States is allowing Iranian oil tankers to transit the Strait of Hormuz, Treasury Secretary Scott Bessent told CNBC in an interview Monday.

“The Iranian ships have been getting out already, and we’ve let that happen to supply the rest of the world,” Bessent told CNBC’s Brian Sullivan.

Meta shares moved higher in premarket trading on Monday after reports said the company plans to cut more than 20% of its workforce as it looks to manage rising spending on artificial intelligence this year.

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