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The Rivian tie-up is Uber's latest in a string of robotaxi partnerships.
Credit: Hutton Supancic / SXSW Conference & Festivals / Getty Images

Key Takeaways

• Under a new partnership, Uber will invest in Rivian and deploy the company's vehicles as robotaxis on Uber's ridesharing platform.
• The investment will range between $300 million and $1.25 billion, with a maximum of up to 50,000 robotaxis deployed across 25 cities by 2031.

Rivian is getting into the robotaxi race.

Rivian (RIVN) shares surged as much as 10% earlier Thursday and were up 3% recently, after the EV maker announced a new partnership with Uber Technologies (UBER). Under the deal, Uber will invest up to $1.25 billion in Rivian, and buy at least 10,000 self-driving R2 vehicles for use in its ridesharing giant's network starting in 2028.

Rivian and Uber plan to start deploying the R2 robotaxis in San Francisco and Miami in 2028, and Uber will have the option to buy up to 40,000 more R2s as the companies look to expand to as many as 25 cities by 2031. Uber has approved an initial investment of $300 million, with various "autonomous performance milestones" that could increase the investment to as much as $1.25 billion.

Why This Matters to Investors

Thursday's stock price gain suggests that investors are bullish on Rivian's ambition to go beyond just making electric vehicles and to also make money from self-driving software and robotaxis.

Rivian laid out its vision for how its autonomous driving software could evolve and generate revenue at an "Autonomy & AI" day in December. Last week, the EV maker unveiled a number of details about the R2 SUV, including its price and release dates, which Rivian expects will drive sales growth as it looks to become consistently profitable.

Rivian's expansion into robotaxis steps up the company's direct competition with Tesla (TSLA), which is operating a small fleet of robotaxis it is looking to expand beyond Austin, Texas.

It also places Rivian into a crowded space of autonomous vehicle and software developers including Nvidia (NVDA), several of which have already partnered with Uber as they grow their operations across a number of cities and countries. Analysts have previously said the robotaxi market could be worth more than $1 trillion by 2040, and benefit dozens of companies.

Even with today's gain, Rivian shares have lost about one-fifth of their value since the start of the year. Uber shares were down 1.5% in recent trading and have declined nearly 7% so far in 2026.

Even with Thursday's drop, Micron shares have more than quadrupled in value in the last 12 months.
Credit: David Paul Morris / Bloomberg / Getty Images

Key Takeaways

• Micron shares pulled back Thursday, despite strong earnings from the memory chipmaker.
• Analysts said the muted reaction could point to worries Micron's stock may have already climbed too high, too fast.

Micron's latest results and outlook blew past Wall Street's forecasts. So why is the stock pulling back?

Shares of Micron Technology (MU) were down about 4% in recent trading, a day after the memory chipmaker reported fiscal second-quarter results that exceeded analysts' expectations thanks to booming AI demand and higher prices.

Micron posted adjusted earnings of $12.20 per share on revenue that nearly tripled year-over-year to $23.86 billion. Analysts had called for adjusted EPS of $9.25 on revenue of $19.87 billion, according to Visible Alpha. For the third quarter, Micron projected $32.75 billion to $34.25 billion in sales and adjusted EPS of $18.75 to $19.55, well above analysts' projections.

William Blair, Citi and Wedbush analysts suggested following the report that the market's muted reaction could point to worries about the sustainability of Micron's torrid gains in recent months. The stock has more than quadrupled in value over the past year and closed at a record high Wednesday ahead of the results.

Why This Matters to Investors

The market's weak reaction to Micron's strong results could underscore some concerns about whether the stock's recent rally can continue, if the global memory shortage that's allowed it to raise prices eases.

Morgan Stanley analysts said Thursday that while recent conversations with investors indicated positive sentiment surrounding near-term results for memory chipmakers such as Micron, they revealed "very low conviction about the durability of that strength," amid some worries that memory prices could soon peak as companies work to boost production.

A shortage of memory components driven by demand for the hardware used in AI data centers has led to a surge in prices in recent months, boosting sales for Micron and memory rivals, even as they invest in increasing their production capacity. Micron said Wednesday it now plans to spend at least $25 billion in capital expenditures this year, up from $20 billion previously.

Even with Thursday's drop, Micron shares have more than quadrupled in value in the last 12 months.

News of the day for March 19, 2026

The major stock indexes closed sharply lower on Wednesday after Fed Chair Jerome Powell raised concerns about inflation stemming from the recent surge in oil prices.
Credit: Michael Nagle / Bloomberg / Getty Images

Stock futures are lower Thursday after the major indexes tumbled yesterday amid rising concerns about the Iran war's potential impact on the U.S. economy; Oil prices are on the rise again after multiple energy facilities in the Middle East were attacked by Israel and Iran; Micron shares are sinking despite a better-than-expected earnings report from the memory chip maker; package delivery giant FedEx is scheduled to release results after the closing bell; and Accenture shares are falling after the consulting firm reported results that came in just above estimates. Here's what you need to know today.

Stock Futures Point Lower After Wednesday Sell-Off

Stock futures are losing ground this morning as oil prices rise amid an escalation of the armed conflict in the Middle East. Futures tied to the Dow Jones Industrial Average and S&P 500 were down 0.4% recently, while futures linked to the tech-heavy Nasdaq fell 0.6%. The major indexes fell sharply on Wednesday to snap two-day winning streaks as the Federal Reserve held interest rates steady and Fed Chair Jerome Powell warned that persistently high oil prices could spark inflation. Brent crude futures, the international oil benchmark, were up about 6%, trading at their highest levels in nearly four years. (more on that below) Gold futures were down more than 5% at $4,630 per ounce, their lowest level in more than a month, while bitcoin slipped below $70,000, down from a high on Wednesday near $75,000. The yield on the 10-year Treasury, which influences rates on a range of consumer loans, rose to 4.30% from 4.26% at yesterday's close.

Oil Surges as Iran, Israel Attack Energy Facilities

West Texas Intermediate futures, the U.S. oil benchmark, aren't moving much this morning, but Brent Crude futures, the global standard, are surging. Brent crude was up 5.8% at $113.60 per barrel, at its highest levels since Russian invaded Ukraine in 2022. Oil prices have been driven higher recently as Israel struck a key natural gas field owned by Iran, and Iran retaliated by attacking other energy facilities in the Middle East. Continued attacks to vital energy infrastructure, along with the blockage of the Strait of Hormuz, have stoked anxieties that the global oil supply chain could face an extended disruption, and keep oil and gas prices higher for longer.

Micron Stock Drops Despite Blockbuster Earnings

Shares of Micron Technology (MU) are sinking this morning, a day after the memory chip maker reported fiscal second-quarter results that soared past expectations. Micron said it earned an adjusted $12.20 per share on $23.86 billion in revenue in the quarter, each metric blowing past the record quarter analysts had expected, per Visible Alpha estimates. The company's third-quarter outlook also topped expectations, but plans for increased spending to boost its production capacity this year and in fiscal 2027 may be worrying investors who see the memory cycle hitting its peak. A shortage driven by demand for the memory components to be used in the hardware powering the AI boom has sent prices to record highs, but some investors may be wondering how long those high prices last, especially if Micron and its rivals continue spending on capacity increases. Micron shares were down about 5% before the opening bell after closing at a record high on Wednesday.

FedEx Results Due After Markets Close Today

FedEx (FDX) later today is expected to report a year-over-year increase in revenue to $23.51 billion, while adjusted earnings per share are seen declining to $4.14, according to consensus analyst estimates from Visible Alpha. FedEx shares set a new all-time high last month as investors grew more bullish on stocks seen as less vulnerable to AI disruption. Investors will likely be looking for updates on FedEx's cost-cutting efforts and plans to spin off its Freight business in the next few months, along with what executives have to say about the latest developments with the Trump administration's tariffs, after FedEx predicted they would hamper shipping demand last year. FedEx shares were little changed premarket.

Accenture Stock Slips Amid AI Disruption Concerns

Accenture (ACN) released better-than-expected results this morning but its stock is losing ground. For its fiscal second quarter, the technology and consulting firm reported earnings per share of $2.93 on $18 billion in revenue, each coming in just above the Wall Street consensus. Accenture also lifted the bottom end of its revenue forecast, and increased its profit outlook for the full fiscal year. The stock entered Thursday down more than 25% since the start of this year as investors have grown worried about businesses such as Accenture that could be disrupted by AI. Concerns about a pullback in government spending have also weighed on Accenture, a major contractor. Accenture shares were down 4% in recent premarket trading.

FedEx shares have gained more than a fifth of their value since the start of the year
Credit: Smith Collection / Gado / Getty Images

Key Takeaways

• FedEx's latest earnings report is due after the closing bell Thursday, with the stock seen possibly nearing its record highs following the results.
• Analysts expect the company to report a rise in revenues, but decline in profits.

FedEx is due to report earnings after the closing bell Thursday. Its stock is seen nearing its record highs following the results.

Options pricing suggests traders see FedEx (FDX) stock swinging up to 6% in either direction following the report. A move of that magnitude from Wednesday's close could lift shares to $372 at the high end, approaching last month's record highs. The low end of that range would drag them below $328, giving up some of this year's gains.

Though they've pulled back from last month's highs, FedEx shares have added more than a fifth of their value since the start of the year as investors piled into stocks perceived as less exposed to AI-driven disruption.

Why This Matters to Investors

Investors will likely be watching for updates from FedEx on the impact to its business from tariffs, its efforts to cut costs, and its plans to spin off its Freight business by this summer.

Bank of America analysts lifted their price target for the stock to $431 from $414 following last month's investor day, citing FedEx's long-term targets focused on profitable growth and controlling costs. Morgan Stanley analysts recently warned, however, that FedEx's cost-cutting efforts could leave it more vulnerable to macroeconomic headwinds impacting its margins.

FedEx's fiscal third-quarter revenue is anticipated to have grown 6% year-over-year to $23.51 billion, while adjusted earnings per share likely fell to $4.14 from $4.51 a year ago.

Wall Street analysts are overwhelmingly bullish on the shipping giant's stock. All but one of the 12 analysts with current ratings tracked by Visible Alpha have recommended buying FedEx, compared to one neutral rating. Their mean price target around $413 would suggest about 18% upside from Wednesday's close.

CEO Jensen Huang has said China's market could represent a $50 billion opportunity annually for Nvidia.
Credit: David Paul Morris / Bloomberg / Getty Images

Key Takeaways

• Nvidia CEO Jensen Huang told reporters the company's supply chain is getting "fired up" to sell more of its AI chips in China after receiving clearance from the country, along with the U.S.
• The sales could be set to add billions of dollars to Nvidia's revenue, after months of delays.

Could Nvidia be set to unlock billions of dollars in revenue from sales of its H200 AI chips to China?

Nvidia (NVDA) CEO Jensen Huang told reporters at the company's GPU Technology Conference Tuesday that the company's supply chain is getting "fired up" to sell AI chips in China after receiving clearance from the country. “We have received purchase orders, and we’re in the process of restarting our manufacturing,” Huang reportedly said. “That’s new news for all of you, and it’s different than it was two weeks ago or three weeks ago.”

Getting here has taken a while. President Donald Trump brokered a 25% revenue-sharing agreement with Nvidia last year in exchange for U.S. clearance of H200 sales\, but China didn't immediately give its approval. CFO Colette Kress last month told investors Nvidia had yet to generate any revenue from H200 sales to the country and that it wasn't clear when imports would be allowed. Huang told CNBC this week that the company has received clearance from both nations. Nvidia did not respond to Investopedia's request for comment in time for publication.

Why This Matters to Investors

Nvidia's leadership and investors have been eager to see the company sell more of its chips to China. Huang has said China's market could represent a $50 billion opportunity annually.

The sales could be worth billions of dollars. The Wall Street Journal reported in January that an initial round of approvals from China could cover several hundred thousand H200 chips worth an estimated $10 billion. The company reported adjusted earnings per share of $4.77 on $215.94 billion in revenue for the year ended in January, up from EPS of $2.99 on revenue of $130.50 billion a year earlier.

Amid uncertainty about the timing of possible revenue gains from H200 sales, analysts have largely held off factoring them into their targets. In a note to clients ahead of Nvidia's GTC, analysts at Bank of America said they would view any enhanced visibility around additional sales to China as an incremental positive.

Shares of Nvidia slipped less than 1% today, leaving them down about 3% for 2026. (Read today's full markets coverage here.) They've lingered in negative territory for much of the year despite blockbuster results, amid broader uncertainty around the trajectory of the AI boom and many AI-exposed stocks.

Huang on Monday projected that sales of Nvidia’s Vera Rubin and Blackwell systems would top $1 trillion over the next two years.

Fed Chair Jerome Powell (pictured) said on Wednesday that neither rate cuts nor hikes are off the table.
Credit: Anna Moneymaker / Getty Images

Key Takeaways

• Market watchers are increasingly contemplating the possibility that the next time the Federal Reserve adjusts interest rates, it'll be a hike, not the cut the vast majority of investors have treated as an inevitability all year.
• Conflict in the Middle East has caused oil and fuel prices to soar this month, threatening to spark inflation and slow economic growth.

The Federal Reserve still expects to cut rates this year. Some market watchers aren’t so sure. 

“I think we’ve seen the last rate cut, and I think the next move will be a hike,” Jim Bianco, president of Bianco Research, told CNBC on Wednesday ahead of the Fed’s second interest rate decision of the year. 

The Fed on Wednesday left interest rates unchanged, citing uncertainty about how the conflict in the Middle East will affect the economy at a time when risks to both inflation and the labor market are running high. Despite the elevated uncertainty, policymakers maintained their forecast for one interest rate cut later this year. 

Why This Matters

Most on Wall Street have treated further rate cuts this year as an inevitability, believing tariffs are mostly done rippling through prices and the labor market could continue to weaken. The conflict in the Middle East, which sent energy prices skyrocketing this month, has changed that calculus, and added to macroeconomic uncertainty troubling policymakers and markets.

Still, Fed chair Jerome Powell acknowledged in a press conference Wednesday that policymakers discussed the possibility that a rate hike could be their next move. Though he said that was not the rate-setting committee’s base case.

Investors are also tentatively putting rate hikes back on the table. As of late Wednesday afternoon, federal funds futures data put the odds of a rate hike in April at about 4%, with no likelihood of a rate cut.

Price pressures have been mounting for months. Data released Wednesday morning showed wholesale inflation—often viewed as a precursor to consumer inflation—accelerated last month to 3.4%, its fastest pace in a year. Next month’s report will be the first to factor in the effects of the conflict in the Middle East, which has caused oil and fuel prices to jumps. Consumer inflation was little changed last month, but remained stubbornly above the Fed's 2% target.

The White House wants to make the homebuying process easier.
Credit: JamesBrey / Getty Images

Key Takeaways

• Two recent White House orders targeted housing affordability, loosening restrictions on mortgage lending and encouraging more homebuilding.
• One order seeks to encourage more community banks to get into the mortgage market, which the White House said could lower borrowing costs. A separate directive aims to boost construction by cutting federal regulations and incentivizing local governments to streamline their rules.

The White House says it wants to make it easier to buy a home—something that's counfounded many Americans for years now.

The plan: improve access to mortgages and boost home construction. President Donald Trump last week issued two executive orders targeting the issue, one which aims to cut mortgage regulations to draw more small community banks into the market and the other which seeks to encourage more homebuilding by reducing federal housing regulations, including rules focused on energy, water and environmental protection that builders say add costs and delays.

Why This Matters

Housing affordability affects everything from household budgets to inflation, since home prices and rents are major components of consumer spending and economic stability. Policies that increase housing supply or expand access to mortgages can influence home prices, borrowing costs, construction activity, and even broader market sectors like banking and real estate.

To help encourage homebuilding, the orders also instruct federal regulators to provide incentives for state and local governments to streamline their own rules governing home construction.

The orders "get at the root of the housing affordability problem by eliminating obstacles to build more homes and providing better access to financing,” said Bill Owens, chairman of the National Association of Home Builders.

The supply of available homes for sale has been the key factor driving home prices higher. A recent Realtor.com study showed that the housing shortage grew worse in 2025, with the number of additional homes needed to meet demand topping 4 million. 

“America’s housing affordability crisis is fundamentally a supply problem, and solving it requires removing the barriers that make it harder and more expensive to build homes,” said Shannon McGahn, executive vice president at the National Association of Realtors.

High borrowing costs are also stifling the housing market. Elevated mortgage rates make it more expensive to buy a house and discourage owners locked into lower rates from listing their homes. While mortgage rates often move in tandem with bond rates, the White House said reducing regulatory burdens for lenders and bringing more of them into the market will also ease borrowing costs. (Here's how much one study found rates would need to fall to boost housing affordability.)

The orders direct the Consumer Financial Protection Bureau to tailor lending rules to bring more small banks into the mortgage market and federal banking regulators to modernize the appraisal and underwriting processes.

“America’s housing finance system is the best in the world because it’s competitive,” said Bob Broeksmit, president and CEO of the Mortgage Bankers Association, in a written statement. “We support efforts to increase bank participation in mortgage lending and servicing, and the goal should be to revise overly burdensome rules for lenders of all sizes and business models.”

The national average hit $3.84/gallon today. In three states, the average is now above $5.

The map tells the story: gas prices vary by more than $2 per gallon depending on where you live.
Credit: Investopedia / Sabrina Karl

Key Takeaways

• Higher oil prices due to the Iran conflict have caused gas prices to surge 86 cents since March 1.
• Prices at the pump rose another 5 cents overnight, to a national average of $3.84 per gallon.
• Even the cheapest states now average above $3.20 per gallon, while three states are above $5, with four more above $4.

Gas Prices Have Surged 86 Cents Since March 1

The Iran conflict continues to push oil prices higher, extending a rally that began at the start of March. Those rising crude costs are also translating into higher gasoline prices for drivers across the country.

The national average for regular gas rose another 5 cents overnight to $3.84 per gallon, according to AAA—bringing the increase to 86 cents in 17 days. Before the March run-up, the national average had held below $3 for 13 straight weeks—the first time in $2 territory since 2021.

Why This Matters

Gasoline is one of the most frequent purchases households make, so rising pump prices can quickly strain budgets. “Nothing erodes household liquidity faster than higher gas prices,” economist Joe Lavorgna said recently on CNBC.

Iran War Sends U.S. Gas Prices Surging

Gas Prices Exceed $3 in Every State, With Three Now Above $5

Gas prices vary sharply depending on where you live. While the average has surged everywhere, state-level prices span a wide range across the country.

Drivers in Kansas are still seeing the cheapest price at the pump—at $3.23, according to AAA—with the next cheapest states being Oklahoma, Arkansas, North Dakota, and South Dakota. Every state has averaged above $3 per gallon since March 11.

Average Gas Price by State — March 18, 2026

At the high end, three states now average more than $5 per gallon: California leads at $5.56, followed by Washington and Hawaii. Four more states—Nevada, Oregon, Arizona, and Alaska—are averaging above $4.

The result is a spread of $2.33 per gallon between the cheapest and most expensive states.

The Last Time Gas Hit $5

The national average briefly topped $5 per gallon in June 2022. Amid the current surge, three states have crossed that mark—though most states still have averages in the $3 range.

Why Gas Prices Vary So Widely by State

The wide differences in state gas prices aren't random—and the Iran-driven surge has made those differences more visible than ever. They reflect structural factors that shape how fuel is taxed, produced, and delivered across the country.

Fuel taxes are one of the biggest drivers of variation. According to the U.S. Energy Information Administration, federal and state taxes accounted for more than 14% of the average price per gallon in 2023. Because some states levy significantly higher gasoline taxes and fees than others, those differences show up directly at the pump.

Geography and infrastructure also matter. States that are closer to major refineries or pipeline networks often benefit from lower transportation costs, while more isolated markets can face supply constraints that push prices higher.

In some cases, environmental rules play a role. California, for example, requires a cleaner-burning gasoline blend that relatively few refineries produce, contributing to its persistently higher prices.

When oil prices rise sharply, those built-in cost differences can amplify the impact in already expensive states. And even when crude pulls back, those underlying factors don’t disappear—helping explain why the gap between states can remain wide.

Jerome Powell, chair of the Federal Reserve, during a news conference following a Federal Open Market Committee (FOMC) meeting on March 18.
Credit: Kent Nishimura / Bloomberg via Getty Images

Key Takeaways

• Although it's not the most likely scenario, Federal Reserve officials are discussing the possibility of raising interest rates if inflation accelerates.
• The discussion of rate hikes is a departure from recent months, when the focus was on how soon and how much to lower them.
• Fed officials are caught between the need to lower rates to boost the job market as hiring slows, or keeping them higher for longer to stifle inflation.

Policymakers at the Federal Reserve are discussing the possibility of rate hikes to address inflation, and at least one Fed official wants to put that in writing.

The possibility of rate hikes came up during the Fed's March policy meeting, Fed Chair Jerome Powell said. The committee decided to keep the central bank's key interest rate steady on Wednesday for the second meeting in a row.

Powell confirmed that a committee member had proposed including language in the policy committee's official statement about the risks to the central bank's dual mandate being "two-sided." That is, the Fed might have to raise interest rates to crush inflation or lower them to boost the job market.

"The possibility that our next move might be an increase did come up at the meeting, as it did at the last meeting," Powell said. "The vast majority of participants don't see that as their base case. And of course, we don't take things off the table."

What This Means For The Economy

Higher interest rates generally mean slower economic growth since borrowing money is costlier making hiring and expansion is more difficult for businesses.

Although Powell was clear that rate hikes aren't in the pipeline yet, even discussing them is a significant shift from recent months, when the question was when and by how much the Fed would cut interest rates. Since then, however, tariff-related inflation has proven more stubborn than expected, and the Iran war kicked off, sending energy prices soaring and threatening a fresh burst of inflation.

Financial markets have gotten that memo. On Wednesday, traders were pricing in a 3% chance of a rate hike at the Fed's next meeting in April, and a rate cut was not in the cards, according to the CME Group's FedWatch tool, which forecasts rate movements based on fed funds futures trading data.

The fed funds rate is the central bank's main policy tool for pursuing its dual mandate of keeping inflation low and employment high. The fed funds rate affects interest on all kinds of loans, and the central bank lowers it when it wants to push down borrowing costs to encourage spending and job creation. Central bankers raise it to discourage spending and subdue inflation.

New guidance on digital assets was issued by the SEC and CFTC this week.
Credit: Matt McClain / Bloomberg via Getty Images

Key Takeaways

• "We are breaking with the past," SEC Chairman Paul Atkins said in an interview with CNBC on Wednesday that followed the release of new government guidance on digital assets.
• The agency guidance would appear a positive development for the industry—but coin prices declined anyway.

A pair of federal agencies handed the crypto industry a big gift—but got little applause in return.

Crypto backers have been waiting for Congress to pass a new crypto law; instead, they got guidance that falls short of the broad reassurance they'd prefer. The Securities and Exchange Commission and Commodity Futures Trading Commission released a joint interpretation of securities laws that categorizes digital assets into four types—digital commodities, digital tools, digital collectibles and stablecoins—and asserts that many major coins are commodities, not securities, offering a measure of clarity for companies that have for years weathered ambiguous rules and a hostile regulator in the SEC under Biden-era Commissioner Gary Gensler. Still, bitcoin and a raft of other major coins, including ether, XRP and even dogecoin, fell today.

Thursday's price action in the crypto market followed what looked like a relief rally, with investors likely expressing fresh concern that the government was no closer to signing the Clarity Act. The act, which would codify as law the interpretations the SEC and the CFTC offered this week, appears to be in limbo as banks and crypto companies wrestle over the rewards that can be offered to the holders of stablecoins. Bettors on Polymarket recently put odds of it passing at 62%, down from 80% last month.

WHY THIS MATTERS TO YOU

The coin market's lukewarm reaction to the SEC's guidance on digital assets suggests that it might take a larger positive development to drive prices meaningfully higher.

"I can't be any clearer," said Sen. Cynthia Lummis, a crypto advocate. "The time for Clarity is now," she said on social media.

SEC Chair Paul Atkins in an interview with CNBC Wednesday said the agency would follow up "shortly" with a proposed rule to put the guidance into effect and "be much more specific." That would turn its guidance, with which courts can disagree, into rules. Rules, however, can easily change with administrations: The SEC is now reportedly preparing a proposal to tweak one that for decades required public companies to report earnings quarterly, for example. A rule, to put it succinctly, isn't a prize as great as law.

Many crypto-industry leaders were quiet Wednesday. On social media, Coinbase (COIN) chief Brian Armstrong, who has been active in the Clarity Act debate, posted about other things. Neither Brad Garlinghouse, CEO of XRP creator Ripple, nor Joe Lubin, co-founder of Ethereum, have posted on social media recently. All three have in the past wrestled with the SEC over crypto regulation.

"We are breaking with the past," Atkins said. "We are now giving clarity from the SEC's perspective as to what are and are not securities."