Market Beats | US Jobless Claims Hold Steady at 213,000; BYD Unveils Next-Gen “Blade Battery”; Federal Judge Rules Trump’s Blockade of NYC Congestion Pricing Unlawful; Trump Removes Kristi Noem as DHS Chief; Trump Administration Eyes Global AI Chip Export Controls; BlackRock Private Credit Faces New Blow; Oracle Plans Thousands of Job Cuts Amid AI Data Center Build-out.

—— US Jobless Claims Hold Steady at 213,000; BYD Unveils Next-Gen “Blade Battery”; Federal Judge Rules Trump’s Blockade of NYC Congestion Pricing Unlawful; Trump Removes Kristi Noem as DHS Chief; Trump Administration Eyes Global AI Chip Export Controls; BlackRock Private Credit Faces New Blow; Oracle Plans Thousands of Job Cuts Amid AI Data Center Build-out.

1. US Jobless Claims Hold Steady at 213,000

Applications for US unemployment benefits remained unchanged last week, providing further evidence that the labor market is stabilizing in a low-firing environment. Initial claims stood at 213,000 for the week ended Feb. 28, according to Labor Department data published Thursday, coming in slightly below the 215,000 median forecast. After months of distortion due to holiday cycles and severe winter weather, claims are now settling near their lowest levels of the past year. This aligns with data from Challenger, Gray & Christmas Inc. showing that job-cut announcements retreated in February following a brief surge in January.

Further bolstering the economic outlook, the Bureau of Labor Statistics reported that productivity rose more than forecast in the fourth quarter. While continuing claims—a proxy for the total number of people receiving benefits—climbed to 1.87 million in the week ended Feb. 21, the four-week moving average fell to 215,750, smoothing out recent volatility. On an unadjusted basis, New York and Michigan saw the largest increases in new filings last week.

Investors are now focused on Friday’s official employment report, which is expected to show moderated hiring and a steady unemployment rate following the unexpectedly robust job gains recorded at the start of 2026.

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2. BYD Unveils Next-Gen “Blade Battery”

BYD Co., the world’s leading electric vehicle manufacturer, launched a suite of technological breakthroughs in Shenzhen on Thursday, including its latest generation of “Blade Batteries” and an ultra-fast flash charging architecture. The new tech allows vehicles to recharge from 10% to 70% in just five minutes, reaching a full charge in nine minutes. Chairman Wang Chuanfu emphasized that transitioning to new energy vehicles is mission-critical for national energy security, especially given the impact of recent conflicts in Iran on global oil stability. “No one knows batteries better than BYD,” Wang stated, signaling a pragmatic focus on range and charging speed over high-tech software features.

The tech blitz arrives as BYD struggles with a deepening sales slump in its home market. Sales plummeted 36% in the first two months of the year compared to 2025, causing the company to lose its sales crown to Geely. Shares have retreated roughly 40% from their May 2025 peak. The downturn is symptomatic of a cooling domestic economy and the end of government incentives, such as EV purchase tax exemptions. While export demand remains a bright spot, BYD faces intensifying competition at home from software-centric rivals like Huawei and Xiaomi.

Analysts view this return to core battery hardware as a strategic move to defend market share in 2026, as the company bets that lightning-fast charging will resonate more with mainstream buyers than autonomous driving capabilities.

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3. Federal Judge Rules Trump’s Blockade of NYC Congestion Pricing Unlawful

Two suspected Iranian drones struck the US Embassy in Riyadh early Tuesday, hitting the chancery’s roof and perimeter and igniting a fire. According to a statement from the Saudi Ministry of Defense, the attack caused limited fire and minor material damage, though no casualties were reported within the compound. In response, the US Mission to Saudi Arabia suspended all services on Tuesday and issued an urgent shelter-in-place order for American citizens in Riyadh, Jeddah, and Dhahran. The State Department has further advised US nationals across the Middle East to evacuate as quickly as possible due to “serious safety risks” stemming from the regional escalation.

President Donald Trump addressed the strike in an interview with NewsNation on Tuesday, warning that an American response is imminent. “You’ll find out soon,” Trump said regarding the nature of the retaliation, while noting that a ground invasion of Iran may not be necessary at this stage as current operations are “inflicting tremendous damage.” The drone strike follows a weekend of intense regional conflict after US and Israeli strikes decapitated Iran’s top leadership.

Saudi defense forces reportedly intercepted eight additional drones near Riyadh on Tuesday morning, as residents in the capital’s Diplomatic Quarter described hearing loud explosions and seeing black smoke billowing from the US mission compound.

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4. Trump Removes Kristi Noem as DHS Chief

President Donald Trump announced Thursday that he is removing Kristi Noem as Secretary of Homeland Security and replacing her with Oklahoma Senator Markwayne Mullin. The move, effective March 31, represents the first Cabinet replacement of Trump’s second term. Noem will transition into a new role as a special envoy for the Western Hemisphere. The shakeup follows intense bipartisan criticism of Noem during congressional hearings this week, specifically regarding her claim that Trump approved a $200 million ad campaign featuring herself urging migrants to “self-deport.”

Sources familiar with the matter indicated that Trump was furious over Noem’s testimony and privately denied authorizing the multi-million dollar advertising blitz. In a Truth Social post, Trump praised Mullin as a “Highly Respected” senator from Oklahoma, while offering a brief thanks to Noem for her service at “Homeland.” Mullin, a former MMA fighter known for his aggressive legislative style, is expected to bring a more combative approach to border security and internal enforcement.

His appointment signals a reinforcement of the administration’s core immigration agenda throughout 2026, as the DHS prepares for expanded enforcement operations and potential structural reforms under new leadership.

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5. Trump Administration Eyes Global AI Chip Export Controls

Nvidia Corp. has long reigned as the world’s AI kingmaker, but the Trump administration is now moving to centralize that power within Washington through a series of sweeping new draft regulations. According to people familiar with the matter, US officials have written rules that would restrict AI chip shipments to virtually any country in the world without specific American approval. This framework would give the US government broad control over whether and under what conditions other nations can build facilities for training and running advanced artificial intelligence models.

The proposed regulations represent a massive global expansion of existing curbs that currently cover only around 40 countries. High-end accelerators from firms like Nvidia and AMD, coveted by giants such as OpenAI and Alphabet to power ChatGPT and Gemini, would now require US permission for nearly all international exports. Shares of Nvidia dropped 1.9% and AMD fell 2.3% on Thursday following the report. While the Trump administration has recently toyed with easing certain country-specific caps, this new global licensing regime positions the US Commerce Department as the ultimate gatekeeper of the industry.

Analysts suggest the move is part of a broader strategy to ensure American AI dominance in 2026 and beyond, potentially requiring foreign governments to commit to security pacts or matching investments in exchange for access to the world’s most powerful compute.

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6. BlackRock Private Credit Faces New Blow

BlackRock Inc. wiped out the value of a $25 million private loan to Infinite Commerce Holdings at the end of 2025, marking the second sudden collapse in its private-credit division in recent months. The loan to the Amazon aggregator—which buys and scales online sellers—was assessed at 100 cents on the dollar as recently as September before being declared worthless in fourth-quarter filings. The move follows BlackRock TCP Capital Corp.’s January disclosure that it was preparing to mark down the net value of its total assets by 19%, highlighting a critical “fault line” in the industry: the significant lag between valuations of illiquid loans and the deteriorating reality of the underlying businesses.

The write-off is particularly notable because it occurred shortly after Infinite Commerce merged with another BlackRock debtor, Razor Group, in August. While BlackRock had previously valued Razor’s debt at distressed levels, the post-merger structure was initially marked at par before the sudden collapse. This mirrors recent incidents involving Renovo Home Partners and Zips Car Wash, where private credit backers maintained par valuations until shortly before bankruptcy filings.

As 2026 begins, financial analysts warn that such abrupt markdowns are fueling skepticism over the transparency of the $1.7 trillion private debt market, as investors fear valuations may not accurately reflect the impact of higher interest rates and cooling consumer demand.

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7. Oracle Plans Thousands of Job Cuts Amid AI Data Center Build-out

US bank stocks suffered their steepest single-day decline since President Trump’s “liberation day” tariff announcements rattled markets last April. The KBW bank index fell 5.8%, with Goldman Sachs dropping 7.5%, Morgan Stanley sliding 6.9%, and Wells Fargo losing 6.4%.

The selloff was driven by intensifying concerns over banks’ exposure to private credit markets. A large KKR-managed credit fund this week reported a surge in troubled loans and falling investment income, stoking broader fears about the health of private markets amid AI disruption risks. KKR, Ares, and Apollo each fell more than 5%, while Blackstone dropped 3.3%. Jim Caron, Chief Investment Officer at Morgan Stanley Investment Management, pointed squarely to private credit exposure as the central concern weighing on bank stocks.

Adding to the turmoil, Wall Street lenders were scrambling to assess losses from approximately £2 billion in financing extended to Market Financial Solutions, a UK-based mortgage lender that collapsed on Wednesday amid fraud allegations. Barclays, Jefferies, and Apollo’s structured credit arm Atlas SP Partners were among those with exposure.

The London-headquartered firm, which had previously lent to a Bangladeshi politician, is accused of double-pledging its collateral prior to its insolvency filing.

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