BY THE NUMBERS
Futures were lower this morning as President Donald Trump meets with North Korean leader Kim Jong Un for the first in-person discussion of their summit. Stocks had a back and forth session Tuesday before ending slightly lower, giving the Dow, S&P 500 and Nasdaq their first declines in three days. (CNBC)
* Saudi energy minister responds to Trump's tweet that said OPEC should 'relax' (CNBC)
* Cramer: Buy names like Caterpillar and Home Depot because this bull market is about to go higher (CNBC)
As they did yesterday, investors will have a chance to react to testimony from Fed Chairman Jerome Powell, whose second day of testimony on Capitol Hill will come before the House Financial Services Committee. The major averages remain on track for a third monthly gain in four months. (CNBC)
Weight Watchers (WTW) shares were 34 percent lower after the company missed earnings and revenue forecasts. It also issued a weaker-than-expected 2019 revenue guidance. Oprah Winfrey's stake fell by almost $48 million, at least on paper, after the company released results. (CNBC)
Several pieces of housing-related data will be out today, beginning with the Mortgage Bankers Association's weekly reading on mortgage applications at 7 a.m. ET. At 10 a.m. ET, the National Association of Realtors will issue its pending home sales report for January. December factory orders are out at 10 a.m. ET. (CNBC)
* Weekly mortgage applications jump 5.3% as lower rates seem here to stay (CNBC)
Best Buy (BBY), Campbell Soup (CPB) and Lowe's (LOW) are among the companies with quarterly numbers this morning, while HP Inc. (HPQ), Booking Holdings (BKNG), Hostess Brands (TWNK), L Brands (LB), Perrigo (PRG) and Wingstop (WING) are among the reports after today's closing bell. (CNBC)
* Best Buy shares soar 11% on earnings beat (CNBC)
* Lowe's shares dip as sales fall short of Wall Street expectations (CNBC)
IN THE NEWS TODAY
President Donald Trump and North Korean leader Kim Jong Un met today face-to-face for the first time since their historic summit last year. The leaders are sharing what the White House called "a social dinner." (CNBC)
* Trump tries to convince Kim that the summit is North Korea's chance for an economic boom (CNBC)
Trump's former personal lawyer Michael Cohen's public testimony before the House oversight committee today is expected to include a series of remarkable allegations about the president as well as the presidential campaign. (CNBC)
* Read Michael Cohen's opening statement (CNBC)
The House voted to block Trump's national emergency declaration, passing the resolution in a 245-182 vote. The measure would terminate the action Trump took to secure billions to build his proposed wall along the southern border. (CNBC)
A Senate panel grilled top executives from seven of the largest pharmaceutical companies at a hearing on prescription drug prices. The executives have a number of ideas to reduce drug prices for patients, except lowering list prices. (CNBC)
Pakistan shot down two Indian jets today, a spokesman for the Pakistan armed forces said, a day after Indian warplanes struck inside Pakistan for the first time since a war in 1971. (Reuters)
Former federal prosecutor Lori Lightfoot and Cook County Board President Toni Preckwinkle are headed to an April 2 runoff to decide who will become the nation's third-largest city's next mayor, topping a crowded field of 14 candidates. (USA Today)
At least three people were killed after two Long Island Rail Road trains late last night struck a vehicle that had swerved onto the tracks. The rush-hour collision occurred about 30 miles east of Manhattan, setting off fires. (NY Times)
Wynn Resorts (WYNN) was fined $20 million in connection with a probe by Nevada regulators into sexual misconduct allegations against former CEO Steve Wynn. It was the largest fine ever assessed by the state's gambling regulators. (WSJ)
IBM (IBM) appointed Admiral Michelle J. Howard, the first African American woman to command a U.S. Navy ship, to its board, the company announced. A former U.S. Navy officer, Howard was the first woman to become a four-star admiral. (CNBC)
STOCKS TO WATCH
Papa John's (PZZA) fell two cents short of estimates with adjusted quarterly profit of 15 cents per share, and the pizza chain's revenue was also short of analyst forecasts. North American comparable store sales fell 8.1 percent during the quarter, and 7.3 percent for the full year However, the company's 2019 comparable store sales forecast is stronger than analysts had been expecting.
Mylan (MYL) reported adjusted quarterly profit of $1.30 per share, falling six cents shy of consensus forecasts, with the generic drug maker's revenue in line with Street projections. Mylan also issued weaker than expected 2019 earnings guidance as it spends more on research, development, and marketing.
U.S. private equity firm Cerberus would be open to a merger between Deutsche Bank (DB) and Commerzbank, according to a Reuters report. Cerberus is a major shareholder in both German banks.
Facebook (FB) will launch a "clear history" feature later this year, allowing users to erase data related to their interactions with various apps and websites.
Home Depot (HD) was downgraded to "market perform" from "outperform" at Telsey, which said it came away from the home improvement retailer's earnings call with concerns that the guidance of a 5 percent comparable sales increase could prove to be too optimistic.
Rio Tinto (RTN) reported better than expected profit for its latest quarter, as well as its highest earnings since 2014. The mining company also announced a regular and special dividend, as well as giving an upbeat outlook for its iron ore business.
Liberty Global (LBTYA) is in advanced discussions to sell its Swiss internet and digital TV unit to Zurich-based Sunrise Communications for $6.3 billion, according to a Reuters report.
Gap (GPS) announced a new $1 billion stock buyback program. The apparel retailer also announced it would maintain its annual dividend at the current 97 cents per share for fiscal 2019.
GW Pharmaceuticals (GWPH) reported better than expected earnings for its latest quarter, although the drug maker's revenue was short of Street forecasts. The drug maker said it is seeing strong demand for its new Epidiolex epilepsy drug.
WATERCOOLER
If you have dreams of hitting the jackpot in the next Mega Millions or Powerball drawing, remember that a big slice of what the lottery giveth, the taxman taketh away. Here's your tax bill if you win either jackpots. (CNBC)