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Trump tax-cut signal pushes Wall Street to record highs

IN THE NEWS TODAY

U.S. stock futures were higher this morning after President Donald Trump's indication on Thursday of a new tax cut plan within weeks pushed the Dow, S&P 500, and Nasdaq to record high closes. (CNBC)

President Donald Trump's meeting with Japanese Prime Minister Shinzo Abe at the White House today, and at Mar-a-Lago and the golf course tomorrow, offers a chance to mend trade fences. (AP)

Trump agreed to honor China's "One China" policy last night in his first call with Chinese President Xi Jinping. In a January interview, Trump had said, "Everything is under negotiation, including One China." (NBC News)

On a two-day winning streak, oil was higher this morning, supported by strong Chinese crude imports and wide compliance with promised OPEC-led production cuts. (Reuters)

Sears (SHLD) was up about 17 percent in premarket trading, after announcing plans to cut debt and pension obligations by at least $1.5 billion this year. The struggling retailer also unveiled a new plan to cut costs by at least $1 billion in 2017. (CNBC)

Trump issued a challenge after a federal appeals court unanimously decided to uphold a suspension of his immigration ban executive order. "See you in court," Trump tweeted. (CNBC)

Hillary Clinton trolled Trump on Twitter about the ban ruling. Her tweet simply read, "3-0," a reference to the unanimous decision by the three-judge panel. (USA Today)

Hundreds of people shouted down House Oversight Chairman Jason Chaffetz at a town hall last night. They said they were upset that the Utah congressman has not investigated Trump for conflicts of interest. (Vox)

The website of the Office of Government Ethics, which helps presidents and the executive branch avoid conflicts of interest, crashed Thursday because of "an extraordinary volume of contacts from citizens about recent events." (NBC News)

Congressman Tom Price, also a physician, was confirmed as HHS secretary, in an early Friday morning vote, providing momentum for Republicans to repeal Obamacare. (NBC News)

Trump's barrier along the U.S.-Mexico border would be a series of fences and walls, reportedly costing as much as $21.6 billion, and take more than three years to construct. (Reuters)

Iranians rallied en masse today to swear allegiance to the clerical establishment following Trump's warning about putting the Islamic Republic "on notice." (Reuters)

French anti-terrorism forces arrested four people in southern France today, including a 16-year-old girl, and uncovered a makeshift laboratory with base ingredients for fabricating a bomb. (AP)

Tesla's (TSLA) Elon Musk vehemently rejected claims alleged by an employee of the electric automaker's California branch that workers were underpaid and overworked. (CNBC)

Baby formula giant Mead Johnson (MJN) has agreed to be purchased by U.K. condom maker Reckitt Benckiser for $16.6 billion. Earlier this month, the two said they were engaged in deal talks. (Reuters)

Amazon (AMZN) is moving onto Victoria's Secret's turf, reportedly planning to start selling its own line of competitively priced women's intimate apparel on its U.S. website. (WSJ)

Walt Disney (DIS) has increased its hold on Euro Disney by swapping a 9 percent stake in the French theme park with billionaire Saudi Prince Alwaleed bin Talal's investment firm. (Reuters)

Blackstone (BX) is buying for $4.8 billion the employee benefits outsourcing business of insurance broker Aon (AON), a business that processes worker benefits for 15 percent of the U.S. population. (Business Wire)

BY THE NUMBERS

The week ends with a couple of economic reports, with the January import and export prices at 8:30 a.m. ET and the University of Michigan's preliminary February consumer sentiment index at 10 a.m. ET.

STOCKS TO WATCH

Yelp (YELP) was dropping about 9 percent in premarket trading, after reporting weaker-than-expected outlook. However, the online review site widely beat estimates with quarterly earnings and matched on revenue.

Expedia (EXPE) missed estimates on quarterly earnings by a wide margin but slightly beat expectations on revenue. The travel website operator also fell short of forecasts on domestic and international bookings.

Pandora (P) saw a much smaller-than-expected quarterly low and revenue that exceed estimates. The online radio service, however, did see a drop in active listeners compared to a year earlier.

Activision Blizzard (ATVI) beat estimates with quarterly earnings and revenue, by last year's acquisition of "Candy Crush" maker King Digital, as well as the popularity of its "Overwatch" video game.

Nvidia (NVDA) reported quarterly earnings and revenue that exceeded estimates. The graphics chipmaker saw particular strength in the self-driving car and artificial intelligence spaces.

News Corp. (NWSA) slightly beat estimates with quarterly earnings and matched on revenue. The media giant saw weaker ad sales but a stronger performance in book publishing and digital operations.

WATERCOOLER

McDonald's, in a second attempt to tap into the Bay Area food scene for inspiration, is testing a snow crab sandwich at four San Francisco locations. (USA Today)

In a visit to the VR labs of Facebook-owned Oculus, Mark Zuckerberg showed off a new way to interact with the Rift headset, Oculus gloves. (The Verge)