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Wall Street powers higher after Trump speech

IN THE NEWS TODAY

U.S. stock futures and equity markets in Europe and Asia started March off higher after President Donald Trump's address last night. Ahead of the speech, the Dow broke its 12-session streak of record highs. (CNBC)

The Trump rally was alive and well in February, seeing the Dow add nearly 4.8 percent, the S&P 500 advance 3.7 percent, and the Nasdaq jump 3.75 percent. The monthly advances were the fourth in a row. (CNBC)

In his first address to Congress as president, Trump stressed efforts taken since Inauguration Day to bring jobs and investment back to the U.S. He also laid out a framework for replacing Obamacare, cracking down on illegal immigration, and upgrading infrastructure. (CNBC)

Commerce Secretary Wilbur Ross said Trump did not endorse a proposed border tax system in his address, despite a vow to level the tax playing field for U.S. companies that export. (Reuters)

In the Democratic response, former Kentucky Gov. Steve Beshear defended Obamacare after Trump vowed to repeal and replace the 2010 health care law championed by his predecessor. Beshear did acknowledge Obamacare needs some repairs. (CNBC)

Penguin Random House will reportedly pay more than $65 million for the global rights to two books written separately by Barack and Michelle Obama, setting a new record for U.S. presidential memoirs. (FT)

Lowe's (LOW) topped estimates across the board, as the home improvement chain capitalized on a stronger housing market. The retailer also delivered a rosy outlook. The stock was surging. (CNBC)

Best Buy (BBY) was getting slammed in the premarket after the electronics retailer reported fiscal fourth-quarter revenue and a first-quarter forecast that missed expectations. (CNBC)

In what's set to be the biggest tech IPO since Alibaba in 2014, Snap is expected to price its offering Wednesday afternoon in the $17 to $18 per share range, which would value the Snapchat parent at $25 billion. (CNBC)

While known for its app for disappearing messages, photos and videos, Snap is said to be working on a drone, building on the firm's release last year of Spectacles sunglasses that record short video clips. (NY Times)

YouTube, owned by Alphabet's Google unit, is expected in the next few months to launch a live and on-demand streaming television service called YouTubeTV. Subscribers will have access to up to 40 channels. (CNBC)

Evan Blass, professional spoiler of well-kept smartphone secrets, is back with another hit, this time revealing the most-anticipated non-iPhone of 2017, Samsung's Galaxy S8. (The Verge)

Faced with the alarming phenomenon of people taking their own lives on its live-streaming service, Facebook (FB) is stepping up efforts to prevent suicides. (USA Today)

Uber co-founder and CEO Travis Kalanick has apologized for arguing and disrespecting his Uber driver, who released a video of the exchange from Super Bowl Sunday night. Kalanick said he needs and intends to get leadership help. (CNBC)

Fawzi Kamel, the Uber driver who argued with Kalanick, told NBC News the ride-hailing firm does not care if its drivers are "not even making minimum wage."

Fidelity Investments has offered buyouts to about 3,000 older workers. Employees who are at least 55 years old and have been with the firm for a minimum of 10 years are eligible. (WSJ)

Hershey (HSY) plans to cut its workforce by 15 percent, mostly outside the U.S. Hershey is implementing a plan designed to grow its flagship candy business as well as expanding its snacks lineup. (Reuters)

Sinclair Broadcast Group (SBGI) has approached rival Tribune Media (TROC) to discuss a potential combination. A deal to combine two of the largest U.S. local television station owners would face regulatory hurdles. (Reuters)

BY THE NUMBERS

The Fed's favorite inflation measure, the personal consumption expenditure price index, is out at 8:30 a.m. ET, and could be a key factor in driving even more momentum toward a rate hike at this month's central bank meeting. Personal income and spending data are also issued at 8:30 a.m. ET.

The ISM's manufacturing index for February as well as January construction spending are out at 10 a.m. ET. American automakers issue their latest sales figures throughout the day. The Fed's Beige Book region-by-region look at the economy is released at 2 p.m. ET.

Dallas Fed President Rob Kaplan speaks at 1 p.m. ET and Fed Governor Lael Brainard, who's close to Chair Janet Yellen, speaks at 6 p.m. ET. Yellen speaks at midday on Friday, a week before the government's February employment report.

Borrowers came back to the mortgage market last week, thanks to a slight retreat in interest rates. Total home loan application volume rose 5.8 percent for the week compared to the previous week.

Broadcom (AVGO), Monster Beverage (MNST), Mylan (MYL), Planet Fitness (PLNT), and Shake Shack (SHAK) are set to issue their quarterly numbers after this afternoon's closing bell.

STOCKS TO WATCH

Salesforce.com (CRM) beat estimates on quarterly earnings and matched on revenue. The business software maker warned on outlook and the stock was under pressure in premarket trading this morning.

Etsy (ETSY) lost 19 cents per share, compared to forecasts for a quarterly profit of 2 cents per share. But the online craft marketplace saw revenue come in above estimates.

Ambarella (AMBA) blew away expectations with quarterly earnings while beating on revenue as well. But the chipmaker, key supplier to camera maker GoPro (GPRO), issued weak forward guidance.

Palo Alto Networks (PANW) slightly beat estimates on quarterly earnings but missed on revenue. The cybersecurity firm also warned on outlook, with the CEO blaming "execution challenges."

Weight Watchers (WTW) exceeded estimates on earnings but missed on revenue. The company delivered a strong 2017 forecast after subscriber rolls increased by 10 percent during its most recent quarter.

WATERCOOLER

The global chairman of PricewaterhouseCoopers told CNBC the U.K. accounting firm accepts full responsibility for its calamitous role in Sunday night's Academy Awards best picture mix-up.

Craft Brew Alliance (BREW) was sued by two California residents who said they were fooled into believing the company's Kona beer was made in Hawaii. (Reuters)