Morning Brief

Wall Street is at risk of posting a 3-day losing streak

Key Points


U.S. stock futures were flip-flopping after the Dow and S&P 500 on Tuesday posted their back-to-back losses since late January. After the flurry of records last month, March has so far been rather meek. (CNBC)

With expectations for an interest rate hike at next week's Fed meeting, this morning's February ADP private-payrolls report and Friday's government jobs data for last month could prove the decisive factors. (CNBC)

China unexpectedly posted its first trade deficit in three years in February, as a construction boom pushed imports much higher than expected, reinforcing the growing view that China's economy has been perking up. (Reuters)

Appaloosa's David Tepper said the market isn't cheap, it's hard to short stocks with the current economic backdrop. (CNBC)

President Donald Trump plans to hold a meeting with infrastructure business leaders at the White House today. The president is also expected to meet with conservative congressional leaders over their Obamacare replacement plan. (Reuters)

A fight is brewing among congressional Republicans over whether a planned tax overhaul has to pay for itself or can cause the deficit to increase, which could make the measure harder to pass. (WSJ)

Hawaii intends to file a legal challenge today to President Trump's new executive order restricting people from six Muslim- majority nations from entering the U.S. (NBC News)

The idea that the Trump administration would be able to normalize ties with Russian President Vladimir Putin is the stuff of fairytales, according to oligarch Oleg Deripaska, head of aluminum giant Rusal. (CNBC)

Billionaire Peter Thiel, whose support of Trump bucked a Silicon Valley trend, believes the era of globalization is over, warning that the tech industry has become complacent about the march towards global expansion. (CNBC)

Government watchdog Public Citizen wants lawmakers to investigate whether Carl Icahn should have been subject to lobbying disclosure laws when he advised Trump on the U.S. biofuels program. (Reuters)

A report commissioned by the government and reviewed by The New York Times accuses Caterpillar (CAT) of carrying out tax and accounting fraud, which could result in high penalties.

Apple (AAPL) has been awarded a patent for advanced facial recognition technology boosting rumors about 3-D selfies in the upcoming iPhone 8 and hinting at future areas of application. (CNBC)

WikiLeaks has published thousands of documents which it says were taken from the CIA's Center for Cyber Intelligence, a dramatic release that claims to expose intimate details of America's hacking toolkit. (AP)

Fearing a rapid escalation of tensions, China is calling on North Korea to stop its nuclear and missile tests while insisting South Korea and the United States halt joint military drills. (Reuters)

Today, International Women's Day, the organizers behind the January Women's March, are planning a show of economic solidarity in walkouts, rallies, and marches dubbed "A Day Without a Woman." (CNBC)

As many American women prepare to draw attention to their role in the workplace today, a Wall Street firm put up a statue of a girl staring down Lower Manhattan's charging bull. (Reuters)


The ADP report, out at 8:15 a.m. ET, is expected to show 188,000 new private sector jobs added to the U.S. economy last month, following the gain of 246,000 positions in January.

Revised fourth quarter productivity figures are out at 8:30 a.m. ET. January wholesale inventories are issued at 10 a.m. ET. The Energy Department issues its weekly oil inventories report at 10:30 a.m. ET.

As mortgage rates surged last week and home prices continue to balloon, borrowers are wasting no time before affordability gets even worse, with total application volume rising 3.3 percent and refis up 5 percent.

Earnings out this morning include quarterly results from homebuilder Hovnanian (HOV) and fashion retailer Express (EXPR). Personal finance content producer Bankrate (RATE) is among this afternoon's reports.

Snap (SNAP) was stable in premarket trading after two straight sessions of heavy losses. The IPO of Snapchat's parent surged 44 percent on Thursday's debut and 10.6 percent Friday.


The new CEO of Adidas increased sales and profit targets, and announced intentions to keep investing heavily in the U.S. market, keeping the pressure up on Nike (NKE) and Under Armour (UAA).

Volkswagen's CEO said the German automaker is not open to merger talks with Italian rival Fiat Chrysler (FCAU), rebuffing an overture from FCA's chief executive at the Geneva auto show.

H&R Block (HRB) reported a small-than-expected loss and better revenue. The nation's largest tax preparation company typically sees losses in its first three fiscal quarters before tax season generates profits in its final quarter.

Anadarko Petroleum (APC) sees a larger-than-expected capital expenditures budget for 2017. The oil producer also expects a 25 percent jump in crude sales volumes for this year.

Urban Outfitters (URBN) slightly missed estimates on quarterly earnings and revenue. The apparel retailer blamed more promotional activity and slower sales at its Anthropologie unit.

Bojangles (BOJA) beat expectations on quarterly earnings but missed on revenue. The restaurant chain also warned same-store sales would be flat to slightly lower for the year.


The Oakland Raiders could cement their move to Las Vegas by the end of the month after the team's new financing partner pitched the NFL's stadium and financing committees. (USA Today)

Nestle chocolates, including KitKat, Aeros, Lion and After Eight, will have 10 percent less sugar starting next year as the firm tries to make their products healthier. (CNBC)