Morning Brief

Fed and Trump dominate trading after last week's slump

Key Points


U.S. stock futures were flat this morning ahead of what traders regard as a near certain interest rate hike by the Fed at this week's two-day meeting that's set to begin tomorrow. (CNBC)

The Dow, S&P 500, and Nasdaq look to resume their winning ways after each broke multi-week win streaks last week. Meanwhile, U.S. oil prices logged a 9 percent weekly drop. (CNBC)

Tens of millions of people in the Northeast face a massive and dangerous storm starting tonight that could bring up to 18 inches of snow and high winds. Airlines have preemptively canceled more than 1,500 flights. (USA Today)

Intel (INTC) is set to buy Israel-based car sensor maker Mobileye (MBLY) for $14 billion to $15 billion, according to an Israeli newspaper. Mobileye shares were surging over 30 percent in the premarket. (Reuters)

U.S. Attorney in Manhattan Preet Bharara thought he had a deal with the Trump administration not to resign as other federal prosecutors had been asked to do. But in the end, he said he was "fired." (CNBC)

The top lawmakers on the House Intelligence Committee have asked the Justice Department to turn over by today any evidence showing Trump Tower was wiretapped during the 2016 race. (NBC News)

House Speaker Paul Ryan said he fully expects the CBO analysis, set to be released as early as today, to find fewer Americans would have health care cover under the GOP plan. (AP)

President Donald Trump's budget proposal, expected on Thursday, would cut back numerous government programs and expedite a historic contraction of the federal workforce. (Washington Post)

The White House is declining to say whether Trump has donated any of his presidential salary, as promised. Federal law mandates a $400,000 annual salary for the commander-in-chief. (NBC News)

Billionaire Mark Cuban called Trump a "Zoolander" president during a weekend South by Southwest panel. Cuban said running for the White House is not in his plans, but added, "I wouldn't say never." (CNBC)

Carl Icahn raised his stake in truck maker Navistar (NAV) to 17.02 percent as of Friday, according to a SEC. Last week, Navistar reported a much wider-than-expected quarterly loss. (CNBC)

Yahoo (YHOO) named its post-Verizon (VZ) deal executive team, with board member Thomas McInerney serving as CEO and Alexi Wellman filling the CFO position. Marissa Mayer will remain CEO until the deal closes. (CNBC)

Las Vegas gambler Billy Walters is expected to go to trial today on insider trading charges. Golfer Phil Mickelson was caught up in the case, though he was not accused of any wrongdoing. (Reuters)


It's a busy week with the Fed meeting and lots of economic reports. It's quiet today, but data are out later in the week on producer and consumer prices, retail sales, homebuilder sentiment and housing starts, and jobless claims.

Urban Outfitters (URBN), Frontier (FTR), and First Solar (FSLR) move from the S&P 500 to the S&P MidCap 400, following the announcement by S&P of new market cap guidelines. Meanwhile, Advanced Micro Devices (AMD), Raymond James Financial (RJF), and Alexandria Real Estate Equities (ARE) replace them in the S&P 500.


BlackRock (BLK) is planning to unveil new "engagement priorities" in documents to be posted on its website today. Reuters reports the firm will put pressure on companies to define their stances on issues.

HSBC (HSBC) hired an outsider as its chairman for the first time in its 152-year history, naming AIA Group CEO Mark Tucker. One of Tucker's first duties will be to lead HSBC's search for a new chief executive.

Ford's (F) Lincoln luxury car unit is planning to produce luxury SUVs in China by late 2019. Currently, Lincoln vehicles are imported into the country, with sales nearly tripling this past year.

Amec Foster Wheeler (AMFW) is the target of a takeover bid by rival oilfield services company John Wood Group. Wood is offering $2.7 billion in stock for the company, about a 15 percent premium.

Amgen (AMGN) plans to release data later this week on a study into how much its Repatha cholesterol drug cut heart attack risk in people already taking the maximum dose of other cholesterol drugs.

Vodafone (VOD) is planning to add 2,100 customer service jobs in Britain over the next two years, as the mobile company tries to recover from issues related to a new billing system.


"Shape of You" singer Ed Sheeran will guest star on the upcoming seventh season of HBO's Game of Thrones, though executive producers did not reveal any details about the role. (USA Today)

"Kong: Skull Island" amassed $61 million in its first weekend in theaters, surpassing expectations and easily dethroning "Logan." "Get Out," the buzzy horror film, came in third. (AP)

The 67-game March Madness basketball tournament begins tomorrow, with all NCAA Tournament games available online. The TV networks no longer offer a stand-alone subscription for viewers without cable. (AP)