Morning Brief

Stocks are set to fall at the open on Wall Street as trade war fears remain

Key Points


U.S. stock futures were lower this morning, after the markets saw big swings last week. The Dow, S&P 500 and Nasdaq all broke two-week win streaks, with all indices falling more than 1 percent on the week. (CNBC)

* As the bull market turns 9 this week, it's not quite ready to end (CNBC)

On the data front for this morning, a services purchasing managers' index is due out at 9:45 a.m. ET, followed by the non-manufacturing ISM report on business, due out at 10 a.m. ET. No major earnings are due to be released. (CNBC)

New Fed Governor Randal Quarles, who joined the Fed in the U.S. central bank in October, delivers noon ET remarks at Washington bankers conference at the Trump International Hotel (CNBC)

Oil demand will keep expanding over the next five years, and the United States will fulfil most of the world's growing appetite, according to the International Energy Agency. Crude prices were higher this morning. (CNBC)


President Donald Trump appeared to signal the tariffs on steel and aluminum, which he hastily announced last week, may not be implemented, at least for Canada and Mexico, if a new NAFTA agreement is negotiated that he likes. (CNBC)

Ministers from the U.S., Canada and Mexico meet today to wrap up the latest round of NAFTA talks, even as President Trump is expected to implement steep tariffs on steel and aluminum imports. The ministers will likely to press Trump on the tariffs. (Reuters)

* Trump administration beats back warnings on tariffs (WSJ)
* Steel company offers $1,000 bonuses, if tariffs actually happen (CNBC)

President Donald Trump and Israeli Prime Minister Benjamin Netanyahu meet today at the White House as the administration's Mideast peace plan remains in limbo. (AP)

Saudi Arabia and Egypt have agreed to create a $10 billion joint fund to develop a mega-city in Egypt's southern Sinai Peninsula. (CNBC)

North Korean leader Kim Jong Un was hosting a dinner with South Korean envoys in Pyongyang today, the first such meeting since he took power in 2011. (NBC News)

Robert Mueller, the special counsel who's leading an investigation into Russian interference in the 2016 elections, has issued a subpoena for all communications from one witness regarding President Donald Trump and nine other people, according to Axios.

Additionally, the State Department has yet to spend any of the $120 million it has been allocated to combat foreign efforts to sway U.S. elections, the New York Times reports. The Times also points out none of the 23 employees tasked with the efforts speak Russian.

Ten years after the financial crisis, the Senate is preparing to roll back banking regulations, with more than a dozen Democrats ready to give Republicans the votes they need. Supports say the bill will give relief to midsize and regional banks. (Washington Post)

The Florida Senate today considers landmark gun legislation that would create a program for arming teachers, raise the minimum age for buying a rifle to 21, and pour millions of dollars into mental health programs. (USA Today)

Italy is headed towards a hung parliament this morning, following an election that saw voters shun mainstream politics and opt for anti-establishment parties. The votes counted so far showed the Five Star Movement would be the largest single party. (CNBC)


France's AXA announced a move to buy New York-listed, Bermuda-based XL Group (XL) for $15.3 billion to create a huge property and casualty insurer. AXA offered $57.60 for each XL share, a 33 percent premium to Friday's closing price.

Apple (AAPL) may launch a cheaper 13-inch MacBook Air in the second quarter of 2018, according to closely followed analyst Ming-Chi Kuo, who is known for his accurate insights into the technology firm's future products. The current model starts at $999.

Amazon (AMZN) told third-party sellers that beginning on April 1 it will collect sales tax on shipments to Pennsylvania, the second state, after Washington, where the e-commerce giant is instituting Marketplace Tax Collection.

Qualcomm (QCOM) secretly asked a U.S. national security panel in late January to begin an investigation into its proposed $117 billion buyout offer, Broadcom (AVGO) said today, leading to a delay in Qualcomm's Tuesday shareholder meeting.


Guillermo del Toro's lavish, full-hearted monster romance "The Shape of Water," which came in with 13 nods, won best picture at the 2018 Oscars last night. Additionally, Jordan Peele became the first African-American to win best original screenplay for his film "Get Out." (AP)

* 7 things you should know happened at the Oscars (USA Today)