Morning Brief

Dow is set to rise triple-digits at the open after slipping into correction territory

Key Points


Futures were sharply higher this morning, with the Dow Jones industrial average set to open up about 300 points on Wall Street, as China-U.S. trade tensions ease. The possible gains will do only a little to negate last week's steep losses, however. (CNBC)

Following last week's slide, the Dow is in correction territory, sitting more than 3,000 points below its Jan. 26 record high, and the S&P 500 is just shy of correction sitting about 9.9 percent below its Jan. 26 all-time high. (CNBC)

* Banks are breaking down even as rates are rising. Here's why (CNBC)
* Cramer Remix: Why you should buy high-growth stocks during the sell-off (CNBC)
* The can't-miss Big Tech trade is suddenly vulnerable and with it the whole bull market (CNBC)

Facebook (FB) was essentially flat this morning, after the stock sank nearly 14 percent last week, which translates into $73 billion in market value lost. Now, according to a report, the social network has been scraping years worth of Android call and text data. (Ars Technica)

* How to download a copy of everything Facebook knows about you (CNBC)

Facebook is seeing a drop in public opinion over recent revelations over its handling of personal data. CEO Mark Zuckerberg also issued another apology over the weekend, in the form of full-page ads published in U.S. and British newspapers. (CNBC & Reuters)

Boeing (BA), a Dow component, saw its stock rise about 2 percent in premarket trading this morning after the company said it delivered its first 787-10 Dreamliner jet to Singapore Airlines over the weekend. (CNBC) (CNBC & USA Today)

There are no economic reports on today's calendar, but two Fed speeches will garner some attention with Fed Governor Randal Quarles and New York Fed President William Dudley both scheduled for public appearances. (CNBC)

* San Francisco Fed President John Williams set to get a promotion to New York Fed (WSJ)

Payroll processing company Paychex (PAYX) is among the few companies set to report quarterly earnings this morning, while Linux software distributor Red Hat (RHT) will be out with its earnings report after today's closing bell. (CNBC)


China said today it is willing to hold talks with the U.S. in order to resolve their differences over trade. The country has also offered to buy more semiconductors from the U.S. to help cut its trade surplus with the country, the Financial Times reported.

* US tariffs on China could end up getting delayed: Blackstone CEO (CNBC)

Stormy Daniels, the former adult film actress who alleged she had an affair with President Donald Trump in 2006, told "60 Minutes" that she feared for her safety in October 2016 when she signed a strict non-disclosure agreement with Trump's lawyer. (CNBC)

* Stormy Daniels on '60 Minutes': 5 new things (USA Today)
* Stormy Daniels saga could turn be big deal for Mueller's Trump probe (CNBC)

President Trump will not be adding two new lawyers to the legal team defending him in the special counsel's Russia probe, the Washington Post reported. Earlier, Trump pushed back on Twitter against reports he was having difficulty with his legal team.

America's oldest gun manufacturer, Remington, has filed for Chapter 11 bankruptcy protection. Remington Outdoors, which also owns gun makers Marlin and Bushmaster, said it saw 2017 sales fall more than 30 percent year-over-year to $600 million. (CNBC)

* How the March for Our Lives Gen Z organizers changed the gun control conversation (CNBC)

At least 64 people are dead after a fire ensued at a packed shopping mall in Kemerovo, roughly 1,900 miles east of Moscow, Russia. Investigators have launched a probe into possible negligence and violations of the fire safety rules. (AP)

Tech giant SoftBank has started a probe of who was behind the smear campaign from 2015 to 2017 against its top executives, the Wall Street Journal reported, citing sources. The campaign eventually involved a public shareholder letter calling for their removal.

Apple (APPL) has proposed new emojis that would better represent hearing aids, guides and people with disabilities. There are 13 new emojis suggested in total and the tech giant has hinted there might be more accessibility emojis to come. (The Verge)

Twitter CEO Jack Dorsey told the U.K.'s Sunday Times that he expects bitcoin to become the single global currency within the next decade. Square, which Dorsey is also the CEO of, recently started letting people buy and sell bitcoin on its app.

Disney's (DIS) "Black Panther" was finally dethroned by "Pacific Rim Uprising" after five straight weeks at the top of the box office. However, the Marvel movie still managed to set a new record: The top-grossing superhero film of all time in the U.S. (The Hollywood Reporter)


Bristol-Myers Squibb (BMY) and Merck (MRK) are on watch after Swiss rival Roche reported upbeat trial results for cancer therapy involving its Tecentriq immunotherapy combined with other drugs.

Finish Line (FINL) agreed to be bought by British sports retailer JD Sports Fashion for $558 million. The deal is worth $13.50 per share in cash, compared to Finish Line's Friday close of $10.55.

General Electric (GE) is still suffering from overhang from GE Capital, according to a Wall Street Journal article, despite having sold the bulk of the financing unit in the aftermath of the 2008 financial crisis.

Citigroup (C) is expanding nationally once again, but not with bricks and mortar locations. A Wall Street Journal article highlights Citi's efforts to broaden its customer base through its mobile banking app.


Following a thrilling overtime clash, Duke, which had big expectations for a national title, lost to Kansas in the Midwest regional final last night in Omaha. Kansas will face Villanova in Saturday's Final Four at San Antonio. (USA Today)

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