Morning Brief

Stocks are likely to conclude March with largest monthly losses in more than a year

Key Points

BY THE NUMBERS

Futures were higher this morning, but the final trading day of March is likely to conclude with the largest monthly losses for the Dow, S&P 500, and Nasdaq since January 2016. The Dow remains in correction territory, down 10.4 percent from its January record high. (CNBC)

* Stocks are getting slammed. Here's one way to trade it (CNBC)
* Cramer Remix: The stock to get into if you can't take the pain in tech (CNBC)

Amazon's (AMZN) stock was slightly lower in premarket after a report that President Donald Trump has discussed altering the company's tax treatment because several of his friends told him the e-commerce giant is hurting their business. (Axios & CNBC)

* What Trump could actually do to go after Amazon (CNBC)

Facebook (FB) will end partnerships with several large data brokers, in response to the controversy over the use of personal information. Those brokers help advertisers target Facebook users, and the news is weighing on the stock of data broker Acxiom (ACXM), which said 2019 fiscal year revenue and profitability could be hit by as much as $25 million.

* Tim Cook on scandal: 'I wouldn't be in this situation' (CNBC)
* Facebook is changing what data advertisers can use to target you with ads (Recode)

It's a busy day for economic numbers, beginning at 8:30 a.m. ET with the release of initial jobless claims, personal income, and consumer spending. At 9:45 a.m. ET, the Chicago Purchasing Managers Index is out. And at 10 a.m. ET, the University of Michigan's final March Consumer Sentiment Index is expected. (CNBC)

Constellation Brands (STZ) and Movado Group (MOV) are among the handful of companies issuing quarterly earnings this morning, while there are no companies of note with numbers out after today's closing bell. (CNBC)

IN THE NEWS TODAY

China warned the United States not to open Pandora's Box and spark a flurry of protectionist practices across the globe. President Donald Trump's move to slap tariffs on some Chinese imports has provoked a warning from Beijing that it could retaliate. (Reuters)

* US ambassador to China: Beijing hasn't treated American companies fairly (CNBC)

President Trump named White House physician Ronny Jackson as his pick to replace David Shulkin as secretary of the Department of Veteran Affairs. Trump also said Robert Wilkie will serve as acting secretary. (CNBC)

* White House: Trump has confidence in Shulkin 'at this point in time' (Politico)

The former head of Trump's legal team floated the idea of the president pardoning two of his former advisors, Michael Flynn and Paul Manafort, with their lawyers last year, The New York Times reported. Flynn pleaded guilty in December to lying about Russian contacts.

The Justice Department reportedly charged a former FBI agent with leaking classified info to the online news site The Intercept. The agent was charged this week with two counts, including "knowingly and willfully" transmitting documents and info. (Minnesota Public Radio)

North and South Korea will hold their first summit in more than a decade on April 27, South Korean officials said today. North Korean leader Kim Jong Un is also scheduled to meet President Trump some time in May to discuss denuclearization. (Reuters)

* Trump-Kim meeting may leave out Japan. Shinzo Abe is taking action (CNBC)
* Kim Jong Un's motives remain mysterious even after China says he wants denuclearization (CNBC)

Egypt's President Abdel Fattah Al Sisi is set to be to re-elected, winning about 90 percent of the vote in the election, The Wall Street Journal reported. Authorities were eager to ensure a high turnout at the polls as a referendum on Sisi's popularity.

At least 68 people were killed in a fire that swept through the cells of a police station in Venezuela. Fights broke out between police and the relatives of the victims seeking answers. Local media reported that the fire started after detainees set fire to mattresses. (USA Today)

Uber reached a settlement with the family of the victim killed in a self-driving car accident, ending a potential legal battle. Elaine Herzberg died after being hit by an Uber self-driving SUV in the Phoenix suburb of Tempe earlier this month. (Reuters)

STOCKS TO WATCH

GameStop (GME) beat Wall Street estimates by five cents with adjusted quarterly earnings of $2.02 per share, while the video game and console retailer saw revenue come in ahead of estimates as well. Comparable store sales jumped by 12.2 percent, but GameStop did give weaker than expected full-year revenue guidance.

PVH (PVH) reported adjusted quarterly profit of $1.58 per share, 11 cents ahead of consensus forecasts, while revenue also beat estimates. The apparel maker also gave upbeat 2018 guidance, as sales of its Tommy Hilfiger and Calvin Klein brands remain strong.

CME Group (CME) reached an agreement to buy British financial technology firm NEX Group for $5.5 billion in cash and stock. The exchange operator said the deal would add to its earnings starting in 2019.

Nvidia (NVDA) CEO Jensen Huang said Uber does not use Nvidia technology in its self-driving cars. Huang's comment came in response to a question at a Nvidia conference in California about the recent Uber self-driving car accident that killed a pedestrian in Arizona.

HP Inc.'s (HPQ) Chief Operating Officer Jonathan Flaxman died Wednesday at age 61. Jos Brenkel, the computer and printer maker's head of global sales strategy, will serve as interim COO.

WATERCOOLER

As if airline passengers don't have enough on their minds ... Two different pilots flying over the Arizona desert reported seeing an unidentified flying object pass overhead. A radio broadcast of the exchange between a pilot and an air traffic controller was released by the FAA. (CNN)