Stocks are set to plunge back into correction territory after China announces new tariffs

BY THE NUMBERS

Futures were lower this morning after China announced additional tariffs against the U.S. The major averages are set to slide back into correction territory after Tuesday's gains pushed them less than 10 percent away from their recent record highs. (CNBC)

* Cramer: I helped investors through the 2010 flash crash by following one key rule (CNBC)

It's possible today's economic data could help Wall Street's mood, although investors remain firmly focused on trade wars and technology sector issues. At 8:15 a.m. ET, ADP releases its March report on private sector employment. (CNBC)

At 10 a.m. ET, the Institute For Supply Management releases its non-manufacturing index, its measure of the U.S. services economy. At the same time, the government's February report on factory orders is expected. (CNBC)

Wild stock market gyrations may be keeping some potential homebuyers at bay. Total mortgage application volume fell 3.3 percent last week from the previous week, Mortgage Bankers Association's seasonally adjusted data showed this morning. (CNBC)

Amazon.com (AMZN) remains in focus, following a series of negative comments about the company by President Donald Trump. The e-commerce giant's stock has fallen in 10 of the past 15 sessions and is down nearly 13 percent over that span. (CNBC)

St. Louis Fed President James Bullard and Cleveland Fed President Loretta Mester both have public appearances today. Mester is a voting member of FOMC for 2018, while Bullard is not. (CNBC)

IN THE NEWS TODAY

China announced additional tariffs on 106 U.S. products today, in a move likely to heighten global concerns of a tit-for-tat trade war between the world's biggest economies. The tariffs are designed to target up to $50 billion of U.S. products annually. (CNBC)

* Japan braces for Trump assault on trade (Reuters)
* China's ambassador to the US explains why the country is striking back (CNBC)

President Trump spoke with GOP leadership this week about the possibility of rolling back part of the $1.3 trillion government spending bill that he signed into law, a source told CNBC. Still, the request is unlikely to make it very far on Capitol Hill.

Trump suggested that he might try to put American troops on the Mexican border until his wall is built. The president, who did not elaborate on his plan, has previously been blocked by lawmakers for funding on the anti-migration wall. (USA Today)

Robert Mueller, the special counsel in charge of the investigation into Russia's interference in the 2016 election, reportedly told President Trump's lawyers that the leader is a subject of the probe, but he is not a criminal target at this point.

Also, President Trump's former campaign chairman Paul Manafort will try to convince a federal judge today to throw out criminal charges filed against him, arguing the special counsel has overstepped his legal authority. (The Washington Post & Reuters)

Uncertainty about Sen. John McCain's future has fueled questions from the Republican Party about defending two Senate seats in Arizona this year, the Washington Post reported. McCain is currently battling brain cancer after he was diagnosed last year.

The military said at least four crew members are dead after a Marine helicopter crashed during a Southern California training mission. The names of the crew members will be withheld until 24 hours after their relatives are notified. (AP)

The person who allegedly shot at least three people at YouTube's campus yesterday afternoon has been identified as Nasim Najafi Aghdam. Aghdam, who was 39-years-old, is believed to have carried out the attack because of a domestic dispute, officials said. (CNBC)

* Tech executives react to YouTube shooting (CNBC)
* Tech CEOs call for stricter gun control after YouTube shooting (CNBC)

Facebook (FB) CEO Mark Zuckerberg said the social media company is removing more than 270 pages and accounts operated by the same Russian organization which attempted to sway the 2016 U.S. presidential election. (CNBC)

STOCKS TO WATCH

CBS (CBS) has submitted an all-stock bid for Viacom (VIAB), according to sources who spoke to CNBC. The bid is said to be contingent on its management team being in charge of the combined entity.

Dave & Buster's Entertainment (PLAY) reported adjusted quarterly profit of 61 cents per share, beating estimates by a penny. The restaurant chain's revenue matched forecasts, but comparable store sales posted a larger than expected decline and the company's 2018 revenue forecast also fell below Street estimates.

Cloudera (CLDR) lost an adjusted 10 cents per share for its latest quarter, smaller than the 23 cent loss that Wall Street was anticipating, and the cloud software company's revenue also came in above Street forecasts. However, Cloudera predicted a significant drop in growth rates for the current fiscal year.

WPP (WPP) is investigating personal misconduct allegations leveled against Chief Executive Officer Martin Sorrell. Sorrell, who has headed the advertising giant for three decades, said he rejected the allegations "unreservedly" but acknowledged the company's right to investigate. The accusations involve financial impropriety and use of company funds.

Boeing (BA) received an order for 75 737 MAX jets worth $8.8 billion from India's Jet Airways.