CNBC
Futures were lower this morning as investors weighed ongoing U.S.-China trade negotiations. The Dow and S&P 500 have been down for five of the past six sessions, while the Nasdaq has fallen in three of the past four days. The Dow Transports have been down for eight straight sessions. (CNBC)
* Cramer: Why Trump could decide to walk away from a trade deal with China (CNBC)
The Federal Reserve is out with its Beige Book - the region-by-region assessment of the U.S. economy - at 2 p.m. ET. Additionally, New York Fed President John Williams and Cleveland Fed President Loretta Mester both have public appearances today. (CNBC)
ADP releases its February report on private sector employment , with economists expecting 185,000 new private sector jobs for the month following an addition of 213,000 in January. The report will be out at 8:15 a.m. ET. At 8:30 a.m. ET, the government is out with December trade deficit figures. (CNBC)
Brown-Forman (BF.B), Abercrombie & Fitch (ANF), Dollar Tree (DLTR), and Thor Industries (THO) are out with their quarterly earnings reports this morning, while American Eagle Outfitters (AEO) is among the few companies releasing numbers after today's closing bell. (CNBC)
IN THE NEWS TODAY
New York state regulators have issued a subpoena to Aon, the insurance brokerage for President Trump's company, as part of a large probe into the Trump Organization's business practices. (CNBC)
The Las Vegas Convention and Visitors Authority is recommending that Elon Musk's Boring Company design, construct and operate an underground people mover on its conference center campus. (CNBC)
Baillie Gifford, the second-largest stakeholder in Tesla behind Elon Musk, said he doesn't fear an SEC-inspired ouster of the CEO, according to a report by Barron's. "We wouldn't be against him having a different role," he said.
* Morgan Stanley says automakers want to sell cars like Tesla does but can't: 'It's against the law' (CNBC)
Johnson & Johnson (JNJ) received FDA approval to market its antidepressant nasal spray, the first new depression treatment in more than 30 years. The treatment comes with a boxed warning, the FDA's harshest. (Reuters)
STOCKS TO WATCH
Urban Outfitters (URBN) reported adjusted quarterly profit of 83 cents per share, four cents above estimates, with revenue essentially in line. However, the clothing retailer said 2019 had gotten off to a slower than expected start, due to both colder weather and what it called its own "costly mistakes" in its spring fashion lines.
Ross Stores (ROST) beat estimates by seven cents with profit of $1.20 per share for its latest quarter, while the discount retailer's revenue beat estimates as well. However, Ross also said it is taking a "prudent approach" to 2019, noting tough comparisons and a competitive retail landscape.
Nio (NIO) posted a wider than expected quarterly loss, with the Chinese electric car maker saying deliveries of its flagship SUV model slower than expected.
Logitech (LOGI) raised its long-term earnings targets, and the maker of computer peripherals also gave an upbeat sales forecast for the fiscal year ending in March 2020.
Philip Morris International (PM) circumvented an India ban on foreign direct investment by paying manufacturing costs to its Indian partner, according to internal company documents seen by Reuters.
Ambarella (ABMA) reported adjusted quarterly profit of 14 cents per share, 10 cents above estimates, while the chipmaker's revenue also came in above Wall Street forecasts. Ambarella makes high definition video chips.
Newmont Mining (NEM) CEO Gary Goldberg and Barrick Gold (GOLD) CEO Mark Bristow had a "constructive" meeting Tuesday night in New York, according to a Newmont executive, and the two are likely to meet again. Newmont has rejected a takeover bid from Barrick, with Barrick subsequently proposing a possible joint venture involving Nevada properties.
CONTRIBUTORS
Berkeley Lovelace Jr.
@BerkeleyJr
Peter Schacknow
@peterschack
