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Tariff reaction; Brexit speech; Earnings pain

1. Tariff reaction: Traders around the world are demonstrating their disapproval of President Trump'...

Posted: Mar 2, 2018 1:17 PM
Updated: Mar 2, 2018 1:17 PM

1. Tariff reaction: Traders around the world are demonstrating their disapproval of President Trump's plans for heavy tariffs on steel and aluminum imports.

Investors are worried Trump's protectionist stance could set off a wave of retaliatory moves that would hurt businesses from South Korea to Canada.

The United States is the world's biggest importer of steel and aluminum, so the introduction of import tariffs is expected to ripple throughout the global economy.

European markets declined in early trading, with some indexes down by more than 1%. Asian markets closed with losses.

Steelmakers were hard hit. In Europe, ThyssenKrupp was down 3%, Salzgitter dropped by nearly 5% and ArcelorMittal was off by nearly 4%. China's Baoshan Iron & Steel and Japan's Nippon Steel both dropped nearly 4%.

US stock futures were negative. The Dow Jones industrial average dropped 1.7% on Thursday, the S&P 500 fell by 1.3% and the Nasdaq declined 1.3%.

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2. Brexit focus: UK Prime Minister Theresa May will deliver what's billed as a major speech on Brexit.

According to excerpts from the speech, she will say that Britain and the EU should be able to forge a deeper and broader free trade agreement than anywhere else in the world.

May has said that she wants trade between the UK and Europe to be "as frictionless as possible" after Brexit.

But what will be possible outside the EU's internal market and customs union?

"There can be no frictionless trade outside of the customs union and the single market," Donald Tusk, president of the council of all 28 EU member states, said on Thursday. "Friction is an inevitable side effect of Brexit. By nature."

3. Stock market movers -- Gap, Nordstrom, American Outdoor Brands: Shares in Gap were up 9% premarket after the company reported better-than-expected earnings.

Shares in Nordstrom were down 4% premarket after the retailer published disappointing results on Thursday.

Shares in American Outdoor Brands were set to tank 12% after it posted rough quarterly earnings. The company, which owns the Smith & Wesson brand, reported a 33% drop in sales from the previous year, and profits that sank 65%.

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4. Coming this week:

Friday - Earnings from Foot Locker, JCPenney and JD.com, University of Michigan releases its final Consumer Sentiment Index for February

Mississippi Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 16041

Reported Deaths: 767
CountyConfirmedDeaths
Hinds103526
Lauderdale74568
Madison74525
Neshoba70742
Jones66331
Scott66112
Forrest59439
DeSoto5538
Leake44712
Rankin4468
Holmes43928
Copiah3154
Jackson30813
Attala30318
Yazoo2864
Newton2824
Leflore27334
Lincoln27029
Monroe26525
Harrison2637
Oktibbeha25314
Lamar2485
Lowndes2309
Wayne2242
Pearl River21131
Pike20411
Adams20015
Noxubee1916
Washington1917
Warren18110
Covington1732
Jasper1654
Lee1657
Bolivar16511
Clarke15419
Smith15311
Kemper14711
Lafayette1414
Chickasaw13714
Coahoma1274
Winston1211
Marion1179
Carroll11711
Clay1154
Claiborne1122
Lawrence1061
Simpson1020
Grenada993
Yalobusha966
Tate951
Hancock9112
Itawamba897
Wilkinson859
Union857
Sunflower853
Montgomery851
Panola843
Marshall813
Jefferson Davis803
Tippah7611
Webster683
Calhoun674
Amite641
Walthall610
Humphreys597
Tunica563
Prentiss563
Perry513
Choctaw482
Pontotoc433
Jefferson431
Tishomingo340
Quitman340
Stone310
Franklin292
Tallahatchie291
George261
Greene221
Alcorn181
Benton140
Sharkey70
Unassigned00

Alabama Coronavirus Cases

Confirmed Cases: 18474

Reported Deaths: 651
CountyConfirmedDeaths
Mobile2283118
Jefferson1882103
Montgomery180243
Tuscaloosa81616
Marshall7059
Franklin5768
Lee55234
Shelby52220
Tallapoosa43166
Butler41618
Walker3782
Elmore3739
Chambers35826
Madison3444
Morgan2971
Baldwin2929
Unassigned2922
Dallas2823
Etowah26112
DeKalb2563
Lowndes25512
Autauga2395
Coffee2381
Sumter2267
Houston2235
Bullock2136
Pike2080
Colbert1872
Hale1789
Russell1770
Barbour1751
Marengo1746
Lauderdale1672
Calhoun1653
Choctaw15310
Wilcox1527
Cullman1501
Clarke1482
St. Clair1311
Randolph1287
Marion12411
Dale1230
Pickens1215
Talladega1175
Limestone1080
Chilton1041
Greene954
Winston910
Macon864
Jackson833
Henry812
Covington811
Crenshaw783
Bibb761
Escambia743
Washington726
Blount631
Lawrence510
Monroe442
Geneva430
Perry420
Conecuh411
Coosa401
Cherokee383
Clay282
Lamar260
Fayette160
Cleburne151
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