Here is what you need to know.
The Dow books its worst month since 2016. The Dow Jones industrial average tanked 382 points on Wednesday, bringing its February loss to 4.28%. It’s on track to open March down 0.18% near 24,981.
Fourth-quarter GDP was revised lower. The value of all goods and services produced in the US rose at an annualized rate of 2.5%, down from the prior estimate of 2.6%, a Commerce Department report showed Wednesday.
Trump is expected to impose tariffs on steel and aluminum imports. President Donald Trump is ready to announce tariffs as high as 25% on steel and 10% on aluminum, Bloomberg says, citing two people who asked not to be identified because the deliberations aren’t public.
India dethrones China as the fastest-growing major economy. India’s economy grew by 7.2% in the December quarter, overtaking China’s, which grew by 6.8%.
The SEC is going after the ICO market with a wave of subpoenas. The US Securities and Exchange Commission is going after the red-hot initial-coin-offering market, which raised $1.5 billion in January, The Wall Street Journal reports.
David Einhorn’s bad start to the year has gotten worse. The Greenlight Capital (Gold), L.P. – Dollar fund, which roughly tracks the firm’s flagship fund, lost 5.7% in February and is now down 11.4% this year, according to a Greenlight client update seen by Business Insider that estimates the returns.
Spotify is going public. The streaming-music service will list on the New York Stock Exchange through a direct public offering, a risky and unusual process to quickly get its shares to market.
Salesforce raises its guidance. The cloud-software company beat on both the top and bottom lines and raised its revenue guidance for 2019 by $150 million, to between $12.60 billion and $12.65 billion.
Earnings reporting remains heavy. AMC Entertainment, Best Buy, and Kohl’s are among the names reporting ahead of the opening bell, while Gap, Nordstrom, and VMWare are set to release their results after markets close.
US economic data keeps coming. Personal income and spending, core PCE prices, and initial claims will all be released at 8:30 a.m. ET before Markit US Manufacturing PMI and ISM Manufacturing cross the wires at 9:45 a.m. ET and 10 a.m. ET. US auto sales will be released throughout the day. The US 10-year yield is down 2 basis points at 2.84%.
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