Here is what you need to know.
- Stocks aren’t out of the woods just yet. “The bottom line for us is that the earnings recession is real and it’s broader than the one we experienced in 2015-16,” Morgan Stanley Strategist Michael Wilson and his team wrote.
- The FAA says Boeing’s 737 Max 8 plane is still safe to fly.The Federal Aviation Authority said Monday evening that it cannot yet link Sunday’s Ethiopian Airlines crash and the Lion Air disaster in October.
- Boeing slides as more countries suspend 737 Max flights. Shares of the planemaker were down about 2% ahead of Tuesday’s opening bell after Australia and Singapore became the latest countries to ground the 737 Max planes. Boeing’s stock fell 5.3% on Monday.
- Elon Musk files his defence. Tesla’s CEO responded to the Securities and Exchange Commissions charges that he was in contempt of court when he last month tweeted about the electric-car maker’s production numbers, saying that the government agency was attempting to expand on the terms of its settlement and that it was violating his First Amendment rights.
- Apple sets the date for its next event. The tech giant has sent out invitations for an event on March 25 at the Steve Jobs Theatre on its Apple Park campus in Cupertino, California, where it’s likely to introduce its streaming-video service.
- Wells Fargo’s CEO heads to Washington. Tim Sloan will appear Tuesday before the House Committee on Financial Services to testify about the bank’s progress as it works through a series of scandals that were uncovered beginning in 2016.
- Stitch Fix crushes earnings. Shares of the online person-styling service were up more than 24% Tuesday morning after second quarter profits more than doubled the Wall Street consensus.
- Stock markets around the world were mixed. Japan’s Nikkei (+1.79%) led the gains in Asia and the Euro Stoxx 50 (-0.1%) was slightly lower in Europe. The S&P 500 was set to open little changed near 2,786.
- Earnings reporting is light. Dick’s Sporting Goods reports ahead of the opening bell.
- US economic data keeps coming. CPI will be released at 8:30 a.m. ET. The US 10-year yield was up 2.3 basis points at 2.66%.
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