Updated from 6:03 a.m. EDT

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Here are five things you must know for Friday, March 31:

1. -- U.S. stock futures were declining and European stocks stumbled as a wild first quarter comes to an end on Friday.

The Dow Jones Industrial Average posted modest gains on Thursday as financial stocks staged a slight rebound. The index has risen almost 5% in the quarter but remains on track for its first monthly loss since before the U.S. presidential election in November. 

The S&P 500 rose 0.29% on Thursday and has gained 5.8% in the first quarter. The Nasdaq closed at another record on Thursday and has jumped almost 10% in the first quarter of 2017. The tech-heavy Nasdaq has closed at records 21 times since the beginning of the year.

Asian stocks finished Friday's session mixed ahead of Donald Trump's first meeting with China's President Xi Jinping on April 6-7.

Trump tweeted that the meeting with Xi "will be a very difficult one in that we can no longer have massive trade deficits and job losses."

Trump was expected Friday to sign orders calling for an official report on trade abuses by other governments and for authorities to step up collection of anti-dumping duties on imports.

"A bad meeting with President Xi would raise the prospect of a trade war," said ING's Tim Condon.

2. -- The economic calendar in the U.S. on Friday includes Personal Income and Outlays for February at 8:30 a.m. EDT, Chicago PMI for March at 9:45 a.m., Consumer Sentiment for March at 10 a.m., and the weekly Baker Hughes Rig Count at 1 p.m.

Minneapolis Federal Reserve Bank President Neel Kashkari will participate in a discussion at the Annual Banking Law Institute in Minneapolis, Minn., at 10 a.m., while St. Louis Fed President James Bullard will be interviewed on U.S. monetary policy at a Quinnipiac's Global Asset Management Education forum in New York, at 10:30 a.m.

BlackBerry  reported fourth-quarter adjusted earnings of 4 cents a share; analysts were looking for the company to break even in the quarter. Revenue of $286 million came in just below expectations.

3. -- Verizon Communications (VZ) - Get Report has been securing streaming rights from television network owners in preparation for the nationwide launch of a live online TV service, Bloomberg reported, citing people familiar with the matter.

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Verizon, the telecommunications giant, plans to start selling a package with dozens of channels this summer, according to the people. The live, over-the-internet TV service would be a first for Verizon -- separate from go90, a YouTube-like streaming-video service aimed at teens -- and also independent of its FiOS home TV offer, the people told Bloomberg.

The moves by Verizon highlight the growing pressure to provide a cheaper, smaller package of TV networks to viewers who are turned off by a glut of programming available on traditional cable packages, Bloomberg noted. Dish Network (DISH) - Get Report introduced Sling TV two years ago, and AT&T's (T) - Get Report DirecTV Now came out late last year. Sling's basic package costs $20 a month, while DirecTV Now starts at $35 for 60 channels. Verizon's will probably be similarly priced, the people told Bloomberg.

Verizon shares fell slightly in premarket trading.

4. -- Palmer Luckey, the co-founder of Oculus, the virtual reality startup bought by Facebook (FB) - Get Report about three years ago, is leaving the social network company.

A Facebook spokesperson confirmed the departure on Thursday to Recode and sent this statement: "Palmer will be dearly missed. Palmer's legacy extends far beyond Oculus. His inventive spirit helped kickstart the modern VR revolution and build an industry. We're thankful for everything he did for Oculus and VR, and we wish him all the best."

It was unclear whether Luckey is leaving voluntarily, Recode said, with a spokesperson declining to specify. But his role inside Oculus, which was always a little undefined as he served as a sort of brand ambassador for the company and even the VR industry at large, had diminished in recent months following a report that he was financing an online group creating unflattering internet memes about Hillary Clinton, Recode reported.

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Facebook declined 0.1% in premarket trading.

5. -- Sales at Chinese technology group Huawei rose almost one-third during 2016 while net profit rose just 0.4%, the smallest gain in five years, as a new focus on smartphone sales and preparations for the roll out of 5G networks left it with narrower margins. 

Shenzhen-based Huawei, the world's No. 3 smartphone maker behind Apple (AAPL) - Get Report  and Samsung (SSNLF) , reported net profit of 37.1 billion yuan ($5.3 billion) in 2016, on revenue of 521.6 billion yuan.

Despite the slower profit growth CEO Xu Zhijun said he was happy with the results. "Margins ranging around 7% are appropriate," he said.

The group's slowing net profit growth follows a new push to expand sales of the company's smartphones in overseas markets and amid strong competition in its domestic market from rivals.

Apple is a holding in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells AAPL? Learn more now.

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