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Here are five things you must know for Monday, Feb. 27:
1. -- U.S. stock futures were pointing to a lower start Monday ahead of data on U.S. durable goods and Donald Trump's address to Congress on Tuesday.
European stocks traded mixed while Asian shares finished Monday's session lower.
The Dow Jones Industrial Averageextended its winning streak to an 11th day on Friday after the president again touted forthcoming tax reform from his administration. The S&P 500 added 0.15%, and the Nasdaq gained 0.17%.
Trump has promised to cut taxes and boost infrastructure spending. But investors have grown uneasy at the lack of details coming from the Trump camp.
"Doubts continue to build on whether Trump will carry out his promise on infrastructure investment" and the timing of possible tax cuts is slow, Mizuho Bank said in a report.
The economic calendar in the U.S. on Monday includes Durable Goods Orders for January at 8:30 a.m. EST, and Pending Home Sales for January at 10 a.m.
Economists surveyed by FactSet expect durable goods to have risen 1.6% in January.
Robert Kaplan, the president of the Dallas Federal Reserve Bank, will participate in a moderated discussion at the University of Oklahoma Price College of Business in Norman, Okla., at 11 a.m.
"From a standing start 240 years ago -- a span of time less than triple my days on earth -- Americans have combined human ingenuity, a market system, a tide of talented and ambitious immigrants, and the rule of law to deliver abundance beyond any dreams of our forefathers," Buffett wrote in the letter.
Some 75 million owner-occupied homes and 260 million autos, combined with medical centers, universities and factories, represent "a net gain for Americans from the barren lands, primitive structures and meager output of 1776," when the colonies split from Great Britain, he wrote. "Starting from scratch, America has amassed wealth totaling $90 trillion."
That past will only help Buffett's efforts to bolster Berkshire Hathaway's financial performance, he said. At the end of last year alone, the company reported notable improvement.
Net earnings at the conglomerate surged 15% in the three months through December, reaching $6.29 billion, or $3,823 a share. That outpaced the $2,720 average of analysts' estimates.
For all of 2016, meanwhile, top-line growth of 6% was driven by the company's insurance businesses, where revenue increased 7.5% to $175.2 billion, and 37% gains in financial products. Net income for the 12-month period dipped less than 1% to $24.1 billion.
The company's size may preclude a "brilliant result," Buffett acknowledged, since prospective returns fall as assets increase.
"Nonetheless, Berkshire's collection of good businesses, along with the company's impregnable financial results and owner-oriented culture, should deliver decent results," wrote Buffett, the 86-year-old chairman of Berkshire Hathaway. "We won't be satisfied with less."
3. -- Shares of London Stock Exchange (LDNXF) and Deutsche Boerse (DBOEY) fell sharply Monday as the third attempt to combine the two stock exchange operators appeared close to collapse amid demands from competition authorities in the European Union.
The LSE said late Sunday that it was unlikely to meet a demand from the EU to sell 60% of its MTS government bond trading platform in order to comply with concerns that the €29 billion ($30.1 billion) merger with Deutsche Boerse could hamper competition in the region's financial services sector. The LSE had until Monday to provide details as to how it would comply with the request.
Shares of the LSE fell 3.3% in London while Deutsche Boerse shares declined 2.8% in Frankfurt.
5. -- Moonlight -- not La La Land -- won best picture at the Academy Awards on Sunday in a fiasco that saw one winner swapped for another while the producers of La La Land were in mid-speech.
Presenters Warren Beatty and Faye Dunaway apparently took the wrong envelope -- the one for best actress winner Emma Stone -- onto the stage for the final prize. When they read La La Land as the winner, representatives for ballot tabulators PwC, the giant accounting firm, realized the mistake and raced onstage to try to stop the acceptance speeches. Host Jimmy Kimmel came forward to inform the cast that Moonlight had indeed won, showing the inside of the envelope as proof.
"The presenters had mistakenly been given the wrong category envelope and when discovered, was immediately corrected," PwC said in a statement. The firm said it was investigating "how this could have happened."