Here are five things you must know for Friday, Feb. 8:
1. -- Stocks Retreat Amid Signs of Little Progress in U.S.-China Trade Deal
U.S. stock futures declined on Friday, Feb. 8, and global stocks retreated for a third consecutive session as investors increasingly grew concerned that Donald Trump's decision not to meet with Chinese President Xi Jinping before their self-imposed deadline for a trade deal signals a lack of progress in the months-long negotiations.
Trump told reporters in the White House that he has no plans to meet Xi between now and March 2, when his administration has vowed to increase tariffs on $200 billion worth of China-made goods to 25% from 10% if a trade deal isn't in place. Trump's brief comments suggested talks, which resume next week in Beijing with U.S. Treasury Secretary Steven Mnuchin and Trade Representative Robert Lighthizer, remain stuck on key issues such as China's broader market reforms and intellectual property protections.
Contracts tied to the Dow Jones Industrial Average fell 93 points, futures for the S&P 500 were down 10.75 points, and Nasdaq futures declined 37.75 points.
Stocks fell on Thursday after White House adviser Larry Kudlow said there was a "pretty sizable distance" between the U.S. and China regarding a trade deal, and after GDP forecasts were slashed by both the European Commission and the Bank of England, ratcheting up worries about global growth.
The economic calendar in the U.S. Friday includes the Baker Hughes Rig Count for the week ended Feb. 8, at 1 p.m. ET.
2. -- Jeff Bezos Accuses National Enquirer of Blackmail
Jeff Bezos, CEO of Amazon.com Inc. (AMZN - Get Report) and owner of The Washington Post, on Thursday accused American Media Inc. CEO David Pecker, a close confidante of Donald Trump, of attempting to blackmail him by threatening to publish explicit selfies of Bezos in the National Enquirer.
In a blog post on the Medium blogging platform titled No thank you, Mr. Pecker, Bezos claimed representatives of privately held American Media, the owner of the Enquirer, threatened to publish the photos if he didn't stop an independent investigation into how the tabloid got private text messages that it published last month between Bezos and a woman, identified as Lauren Sanchez.
"These communications cement AMI's long-earned reputation for weaponizing journalistic privileges, hiding behind important protections, and ignoring the tenets and purpose of true journalism. Of course I don't want personal photos published, but I also won't participate in their well-known practice of blackmail, political favors, political attacks, and corruption. I prefer to stand up, roll this log over, and see what crawls out."
3. -- Mattel Surges as Barbie Sales Boost Profit
The company posted adjusted profit of 4 cents a share, beating analysts' projections that called for a loss of 16 cents a share. Revenue in the quarter was $1.52 billion, higher than estimates of $1.44 billion.
Mattel said sales of Barbie surged 15% from the same period last year as one of the world's most-recognized toys continued to benefit from a make-over that reflects the growing diversity of its customer base. Sales of Hot Wheels, Mattel's other top brand, rose 12% to $286.8 million.
"In terms of brand highlights, 2018 was a great year for Barbie, which sustained growth and continued momentum globally. Barbie worldwide gross sales were up 15% both for the quarter and the full year in constant currency," CEO Ynon Kreiz told investors on a conference call. "Barbie was the No. 1 global fashion doll property in 2018 according to NPD. We look forward to celebrating her 60th anniversary throughout 2019 with a number of exciting product launches and events."
4. -- Hasbro and Phillips 66 to Report Earnings
Earnings reports are also expected Friday from Phillips 66 (PSX - Get Report) , Arconic Inc. (ARNC - Get Report) , Goodyear Tire & Rubber Co. (GT - Get Report) , Exelon Corp. (EXC - Get Report) and Cleveland-Cliffs Inc. (CLF - Get Report) .