Here are five things you must know for Monday, March 4:
1. -- Stocks Rise on Report Trade Deal Could Soon Be Finalized
U.S. stock futures rose on Monday, March 4, following a report that said China and the U.S. were in the final stages of completing a trade deal.
Contracts tied to the Dow Jones Industrial Average were up 60 points, futures for the S&P 500 rose 5.75 points, and Nasdaq futures gained 26.50 points. The Dow closed last week with a loss of 0.1%, ending a winning streak of nine weeks, the longest since May 1995. The Nasdaq has risen for 10 straight weeks.
The Wall Street Journal reported that Beijing offered to lower tariffs and other restrictions on American farm, chemical, auto and other products, with the U.S. considering removing most, if not all, sanctions levied against Chinese products since last year.
Hurdles do remain, but the talks have progressed to the extent that a formal agreement could be reached at a summit between Donald Trump and Chinese President Xi Jinping, probably around March 27, after Xi finishes a trip to Italy and France, individuals with knowledge of the plans told the Journal.
A week ago, Trump said the March 1 deadline for raising tariffs on Chinese imports would be held off because of progress in negotiations.
The economic calendar in the U.S. Monday includes Construction Spending for December at 10 a.m. ET.
2. -- Salesforce Leads Earnings Calendar
Analysts surveyed by FactSet expect Salesforce, the cloud software company, to earn 55 cents a share in the fourth quarter on sales of $3.56 billion.
3. -- Tesla to Unveil Model Y SUV on March 14
"Model Y, being an SUV, is about 10 percent bigger than Model 3, so will cost about 10 percent more & have slightly less range for same battery," Musk said in a tweet.
Model Y unveil event on March 14 at LA Design Studio— Elon Musk (@elonmusk) March 3, 2019
The Model Y won't have the "Falcon Wing" doors that are found on Tesla's bigger SUV, the Model X, The Verge reported. Musk previously had hinted that it might.
Tesla shares were rising 1.1% in premarket trading Monday.
Musk last week said a move to offer a cut-down version of its flagship Model 3 sedan would likely result in a first-quarter loss, only weeks after telling investors he would turn the carmaker into the black.
Tesla said last Thursday it will offer a $35,000 Model 3 with a reduced driving range of 220 kilometers (132 miles) and a slimmed-down interior. Increasing price points will boost both the range and the top-end speed of the Model 3, the company said, while buyers will be able to receive the new car within two to four weeks.
Tesla also said it would start shutting down its network of stores and showrooms to focus solely on online sales.
Separately, Musk's SpaceX successfully launched Saturday an unmanned Falcon 9 rocket and Crew Dragon spacecraft in collaboration with NASA, and on Sunday the craft docked to the International Space Station.
The unmanned mission is expected to gather information for a later flight that will potentially carry astronauts.
The takeoff marked SpaceX's first flight with NASA's Commercial Crew Program, and it marked the first flight test of space craft made for people but built and run by a commercial company, said NASA. The Falcon 9 is the two-stage rocket that carries into orbit the Dragon, which is made to carry up to seven passengers into space.
4. -- Huawei Executive Sues Canada Over Arrest
Attorneys for Huawei Technologies' executive Meng Wanzhou filed a lawsuit alleging that the Canadian government, including border officials and national police, improperly searched, detained and questioned Meng in December, according to a statement provided to TheStreet.
Meng accused the government of "serious breaches of her constitutional rights and seeking damages for misfeasance in public office and false imprisonment" during her detention at Vancouver International Airport on Dec. 1, according to a statement provided to TheStreet by Howard A. Mickelson and Allan L. Doolittle of Gudmundseth Mickelson LLP, litigation counsel for Meng.
Canada Border Services Agency, the Royal Canadian Mounted Police and the government of Canada are all targets of the suit filed Friday in B.C. Supreme Court.
On the same day, Canadian authorities had begun official proceedings to extradite Meng, Huawei's chief financial officer, to the U.S. from Canada.
U.S. prosecutors accuse Meng of deceiving banks over Huawei dealings that potentially violated Iran trade sanctions.
The New York Times, meanwhile, reported Monday that Huawei was preparing to sue the U.S. government for banning federal agencies from using the company's products.
Citing two people familiar with the matter, the Times said the lawsuit would be filed in the Eastern District of Texas, where Huawei has its American headquarters. The company plans to announce the suit later this week.
5. -- AT&T Plans Revamp of CNN's Digital Operation
John Stankey, the AT&T (T - Get Report) executive at the helm of newly acquired WarnerMedia, is planning to revamp CNN's digital operation, which he believes isn't reaching its potential and requires more investment in product development and data analytics, the Journal reported, citing people familiar with the situation.
Jeff Zucker, the president of CNN Worldwide whose contract runs through 2020, is expected to continue to report to Stankey after AT&T's restructuring is completed, the people told the Journal. He also is likely to oversee Turner Sports, according to the Journal.