Here are five things you must know for Thursday, Feb. 28:
1. -- Stocks Stumble After Trump-Kim Summit Ends Without a Deal
U.S. stock futures were lower on Thursday, Feb. 28, and global stocks retreated for a third consecutive session after Donald Trump said he was unable to reach a denuclearization deal with North Korea and weak manufacturing data from China underscored the stakes of trade negotiations between Washington and Beijing.
Investors on Thursday will get their first look at U.S. economic growth in the fourth quarter.
Trump told reporters in Hanoi that North Korean leader Kim Jong Un had pushed for a complete end to U.S. sanctions on Pyongyang, but would not agree to levels of nuclear verification that would warrant such a move from the United States.
"It was about the sanctions basically," Trump said from Hanoi, Vietnam, where the Trump-Kim summit took place. "They wanted the sanctions lifted in their entirety and we couldn't do that ... Sometimes you have to walk, and this was just one of those times."
Meanwhile, data from China that showed manufacturing activity in the world's second-largest economy in February slipped below the 50 mark that separates growth from contraction for the third consecutive month.
The weakness followed comments to the House Ways and Means Committee Wednesday by chief trade negotiator Robert Lighthizer, who told lawmakers that the issues separating the two countries were "too serious" to be solved only by China purchasing more U.S.-made goods.
Contracts tied to the Dow Jones Industrial Average fell 36 points, futures for the S&P 500 slipped 6.25 points, and Nasdaq futures were down 28.75 points.
The economic calendar in the U.S. Thursday includes fourth-quarter Gross Domestic Product data from the Bureau of Economic Analysis at 8:30 a.m. ET.
Economists surveyed by FactSet expect GDP in the fourth quarter at an annualized growth rate of 2.5% vs 3.4% in the third quarter.
The calendar also includes weekly Jobless Claims at 8:30 a.m., and Chicago PMI for February at 9:45 a.m.
The retailer said earnings for the three months ended Feb. 2, were 18 cents a share, 7 cents ahead of Wall Street forecasts. Sales were $3.67 billion,just shy of the $3.78 billion. J.C. Penney also said same-store sales declined down 4%, a figure that was narrower than analysts' estimates of a 4.3% decline.
2. -- Square's Earnings Beat Forecasts but Its Outlook Disappoints
Square, led by Twitter CEO Jack Dorsey, reported a loss of 7 cents a share in the period on adjusted revenue of $464 million. Adjusted earnings in the period were 14 cents a share, 1 cent ahead of estimates. Subscription- and services-based revenue in the quarter was $194 million, an increase of 144% from a year earlier.
The company said it expects first-quarter adjusted revenue of $472 to $482 million vs. analysts' estimates of $474 million. Square said it expects adjusted earnings of 6 cents to 8 cents a share, below Wall Street forecasts of 12 cents.
Square expects adjusted earnings of 74 cents to 78 cents a share for the year on adjusted revenue of $2.22 billion to $2.25 billion. Analysts expect earnings of 70 cents on revenue of $2.25 billion.
3. -- Fitbit Slumps on Weak Guidance
On Wednesday, Fitbit posted adjusted earnings in the fourth quarter of 14 cents a share, a reversal from a year-earlier adjusted loss of 2 cents. Revenue in the quarter was $571.2 million vs. $570.8 million a year earlier. Analysts expected Fitbit to earn an adjusted 7 cents a share on revenue of $569 million in the fourth quarter.
Fitbit said it expects an adjusted loss in the first quarter of 22 cents to 24 cents a share on revenue of $250 million to $268 million. Analysts were calling for a loss of 15 cents a share on revenue of $272 million. For the full year, Fitbit said it expects revenue of $1.52 billion to $1.58 billion vs. estimates of $1.57 billion.
Fitbit sold 5.6 million devices in the fourth quarter, topping forecasts of 5 million.
4. -- Tesla's Elon Musk Has Something to Say
Tesla Inc. (TSLA - Get Report) investors Thursday will await news from CEO Elon Musk, who announced earlier this week he has something to say via his Twitter account, which itself has been the subject of much scrutiny in recent days.
Musk, who changed his Twitter handle to Elon Tusk, with an elephant emoji, tweeted that he will have news about the company coming Thursday at 2 p.m. Pacific time.
Some Tesla news— Elon Tusk �� (@elonmusk) February 27, 2019
Musk could have news coming about the Model Y vehicle that he previously said would be unveiled in March 2019, but his method of disseminating this information could land the CEO in more hot water.
Earlier this week, the Securities and Exchange Commission asked a judge to hold Musk in contempt for court for violating a settlement he agreed to after the regulatory agency found him guilty of misleading investors by saying via Twitter that he had enough funding secured to take Tesla private.
Part of the settlement between the two parties stipulated that Tesla "establish a new committee of independent directors and put in place additional controls and procedures to oversee Musk's communications."
5. -- KKR, Tencent Music Exploring Bids for Universal Music - Report
KKR & Co. (KKR - Get Report) and China's Tencent Music Entertainment Group (TME) are exploring rival bids for up to half of Vivendi's Universal Music division, a deal potentially worth up 20 billion euros ($22.73 billion), sources told Reuters.
French tycoon Vincent Bollore, who controls Vivendi with a 25% stake, is in the process of selecting banks to oversee a partial sale of Universal Music Group, two sources familiar with matter told Reuters.
Universal Music Group is the world's biggest music label. Its roster includes Lady Gaga, Taylor Swift, Drake and Kendrick Lamar.