Here are five things you must know for Monday, March 26:
1. -- Dow Futures Jump
U.S. stock futures were rising Monday, March 26, on reports that the White House was ready to open dialogue with China in an effort to avert a global trade war that has threatened economic growth and hammered the world's financial markets.
Contracts tied to the Dow Jones Industrial Average rose 304 points, while those linked to the broader S&P 500 were up 35.50 points.
Trade officials from both Washington and Beijing reportedly were holding closed-door discussions in order to iron out terms of a bi-lateral deal that could avert a back-and-forth battle of trade tariffs and import restrictions after last week's decision by Donald Trump to target up to $60 billion in China-made goods as part of his broader "America First" economic strategy.
"As President Trump said, we're not afraid of a trade war, but that's not our objective," U.S. Treasury Secretary Steve Mnuchin told Fox News on Sunday, March 25. "We're having very productive conversations with (China). I'm cautiously hopeful we reach an agreement."
It also was reported over the weekend that U.S. and South Korean officials agreed to revise portions of their trade deal, with Seoul accepting a limit on its steel exports to the U.S. in exchange for an exemption on tariffs and a pledge to open its market to American automakers.
Stocks finished lower on Friday, March 23, amid fears of a trade war. The Dow fell 424 points, or 1.77%, to 23,586, after losing 724 points on Thursday, March 22. For the week, the blue-chip index slumped 5.7%. The S&P 500 fell 2.10% on Friday and 6% for the week. The Nasdaq slid 2.43% on Friday and for all of last week declined 6.5%.
The U.S. economic calendar on Monday includes a discussion on regulatory reform with New York Federal Reserve Bank President William Dudley in Washington at 12:30 p.m. ET, and a speech from Cleveland Federal President Loretta Mester on monetary policy in Princeton, N.J., at 4:30 p.m.
2. -- Trust in Facebook Erodes
Facebook Inc. (FB - Get Report) shares were set to open flat to higher Monday, following declines that chopped more than $50 billion from the company's market value last week, as some of the world's most powerful CEOs called for stricter government oversight of the social media giant following a data scandal that may have affected 50 million users.
Shares of Action Alerts Plus holding Facebook rose 0.9% in premarket trading to $160.74 after trading lower earlier Monday.
Action Alerts Plus holding Apple Inc. (AAPL - Get Report) CEO Tim Cook told the China Development Forum in Beijing over the weekend that "some large profound change is needed" in order to restore public trust in the way that personal data is collected and used by the tech industry, a view echoed by International Business Machines Corp. CEO (IBM - Get Report) Virginia Rometty, who called for a new era in which "ownership of the data does belong to the creator."
The comments followed revelations that a controversial political consultancy, Cambridge Analytica, improperly obtained user data from Facebook that it may have used to help sway the 2016 elections in favor of Donald Trump.
"I'm personally not a big fan of regulation because sometimes regulation can have unexpected consequences to it," Cook told the audience in Beijing. "However, I think this certain situation is so dire, and has become so large, that probably some well-crafted regulation is necessary."
Watch TheStreet's Kinsey Grant discuss Facebook's biggest problem below.
3. -- Uber to Sell Its Southeast Business
Uber Technologies Inc. agreed to sell its business in Southeast Asia to regional rival Grab as the ride-sharing company continues its retreat from certain emerging markets.
Grab said Monday that Uber would take a 27.5% stake in it and Uber CEO Dara Khosrowshani will take a seat on the company's board.
The deal marked the third exit for Uber from a major developing market in as many years, following the sale of its China operations to Didi in 2016 and a similar retreat from Russia in 2017.
4. -- Finish Line to be Acquired for $558 Million
The U.K.'s JD Sports Fashion PLC agreed Monday to buy Finish Line Inc. (FINL) for $558 million, or $13.50 a share.
Finish Line shares were rising more than 27.1% in premarket trading to $13.41.
Finish Line, a retailer of athletic footwear and apparel, said Monday, "With JD, Finish Line achieves immediate value for its shareholders and moves into a stronger position to compete as part of a global enterprise that leads in our industry."
The merger is expected to close no earlier than June.
5. -- Gun Maker Remington Files for Bankruptcy
Gun maker Remington Outdoor Co. filed for Chapter 11 bankruptcy on Sunday as it struggled with heavy debts and lawsuits related to the Sandy Hook school shooting.
Remington manufactured the Bushmaster AR-15-style rifle used in the Sandy Hook Elementary School massacre in Connecticut that left 20 first-graders and six educators dead in 2012.
This article has been updated with fresh stock market prices.
TheStreet's founder and Action Alerts Plus portfolio manager Jim Cramer will be hosting a huge call with investors on Monday. Join here.