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Morning Brief: EU fights back with proposed tariffs on US goods

Tuesday, March 6, 2018

What to watch today

Stocks started the week with a rally on Wall Street, as each of the major indexes gained more than 1%, paced by the Dow’s 336 point, or 1.4%, rally. The benchmark S&P 500 also gained 1.1%, or 30 points, while the Nasdaq added 1%, or 73 points.

On Tuesday, investors will continue to closely watch the situation with tariffs as the economic data calendar will be fairly open and earnings focused on the retail sector. Tuesday’s biggest economic data point will be factory orders for January, which is unlikely to be a market mover. On the earnings side, Target (TGT), H&R Block (HRB), Ross Stores (ROST), and Autodesk (ADSK) will be the headliners. Target’s report will be closely-tracked for signs of how the retailer fared during the all-important holiday season. And H&R Block’s report could bring investors additional color on how the new tax bill passed late last year by the Trump administration could be impacting its business.

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Top news

EU proposes retaliatory tariff of 25% against US goods: The European Union intends to target 2.8 billion euros ($3.5 billion) of U.S. goods ranging from T-shirts and whiskey to motorcycles should President Donald Trump go ahead with his plan to impose a 25% tariff on foreign steel. [Bloomberg]

Cohn tries to head off Trump tariffs with White House summit: White House economic adviser Gary Cohn is summoning executives from U.S. companies that depend on aluminum and steel to meet this week with President Donald Trump in a last-ditch effort to halt steep tariffs announced last week, according to two people familiar with the matter. [Bloomberg]

US offers Canada-Mexico tariff waiver to ease Nafta path: U.S. Trade Representative Robert Lighthizer said the Trump administration has offered to exclude Canada and Mexico from tariffs on steel and aluminum as an incentive to reach a deal on a new Nafta before a string of elections make it difficult. [Bloomberg]

Regulator challenges Smucker’s purchase of Wesson Oil: The Federal Trade Commission filed an antitrust lawsuit on Monday challenging J.M. Smucker Co.’s purchase of the Wesson cooking oil brand from Conagra Brands Inc., alleging the deal would mean higher prices for canola and vegetable oils. The FTC’s legal complaint asserted that Ohio-based Smucker, which already owns the Crisco brand, has competed intensely for sales against Wesson. [The Wall Street Journal]

US security panel deals major blow to Broadcom’s bid for Qualcomm: The U.S. government has ordered a national security review of Singapore-based Broadcom Ltd’s  $117 billion bid for Qualcomm Inc. (QCOM), in an unusual move that would require Qualcomm to delay its March 6 shareholder meeting. [Reuters]

All week : Yahoo Finance’s Retail Revolution – Check out our coverage of the changing retail industry.

F or more of the latest news, go to Yahoo Finance

Attendees look at a Volkswagen AG (VW) Sedric concept electric autonomous robo-taxi ahead of the 88th Geneva International Motor Show in Geneva, Switzerland, on March 5, 2018. The show opens to the public on March 8. Photographer: Chris Ratcliffe/Bloomberg

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The Morning Brief provides a quick rundown on what to watch in the markets, top news stories, and the best of Yahoo Finance Originals.