OVERNIGHT MARKETS AND NEWS

Mar E-mini S&Ps (ESH18 +0.49%) this morning are up +0.51% at a 1-week high as they garner support from gains in Asian and European markets. The VIX volatility index fell to a 1-week low and is a supportive factor for stock prices as global equity markets recover further from last week's sharp sell-off. European stocks are up +0.94%. Stock prices are higher despite an increase in T-note yields as the 10-year T-note yield rose to a new 4-year high of 2.94% in overnight trade. Asian stocks settled higher: Japan +1.47%, Hong Kong +1.97%, China and Taiwan closed for holiday, Australia +1.16%, Singapore +1.19%, South Korea closed for holiday, India +0.41%. Japanese stocks moved higher despite a fall in USD/JPY to a 1-1/4 year low, as strength in technology stocks led the overall market higher.

The dollar index (DXY00 -0.32%) is down -0.31% at a 2-week low on concern the U.S. fiscal and current-account deficits will widen. EUR/USD (^EURUSD) is up +0.18% at a 1-1/2 week high. USD/JPY (^USDJPY) is down -0.23% at a 1-1/4 year low after Japanese Finance Minister Aso said the yen's strength "wasn't abrupt enough" to require intervention.

Mar 10-year T-note prices (ZNH18 -0.14%) are down -5 ticks at a new contract low.

Eurozone Jan new car registrations rose +7.1% y/y to 1,253,877.

Japan Dec core machine orders fell -11.9% m/m, weaker than expectations of -2.0% m/m and the biggest decline in 3-1/2 years.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) weekly initial unemployment claims (expected +7,000 to 228,000, previous -9,000 to 221,000) and continuing claims (expected +4,000 to 1.927 million, previous -33,000 to 1.923 million), (2) Feb Empire manufacturing survey general business conditions index (expected +0.2 to 17.9, Jan -1.9 to 17.7), (3) Feb Philadelphia Fed business outlook survey (expected -0.7 to 21.5, Jan -5.7 to 22.2), (4) Jan PPI final demand (expected +0.4% m/m and +2.4% y/y, Dec -0.1% m/m and +2.6% y/y) and Jan PPI ex food & energy (expected +0.2% m/m and +2.0% y/y, Dec -0.1% m/m and +2.3% y/y), (5) USDA weekly Export Sales, (6) Jan industrial production (expected +0.2%, Dec +0.9%), (7) Feb NAHB housing market index (expected unch at 72, Jan -2 to 72), (8) Treasury auctions $7 billion of 30-year TIPS.

Notable S&P 500 earnings reports today include: CBS Corp (consensus $1.14), Omnicom (1.54), Waste Management (0.83), Consolidated Edison (0.77), Flowserver (0.51).

U.S. IPO's scheduled to price today: ProLung (LUNG), DFB Healthcare Acquisitions Corp (DFBHU), Leo Holdings (LHC).

Equity conferences this week: Goldman Sachs Technology and Internet Conference on Tue-Thu, Bank of America Merrill Lynch Insurance Conference on Wed-Thu, LEERINK Partners Global Healthcare Conference on Wed-Thu.

OVERNIGHT U.S. STOCK MOVERS

Agilent (A +1.99%) rose 3% in after-hours trading after it reported Q1 adjusted EPS of 66 cents, stronger than consensus of 58 cents.

Equinix (EQIX -0.10%) slid over 3% in after-hours trading after it reported Q4 adjusted Ebitda of $564.8 million, weaker than consensus of $570.4 million, and said it sees full-year adjusted Ebitda above $2.39 billion, below consensus of $2.46 billion.

Marriott International (MAR +3.29%) fell 3% in after-hours trading after it said it sees full-year adjusted Ebitda between $3.32 billion and $3.42 billion, well below consensus of $3.47 billion.

Overstock.com (OSTK +4.77%) gained 3% in after-hours trading after Soros Fund Management LLC reported it took a 9.9% stake in the company in Q4.

NetApp (NTAP +3.23%) sank 9% in after-hours trading after it said it sees Q4 adjusted EPS between 95 cents and $1.03, the midpoint below consensus of $1.03.

Applied Materials (AMAT +4.86%) gained 1% in after-hours trading after it reported Q1 net sales of $4.20 billion, higher than consensus of $4.11 billion, and then said it sees Q2 net sales of $4.35 billion to $4.55 billion, well above consensus of $4.20 billion.

Teva Pharmaceutical Industries Ltd (TEVA +4.37%) is up over 10% in pre-market trading after Berkshire Hathaway reported a new 1.86% stake in the company.

TripAdvisor (TRIP +2.11%) surged 16% in after-hours trading after it reported Q4 adjusted Ebitda of $63 million, higher than consensus of $51.4 million.

SolarEdge Technologies (SEDG +2.50%) rallied nearly 15% in after-hours trading after it reported Q4 revenue of $189.3 million, higher than consensus of $180.6 million, and then said it sees Q1 revenue of $200 million to $210 million, well above consensus of $158 million.

PolarityTE (COOL  +5.73%) jumped 8% in after-hours trading after it was rated a new 'Overweight' at Cantor Fitzgerald with a 12-month target price of $70.

Box (BOX +4.07%) was rated a new 'Buy' at D.A. Davidson with an 18-month target price of $25.

Marathon Oil (MRO +5.48%) rose nearly 3% in after-hours trading after it reported Q4 adjusted EPS from continuing operations of 7 cents, well above consensus of 3 cents.

Amicus Therapeutics (FOLD +7.25%) fell over 2% in after-hours trading after it announced that it had commenced a $250 million underwritten public offering of its common stock.

CenturyLink (CTL +2.15%) jumped 13% in after-hours trading after it reported Q4 pro forma adjusted Ebitda excluding integration of $2.2 billion, better than consensus of $2.0 billion.

SunPower (SPWR +1.36%) dropped over 7% in after-hours trading after it said it is already seeing a negative near-term impact from the solar tariff decision as increased costs have delayed certain 2018 projects and made others uneconomical.

MARKET COMMENTS

Mar S&P 500 E-mini stock futures (ESH18 +0.49%) this morning are up +13.75 points (+0.51%) at a 1-week high. Wednesday's closes: S&P 500 +1.34%, Dow Jones +1.03%, Nasdaq +1.85%. The S&P 500 on Wednesday closed higher for a fourth day on carry-over support from a rally in European stocks on signs of economic strength in Europe after Eurozone Q4 GDP expanded right on expectations and Eurozone Dec industrial production rose more than expected. There was also strength in technology stocks. Energy stocks rallied on the +2.38% rally in crude oil prices. Stocks were undercut by the U.S. Jan retail sales report of -0.3% and unchanged ex autos, weaker than expectations of +0.2% and +0.5% ex autos.

Mar 10-year T-note prices (ZNH18 -0.14%) this morning are down -5 ticks at a fresh contract low. Wednesday's closes: TYH8 -21.50, FVH8 -14.00. Mar 10-year T-notes on Wednesday fell to a new contract low and the 10-year T-note yield rose to a fresh 4-year high. T-note prices were undercut by inflation concerns that may speed up the pace of Fed interest rate increases after the stronger-than-expected U.S. Jan CPI report of +2.1% headline and +1.8% core.

The dollar index (DXY00 -0.32%) this morning is down -0.273 (-0.31%) to a 2-week low. EUR/USD (^EURUSD) is up +0.0023 (+0.18%) at a 1-1/2 week high and USD/JPY (^USDJPY) is down -0.25 (-0.23%) at a new 1-1/4 year low. Wednesday's closes: Dollar Index -0.582 (-0.65%), EUR/USD +0.0099 (+0.80%), USD/JPY -0.81 (-0.75%). The dollar index on Wednesday fell to a 1-week low and closed lower on the weaker-than-expected U.S. Jan retail sales report and on strength in EUR/USD which posted a 1-week high after Eurozone Dec industrial production rose +0.4% m/m, stronger than expectations of +0.1% m/m.

Mar crude oil (CLH18 -0.41%) this morning is down -7 cents (-0.12%) and Mar gasoline (RBH18 -0.02%) is +0.0008 (+0.05%). Wednesday's closes: Mar WTI crude +1.41 (+2.38%), Mar gasoline +0.0277 (+1.64%). Mar crude oil and gasoline on Wednesday closed higher on the decline in the dollar index to a 1-week low and on the +1.84 million bbl increase in EIA crude inventories (less than expectations of +3.0 million bbl). Crude oil prices were also supported by the -3.64million bbl decline in crude supplies at Cushing to a 3-year low. Crude oil prices were undercut by the +3.6 million bbl increase in EIA gasoline stockpiles to an 11-month high (vs expectations of +1.8 million bbl) and by the +0.2% increase in U.S. crude oil production the week of Feb 9 to a 47-year high of 10.271 million bpd.

Metals prices this morning are weaker with Apr gold (GCJ18 -0.41%) -4.5 (-0.33%), Mar silver (SIH18 -0.49%) -0.083(-0.49%), and Mar copper (HGH18 -0.43%) -0.008 (-0.25%). Wednesday's closes: Apr gold +27.6 (+2.07%), Mar silver +0.350 (+2.12%), Mar copper +0.0735 (+2.32%). Metals on Wednesday closed higher with Apr gold and Mar silver at 1-week highs. Metals prices were supported by the slump in the dollar index to a 1-week low and by the weaker-than-expected U.S. Jan retail sales report, which may keep the Fed from aggressively raising interest rates. The rally in stocks undercut safe-haven demand for precious metals.