OVERNIGHT MARKETS AND NEWS

Mar E-mini S&Ps (ESH18 +0.43%) this morning are up +0.46% and European stocks are up +0.92% on signs the U.S. may not go through with plans to put tariffs on metal imports. White House economic adviser Cohn is said to have summoned executives from U.S. companies that depend on aluminum and steel to meet with President Trump this week in an attempt to halt the administration’s plans to levy the tariffs. President Trump tweeted late Monday that he is open to ending plans on tariffs if "a new and fair NAFTA agreement is signed." An easing of North Korean tensions is another positive for equity prices after South Korean President Moon Jae-In said that North Korea in open to denuclearization if the safety of Kim Jong Un's regime is guaranteed. The two Korean leaders have agreed to meet for a summit at the end of April. Asian stocks settled mostly higher: Japan +1.79%, Hong Kong +2.09, China +1.00%, Taiwan +1.33%, Australia +1.14%, Singapore +1.55%, South Korea +1.93%, India -1.27%.

The dollar index (DXY00 -0.44%) is down -0.45% at a 1-week low. EUR/USD (^EURUSD) is up +0.48% at a 2-week high as Italian political risks eased. USD/JPY (^USDJPY) is up +0.11%.

Jun 10-year T-note prices (ZNM18 -0.14%) are down -5 ticks.

The UK Feb BRC sales like-for-like rose +0.6% y/y, unchanged from Jan and stronger than expectations of +0.5% y/y.

The German Feb Markit construction PMI fell -7.1 to 52.7, the slowest pace of expansion in 13 months.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) NY Fed President Dudley (voter) speaks in the U.S. Virgin Islands, (2) Jan factory orders (expected -1.3%, Dec +1.7% and +0.7% ex transportation), (3) Fed Governor Lael Brainard (voter) addresses Money Marketeers of NYU in NY, (4) Dallas Fed President Robert Kaplan (non-voter) speaks at energy conference in Houston.

Notable Russell 1000 earnings reports today include: Target (consensus $1.38), H&R Block (-1.19), Urban Outfitters (0.64), Ross Stores (0.92%), Autodesk (-0.11), John Wiley (0.82).

U.S. IPO's scheduled to price today: none.

Equity conferences this week: Citi Global Property CEO Conference on Mon-Wed, Raymond James Institutional Investors Conference on Mon-Wed, Deutsche Bank Media, Telecom and Business Services Conference on Mon-Wed, Evercore ISI Industrials Conference on Tue, Stifel Executive Summit on Tue, AIFA Conference on Tue, Royal Bank of Canada Financial Institutions Conference on Tue-Wed, UBS Global Consumer and Retail Conference on Wed-Thu, Bank of America Merrill Lynch Refining Conference on Thu, Boenning & Scattergood Water Summit on Thu, Evercore ISI Payments and FinTech Innovators Forum on Thu, J.P. Morgan Gaming Lodging Restaurant & Leisure Management Access Forum on Thu-Fri.

OVERNIGHT U.S. STOCK MOVERS

Archer-Daniels-Midland (ADM +1.23%) was upgraded to 'Buy' from 'Neutral' at Citigroup with a price target of $49.

Bunge (BG +3.75%) was upgraded to 'Buy' from 'Hold' at Citigroup with a price target of $89.

Target (TGT -0.01%) fell over 1% in pre-market trading after it reported Q4 adjusted EPS of $1.37, below consensus of $1.38.

Domino's Pizza (DPZ -1.56%) was rated new 'Outperform' at Baird with a price target of $260.

Analogic (ALOG -0.12%) rose nearly 6% in after-hours trading after it reported Q2 adjusted EPS of $1.27, well above consensus of 69 cents,

Nordstrom (JWN -2.15%) fell 2% in after-hour trading after its board rejected a $50 a share offer from the Nordstrom Family Group.

G1 Therapeutics (GTHX +4.98%) lost more than 1% in after-hours trading after it announced that it had commenced an underwritten public offering of 3.0 million shares of its common stock.

Quidel (QDEL -1.26%) gained 5% in after-hours trading after it received FDA clearance to market its Sofia Lyme FIA to be used with the Sofia 2 Fluorescent Immunoassay to aid in the diagnosis of Lyme disease.

Glycomimentrics (GLYC -5.90%) plunged 18% in after-hours trading when it announced it will launch its Phase 3 clinical trial to evaluate its GMI-1271 in patients with relapsed or refractory acute myeloid leukemia.

Freshpet (FRPT +1.58%) dropped 12% in after-hours trading after it reported Q4 net sales of $40.7 million, weaker than consensus of $41.1 million, and said it sees 2018 adjusted Ebitda greater than $20 million, below consensus of $22.3 million.

Nautilus (NLS +0.40%) slid nearly 7% in after-hours trading after it reported Q4 revenue of $127.8 million, weaker than consensus of $128.6 million.

Syndax Pharmaceuticals (SNDX +0.71%) fell over 8% in after-hours trading after it reported a Q4 loss of -80 cents a share, wider than consensus of -77 cents.

Fate Therapeutics (FATE +3.77%) dropped 5% in after-hours trading after it reported a Q4 loss of -29 cents a share, wider than consensus of -25 cents.

Aduro Biotech (ADRO +4.65%) climbed nearly 6% in after-hours trading after it received a $3 million development milestone payment from Merck for initiating a Phase 1 clinical trial of it santi-CD27 antibody.

Tintri (TNTR +1.79%) jumped over 13% in after-hours trading after it reported Q4 revenue of $28.9 million, better than consensus of $26.3 million.

MARKET COMMENTS

Mar S&P 500 E-mini stock futures (ESH18 +0.43%) this morning are up +12.50 points (+0.46%). Monday's closes: S&P 500 +1.10%, Dow Jones +1.37%, Nasdaq +1.03%. The S&P 500 on Monday closed higher on carry-over support from a rally in European stocks after Germany's Social Democratic party voted to form a coalition government with Chancellor Merkel's Christian Democratic party. Stocks also received some support from the -0.4 point decline in the U.S. Feb ISM non-manufacturing index to 59.5, which was stronger than expectations of -0.9 to 59.0. There was also strength in energy stocks as crude oil prices rallied +2.16%. Stocks were able to shake off another day of turmoil over Trump tariffs and over the strong showing of populists in Sunday's Italian election.

Jun 10-year T-note prices (ZNM18 -0.14%) this morning are down -5 ticks. Monday's closes: TYM8 -5.00, FVM8 -2.75. Jun 10-year T-notes on Monday closed lower on the stronger-than-expected U.S. Feb ISM non-manufacturing index report of 59.5 (vs expectations of 59.0), and on the rally in stocks, which curbed safe-haven demand for T-notes. T-notes found support on carry-over support from a rally in German bunds to a 5-week high on increased Italian political risks after Sunday's elections produced a hung Italian Parliament and a strong showing for populists.

The dollar index (DXY00 -0.44%) this morning is down -0.406 (-0.45%) at a 1-week low. EUR/USD (^EURUSD) is up +0.0059 (+0.48%) at a 2-week high and USD/JPY (^USDJPY) is up +0.12 (+0.11%). Monday's closes: Dollar Index +0.145 (+0.16%), EUR/USD +0.0019 (+0.15%), USD/JPY +0.45 (+0.43%). The dollar index on Monday closed higher on the smaller-than-expected decline in the U.S. Feb ISM non-manufacturing index. The Canadian dollar slumped to a 7-3/4 month low against the U.S. dollar on concern the Trump administration's tariffs on metal imports will undercut the Canadian economy after President Trump said Canada won't be excluded from steel tariffs unless ongoing NAFTA talks result in a fair deal for the U.S.

Apr crude oil (CLJ18 +0.88%) this morning is up +41 cents (+0.66%) and Apr gasoline (RBJ18 +0.28%) is +0.0022 (+0.11%). Monday's closes: Apr WTI crude +1.32 (+2.16%), Apr gasoline +0.0335 (+1.76%). Apr crude oil and gasoline on Monday closed higher on expectations that Wednesday's weekly EIA data will show that crude oil inventories at Cushing, delivery point of WTI futures, will decline -600,000 bbl to a new 3-year low. Crude oil prices were also supported by comments from IEA Executive Director Birol who said oil companies are "absolutely not" investing enough for future crude oil production.

Metals prices this morning are hgher with Apr gold +8.7 (+0.66%), May silver +0.223 (+1.36%), and May copper +0.042 (+1.33%). Monday's closes: Apr gold -3.5 (-0.26%), May silver -0.054 (-0.33%), May copper +0.0035 (+0.11%). Metals on Monday settled mixed. Metals prices were undercut by a stronger dollar and by the rally in stocks, which reduced safe-haven demand for precious metals. Copper closed higher on signs of tighter supplies after LME copper inventories fell -2,725 MT to a 3-week low of 322,175 MT.