Economy
All eyes on Wall Street will be on the release of the February non-farm payrolls later this morning. Analysts expect the data from the Bureau of Labor Statistics to show 230,000 jobs were created in February versus the 257,000 reported in the prior period and 188K a year ago. The U.S. economy added over one million jobs between November and January in a hiring acceleration. The unemployment rate in the U.S. is expected to slip to 5.6% from 5.7%.

All 31 banks tested passed the Federal Reserve stress test on minimum levels of capital. Last year Zions Bancorp (NASDAQ:ZION) was the lone bank to fail. The Fed concluded the group of banks would lose $490B in the 27 months ending in October of 2016 if the economy ran up against what it calls "severely adverse" conditions. Next week are the CCAR results in which the Fed will either approve or disapprove of lenders' capital return plans, and passing the stress test is no guarantee of a green light for boosted dividends and buybacks - as Citigroup (NYSE:C) found in 2014.

German industrial production increased 0.6% in January to top the 0.5% rise expected by analysts. A mild winter in the nation gave a lift to the construction industry. Output of capital goods was up 0.5%. The reading for December was adjusted to 1.0% from 0.1%. Economists say the overall outlook for German industry is looking more positive.

A second estimate of Q4 Eurozone GDP indicated the economy rose 0.9% year-over-year in Q4 of 2014. The previous estimate showed GDP growth of 0.8%. Eurozone GDP was up 0.9% for all of 2014. The euro is -0.6% at $1.0966.

Stocks
Elaine Wynn plans to fight for her board seat at Wynn Resorts (NASDAQ:WYNN). The ex-wife of CEO Steve Wynn holds a 9.4% stake in the company, but was told earlier this week that she wouldn't be renominated to return to the 8-person board. In a separate legal action, she is seeking to remove voting restrictions on her block of shares. Shares of WYNN are down 0.5% in premarket trading.

SAP will downsize with the removal of 2,200 jobs. The second round of eliminations under the direction of CEO Bill McDermott marks about 3% of its workforce. SAP is continuing to pivot toward cloud computing rather than traditional licensing, and that means a move toward less profitable software delivered more quickly with payments stretched over time

Life Time Fitness is in talks with P-E firms to be taken private. Bidding is expected to be concluded by the end of next week. The fitness center chain tipped off in its earnings report last week that it's looking at strategic alternatives. Shares of LTM are +5.6% premarket.

An early read on Sling TV indicates demand is quite strong. Dish Network's (NASDAQ:DISH) direct over-the-top subscription service has attracted 100,000 subscribers in just over a month since being introduced. Sling TV is priced by Dish at $20 per month. An interesting twist to the story is the opt-out wildcard Disney (NYSE:DIS) is believed to hold for ESPN.

Mother Nature continues to disrupt business activity in the U.S. this winter. A major storm swept across a wide part of the eastern and southern part of the U.S. to impact air travel at key airports. The number of flight cancellations yesterday totaled over 5,300 with schedules at SkyWest (NASDAQ:SKYW), Southwest Airlines (NYSE:LUV), Delta Air Lines (NYSE:DAL), American Airlines Group (NASDAQ:AAL) and Republic Holdings (NASDAQ:RJET) all hit hard. 963 flights are already listed as canceled for today. Weather has played a factor in the retail sector for several weeks. Several mall-based chains blamed harsh conditions for the year-over-year drop in traffic during February.

Volkswagen is expected to announce an investment in Mexico of one billion dollars next week. The funds are earmarked for the company's plant in Pueblo. Last year, Volkswagen (OTCQX:VLKAY) produced over 475K vehicles in Mexico to help feed demand in the Americas.

Apple plans to launch a music subscription service powered by Beats Music at its WWDC conference slated for June. The service is expected to be priced at $7.99 per month versus the existing Beats Music pricing of $10/month or $100/year. The service will be built into the iOS Music app, and will also be offered through a standalone Android app (the first to be built by Apple internally). Apple (NASDAQ:AAPL) plans to merge the Beats Music service with iTunes, according to earlier reports

Gap reported a 4% drop in comparable-store sales in February. Comp sales were flat at Old Navy and negative for Gap Global and Banana Republic. The company says it shifted its focus to the spring selling season during the short month. On a prerecorded conference call, Gap (NYSE:GPS) execs noted March sales will see a boost due to the early Easter and April will be negatively impacted by the calendar shift.

Today's Markets:

In Asia, Japan +1.2% to 18971. Hong Kong -0.1% to 24164. China -0.2% to 3242. India +0.2% to 29449.
In Europe, at midday, London -0.2%. Paris flat. Frankfurt +0.1%.
Futures at 6:20: Dow -0.1%. S&P -0.1%. Nasdaq +0.1%. Crude +0.5% to $51.08. Gold -0.4% at $1193.51.
Ten-year Treasury Yield -1 bps to 2.12%

Today's economic calendar:

8:30 Non-farm payrolls
8:30 International Trade
3:00 PM Consumer Credit

Notable earnings before today's open: BIG, FL, SPLS, VTG