Equity markets are wobbly once again amid a tech shakeout, but investors today will also be focusing on the U.S. economy and GDP data. The third estimate for the fourth-quarter is expected to show output growing at a 2.7% annualized rate instead of the 2.5% pace reported last month. The Commerce Department will further publish its advance estimates for February goods trade deficit, retail and wholesale inventories, which could have an impact on Q1 GDP forecasts.

Economy

Uncle Sam plans to sell about $294B of debt this week, the highest weekly figure since the record set during the 2008 financial crisis. It comes amid concerns about declining federal revenue due to tax cuts and increased spending in Washington. Those worries have helped drive up Treasury rates this year, from 2.4% to nearly 3%, unnerving stock market investors.

China will soon announce a list of retaliatory tariffs on a large number of major U.S. imports to China, according to the Global Times, which said the Trump administration's tariffs, involving more than 1,000 products, would likely come by Tuesday. The widely-read publication is run by the ruling Communist Party's official People's Daily, although its stance does not necessarily equate with Chinese government policy.

It's official! Kim Jong-un is visiting Beijing, where he agreed to denuclearize the Korean peninsula during a meeting with President Xi, while the Chinese leader pledged to uphold his friendship with Pyongyang. The trip was Kim's first known journey abroad since he assumed power in 2011 and is believed by analysts to serve as preparation for upcoming summits with South Korea and the U.S.

The next phase of Vision 2030? Saudi Arabia has signed a memorandum of understanding with SoftBank (OTCPK:SFTBY) for a $200B solar power project in the kingdom, calling it the single largest of its kind in the world. The park would create as many as 100,000 jobs and shave $40B off Saudi power costs, while the total capacity to be built under its umbrella would be 200 gigawatts by 2030.

Stocks

There's word on the street that Mark Zuckerberg has agreed to his first testimony before U.S. lawmakers - on the way Facebook (NASDAQ:FB) manages its user data - despite shunning a similar request from the British parliamentary committee. Facebook shares closed down almost 5% on Tuesday and have tumbled almost 18% since March 16, when Facebook first acknowledged the Cambridge Analytica scandal.

Google has won the dismissal of a Prager University lawsuit in California that accused YouTube (GOOG, GOOGL) of censoring conservative content. Alphabet does not qualify as a "state actor" subject to the First Amendment because it's a private company and not a public institution, according to U.S. District Judge Lucy Koh. She also gave Prager a chance to amend its lawsuit, stating the case "demands an analysis" of California's state constitution "in the age of social media and the internet."

More Alphabet news... Waymo (GOOG, GOOGL) has announced a deal with Jaguar (NYSE:TTM) to buy 20,000 cars for its driverless service that's expected to be operational in just four years. Separately, the U.S. Court of Appeals for the Federal Circuit said Google's use of Oracle's (NYSE:ORCL) Java platform wasn't protected under fair-use copyright law, reigniting a multibillion-dollar battle that goes back to 2012.

NXP Semiconductors has sold its 40% stake in Suzhou ASEN Semiconductors, a Chinese chip-design joint venture, ahead of a planned takeover by Qualcomm (NASDAQ:QCOM) for $44B. The divestiture could ease regulatory approval from China's antitrust authority, which is the ninth and last regulator needed to finalize the acquisition, by lowering NXP's (NASDAQ:NXPI) exposure to the local market.

Embattled General Electric soared the most in two years on Tuesday, rising as much as 5.5% to over $13/share, amid speculation that Warren Buffett will buy a stake in the company. The surge follows a decline on Monday that brought the stock to its lowest level since 2009. GE is again the worst performer on the Dow this year after holding the dubious distinction in 2017.

Remington Outdoor has won court approval to borrow an interim $75M to sustain its business during its Chapter 11 bankruptcy, which will allow the company to carry out a $775M debt-cutting deal. According to Remington, which also owns gun makers Marlin and Bushmaster, the bankruptcy will not impact customers, suppliers and unsecured creditors, which would include those pursuing lawsuits.

While its approach is at a "preliminary and exploratory" stage, Takeda Pharmaceutical (OTCPK:TKPYY) is weighing an offer for rival Shire (NASDAQ:SHPG), a drugmaker with a market value of around $40B. A deal would create a global biopharmaceutical leader, strengthening Takeda's therapeutic areas of oncology, gastrointestinal disorders, neuroscience and specialized medicines. SHPG +21.6% premarket.

Self-driving concerns are spreading across the industry following UBER's pedestrian fatality last week. Nvidia (NASDAQ:NVDA) shares lost as much as 10% on Tuesday after the chipmaker announced it would suspend self-driving tests across the globe. Uber has also let its autonomous vehicle permit lapse in California, intending not to operate on "public roads in the immediate future."

Meanwhile, Tesla is defending its Autopilot driver-assist technology as federal investigators probe a recent fatal crash involving a Model X SUV. Different worries? Moody's has downgraded Tesla's (NASDAQ:TSLA) credit ratings and changed its outlook to negative from stable, citing a "significant shortfall" in Model 3 production and a tight financial situation.

General Motors CEO Mary Barra is scheduled to address investors today at a conference in New York amid concerns about U.S.-China trade tensions that could affect the automaker, as well as the safety of self-driving cars. Earlier this month, GM announced plans to pour $100M into its two autonomous vehicle facilities and said it would increase Bolt production.

Modernizing its forces, Poland has signed the largest weapons procurement deal in its history, agreeing with the U.S. to buy Raytheon's (NYSE:RTN) Patriot missile defense system for $4.75B. The NATO member has sped up efforts to overhaul its armory following Russia's annexation of the Crimea peninsula in 2014 and Moscow's renewed assertiveness in the region.

Tuesday's Key Earnings

Lululemon (NASDAQ:LULU) +6.2% AH amid strong comp sales growth.

Today's Markets

In Asia, Japan -1.3%. Hong Kong -2.5%. China -1.4%. India -0.6%.
In Europe, at midday, London -0.3%. Paris -1%. Frankfurt -1%.
Futures at 6:20, Dow -0.1%. S&P -0.1%. Nasdaq -0.5%. Crude -0.9% to $64.63. Gold +0.2% to $1344. Bitcoin +3.2% to $8037.
Ten-year Treasury Yield -3 bps to 2.75%

Today's Economic Calendar
7:00 MBA Mortgage Applications
8:30 GDP Q4
8:30 International trade in goods
8:30 Corporate profits
8:30 Retail Inventories (Advance)
8:30 Wholesale Inventories (Advance)
10:00 Pending Home Sales
10:30 EIA Petroleum Inventories
11:30 Results of $15B, 2-Year FRN Auction
1:00 PM Results of $29B, 7-Year Note Auction
3:00 PM Farm Prices