U.S. stock futures were relatively flat Tuesday, with technology stocks under some pressure premarket as bond yields pushed higher. The tech-heavy Nasdaq took the brunt of Monday's selling as the 10-year Treasury yield rose to about 1.63% following President Joe Biden's re-nomination of Jerome Powell as Federal Reserve chairman. (CNBC)
* Yellen on Biden's Powell decision: 'I'm very pleased with his choice' (CNBC)
Wall Street initially powered higher on the Powell announcement, with the Nasdaq and S&P 500 hitting intraday record highs before sliding 1.26% and 0.3%, respectively. The Dow was up more than 300 points at one stage before giving up most of those gains by the close. The 30-stock average remained over 2% away from its Nov. 8 record highs. (CNBC)
The U.S. announced Tuesday that it will tap its Strategic Petroleum Reserve as part of a global effort from energy-consuming nations to calm this year's rapid rise in fuel prices. The coordinated release by the U.S., India, China, Japan, South Korea and the U.K. is a first of its kind move. It's came after OPEC and its allies rebuffed repeated requests from the U.S. and other nations to pump more to match demand. (CNBC)
* How the Build Back Better Act is giving high earners a one-year tax break (CNBC)
The Biden administration has no plans to curb any future Covid surges using a nationwide lockdown, White House coronavirus response coordinator Jeff Zients said at a briefing Monday. The federal government would instead rely on vaccines and therapeutics to keep the country, he said. Covid cases in the U.S. recently pushed higher again into the mid-90,000-per-day range. (CNBC)
Shares of Zoom Video Communications fell more than 8.5% in Tuesday's premarket, the morning after the company reported a continued revenue growth slowdown from the explosive activity in the early days of Covid. For the October quarter, Zoom beat estimates on earnings and guided higher for next quarter. (CNBC)
Best Buy (BBY) sank 11% in Tuesday's premarket as investors worried about rising shipping costs and weaker demand for consumer electronics down the road. Before the bell, the company reported quarterly earnings and revenue that beat estimates. However, analysts are concerned that Best Buy could see a difficult year ahead. (CNBC)
* Dick’s Sporting Goods crushes earnings, raises full-year outlook (CNBC)
Urban Outfitters (UBRN) dropped 11% in premarket trading after the retailer's latest quarter reflected a shift to more online sales, which drove up expenses due to higher delivery costs and higher wages at its distribution and fulfillment centers. Still, Urban Outfitters on Monday reported per-share earnings and revenue that exceeded expectations.
Tesla (TSLA) has hired David Misler as a new managing counsel at the electric automaker, according to his LinkedIn profile. Misler is a former attorney for the SEC and previously worked for the Justice Department. Tesla has repeatedly had run-ins with regulators, most notably due to CEO Elon Musk's tweets. (CNBC)
* Musk's SpaceX sees rocket business leadership shake-up as two VPs depart (CNBC)
Oscar-winning actor Kevin Spacey was ordered last year to pay nearly $31 million to MRC, the independent studio behind Netflix's (NFLX ) "House of Cards," for breaching his contract by violating the company's sexual harassment policy, a court filing revealed Monday. MRC also worked on Netflix's "Ozarks," Hulu's "The Great," and Apple TV+'s "The Shrink Next Door." (CNBC)
Elizabeth Holmes took mostly easy questions from her defense attorney Monday, as the Theranos founder was given the stage to tout the bold aspirations she had for her blood-testing company ahead of what's certain to be a heated cross-examination. Holmes is expected to the witness stand Tuesday. (CNBC)
Abercrombie & Fitch (ANF) beat estimates by 20 cents a share, with adjusted earnings of 86 cents per share. Revenue also topped forecasts. Abercrombie's profit margin dropped by 30 basis points. Shares fell 3.8% in the premarket.
Dollar Tree (DLTR) matched estimates with quarterly profit of 96 cents per share. The discount retailer's revenue came in slightly above estimates. Dollar Tree's freight costs during the quarter were significantly higher than expected, and its stock fell 1.4% in premarket trading.
Medtronic (MDT) reported a mixed quarter, with revenue falling below Street forecasts. The medical device maker's profit beat forecasts by 3 cents a share, with earnings of $1.32 per share. Medtronic also lowered its full-year outlook, citing the Covid-19 resurgence and health-care staffing challenges.
J.M. Smucker (SJM) reported quarterly earnings of $2.43 per share, beating the $2.05 a share consensus estimate. Revenue also beat forecasts and Smucker raised its full-year forecast amid strong consumer demand for its flagship brand as well as Jif, Folgers and Milk-Bone. Smucker rose 1.2% in the premarket.
Xpeng (XPEV) jumped 3% in the premarket after the China-based electric vehicle maker reported a wider-than-expected quarterly loss, but also saw revenue come in well above estimates while issuing an upbeat current-quarter outlook.
Agilent Technologies (A) came in 3 cents a share ahead of Street forecasts, with quarterly earnings of $1.21 per share. The life sciences company's revenue was in line with estimates. Agilent issued an outlook that falls partially below analysts' estimates, however, prompting a 4.2% premarket drop in the stock.