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U.S. stock futures rose slightly Tuesday as Dow stock Johnson & Johnson fell modestly after mixed quarterly results. Also adding pressure on equities, the benchmark 10-year Treasury yield topped 2.9%, a level not seen since late 2018. The Dow Jones Industrial Average, the S&P 500 and the Nasdaq started the week with slight losses after a holiday-shortened week of declines, especially in tech stocks. Netflix is set to report earnings after the closing bell Tuesday. Subscriber growth is expected to slow at the video streaming giant.
Johnson & Johnson's first-quarter earnings beat and revenue miss before the opening bell led about a dozen S&P 500 companies reporting financial results Tuesday. J&J lowered its full-year sales and profit outlook, and announced a halt in Covid vaccine sales guidance due to a global supply glut and demand uncertainty. J&J's board approved a 6.6% quarterly dividend increase to $1.13 per share.
Apollo Global Management may be willing provide financing for a Twitter buyout, according to sources who spoke to CNBC. However, the private equity giant isn't interested in joining other firms in a buyout bid. Last week, Elon Musk, CEO of Tesla and SpaceX and the world's wealthiest person, offered to buy Twitter for $43 billion. Financing parties are considering their willingness to lend to Musk or another potential buyer, sources added.
The Transportation Security Administration will not enforce the Covid mask mandate on public transportation, after a federal judge in Florida on Monday vacated the Biden administration's national face-covering mandate for planes and other forms of public transportation. U.S. District Judge Kathryn Kimball Mizelle ruled the Centers for Disease Control and Prevention had overstepped its authority. The CDC continues to recommend that people wear masks on public transit, a Biden administration official said.
Russia's long-anticipated offensive in east Ukraine appears to be underway after pulling back troops from the northern front. Kremlin forces unleashed attacks on a number of areas within the Donbas region. If successful, the eastern offensive would give Russian President Vladimir Putin a vital piece of Ukraine and a badly needed victory after plans to overrun the capital city of Kyiv failed. Eastern Ukraine, specifically the Donbas area, has seen conflict between pro-Russian separatists and Ukrainian fighters for eight years.