What to Watch Today: Stock Futures Jump After Russia Says Its Pulling Back Some Troops

Source: NYSE


Dow and S&P 500 futures jumped more than 1% and Nasdaq futures surged roughly 2% on Tuesday following Russia's announcement that some of its troops at the border with Ukraine were pulling back. To start the week, the Dow Jones Industrial Average, the S&P 500 and the Nasdaq logged their third straight negative sessions. (CNBC)

As stocks popped, bond prices fell, pushing yields higher. The 10-year Treasury yield topped 2% again Tuesday ahead of the government's latest inflation report at 8:30 a.m. ET. Investors will be looking at the producer price index to see if wholesale inflation ran as hot in January as last Thursday's look at consumer prices showed. (CNBC)

* Bitcoin, ether rise as Ukraine-Russia tensions appear to ease (CNBC)

U.S. oil prices, as measured by West Texas Intermediate futures, sank more than 3% on Tuesday on the apparent easing of Russia's aggressive posture toward Ukraine. When tensions were still high Monday, WTI jumped to more than $95 per barrel, its highest level since September 2014. (Reuters)

Central bankers will also be watching the PPI and Tuesday's Senate Banking Committee vote on President Joe Biden's slate of Federal Reserve nominees, including Jerome Powell for a second term as Fed chairman. (Reuters)


Intel (INTC) on Tuesday announced a deal to buy Israeli chipmaker Tower Semiconductor for $53 per share, or $5.4 billion, a 60% premium over Tower's Monday closing price. Tower's shares in U.S. premarket trading were not trading at quite as high of a premium, jumping more than 45%. (Reuters)

Warren Buffett's Berkshire Hathaway purchased about $1 billion worth of shares in Activision Blizzard in the fourth quarter, according to a regulatory filing, jumping in before Microsoft agreed to buy the video game publisher for $68.7 billion. Berkshire is poised to notch a handsome profit should the deal close. (CNBVC)

Berkshire also increased its position in Chevron by more than 30% in the fourth quarter. Buffett first bought Chevron at the end of 2020, which was largely viewed as a classic value play and a bet on the rebounding economy. (CNBC Pro)

* Tiger Global doubles down on Peloton, bets on Buffett-backed fintech (CNBC Pro)
* David Tepper all in on brick-and-mortar retail, initiates GM stake (CNBC Pro)

Greenlight Capital's David Einhorn, who has a history of betting against Tesla, disclosed a new wager against the Elon Musk-led electric automaker. According to a fourth-quarter regulatory filing, the hedge fund manager was long puts against 100,000 shares of Tesla with a notional value of $106 million. (CNBC Pro)

* Musk donated over $5.7 billion in Tesla shares to charity in November (Reuters)

Rep. Josh Gottheimer, D-N.J., unveiled Tuesday an early draft of legislation aimed at placing definitions around stablecoins, which critics consider susceptible to manipulation, bad actors and collapse the result of insufficient reserve capital. The bill from the co-chair of the House Problems Solvers caucus will likely be the first of many attempts in Washington to structure the new market. (CNBC)

* Pentagon report says defense contractor mergers hurt national security, economy (AP)

Shares of the major Covid vaccine makers fell Monday. They were steady in the premarket as the omicron wave eased, with new cases rapidly dropping across the country. According to Johns Hopkins University data, the U.S. reported a seven-day average of 151,056 new Covid cases per day as of Monday; down 44% from a week ago. (CNBC)

* Microsoft is reopening its Washington and Bay Area offices this month (CNBC)

Canadian Prime Minister Justin Trudeau has invoked emergency powers to quell paralyzing protests by truckers and others angry over that country's Covid restrictions, outlining plans not only to tow away their rigs but to take aim at their bank accounts and their livelihoods. "These blockades are illegal," Trudeau said. "The time to go home is now." (AP)

The Mazars accounting firm has fired the Trump Organization as a client after saying a decade's worth of statements of ex-President Donald Trump's financial condition "should no longer be relied upon," the New York Attorney General's office revealed in a court filing Monday. (CNBC)

* Sarah Palin loses defamation case against New York Times (Reuters)

Restaurant Brands (QSR) beat estimates by 4 cents a share, with quarterly earnings of 74 cents per share. Revenue came in above estimates as well. Burger King's comparable-store sales beat analysts' forecasts, helping to offset misses at the Tim Hortons and Popeyes chains. Shares rose 2% in the premarket. (CNBC)

* Taco Bell accelerates international growth as chain aims for $20 billion in annual sales (CNBC)


Marriott (MAR) jumped 3% in the premarket after the hotel operator beat top- and bottom-line forecasts for its latest quarter. Marriott earned $1.30 per share, 31 cents a share above estimates as occupancy rates increased amid a rise in vaccinations.

Zoetis (ZTS) was up 2% in premarket trading on better-than-expected quarterly results. Zoetis beat estimates by 4 cents a share, with quarterly earnings of $1.00 per share as improvement in its pet products business offset tepid results for livestock product sales.

Advance Auto Parts (AAP) beat estimates by 10 cents a share, with quarterly profit of $2.07 per share. The auto parts retailer's revenue also beat analysts' forecasts. Advance Auto's sales were higher than a year before, but profit was lower as it dealt with inflationary headwinds. Shares fell 1% in premarket action.

Avis Budget (CAR) reported better-than-expected profit and revenue for its latest quarter, as increases in rental activity and in revenue per day helped offset higher expenses. Shares rose more than 1.5% in premarket trading.

Intuit (INTU) lowered its current-quarter forecast as tax season gets off to a slow start. The maker of the popular TurboTax software maintained its full-year forecast, however, suggesting the company believes revenue was simply be pushed to a later quarter. Intuit fell 1% in premarket trading.


Russian figure skater Kamila Valieva said she's work out after a doping hearing but grateful she's allowed to skate Tuesday in the women's short program at the Beijing Olympics. The 15-year-old was cleared to skate even though she failed a drug test taken Dec. 25. She's the overwhelming favorite for the gold. (AP)

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