FB

What to Watch Today: Wall Street Looks Higher After Monday's Major Tech-Stock Rebound

(Westend61/Getty Images)

BY THE NUMBERS

U.S. stock futures rose modestly Tuesday, one day after a late-session tech stock reversal propelled the Nasdaq from an over 2.5% loss to a slight closing gain. In the process, the index broke its four-session losing streak. The S&P 500, which extended its losing streak to five straight sessions, closed down slightly but it, too, saw an afternoon rally back from a 2% decline. (CNBC)

The Dow fell almost 163 points, or nearly 0.5%, dropping for four trading days in row. However, the 30-stock average closed way off Monday's lows of down nearly 600 points. The rough start to the year for stocks has come as the 10-year Treasury yield soared this year, briefly topping 1.8% on Monday morning before backing off those levels. The benchmark yield was lower early Tuesday at almost 1.76%. (CNBC)

* Goldman's David Kostin sees tech disconnect as 'single greatest mispricing' in U.S. stocks (CNBC)

Fed Chairman Jerome Powell goes before a Senate committee Tuesday for his confirmation hearing for a second four-year term. In late November, President Joe Biden renominated Powell, who was elevated in 2018 to lead the Fed by former President Donald Trump. It was Trump's Democratic predecessor, former President Barack Obama, who initially appointed Powell to a 14-year term as governor in 2014. (CNBC)

Richard Clarida, vice chairman at the Fed, said Monday he'll be departing his post with just a few weeks left on his term, following scrutiny over his stock fund trades during the Covid pandemic. Two regional Fed presidents, Eric Rosengren of Boston and Robert Kaplan of Dallas, both resigned after questions arose over their trading activities. (CNBC)

IN THE NEWS TODAY

Tuesday, Jan. 11, is the one-year anniversary of start of the GameStop (GME) trading frenzy driven by individual investors who banded together on social media in an epic short squeeze that led to ramifications on Wall Street and in Washington. GameStop soared more than 2,600% in less than three weeks to an all-time of high of $483 intraday on Jan. 28, 2021. It didn't hold those highs. (Reuters)

The U.S. is averaging about 754,000 new Covid cases per day over the past week, according to data compiled by Johns Hopkins University, as the omicron variant continues to rage across the nation. That includes a report of more than 1.4 million new Covid cases Monday, some of which occurred over the weekend when many states halt data reporting.

* White House says U.S. insurers must cover 8 at-home Covid tests per person monthly (Reuters)

Just Capital, the ESG investing research group founded by hedge fund billionaire Paul Tudor Jones, is out with its new ranking of the top companies in the U.S. on environmental, social and governance metrics. Alphabet is No. 1 in the 2022 Just 100 list, moving up four places from last year and bumping rival Microsoft from the top spot. (CNBC)

* Here's the JUST 100 list for 2022 (CNBC)

Meta is delaying its employees' return to offices across the U.S. until March 28, saying Monday that proof of a booster shot will be required to protect against the surging omicron Covid variant. The Facebook parent said Monday the pushback of the return-to-office date gives employees more flexibility regarding their work arrangements. (CNBC)

CVS Health (CVS) on Tuesday, ahead of a presentation with investors, said it's raising its full-year earnings outlook. CVS also reaffirmed previous guidance for its next fiscal year. Shares were up about 1% in premarket trading on the news. (CNBC)

* Rivian shares decline on 2021 production target miss, executive departure (CNBC)
* Zynga founder cashes in on acquisition after 15 years navigating boom-bust cycle (CNBC)

President Joe Biden will use a speech in Georgia Tuesday to endorse changing Senate filibuster rules that have stalled voting rights legislation, saying it's time to choose "democracy over autocracy." But some civil rights groups won't be there, in protest of what they say is administration inaction. (AP)

STOCKS TO WATCH

Illumina (ILMN) issued a 2022 revenue outlook that exceeded consensus analysts' estimates, noting strong demand for its gene sequencing treatments as well as new partnerships with four health care companies. Illumina jumped 4% in the premarket.

Big Lots (BIG) said it's seen a softening of traffic and sales trends this month, with the discount retailer citing winter weather and the spread of the Covid-19 omicron variant. Shares tumbled 7.4% in premarket trading.

Abercrombie & Fitch (ANF) rallied 5.9% in the premarket, despite a cut in the apparel retailer's quarterly sales outlook. While issuing that outlook, Abercrombie also said it had seen a pickup in post-holiday sales.

Supermarket operator Albertsons (ACI) reported quarterly earnings of 74 cents per share, 14 cents a share above estimates. Revenue also topped Wall Street forecasts. sHares jumped 3.5% in premarket trading.

Intel (INTC) named Micron Technology (MU) Chief Financial Officer David Zinsner as its new CFO, effective next Monday. Intel shares rose 1.7% in the premarket, while Micron was down 1%.

Accolade (ACCD) surged nearly 11% in the premarket, following better-than-expected quarterly results. Accolade earned 31 cents per share, compared to analysts' forecasts of a 74 cents per share loss. The workplace benefits technology company also issued an improved full-year revenue outlook.

Copyright CNBCs - CNBC
Contact Us