U.S. stock futures were trending lower on Tuesday as investors reacted to U.S. treasury yields surging to pre-pandemic levels. The sell-off also comes on investors mulling the idea of the Federal Reserve tightening monetary policies aggressively to stem inflationary pressures.
Dow futures (DJIA) were down 0.75%, S&P futures (SPX) were down 1.11% and Nasdaq futures (NDX) down 1.72% at the time of writing.
Upcoming Earnings
Bank of America (BAC), BNY Mellon (BK), Charles Schwab (SCHW), First Midwest Bancorp (FMBI), Truist Financial (TFC), and PNC Financial (PNC) are the top trending stocks as they are set to report their quarterly results before the market bell opens.
Pre-market Movers
Vinco Ventures (BBIG) was the most active stock in the pre-market session, with 1.33M share changing hands at the time of writing. The stock was also up by about 12.53%. However, it is still unclear what is triggering the increased market activity, as no fundamental news has been released.
Ion Geophysical Corp. (IO) was the biggest gainer in the pre-market session, jumping 42.35% at the time of writing. The spike comes on the company announcing it has entered into a forbearance under its revolving credit and security agreement.
China SXT Pharmaceuticals Inc. (SXTC) was the biggest loser in the pre-market session, falling 43.72% at the time of writing. The sell-off comes on the company announcing a proposed underwritten public offering of ordinary shares and pre-funded warrants to purchase ordinary shares.
Market News
In M&A news, Wheaton Precious Metals Corp. (WPM) subsidiary Wheaton Precious Metals International Ltd has agreed to acquire Alliance Metal International’s Curipamba Project in Ecuador. Under the terms of the deal, the subsidiary is to pay a total of $175.5 million in upfront cash to Adventus Mining Corporation, the parent company.
Rio Tinto (RIO) delivered disappointing Q4 and full-year 2021 production results. Pilbara iron ore production fell 4% to 319.7 million tonnes, attributed to above-average rainfall in the year’s first half, along with other problems. Aluminum production also fell 1% year-over-year to 3.2 million tons, due to reduced capacity at the Kitimat smelter.
Pfizer, Inc. (PFE) plans to spend close to $594 million over the next five years in France as it looks to increase the production of its antiviral COVID-19 pill, Paxlovid. Reuters reports that a portion of the funds will go towards helping in the building of a new production facility for the drug, which has so far demonstrated almost 90% efficacy.
Starbucks (SBUX) is poised to expand its coffee delivery business in China. Reuters reports that the company has inked a strategic partnership with Meituan to supplement an ongoing coffee delivery service that involves Alibaba’s (BABA) Ele.me. Consequently, customers will be able to order coffee delivery via the company’s apps platform.
Johnson & Johnson (JNJ) is to pay $44 million to settle an opioid epidemic case in New Mexico. The company joins other drug manufacturers who have agreed to pay up to $26 billion to settle cases that allege they helped accelerate the opioid epidemic in the U.S.
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