Before the opening bell, futures on the Dow Jones Industrial Average (INDEXDJC:.DJI) were up .98% at 16,306. S&P 500 (INDEXSP:.INX) futures rose .96% to 1,860.80, as the exchange moves just off its all-time high. Nasdaq Composite (INDEXNASDAQ:.IXIC) futures were in positive territory as well, up 1% to 3,706.50.
With tensions eased in Eastern Europe, global markets rose after Monday's sell-off. Asian markets ended the session mostly in the green, while European markets are currently trading in positive territory. Oil and gold were down around 1%.
Secretary of State John Kerry offered $1 billion in US loan guarantees along with pledges of technical assistance to the new Ukrainian government on Tuesday morning.
This comes as the Russian deadline for Ukrainian forces in Crimea to defect or surrender passed without incident. Russian President Vladimir Putin has ordered some military units back to their bases from the Ukrainian border. At a press conference Putin claimed
there has been an unconstitutional takeover in Crimea, but said Russia has no need to use force, and will do so only as a last resort to "protect citizens in Ukraine."
The White House will propose
its annual budget at 11:30 a.m. today, with an expected focus on economic inequality. President Obama will propose dedicating $302 billion to job growth over the next four years, and will call for close to $1 trillion in new taxes over the next decade. Notable in the proposal is the expansion of tax breaks to better benefit childless workers, which the White House believes will help 13.5 million poor Americans.
The Institute for Supply Management (ISM) will release its ISM-New York report on Business at 9:45 a.m. today; The IBD Tipp consumer confidence poll will be out at 10:00 a.m.
BP (NYSE:BP) has lost
an appeal to keep businesses from claiming money over the 2010 Deepwater Horizon oil spill, regardless of whether or not economic losses could be linked to the disaster. The spill has forced BP to pay out hundreds of million of dollars in claims, however the court decision can be further appealed. Shares were up .61% in premarket trading.
Facebook (NASDAQ:FB) is reportedly in talks to acquire Titan Aerospace, the New Mexico-based maker of solar-powered, high-altitude drones that can remain in flight for five years without landing. According to TechCrunch
, the drones would be used to deliver Internet access to parts of the world like Africa, which have poor existing telecom infrastructure. Eleven thousand unmanned aerial vehicles (UAVs) would be built initially.
Sources have told TechCrunch that Facebook paid $60 million for the acquisition. Shares of Facebook were up 1.78% in pre-market trading.
Intel (NASDAQ:INTC) has acquired
Basis, maker of wristband health trackers, for $100 million. Basis currently commands 7% of the wearable health tracker market, far behind FitBit at 58% and Jawbone at 21%. Intel has made a concerted effort to be a leader in the wearables industry, showcasing a smart headset and smart earphones at this year's CES. Shares of Intel were up 0.98% in pre-market trading.
Following New York and Chicago's lead, Los Angeles will prohibit
the use of electronic cigarettes in a number of public areas, workplaces, and restaurants. The move comes as a threat to $1.5 billion e-cigarette industry, which, led by Altria Group
(NYSE:MO) and Reynolds American
(NYSE:RAI), has seen explosive growth in the past few years while evading regulatory restrictions.
AutoZone (NYSE:AZO) reported
Q2 profits rose 9% thanks to higher sales and better margins. EPS beat analyst estimates, and shares traded up 1.81% in pre-market.
RadioShack (NYSE:RSH) reported
fourth-quarter losses, and announced it expects to shutter 11,000 US stores. The 20% cut in retail space was much more severe than expected. Shares plummeted 24% in pre-market trading.
Following a 6% rise in their second-quarter profits, The Bank of Nova Scotia (TSE:BNS) raised
its quarterly dividend.
Citigroup (NYSE:C) said
economic uncertainty would drive weaker bond trading revenue for the company in the first quarter.
Retailers Men's Wearhouse (NYSE:MW) and Jos. A. Bank (NASDAQ:JOSB) are reportedly moving closer to a merger; it was announced
that they are sharing confidential information. Last week, Jos. A. Bank rejected a $1.78 billion acquisition bid from Men's Wearhouse.
No positions in stocks mentioned.
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