U.S. stock futures were trending higher on Tuesday despite investors remaining on edge about surging oil prices and slowing economic growth amid the ongoing Russian invasion of Ukraine. The bounce comes after the Dow Jones Industrial Average sunk into correction territory for the first time in two years.
Dow futures (DJIA) were up 0.10%, S&P futures (SPX) were up 0.18%, and Nasdaq futures (NDX) were down 0.07% at the time of writing.
In addition to the Russian-Ukraine conflict, U.S. equities have been on edge amid growing fears that the U.S. Federal Reserve will embark on aggressive monetary policy tightening. Federal Reserve chairman Jerome Powell has hinted at a 25-basis point this month and is open to more aggressive moves down the line.
Upcoming Earnings
CareMax (CMAX), CPI Card Group Inc. (PMTS), and Desktop Metal (DM) are set to report their quarterly results before the bell. Dada Nexus Ltd. (DADA), Stitch Fix (SFIX), and Yext Inc. (YEXT) will report after the bell.
Market News
In M&A news, Alphabet’s (GOOGL) Google is eyeing a deal for cybersecurity firm Mandiant (MNDT). The acquisition could help Google bolster its cloud computing business by strengthening its security firepower. Citing people with knowledge of the ongoing discussions, The Information reports that Microsoft is also interested in acquiring the company.
Oasis Petroleum, Inc. (OAS) and Whiting Petroleum Corp. (WLL) have signed a merger agreement in a transaction of equals. Under the terms of the agreement, Whiting shareholders are to receive $6.25 in cash and 0.5774 common shares of Oasis. Shareholders of Oasis are to receive $15 a share as a special dividend. The combined company will have an enterprise value of $6 billion.
Microsoft (MSFT) has selected Hyderabad, Telangana, as the home for India’s new data center region, adding to Pune, Mumbai, and Chennai. The new datacenter region is to offer an array of Microsoft offerings such as cloud, data solution, and artificial intelligence products. The new center should also help the company drive ongoing innovation in India by providing critical cloud computing infrastructure.
Mastercard Inc. (MA) has inked a strategic partnership with banking technology firm Zeta to jointly launch credit cards. The five-year global partnership seeks to simplify the credit card processing process from fragmented, multi-vendor systems to efficient single-vendor systems.
General Motors (GM) has joined forces with POSCO Chemical to build a new $400 million facility in Bécancour, Canada. The partnership, which also involves the governments of Canada and Quebec, will enable the production of cathode active material for use in Ultium batteries expected to power GM electric vehicles. Construction of the new facility is poised to begin immediately and will result in the creation of 200 jobs.
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