Russia's announcement of troop withdrawal boosts stock futures today.

BY THE NUMBERS

On Tuesday, the Dow and S&P 500 futures jumped more than 1%, while Nasdaq futures surged roughly 2%, following Russia's announcement that some of its troops at the border with Ukraine were pulling back. However, the stock market had started the week with three straight negative sessions. As stocks popped, bond prices fell, pushing yields higher. The 10-year Treasury yield topped 2% again on 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. Meanwhile, Bitcoin and Ether rose as tensions between Ukraine and Russia appeared to ease.

On Tuesday, U.S. oil futures dropped more than 3% as Russia appeared to ease its hostile stance towards Ukraine. On Monday, WTI surged to over $95 per barrel, its highest level since September 2014, amid heightened tensions. (Reuters)

The Senate Banking Committee will vote on President Joe Biden's slate of Federal Reserve nominees, including Jerome Powell for a second term as Fed chairman, while central bankers will also monitor the PPI. (Reuters)

IN THE NEWS TODAY

On Tuesday, INTC announced a deal to purchase Israeli chipmaker Tower for $53 per share, or $5.4 billion, which represents a 60% premium over Tower's Monday closing price. In U.S. premarket trading, Tower's shares experienced a jump of more than 45%. (Reuters)

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

David Einhorn, a hedge fund manager with a history of betting against Tesla, has disclosed a new wager against the electric automaker. According to a fourth-quarter regulatory filing, Einhorn was long puts against 100,000 shares of Tesla with a notional value of $106 million. Meanwhile, in November, Elon Musk donated over $5.7 billion in Tesla shares to charity. (Reuters)

Rep. Josh Gottheimer, D-N.J., presented an early version of legislation on Tuesday that aims to establish definitions for stablecoins, which are seen as vulnerable to manipulation, fraud, and collapse due to insufficient reserve capital. The bill from the co-chair of the House Problems Solvers caucus is likely to be the first of many efforts in Washington to regulate the emerging market. (CNBC) The Pentagon report states that defense contractor mergers have harmed national security and the economy. (AP)

Microsoft is reopening its offices in Washington and the Bay Area this month (CNBC).

The Canadian Prime Minister has invoked emergency powers to stop protests by truckers and others who are against the country's Covid restrictions. He has announced plans to seize their vehicles and target their bank accounts and livelihoods. Trudeau stated that the protests are illegal and urged the protesters to return home. (AP)

The Trump Organization has been dropped as a client by Mazars accounting firm, who stated that the ex-President's financial statements from the past ten years should no longer be trusted, according to a court filing by the New York Attorney General's office. Meanwhile, Sarah Palin lost her defamation case against the New York Times, as reported by Reuters.

Taco Bell is accelerating its international growth and aims to achieve $20 billion in annual sales.

STOCKS TO WATCH

Marriott's earnings of $1.30 per share, 31 cents above estimates, caused a 3% jump in the premarket after the hotel operator beat top- and bottom-line forecasts for its latest quarter.

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. The improvement in its pet products business offset tepid results for livestock product sales.

Advance Auto Parts reported a quarterly profit of $2.07 per share, beating analysts' estimates by 10 cents. Its revenue also exceeded expectations. Despite higher sales than the previous year, the auto parts retailer's profit was lower due to inflationary pressures. Shares fell 1% in premarket trading.

Despite higher expenses, CAR reported better-than-expected profit and revenue for its latest quarter due to increases in rental activity and revenue per day. As a result, shares rose more than 1.5% in premarket trading.

Intuit lowered its current-quarter forecast due to a slow start of tax season, but maintained its full-year forecast, indicating the company expects revenue to be pushed to a later quarter. Intuit's stock fell 1% in premarket trading.

WATERCOOLER

Kamila Valieva, a 15-year-old Russian figure skater, has stated that she will continue training after a doping hearing, and she is grateful for being allowed to compete in the women's short program at the Beijing Olympics on Tuesday. Despite failing a drug test taken on December 25, Valieva has been cleared to skate and is considered the overwhelming favorite for the gold medal. (AP)