Today's Stock Market Outlook: Continued Growth with Dow and S&P 500 on Winning Streaks

BY THE NUMBERS

U.S. stock futures signaled a higher open Tuesday, with both the S&P 500 and the Dow Jones Industrial Average experiencing a fourth consecutive day of gains. The Nasdaq also saw a back-to-back advance. The positive sentiment was driven by growing hope for a Russia-Ukraine ceasefire. Meanwhile, all three benchmarks turned losses into gains by the close on Monday, with the Dow and S&P 500 still around 5% below their early January record closes. The Nasdaq, which had recently clawed its way higher, was still in a correction, down more than 10% from its November 2021 record close. (CNBC)

The S&P Case-Shiller report shows that home prices in Arizona and Florida surged at the beginning of the year, with huge increases.

On Tuesday, oil prices dropped 5% on the hope that Russia and Ukraine would reach a deal in their talks. Meanwhile, the U.S. benchmark fell more than 8% on Monday due to concerns over new Covid lockdowns in China and the potential for curtailed demand. (CNBC)

IN THE NEWS TODAY

Peace talks between Russian and Ukrainian delegates resumed in Istanbul on Tuesday, with three humanitarian corridors opened in Ukraine. Meanwhile, Deputy U.S. Treasury Secretary Wally Adeyemo announced that America will hold accountable anyone seeking to help Russia bypass sanctions. Biden clarified that his "moral outrage" at Putin does not signal a U.S. policy shift.

The New York Attorney General Office has uncovered significant evidence that the Trump Organization's financial statements for more than a decade relied on misleading valuations of its real estate assets, according to a court filing on Tuesday. Meanwhile, a federal judge has ruled that Donald Trump likely broke the law by corruptly attempting to obstruct the Jan. 6, 2021 certification by Congress of Joe Biden's Electoral College presidential win. The judge also rejected a bid to withhold documents from the House committee investigating the Capitol riot. (CNBC)

Three software engineers at cloud software vendor (TWLO) and some of their friends and family members have been charged by the SEC with insider trading, resulting in profits of over $1 million, according to CNBC.

On Wednesday, Vice President Kamala Harris will join a group comprising leaders of major corporations to promote a $4.7 billion initiative aimed at supporting minority-owned businesses and underrepresented communities in the Washington, D.C., area. (Source: CNBC)

According to FDX, Fred Smith will resign as CEO of FedEx on June 1, and be succeeded by Raj Subramaniam, the company's President and Chief Operating Officer. Smith will become executive chairman. FedEx, founded by Smith in 1973, will continue operations.

Dairy Queen is introducing a new line of burgers as it expands its menu beyond desserts. This is the chain's biggest menu expansion in 20 years. Berkshire Hathaway, owned by Warren Buffett, has owned Dairy Queen for 25 years. (CNBC)

STOCKS TO WATCH

The private-equity consortium agreed to acquire NLSN for $28 per share, resulting in a 21% increase in the premarket. The deal is valued at $16 billion, including assumed debt.

UnitedHealth will purchase LHCG for $5.4 billion in cash, making it part of its Optum services unit. LHCG shares increased by 7.5% in the premarket.

Uber is near to reaching an accord with a San Francisco taxi firm to integrate taxis into its ride-sharing app in that city, according to The New York Times. Uber has recently struck a similar agreement in New York City. The stock gained approximately 2% in premarket trading.

JEF reported better-than-expected quarterly profit and revenue, resulting in a 3.7% increase in the premarket. Despite a decline in profit from the previous year due to a challenging trading environment, Jefferies exceeded the consensus estimate by earning $1.23 per share.

Both GME and AMC were experiencing a winning streak, with GME having a 10-session, 143% winning streak and AMC having a 45% surge on Monday, its best day since last June. However, both stocks were lower in the premarket.

Stellantis, the parent company of Jeep, is laying off an undisclosed number of workers at its Illinois Jeep plant in an effort to operate it in a “more sustainable manner.” The facility has experienced layoffs in the past due to the global semiconductor shortage. Despite this, Stellantis' stock price increased by 4.5% in premarket trading.

Southwest XYZ will sell $400 million in shares at $74 per share to repay debt used in its $2 billion acquisition of Questar Pipelines in December. This move was prompted by the rejection of investor Carl Icahn's offer to buy Southwest on Monday. As a result, Southwest's stock price fell 3.4% in the premarket.

In the premarket, Dave & Buster's stock slumped nearly 6% after missing both its top and bottom lines in its latest quarter. Despite ongoing Covid headwinds, the company said its results were strong.

WATERCOOLER

On Monday, Will Smith publicly apologized to Chris Rock on social media for slapping him at the Academy Awards, stating that his actions were unacceptable and inexcusable. The incident occurred before Smith received the best actor award on Sunday evening. (Reuters)