Wall Street is poised to rise, ending a multi-day losing streak.

BY THE NUMBERS

On Wednesday, U.S. stock futures rebounded after the S&P 500 closed in correction territory as tensions between Russia and Ukraine intensified. On Tuesday, the S&P 500 had fallen 483 points, or 1.4%, for its fourth consecutive negative session. At one point, the Dow Jones Industrial Average had been down more than 700 points. The Nasdaq Composite dropped 1.2% for its fourth straight negative session.

On Wednesday, the home improvement retailer exceeded quarterly earnings and revenue expectations, and raised its full-year forecast for both, as Americans continue to invest in home renovations in a competitive real estate market. The company's shares increased by 3% in premarket trading, with momentum continuing into February. (CNBC)

Homebuyers and refinance candidates are being affected by rising mortgage rates, which have contributed to a decrease in total mortgage applications. The Mortgage Bankers Association reported a 13.1% decrease in mortgage applications last week, the lowest level since December 2019. Refis also decreased by 15% last week. Despite the pandemic, home prices have continued to rise steadily. (Source: CNBC)

IN THE NEWS TODAY

President Biden announced sanctions against Russia for its incursion into Ukraine on Tuesday afternoon. The U.S. held back on tougher measures, waiting to see Moscow's next move. After weeks of trying to project calm, Ukraine urged its citizens to leave Russia and set to impose a state of emergency on Wednesday.

The U.S. has successfully navigated the omicron wave, with new daily Covid infections decreasing by 90% from a pandemic peak just six weeks ago. Currently, the country is averaging approximately 84,000 new cases per day, according to Johns Hopkins University data, down significantly from the January 15 pandemic high of over 800,000 daily cases. (Source: CNBC)

Elon Musk, CEO of TSLA, accused President Biden of ignoring his electric vehicle company in favor of paying more attention to legacy auto makers in an email exchange with CNBC. However, Musk sought to assure White House officials that if invited to speak at a White House event, he would "do the right thing." Meanwhile, Tesla reached a settlement with the EPA for Clean Air Act violations, and the end of 3G is a problem for millions of car owners, including Jeep.

A group of 30 bipartisan lawmakers sent a letter to Biden on Wednesday, requesting that he persuade European leaders to modify the language in their Digital Markets Act to avoid unfairly targeting U.S. tech companies.

Biden has interviewed three potential candidates for the Supreme Court as he prepares to fulfill his pledge to nominate a Black woman to the nation's highest court for the first time. The president is predicted to reveal his selection to replace retiring Justice Breyer by the end of the month. (WSJ)

STOCKS TO WATCH

Tenneco, an automotive components maker, agreed to be acquired by affiliates of APO for $20 per share in cash, which is a significant increase from its Tuesday close of $9.98 per share. As a result, Tenneco's stock price soared more than 90% in premarket action.

Fiat Chrysler Automobiles (FCA) exceeded its profit targets in the first year after the merger with Peugeot parent PSA Group. The company announced that it was realizing the benefits of the combination earlier than anticipated. As a result, FCA's stock price increased by 6% in the premarket.

After reporting a narrower-than-expected quarterly loss and improvement in its cash position, SPCE jumped 4% in premarket trading.

Despite Tupperware's revenue exceeding Street forecasts, its adjusted profit failed to meet expectations due to difficult operating conditions.

The cybersecurity software maker beat estimates with quarterly earnings and revenue, and gave a better-than-expected forecast. As a result, shares rallied nearly 8% in premarket trading.

The premarket saw GSK rise 1.7%, while SNY gained 1.5% following news of their Covid vaccine submission to global drug regulators for approval.

Kodiak's experimental eye drug failed to improve vision in participants as much as those given Regeneron's Eylea macular degeneration treatment. Kodiak's stock price tumbled 69% in premarket trading, while Regeneron's stock price jumped 4.5%.

After reporting a 63% increase in revenue and a narrower loss, CZR jumped 4.5% in premarket trading.