The markets officially have a three-day winning streak after all three major indices closed the day in positive territory.
Volatility was still high today, however, as the indices spent most of the day in negative territory before turning higher during the afternoon session.
The Dow Jones Industrial Average climbed 0.16%, or 40 points, while the Nasdaq gained 0.45%, or 32 points, and the S&P 500 rose 0.26%, or 7 points.
Dow Reverses Fortunes, Rises During Afternoon Session
The Dow Jones Industrial Average was able to trade in the green Tuesday afternoon after spending most of the day in the red.
The Dow was up 0.1%, or 27 points, at 2:30 pm EST.
Google Experiments With Snapchat Like Stories in Search Results
Google's (GOOGL) new AMP story format is a take on Snapchat's SNAP stories that "provides content publishers with a mobile-focused format for delivering news and information," according to Google AMP Product Manager Rudy Galfi.
The format is free and open for anyone to use, meaning the stories can be embedded across websites and apps. The company put together a tutorial for people to get used to the new addition.
Powell Says Fed Is Watching Markets
Comments from multiple current and a former Federal Reserve official seemed to indicate that the central bank's plan to raise interest rates multiple times this year was on track in spite of the market's worst week in two years.
However, new Fed Chairman Jerome Powell will tell a crowd at his ceremonial swearing-in in Washington Tuesday that the bank "will remain alert to any developing risks to financial stability," according to text from his speech reviewed by Bloomberg.
"We have made great progress in moving much closer to those statutory objectives," he said, referring to the Fed's dual goals. "In addition, the financial system is incomparably stronger and safer, with much higher capital and liquidity, better risk management, and other improvements."
PepsiCo Raises Dividend While Announcing Employee Bonuses and Job Cuts
PepsiCo. (PEP) has to balance the windfall from the GOP tax cuts with the new reality of its business.
Flat year over year revenue was the fly in the ointment Tuesday as the company announced that it was raising its quarterly dividend by 15% and increasing its share buyback program 25% to $15 billion from $12 billion. The company also said it will give bonuses of up to $1,000 to employees.
However, the company also announced that it will also cut some jobs at the corporate level. The cuts account for less than 1% of the company's 110,000 employees.
In spite of the layoffs, the company said that it still intends to move forward with its annual tradition of hiring about 20,000 frontline employees in the U.S.
Barnes & Noble Confirms Job Cuts
After a dismal holiday season, bookseller Barnes & Noble (BKS) confirmed that it will cut jobs to save about $40 million annually.
The retailer expects to take a charge of about $11 million in the third quarter of fiscal 2018 due to severance costs, which the company says will be distributed in full by fiscal 2019.
"Given our sales decline this holiday, we're adjusting staffing so that it meets the needs of our existing business and our customers," a spokeswoman told CNBC. "As the business improves, we'll adjust accordingly."
Remington to File for Bankruptcy Protection
U.S. gun maker Remington Outdoor Co. says it has reached a deal with creditors to file for Chapter 11 bankruptcy protection as it looks to cut its $950 million debt load.
Gun sales have declined across the board in the wake of President Donald Trump's guarantee that he will not strengthen gun laws. Gun sales, and stocks, had a strong run under President Barack Obama due to the perceived threat that he would strengthen laws against ownership.
Nelson Peltz Steps Down from Mondelez Board
Trian Fund CEO Nelson Peltz is stepping down from his seat on the board for Mondelez International (MDLZ) to be replaced by former Reynolds American CEO Debra Crew and Trian President Peter May.
Peltz, who has been a director at Mondelez since 2014, resigned to "devote more time to other board commitments."
"I am pleased with the progress the company has made over the last several years under Irene's leadership," said Peltz. "As a large shareholder, Trian remains a strong believer in the future success of Mondelēz International. The company is well positioned to continue to create value for its shareholders under Dirk who became CEO in November 2017."
Mondelez shares were down 1.11% premarket.
Under Armour Beat Sends Stock Soaring
Under Armour (UA) shares were up 9% premarket after the sports apparel maker reported a 5% jump in revenue to $1.37 billion, topping analyst estimates of $1.31 billion.
However, the company reported a net loss of $88 million after reporting a profit a year ago. On an adjusted per-share basis, the company broke even for the quarter, which was in line with analysts' consensus estimates.
"2017 was a catalyst for us to begin strategically transforming Under Armour into an operationally excellent company," CEO Kevin Plank said in a statement. "Our fourth quarter and full year results demonstrate that the tough decisions we're making are generating the stability necessary to create a more consistent and predictable path to deliver long-term value to our shareholders."
Passengers Evacuated After Southwest Jet Catches Fire
Southwest Airlines (LUV) flight 2123 was evacuated Monday night after crew members reported a fire in the plane's auxiliary power unit.
Southwest deployed the emergency chutes to evacuate passengers off the plane and a few minor injuries were reported.
"Standard protocol was initiated and evacuation slides were deployed. Local Fire and Rescue met the aircraft and the 139 passengers and five Crew Members departed the aircraft via the slides," the airline said. "Local Orange County Employees are working diligently to accommodate the passengers on another aircraft to get them to their final destination this evening."
U.S futures turned negative Tuesday morning, indicating sharp falls at the open for all three major indices
Dow Jones Industrial Average futures were indicating an open that was 111 points below yesterday's closing price. Nasdaq futures were indicating an open 31 points lower and S&P futures indicated a 10 point decline.
Asian markets played off of yesterday's strong session in the States with the Shanghai Composite and Hang Seng rising 0.98% and 1.29% respectively while the Nikkei declined 0.65%.
Stocks were mixed in Europe with the DAX and CAC 40 declining 0.5% each while the FTSE 100 rose 0.08%.