U.S. futures were lower in premarket trading Tuesday as the market prepares for the release of the February retail sales numbers at 8:30 a.m. EDT.
Markets had a mixed day the previous session, with the S&P 500 the laggard of the three major indices. The Dow Jones Industrial Average and the Nasdaq climbed 1% and 0.04%, respectively, on Monday.
World markets are also struggling on Tuesday with the Nikkei and Hang Seng indices both closing the day down 0.7%. The Shanghai Composite was the lone Asian market to rise on the day, gaining 0.2%. In Europe, the DAX was down 0.5%, the CAC 40 was off 0.9% and the FTSE 100 was showing a 0.6% decline with about three hours left in trading.
Commodity prices are doing their part to help depress the market with Brent crude futures contracts falling $0.97 to $38.56 per barrel and West Texas crude prices dropping $0.88 to $36.30 per barrel.
Starwood Hotels & Resorts (HOT) was one of the hottest names in trading yesterday, rising 7.8% on nearly 10 times its daily volume after a consortium led by Chinese insurance company Anbang made an unsolicited $12.8 billion bid for the company. Starwood already has a merger agreement with Marriott International (MAR) that would make the two companies the largest hotel chain in the world.
Shares of Valeant Pharmaceuticals (VRX) were tanking premarket after the company slashed its 2016 revenue guidance due to slower-than-expected growth in its U.S. dermatology, gastrointestinal, and women's health businesses. The company expects revenue to be between $11 billion and $11.2 billion vs. its previous estimate between $12.5 billion and $12.7 billion.
Avon Products (AVP) was rising after the company announced that it is cutting 2,500 jobs and moving its headquarters to Great Britain from New York. The move is expected to save the company $50 million this year and between $65 million and $70 million a year starting in 2017.
During his Mad Money program on Monday, Real Money's Jim Cramer told his viewers that he is bearish on Hertz Global (HTZ) because "that business is too competitive." He recommends being a buyer of Nvidia (NVDA). Meanwhile, he is suspicious of StoneMor Partners' (STON) 10% yield, seeing it as a red flag, and considers Novavax (NVAX) a sell right now due to its speculative nature. And VeriFone (PAY) is on his sell list despite how hot the stock is currently.