The broader U.S. stock market averages rebounded from sizable losses earlier in the session to finish Tuesday just 0.2% to 0.35% lower across the board. Materials names led the way lower, while energy and telecom stocks rallied. Elsewhere, crude oil gained more than 2%.
Takeover Tuesday was a major theme today. AOL (AOL) gained than 18%, after receiving a $4.4 billion cash takeover offer from Verizon (VZ). Pall (PLL) also moved 19% higher on media reports the company could receive a bid from Danaher (DHR) or Thermo Fisher (TMO).
Looking ahead to Wednesday morning, Macy's (M) and Ralph Lauren (RL) headline the earnings calendar. On the economic front, we'll get a look at advance retail sales and import prices before the opening bell.