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Morning Briefing: 10 Things You Should Know

NEW YORK ( TheStreet) -- Here are 10 things you should know for Tuesday, May 28:

1. -- U.S. stock futures were pointing to a rebound Tuesday after the S&P 500 posted its first weekly decline in five weeks ahead of what's expected to be improved consumer confidence and home price reports and amid a pair of upbeat M&A developments.

2. -- The economic calendar in the U.S. Tuesday includes the S&P/Case-Shiller 20-city home-price index for March at 9 a.m. EDT, and consumer confidence for May at 10 a.m.

3. -- U.S. stocks on Friday closed mixed and posted their first weekly decline in five weeks on concern the Federal Reserve may wind down its stimulus program.

The S&P 500 finished down 0.06% on Friday to 1,649.60, off 1.07% for the week. It was the first weekly decline since the week ended April 19.

The Dow Jones Industrial Average settled up 0.06% on Friday to 15,303.10 and inched down 0.33% for the week. The Nasdaq closed down 0.01% to 3,459.14, off 1.14% for the week.

Stock markets in the U.S. were closed Monday for the Memorial Day holiday.

4. -- Valeant Pharmaceuticals (VRX - Get Report), Canada's largest drugmaker, announced it has agreed to acquire eye-care company Bausch & Lomb for $8.7 billion.

5. -- U.K. drugmaker AstraZeneca (AZN - Get Report) agreed to buy specialty pharmaceutical company Omthera (OMTH) for $12.70 a share, or about $323 million, a premium of 88% to Omthera's closing price on Friday of $6.77.

6. -- Tiffany (TIF - Get Report), the jeweler, is expected by analysts to report on Tuesday first-quarter earnings of 52 cents a share on sales of $855.1 million.

7. -- Yahoo! has bid from $600 million to $800 million for the premium video site Hulu, according to AllThingsD, which cited numerous sources close to the situation.

8. -- A fire aboard Royal Caribbean's (RCL) "Grandeur of the Seas," which was carrying about 3,000 passengers, on Monday led to the cancellation of the rest of the voyage.

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OMTH $0.00 0.00%
AZN $68.43 -2.30%
TIF $88.59 2.44%
VRX $201.38 1.79%
UNFI $76.67 1.71%


DOW 17,976.31 +263.65 1.49%
S&P 500 2,086.24 +25.22 1.22%
NASDAQ 4,947.4410 +56.2220 1.15%

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