Here are five things you must know for Tuesday, March 6:
1. -- Stocks Higher as Trade War Fears Ease
U.S. stock futures were rising Tuesday, March 6, with the Dow Jones Industrial Average poised to rise for a second straight day, as Wall Street clawed back the losses linked to Donald Trump's suggestion that he is ready to slap a 25% tariff on imported steel and a 10% levy on non-American aluminum.
Futures contracts tied to the Dow Jones Industrial Average rose 128 points, while those linked to the S&P 500 gained 10 points.
Trump's tariff plan received push-back from House Speaker Paul Ryan, who said in a statement on Monday, March 5, that he was "extremely worried" about the consequences of a global trade war and urged the White House "to not advance with this plan."
In addition, Bloomberg reported the European Union has proposed a retaliatory 25% tariff against U.S. steel imports, blue jeans, t-shirts and Harley Davidson Inc. (HOG) motorcycles that would collectively hit more than €2.8 billion ($3.5 billion) worth of American goods.
Stocks posted solid gains on Monday as investors' worries about an impending global trade war eased. The Dow finished up 336 points, or 1.37%, the S&P 500 gained 1.10% and the Nasdaq rose 1%.
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2. -- Nordstrom Rejects Bid From Founding Family
Nordstrom Inc. (JWN) said its board rejected the Nordstrom family's proposal to take the company private at $50 a share, which would value the department store operator at about $8.3 billion.
Nordstrom shares fell 2.2% in after-hours trading on Monday to $50.78.
The special committee of the board "has determined that the price proposed is inadequate," the company said in a statement. Unless the Nordstrom family can improve the price, it "intends to terminate discussions."
Reports emerged last month that the Nordstrom family was about to finalize plans to take the Seattle-based chain private, five months after a buyout deal with Leonard Green & Partners LP fell through.
3. -- Smurfit Kappa Rejects Bid From International Paper
Smurfit Kappa Group (SMFKY) said Tuesday that it rejected a takeover approach from International Paper Co. (IP) , saying the unsolicited bid for Europe's biggest maker of packaging materials fails to reflect its value or growth prospects.
Dublin-based Smurfit said International Paper's cash-and-stock bid, which would have given its investors a minority stake in the company, "fails entirely to reflect the group's strong growth prospects and attractive industry outlook" and urged investors in the group to take no action. No details of the bid were made public. Smurfit Kappa had a market capitalization of about €6.8 billion ($8.38 billion) based on its closing price Monday.
"The board of Smurfit Kappa has unanimously rejected this unsolicited and highly opportunistic proposal. It does not reflect the group's true intrinsic business worth or its prospects," said Chairman Liam O'Mahony. "We delivered a record performance in 2017 and underlying trading momentum has continued into 2018. The group has a proven management team which we believe will deliver significantly greater value for shareholders on a stand-alone basis."
4. -- Kobe Steel CEO Quits
Kobe Steel Ltd. (KBSTY) said Tuesday that its CEO will leave the company next month following a scandal at Japan's third-largest steelmaker linked to falsified data and an internal cover-up that ultimately aroused the interests of the U.S. Department of Justice.
Hiroya Kawasaki will step down in April, the company said Tuesday following a four-month investigation into the scandal that impacted hundreds of Kobe Steel clients and impacted steel supply chains all over the world. A new boss will be chosen by the board, the company said.
Japan's Nikkei business daily had reported that data control issues related to the quality of its steel, copper and aluminum shipments were found as far back as 2007 as part of the company's probe into the scandal. Around 500 of the company's customers have been impacted, Kobe Steel has admitted, although none have reported safety concerns or sought resale agreements.
5. -- McDonald's Rolls Out Fresh Beef Burgers
The fresh-beef burgers will be available in eight cities, including Atlanta, Miami and Salt Lake City, and will then be rolled out to most U.S. McDonald's by May.
This article has been updated with earnings from Target and Ciena.