Here are five things you must know for Tuesday, Jan. 16:
1. -- Here Comes Dow 26,000
U.S. stock futures were soaring Tuesday, Jan. 16, as global stocks pushed further into uncharted territory after investors extended bets on a strong corporate earnings season and priced in the impact of a weakened U.S. dollar and recent tax reform on international sales.
Contracts tied to the Dow Jones Industrial Average were rising 225 points, pushing the index to 26,026, while those tied to the broader S&P 500 gained 0.41%.
Dow futures had been higher earlier in the session before General Electric Co. (GE) - Get Report said it will book a $6.2 billion charge to its fourth-quarter earnings linked to weakness in its North American Life & Health insurance portfolio. The stock fell 4.1% in premarket trading.
In Europe, the Stoxx 600 index, the broadest measure of regional share prices, gained 0.27%, while Asian shares finished the session mostly higher. The Shanghai Composite Index rose 0.8% and Tokyo's Nikkei 225 jumped 1%.
The economic calendar in the U.S. on Tuesday includes the Empire State Manufacturing Survey for January at 8:30 a.m. ET.
Stock markets in the U.S. were closed Monday, Jan. 15, for Martin Luther King Jr. Day.
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2. -- Citigroup on Tap
Citigroup posted a fourth-quarter loss of $18.3 billion, which included a $22 billion charge related to the new U.S. tax law.
3. -- AT&T Is Urged to Cut Ties With Huawei
U.S. lawmakers have urged AT&T Inc. (T) - Get Report to cut commercial ties to Chinese phone maker Huawei Technologies Co. and oppose plans by telecom operator China Mobile Ltd. to enter the U.S. market because of national security concerns, two congressional aides said, Reuters reported.
AT&T was forced earlier this month to scrap a plan to offer its customers Huawei handsets after some members of Congress lobbied against the idea with federal regulators, sources told Reuters.
The lawmakers are advising U.S. companies that if they have ties to Huawei or China Mobile it could hamper their ability to do business with the U.S. government, one aide said, Reuters reported.
The U.S. government earlier this month rejected Ant Financial's plan to acquire U.S. money transfer company MoneyGram International Inc. (MGI) - Get Report over national security concerns.
The stock rose 0.27% in premarket trading.
4. -- BP to Take $1.7 Billion Deepwater Horizon Charge
BP PLC (BP) - Get Report said Tuesday it expects to record a $1.7 billion post-tax charge in the fourth quarter for claims associated with the deadly 2010 Deepwater Horizon spill in the United States.
Cash payments related to the Deepwater Horizon case in 2018 will be about $3 billion, higher than BP's original estimate of roughly more than $2 billion.
BP said a settlement program, set up following the disaster, was winding down.
BP shares traded in London fell 1.9%.
5. -- Fiat Chrysler Has No Plans to Sell Jeep
"We're not going to break up anything," Marchionne said. "We have no intention of breaking it up and giving anything to the Chinese."
The CEO said Jeep could help Fiat Chrysler double its net profit.
Marchionne also said electric vehicles aren't profitable, and they show no sign of grabbing enough market share to warrant serious investment.
Ford Motor Co. (F) - Get Report said at the Detroit auto show that it would double its planned investment in clean energy cars, pumping more than $11 billion into hybrid and electric investments over the next five years.
This article has been updated to include earnings from Citigroup.
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