Elon Musk, Janet Yellen, General Motors, Best Buy - 5 Things You Must Know Tuesday

Stock futures rise as President-elect Joe Biden is given the go-ahead to formally begin his transition; Biden reportedly will nominate Janet Yellen as Treasury secretary; Elon Musk is world's second-richest person.

Here are five things you must know for Tuesday, Nov. 24:

1. -- Stock Futures Rise as Biden Begins Transition

Stock futures traded higher Tuesday as President-elect Joe Biden was given the go-ahead to formally begin his transition and as he began filling out his cabinet.

Contracts linked to the Dow Jones Industrial Average rose 288 points, S&P 500 futures gained 25 points and Nasdaq futures were up 28 points.

One cabinet pick that Wall Street cheered was Biden's reported nomination of former Federal Reserve Chair Janet Yellen as Treasury secretary. Yellen would be the first woman to lead the department. She also was the first woman to serve as Fed chair after her Senate confirmation in 2014.

Investors expect that more economic stimulus is likely with Yellen as Treasury secretary since she has argued that Congress has to come through with additional aid to help lead a U.S. economy crippled by the coronavirus pandemic.

Global stocks moved higher after the General Services Administration acknowledged Biden as the apparent winner of the Nov. 3 presidential election, reducing political uncertainty and giving Biden access to the funding needed for his transition to president. 

Asian stocks closed mostly higher Tuesday, with Japan's Nikkei 225 rising 2.5% and stocks in Shanghai dipping 0.34%

For more on Asian markets read:

China Ready to Work with Other Countries to Build Global Cyberspace Community, President Xi Jinping Says

Stocks in the U.S. closed higher Monday as Wall Street welcomed further progress on the development of a coronavirus vaccine. The Covid-19 vaccine candidate being developed by AstraZeneca  (AZN) - Get Report and the University of Oxford was found in a large trial to have prevented a majority of people from getting the disease.

2. -- Best Buy Earnings, Consumer Confidence: Tuesday's Calendar

Best Buy  (BBY) - Get Report earned $2.06 a share on an adjusted basis in the third quarter, topping Wall Street estimates of $1.71. Same-store sales in the quarter rose 23%, beating forecasts of of up 13.6%.

The stock fell 2.9% to $118.50 in premarket trading.

Earnings reports are also expected Tuesday from Gap  (GPS) - Get Report, Nordstrom  (JWN) - Get Report, Dollar Tree  (DLTR) - Get Report, HP Inc.  (HPQ) - Get Report, VMware  (VMW) - Get Report, Dick's Sporting Goods  (DKS) - Get Report and Abercrombie & Fitch  (ANF) - Get Report.

How to Trade Best Buy After Earnings and Ahead of Black Friday

The economic calendar in the U.S. Tuesday includes the Case-Shiller House Price Index for September at 9 a.m. ET and Consumer Confidence for November at 10 a.m.

3. -- Tesla's Elon Musk Is World's Second-Richest Person

Elon Musk, the co-founder and CEO of Tesla  (TSLA) - Get Report, is now the world's second-richest person.

Musk, whose net worth soared $7.2 billion on Monday to $127.9 billion, passed Bill Gates, the co-founder of Microsoft  (MSFT) - Get Report, on the back of Tesla's soaring share price. Amazon.com  (AMZN) - Get Report CEO Jeff Bezos is the richest person in the world.

According to the Bloomberg Billionaires Index, Musk has added $100.3 billion to his net worth this year, the most of anyone in the index, which ranks the the world’s 500 richest people. Musk ranked 35th at the beginning of 2020.

Tesla's market value rose to near $500 billion on Monday after the stock jumped 6.58% to $521.85. The stock has risen more than 523% so far this year, and was up 4.76% in premarket trading Tuesday to $546.64.

4. -- McCormick to Buy Hot-Sauce Maker Cholula

McCormick & Co.  (MKC) - Get Report confirmed it would buy hot-sauce maker Cholula for $800 million in cash.

The Wall Street Journal had reported an announcement could be made Tuesday.

McCormick, the seasonings company, had been discussing a deal with L Catterton, the private-equity firm that has owned Cholula since 2019, that would value it at around $800 million, the Journal had noted.

McCormick already owns popular hot sauce Frank’s RedHot, as well as French’s yellow mustard and Old Bay seasoning.

5. -- GM to Withdraw From Trump Lawsuit Over California Emission Standards

General Motors  (GM) - Get Report will withdraw from a lawsuit the Trump administration filed against California, challenging the state's ability to set carbon emission standards.

The company said it was withdrawing from the litigation and urged other automakers to follow suit.

"We believe the ambitious electrification goals of the President-elect, California, and General Motors are aligned to address climate change by drastically reducing automobile emissions," CEO Mary Barra said in a letter addressed to the heads of several environmental groups. “To better foster the necessary dialogue, we are immediately withdrawing from the preemption litigation and inviting other automakers to join us.”

In October 2019, the Trump administration sued to stop California from setting its own fuel efficiency, or zero-emission, requirements for vehicles in the state.

President-elect Joe Biden is expected to restore California’s waiver and bolster auto emissions standards after they were largely dismantled under President Donald Trump, Bloomberg reported. Biden has promised to develop “rigorous new fuel economy standards aimed at ensuring 100% of new sales for light- and medium-duty vehicles will be electrified.”