Updated from 5:52 a.m. EST
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Here are five things you must know for Tuesday, Nov. 22:
1. -- President-elect Donald Trump said the U.S. will withdraw from the Trans-Pacific Partnership, a move that would end a multi-national trade deal nearly seven years in the making, as soon as he takes office in the White House.
Trump addressed the nation for the first time since his victory in the Nov. 8 election in a Youtube message that was aimed at updating the transition of power in the White House and his plans for the first 100 days in office. George W. Bush and Barack Obama also addressed the nation during their transition to power.
"On trade, I'm going to issue a notification of intent to withdraw from the Trans-Pacific Partnership, a potential disaster for our country," Trump said. "Instead, we will negotiate fair bilateral trade deals that bring back jobs and industry back onto American shores."
Withdrawing from the trade deal was one of six "executive actions" Trump said he would take on day one based on his core principles: putting America first. Others on that list were reforms on energy, regulation, national security, immigration, and ethics.
2. -- U.S. stock futures and European and Asian shares posted solid gains Tuesday, getting a lift from a continued rally in oil and after Wall Street closed at record highs.
Crude oil in the U.S. early Tuesday rose 0.5% to $48.46 a barrel after jumping 4.5% on Monday on hopes that OPEC will agree on production cuts.
The S&P 500, Dow Jones Industrial Average and Nasdaq each scored record closing highs on Monday, the first time all have done so on the same day since mid-August. The three had previously closed at records simultaneously back in 1999.
Japan's Nikkei 225 index rose 0.3% after dipping briefly following a powerful earthquake in northern Japan that set off a small tsunami but caused minor damage and injuries.
The economic calendar in the U.S. on Tuesday includes Existing Home Sales for October at 10 a.m. EST.
3. -- Shares of Palo Alto Networks (PANW) were sliding 11.7% in premarket trading on Tuesday after fiscal first-quarter revenue for the cybersecurity provider rose but at the slowest pace since it became a public company.
Revenue rose 34% to $398.1 million; analysts expected revenue of $400.3 million.
Palo Alto Networks said for the current quarter it expects revenue of $426 million to $432 million, below forecasts of $438.8 million.
4. -- Hormel Foods (HRL) posted fiscal fourth-quarter adjusted earnings of 45 cents a share, missing estimates by a penny. Revenue of $2.63 billion topped forecasts.
Earnings are expected Tuesday from Seadrill (SDRL) , Dollar Tree (DLTR) , Campbell Soup (CPB) , Barnes & Noble (BKS) , Urban Outfitters (URBN) , HP Inc. (HP) , Hewlett Packard Enterprise (HPE) and GameStop (GME) .
5. -- The head of Volkswagen's (VLKAY) core brand sketched out a broad restructuring emphasizing electric cars and digital technology such as autonomous vehicles and car-sharing.
Volkswagen division head Herbert Diess said Tuesday at a news conference at company headquarters in Wolfsburg, Germany, that the goal was "to fundamentally change Volkswagen" as it bounces back from a scandal over cars rigged to cheat on diesel emissions tests, the Associated Press reported.
The plan foresees new investments in electric-car technology and in software that would enable new ways of using and sharing cars over the longer term.
It seeks to raise sales profit margins to 6% by 2025, from just 2% in 2015.