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Here are five things you must know for Tuesday, Feb. 7:
Stocks pulled back on Monday, driven by uncertainty over potential policy moves from Donald Trump's administration.
"Everybody is still trying to process some of the political developments that we have had recently," Brad McMillan, chief investment officer at Commonwealth Financial Network, said in a phone interview. "There's a lot of reassessment going of some of those positive expectations. I think that's why you are seeing the pullback."
Meanwhile, Philadelphia Federal Reserve Bank President Patrick Harker said Monday that an interest-rate hike should be on the table at the central bank's next meeting in March.
"I still am supportive of three rate hikes this year, of course with a major caveat depending on how the economy evolves and policy, fiscal policy evolves," Harker told reporters after a speech on regulatory policy for fintech firms, Reuters reported. "I think March should be considered as a potential for another 25-basis point increase."
The economic calendar in the U.S. on Tuesday includes International Trade for December at 8:30 a.m. EST and the Job Openings and Labor Turnover Survey for December at 10 a.m.
2. -- Shares of BP (BP) were tumbling Tuesday after the oil giant posted fourth-quarter earnings below forecasts despite a rise in global oil prices.
Earnings in the quarter were 13 cents a share, below analysts' expectations of 16 cents. Revenue of just more than $51 billion rose 3.7% from a year earlier but missed forecasts of $54.7 billion.
BP said underlying replacement cost profit, the industry's preferred measure of earnings, rose to $400 million in the fourth quarter from $196 million a year earlier. Analysts were expecting $560 million.
The company said it expects to reduce capital investment in the business to between $16 billion and $17 billion this year, down from $19.5 billion in 2015.
4. -- Gap (GPS) shares rose 2.3% in after-hours trading on Monday after the San Francisco-based retailer reported that its sales in the fourth quarter and in January rose in what was generally a dismal holiday season for retailers.
5. -- Honda (HMC) signed a deal with Hitachi Automotive Systems to jointly develop, make and sell motors for electric vehicles.
Honda, which also makes its own electric motors, is making a big push into electric cars. It's planning an electric vehicle for sale later this year, mostly abroad.
The joint venture will have manufacturing and sales operations in the U.S. and China, the Associated Press reported.