Here are five things you must know for Tuesday, Feb. 6:

1. -- Stock Futures Swing Wildly

U.S. stock futures were swinging wildly in and out of positive territory on Tuesday, Feb. 6, and European stocks suffered steep declines, as investors tried to make sense of a market rout that has spread globally.

Futures tied to the Dow Jones Industrial Average have swung more than 1,000 points on Tuesday and most recently were down 212 points, following the Dow's drop on Monday, Feb. 5, of 1,175 points, or 4.6%, the largest single-day point drop ever. Contracts tied to the broader S&P 500 declined 8.00 points after the index plunged 4.1% on Monday.

The Dow plummeted by as much as 1,597 points at one point on Monday. The blue-chip index has declined 1,840 points over the last two trading sessions and has now turned negative for the year.

The catalyst for the latest selloff came as bond yields spiked after the U.S. added 200,000 jobs to payrolls in January, above forecasts, and yearly wage gains rose at the fastest pace since the Great Recession of 2008-2009. For many traders, the wage gains are a sign the Federal Reserve will have to pick up the pace of its rate hikes. 

"(Monday's) market drop, while understandably unsettling to investors, just takes us back about two months," said Bankrate.com's chief financial analyst Greg McBride. "The S&P 500 last closed lower than this on Dec. 7. Market corrections are normal, no matter how nerve wracking they are at the time. Just hang in there, maintain a long-term perspective and resist the urge for any knee-jerk reactions."

The  economic calendar in the U.S. on Tuesday includes International Trade for December at 8:30 a.m. ET, and the Job Openings and Labor Turnover Survey for December at 10 a.m. 
 
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2. -- Disney Highlights Earnings Calendar

Allergan PLC (AGN) posted fourth-quarter adjusted earnings of $4.86 a share, beating forecasts of $4.74. 

The stock was rising 1.8% in premarket trading following the release of the earnings and after Allergan said Tuesday that its migraine drug saw positive results in a late-stage clinical trial.

General Motors Co. (GM) reported fourth-quarter earnings that topped expectations. The stock gained slightly in premarket trading.

Dunkin' Brands Group Inc. (DNKN) beat Wall Street earnings forecasts, reporting fourth-quarter profit of 64 cents a share, compared with the anticipated 63 cents.

Earnings are also expected Tuesday from Chipotle Mexican Grill Inc. ( CMG) , Snap Inc. ( SNAP) and Walt Disney Co. ( DIS) .
 
Allergan is a holding in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells the stock? Learn more now.
 

3. -- Toyota Raises Profit Forecast

Toyota Motor Corp. (TM) saw its profit nearly double in the fiscal third quarter, and the Japanese automaker lifted its annual profit projection through March to 2.4 trillion yen ($22 billion), a record high.

Toyota said profit in the October-December quarter was 941.8 billion yen ($8.6 billion), up from 486.5 billion yen a year earlier. Sales rose 7.4% to 7.6 trillion yen ($69.8 billion).

The company said it got a nearly 292 billion yen ($2.7 billion) boost from tax breaks under the Trump administration for the nine months through December.

American depositary receipts of Toyota rose 0.8% in premarket trading on Tuesday.

4. -- BP Earnings Top Forecasts

BP PLC ( BP)  reported fourth-quarter underlying replacement cost profit of $2.1 billion, beating analysts' expectations of $1.9 billion.

"This is the best earnings we have had in recent history ... All of the businesses are firing on all cylinders," CEO Bob Dudley told CNBC on Tuesday.

 
The CEO told CNBC that a rally in oil prices to more than $70 a barrel at the start of 2018 "felt a little bit high," and added: "We're not planning on $70 a barrel. We're going to plan our year on $55 to $60, roughly, and if is higher we'll more than deliver on our promises."
 
BP shares traded in London fell 1.2%.
 
Brent crude oil, the European benchmark, fell 1.6% to $66.55 a barrel on Tuesday, while West Texas Intermediate crude, the U.S. benchmark, declined 1% to $63.50 a barrel.

5. -- Lululemon CEO Abruptly Resigns

Lululemon Athletica Inc. (LULU) said Laurent Potdevin has resigned as CEO over issues with conduct.

"Lululemon expects all employees to exemplify the highest levels of integrity and respect for one another, and Mr. Potdevin fell short of these standards of conduct," the company said in a statement.

 It wasn't one single action or event that prompted his resignation, but a "range of instances in which he demonstrated a lack of leadership," according to a person familiar with the matter.
 
Potdevin became CEO of the yoga pants maker in January 2014. 
 
The stock fell 2.5% in premarket trading on Tuesday.

This article includes updated stock market data and earnings from Allergan, General Motors and Dunkin' Brands.

 
 
 

 

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