Dow, S&P 500, Nasdaq set to add record highs

US stock futures rallied Tuesday, adding to Friday’s record for the Dow Jones Industrial Average, S&P 500 and Nasdaq. The US stock market was closed on Monday for Presidents Day. All three stock benchmarks ended higher last week, in line with the strength of February. For the year, as of Friday’s close, the Dow, S&P 500 and Nasdaq were up nearly 2.8%, 4.8% and 9.4% respectively. (CNBC)

30-year Treasury yields remained above 2% on Tuesday as investors watched the progress of President Joe Biden’s proposed $ 1.9 trillion Covid stimulus package on Capitol Hill and the push for wider spread of coronavirus vaccines in the U.S. . more than 1.26%. (CNBC)

Bitcoin hit a new all-time high on Tuesday, going above $ 50,000 per unit for the first time ever, before slashing some of those gains. Major companies announced support for digital currencies last week. Bitcoin has more than quadrupled in 2020 and more than 60% this year. (CNBC)

* MicroStrategy shares soar after company unveils plans to sell convertible debt to buy more bitcoin (CNBC)

More than 3.8 million Texas homes were in the dark on Tuesday morning as record-low temperatures increased the demand for power for heat, pushing the state’s power grid to its limits. Rolling blackouts, typically on hot summer days, were imposed in Texas. The frigid weather was part of a massive winter storm that brought snow, sleet and freezing rain to the southern plains, across parts of the Ohio Valley and the Northeast. (AP)

The power shortage was so great that spot prices of wholesale electricity on the Texas power grid went up by more than 10,000% on Monday. Natural gas futures are up more than 6% on Tuesday morning. However, RBC analysts said, “Certain regional spot natural gas prices have increased ten to a hundredfold in a matter of days.” US oil prices also hit a pandemic peak above $ 60 a barrel as drilling and refining plants shut down due to the cold. (CNBC and Reuters)

House Speaker Nancy Pelosi said on Monday that Congress will set up an independent 9/11-style committee to investigate last month’s deadly uprising in the Capitol. Investigation into the riot was already planned, with senate hearings in the Rules Committee for later this month. (CNBC)

* Senate GOP leader McConnell op-ed: Acquittal vindicated Constitution, not Trump (WSJ)
* Social media platform Parler is back online on ‘independent technology’ (Reuters)
* New York prosecutors investigating Trump’s properties in Manhattan (WSJ)

In an effort to move beyond Trump’s acquittal in last week’s impeachment lawsuit, Biden will make his first official domestic tours of his presidency, starting with a CNN town hall in Wisconsin on Tuesday and a tour of a Pfizer (PFE ) Covid vaccine facility in Michigan. on Thursday. (AP)

* Israeli study finds 94% reduction in symptomatic Covid-19 cases with Pfizer vaccine (Reuters)
* Covid-linked syndrome in children is growing and cases are more severe (NY Times)

Marriott International (MAR (announced on Tuesday the death of its CEO Arne Sorenson, who had undergone treatment for pancreatic cancer. Two weeks ago, Marriott said Sorenson would temporarily shorten its schedule to allow for more demanding treatment. Sorenson became the third CEO in Marriott history) in 2012, and the first without the Marriott surname. (CNBC & Press Release)

CVS Health (CVS): The pharmacy company reported quarterly earnings of $ 1.30 per share, 6 cents above estimates. Sales also exceeded Wall Street predictions, aided in part by Covid-19 testing and site vaccinations.

Palantir Technologies (PLTR): Shares of the company for business analysis fell 6.2% in the premarket after reporting a quarterly loss, although sales hit Street’s highest estimates with a jump in new business.

AutoNation (AN): The auto dealer beat estimates by 42 cents a share, with quarterly earnings of $ 2.43 a share. Turnover also exceeded estimates as demand remains high when stocks are tight. AutoNation announced the addition of $ 1 billion to its share buyback program.

Constellation Brands (STZ): Beer brewer AB InBev (BUD) is suing Constellation for using the Corona brand name for its hard seltzer. AB InBev states that a deal between the two in 2013 involving the brand name did not allow Constellation to use it for products other than beer.

CoreLogic (CLGX): CoStar Group (CSGP) has submitted a new offer to acquire rival real estate data provider CoreLogic at a value of $ 95.76 per share of stock, following CoreLogic’s agreement on February 4 by private equity firms Stone Capital and Insight Partners will be acquired for $ 80 per share in cash.

Southwest (LUV): The airline said it is experiencing a significant impact on passenger demand year-over-year as a result of Covid-19, although it said it expects an improvement from February to March.

Progressive (PGR): The insurer struck a deal to buy Protective Insurance (PTVCB) for $ 23.30 per share in cash, compared to Protective’s close of $ 15.01 per share on Friday. Protective stocks were up about 47% in premarket trading.

Apple (AAPL): Automaker Nissan said it is not in talks with Apple about a possible joint venture for autonomous vehicles. A report in the Financial Times said the two companies briefly discussed the matter, but those talks failed.

Toyota Motor (TM): The automaker will shut down production at nine plants in Japan following an earthquake that hit Japan’s northeastern region last week. Toyota has not specified the impact on production.

Facebook (FB): Facebook is designing a smartwatch that would have messaging functions and provide health and fitness information, according to technology website The Information, citing people familiar with the matter. Sales of the device would start next year, according to the report.

Nvidia (NVDA): The FTC has opened an investigation into the graphics chipmaker’s deal to buy UK-based chip designer Arm Holdings for a whopping $ 40 billion. The deal had reportedly been the subject of protests from regulators by Alphabet (GOOGL), Qualcomm (QCOM) and Microsoft (MSFT).

Bristol-Myers Squibb (BMY): Bristol and French partner Sanofi (SNY) will pay more than $ 834 million to Hawaii in a case involving the blood-thinning drug Plavix. The state had accused the drug makers of warning non-white patients of the risks associated with the drug. Bristol and Sanofi said the ruling was inconsistent with the evidence and promised to appeal.

Cintas (CTAS): The uniforms and construction services provider gave a better-than-expected earnings outlook for the current quarter and said it now has a clearer picture of Covid-19’s impact on its business and its balance sheet remains solid.