Here are the top news, trends, and analysis investors need to get their trading day started:
1. Stocks will fall after the S&P 500’s best day since June
Traders on the floor of the New York Stock Exchange
2. Goal: Kohl’s quarterly results exceeded the estimates
A person wearing a protective mask walks past a Target Corp. store on Thursday, February 11, 2021. in the Grossmont Center Mall in La Mesa, California, USA.
Bing Guan | Bloomberg | Getty Images
Tuesday’s target beat Wall Street’s expectations for the fourth quarter thanks to a strong Christmas season and stimulus checks. Still, Target declined to provide a forecast for the coming year, as the pandemic made it too difficult to predict consumer patterns. Target reported adjusted quarterly earnings of $ 2.67 per share on revenue of $ 28.34 billion, up 21% year over year. Stocks were little changed.
A view outside of a Kohls store in Miramar, Florida.
Johnny Louis | Getty Images
Kohl’s shares rose nearly 2% in premarket trading after the department store chain posted adjusted earnings of $ 2.22 per share in the fourth quarter on Tuesday, more than double the estimate. Revenue of $ 5.88 billion, down 10% year over year, was slightly above expectations. Kohl’s said it sees sales growth in 2021.
3. Zoom Video stocks rise after profit, sales skyrocket
Zoom founder Eric Yuan speaks prior to the Nasdaq opening ceremony on April 18, 2019 in New York City.
I have Betancur | Getty Images
Zoom Video Communications’ shares rose 8% on the Tuesday prior to going public, the morning after the company reported adjusted earnings of $ 1.22 per share for the fourth quarter, pushing estimates down 43 cents. Revenue rose 369% year over year to $ 882.5 million, beating forecasts. Zoom, which was all the rage during Covid, issued an optimistic forecast for the current quarter, expecting millions of people and businesses to continue using its video calling platform.
4. Senate Democrats are working on their version of the Covid Relief Act
Senate Majority Leader Chuck Schumer (D-NY) speaks on the second day of Trump’s second impeachment trial in Washington on February 10, 2021 with reporters in the Senate reception room.
Brandon Bell | Pool | Reuters
Democrats’ hopes of including a federal minimum wage hike in their $ 1.9 trillion covid relief bill appeared nearly dead four days after the impartial Senate MP declared the Chamber’s rules outlawed theirs Admission. Senate Democrats hope to unveil their version of the House-approved package and begin the debate as early as Wednesday. Congressional leaders want to send the measure to President Joe Biden by March 14, when a federal unemployment benefit increase approved under the December relief measure expires.
5. Senator Elizabeth Warren introduces a wealth tax
Democratic Presidential Candidates Massachusetts Senator Elizabeth Warren and Vermont Senator Bernie Sanders (R) chat ahead of the tenth Democratic primary debate of the 2020 presidential campaign, hosted by CBS News and the Black Caucus Institute of Congress at the Gaillard Center in Charleston, South Carolina, will host on February 25, 2020.
Jim Watson | AFP | Getty Images
Senator Elizabeth Warren has revived the idea of a wealth tax that was central to her failed bid to become the 2020 Democratic presidential candidate. Senator Bernie Sanders, who also ran unsuccessfully as president for a wealth tax last year, is one of the co-sponsors of the Ultra-Millionaire Tax Act. The bill, tabled on Monday, provides for a 2% annual wealth tax between $ 50 million and $ 1 billion and an annual wealth tax of 3% over $ 1 billion.
– The Associated Press contributed to this report. Follow all developments on Wall Street in real time with CNBC Pro’s live market blog. Find out about the latest pandemics on our coronavirus blog.