- Macy's cut its profit guidance for the year.
- Nippon Steel is expected to close its acquisition of U.S. Steel at $55 per share, according to sources familiar with the matter.
- Automaker Stellantis named a new CEO.
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WATCH HEREHere are five key things investors need to know to start the trading day:
1. Rebound
The Dow Jones Industrial Average and the S&P 500 both snapped four-day losing streaks on Tuesday as the EU tariff delay boosted markets. The Dow added 740.58 points, or 1.78%, while the S&P 500 climbed 2.05%. More than nine out of 10 S&P 500 stocks were higher. The Nasdaq Composite had an even better day, popping 2.47% as tech stocks like Tesla saw outsized gains. Investors are waiting for Nvidia's earnings results to be released after the market closes. Follow live market updates.
2. New auto maker
Jeep owner Stellantis appointed Antonio Filosa as its new CEO early Wednesday morning, filling its top spot after months of searching. Filosa, who will take over starting June 23, was previously the automaker's North American chief operating officer. The previous CEO, Carlos Tavares, unexpectedly resigned in December as the company faced falling sales, a drop in profit and other issues in the U.S. Filosa has been with the company for 25 years.
3. May wait and sees
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SIGN UP Macy's cut its profit outlook for 2025, citing the effect of tariffs, more promotions and a slowdown in "discretionary spending." The retailer stuck by its full-year sales forecast, however, saying it expects sales between $21 billion and $21.4 billion, which would be a decline from $22.29 billion in the most recent full year. Macy's, which is in the middle of a turnaround plan, also beat Wall Street's quarterly earnings expectations.
Money Report
4. Nippon is on
Japanese company Nippon Steel is expected to close its acquisition of U.S. Steel at $55 per share, sources familiar with the matter told CNBC's David Faber. That's the same offer Nippon originally made for the American company before then-President Joe Biden blocked the takeover bid in January, citing national security concerns. President Donald Trump cleared the deal on Friday after ordering a new review of the offer. He called it a "partnership," said Nippon will invest billions in the company and said U.S. Steel's headquarters will remain in Pittsburgh. "It's a national security agreement that will be signed with the U.S. government," Sen. Dave McCormick, R-Pa., told CNBC's "Squawk Box" on Tuesday.
5. What's new is old
JPMorgan Chase is turning to old-fashioned brick-and-mortar locations to woo millionaires into investing their money with the bank. The bank wants affluent Americans who already use its checking accounts and credit cards to trust it to invest their money. JPMorgan is the country's biggest bank by deposits and assets, but peers like Morgan Stanley and Bank of America have it beat when it comes to wealth management. It's hoping a new strategy, along with 14 of the new-format branches with a warm feel that marks them as different from its regular branches, will help sway the wealthy.
— CNBC's Alex Harring, Spencer Kimball, Melissa Repko, Sam Meredith and Hugh Son contributed to this report.
