Here is what you need to know.
Powell to testify. President Donald Trump’s nominee for Federal Reserve chair, Jerome Powell, will testify before the Senate Banking Committee on Tuesday.
The GOP tax plan could slam into a wall. The Senate Budget Committee is expected to take up the GOP tax bill on Tuesday, and Sen. Ron Johnson has said he will not vote for it as written. Because Republicans have only a one-vote majority in the committee, that would prevent the bill from making it to the Senate floor.
A Bank of England survey says politicians pose the biggest risk to the UK financial system. Almost all respondents said political risk posed a threat to the UK financial system, while 67% said it was the biggest perceived threat.
Bitcoin hits a new high. The cryptocurrency hit a record high of $9,920 a coin on Tuesday morning, according to data provided by Markets Insider.
SoftBank wants a 30% discount for a chunk of Uber. The conglomerate wants to pay a valuation of about $48 billion, or 30% off Uber’s current valuation of $69 billion, for as much as $9 billion worth of Uber stock, Bloomberg reports, citing anonymous sources.
Roark Capital agrees to buy Buffalo Wild Wings. The private-equity firm agreed to pay $2.4 billion, or about $157 a share, for the chicken-wing chain, Bloomberg says, citing people with knowledge of the matter.
Shell was reportedly involved in the 1990s Nigerian human-rights abuses. Amnesty International is calling for a criminal investigation into the oil giant after saying it uncovered thousands of documents showing the oil giant’s involvement in human-rights abuses in the oil-producing Ogoniland region of Nigeria in the 1990s.
Stock markets around the world trade mixed. Australia’s ASX (-0.47%) trailed overnight, and Britain’s FTSE (+0.55%) leads in Europe. The S&P 500 is set to open up 0.12% near 2,605.
Earnings reporting is light. Autodesk and Marvell Technology report after markets close.
US economic data picks up. FHFA and Case-Shiller home prices will be released at 9 a.m. ET, and consumer confidence crosses the wires at 10 a.m. ET. The US 10-year yield is unchanged at 2.33%.