Markets Rebound on Russia-Ukraine Developments, Inflation Surges, Intel's $5.4B Deal and Marriott Leads the Reopening Trade Higher
Carl Quintanilla and Jim Cramer explored the rebound in stocks -- and crude oil prices pulling back from seven-year highs -- after Russia said it is pulling back some of its troops from near Ukraine. The anchors also reacted to inflation data which showed January producer prices coming in hotter-than-expected, up 9.7% from a year ago. Carl and Jim highlighted the reopening trade: Marriott shares jumped to record highs as vaccinations and holiday traffic boosted quarterly results, while some states are scaling back COVID-related restrictions and companies are ramping up their return-to-office plans. The chip sector also in the spotlight: Intel agrees to buy Tower Semiconductor in a $5.4 billion deal -- and industry data show annual global semiconductor sales topped $500 billion for the first time. Cramer explains why this is "an exciting time" for the chips. Also in focus: Bitcoin rebounds, Fedspeak and why Cramer says "I'm with Bullard," plus merger talks reportedly progressing between Constellation Brands and Monster Beverage.
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