What's moving markets todayBy CNN Business
Our Seth Fiegerman reports that Alphabet (GOOGL), the parent company of Google, posted a 20% jump in ad sales for the last three months of 2018. That's remarkable given that the tech industry's data-privacy practices are under more scrutiny that ever, from both regulators and consumers alike.
Fiegerman reminds us of the recent flurry of events:
US stocks closed sharply higher on Monday, powered by late-day buying in the tech world and a recovery in oil prices.
Energy stocks (XLE) recovered from earlier losses, in tandem with oil prices. US crude settled down 1.3% to $54.56 a barrel, rebounding from an early plunge of nearly 4%.
Oil prices have been on a roller coaster ride lately, and there are no signs that will stop.
Our Matt Egan notes that there are a number of reasons for that, including fading fears of a US recession, a strong January jobs report and OPEC's efforts to reign in production. Plus, there are the recently implemented sanctions on a Venezuelan oil company.
"There's just too many x-factors at this point," Egan said on CNN International's The Express.
The recent string of quick oil rallies and sharp selloffs are "going to continue and it will really be a volatile place for the foreseeable future," he added.
US markets are finally showing some signs of life after a slow start on Monday.
The tech sector is the clear standout, with the Technology Select Sector SPDR (XLK) surging 1.4%. The rally reflects optimism ahead of Google owner Alphabet's (GOOGL) big earnings report after the closing bell.
Another positive for stocks: Energy stocks (XLE) have rebounded in tandem with oil prices. US crude plunged as much as 3.6% on Monday but has since halved its losses.
The big winner on the S&P 500 is Clorox (CLX), which soared 9% after beating earnings estimates.
Shares of Gannett (GCI) are down nearly 3% following its decision to reject a takeover bid from a hedge fund-owned company.
The nation's largest newspaper chain, which also publishes USA Today, said this morning that it would not accept an acquisition offer from MNG Enterprises. Gannett said in a statement the offer was "not in the best interests of Gannett and its shareholders."
MNG made an unsolicited offer last month to buy Gannett, arguing that the struggling newspaper chain was in need of new ownership. Gannett has seen its value plunge by 40% over the last two years.
Wall Street hasn't awoken from its Super Bowl slumber yet.
US markets opened little changed on Monday.
The quiet open comes after the Dow rallied more than 1% last week, its sixth straight weekly gain.
US oil prices tumbled 2% to $54.12 a barrel, dragging down energy stocks (XLE).
Tesla said it plans to acquire Maxwell Technologies, a company that makes sustainable energy products including vehicle batteries.
The all-stock deal values Maxwell's stock at $4.75 per share — a 55% premium above Friday's closing of $3.07. The purchase values Maxwell at nearly $218 million.
"We believe this transaction is in the best interests of Maxwell stockholders and offers investors the opportunity to participate in Tesla's mission of accelerating the advent of sustainable transport and energy," said Maxwell CEO Franz Fink in a release.
Bill Gross is retiring, capping off an influential 40 year career in finance.
Gross, 74, plans to focus on his "personal assets and private charitable foundation," according to investment firm Janus Henderson, which announced its star's departure.
Gross is best known for the founding of PIMCO, one of the world's largest mutual funds. Under Gross, PIMCO became the world's largest bond fund manager.
Shares of Clorox (CLX) are jumping nearly 5% following a solid earnings report.
The consumer goods conglomerate's second-quarter earnings beat expectations. Sales for the quarter rose 4% boosted by its laundry and lifestyle brands, including Hidden Valley salad dressings and Burt's Bees products. Clorox said its Nutranext supplements company purchase last year is paying off.
Clorox said its 2019 sales and earnings forecast remains "on track." The company forecasts between 2% and 4% sales growth.