5 things to know before the stock market opens Tuesday, June 21

Here are the most important news, trends and analysis that investors need to start their trading day:

Dow futures jumped 400 points, or 1.4%, on Tuesday after a terrible week of selling. S&P 500 and Nasdaq futures both bounced around 1.5% to start the holiday-shortened week. The 10-year Treasury yield on Tuesday remained off 2011 highs, nearly 3.28%, a level that’s helping take pressure off stocks. Following last week’s biggest Federal Reserve interest rate hike since 1994 to fight inflation, Fed Chairman Jerome Powell is set deliver his semiannual monetary policy report to Congress on Wednesday and Thursday.

• The S&P 500‘s weekly decline of 5.8% was its worst since March 2020, the month the Covid pandemic was declared, as investors worried about a recession.
• The Dow closed under 30,000 again on Friday and lost 4.8% last week. That’s the weakest weekly performance for the 30-stock average since October 2020.
• No superlatives for the poorly performing Nasdaq‘s 4.8% weekly loss.
• All three stocks benchmarks fell for three straight weeks. The S&P 500 and the Nasdaq saw weekly losses in 10 out of the past 11 sessions, both in bear markets. The Dow’s negative week was its 11th out of the past 12, in a sharp correction.

West Texas Intermediate crude, the American oil benchmark, rose 2% on Tuesday to roughly $110 per barrel, sparking a strong premarket rally in energy stocks. However, WTI sank more than 9% last week, breaking a seven-week winning streak and settling Friday about 15% below its 13-year highs in early March of $130.50. Seesawing worries about supply and demand due to geopolitical factors including Russia’s war in Ukraine and China’s rolling Covid mitigation lockdowns and restrictions have kept oil and gasoline elevated.

• But as of Tuesday, the national average for a gallon of gas dipped back under $5. Still that’s still really high, and President Joe Biden said Monday he’s seriously considering a temporary halt in the federal gas tax before July Fourth.

Kellogg announced plans Tuesday to separate into three independent companies. The food giant will spin off its North American cereal business and plant-based division, units that accounted for about 20% of its revenue last year. The third independent company will be the remaining businesses — including its snacks, noodles, international cereal and North American frozen breakfast brands, which represented about 80% of its 2021 sales. CEO Steve Cahillane told CNBC on Tuesday it’s likely the name Kellogg will stick around in some fashion. Shares of Kellogg jumped 6% in the premarket after the announcement.

Shares of Spirit Airlines jumped 9% in Tuesday’s premarket but remained below JetBlue‘s…