Stock indices on Tuesday
US stock indices will open lower, which could be another volatile session for investors after Monday's strong swings. Nasdaq Composite futures are down 2%, while S&P 500 and Dow Jones futures are down about 0.7%.
On Tuesday investors will try to focus on the earnings of several blue-chips, including IBM's better-than-expected quarter. Stocks are set to open with a gain of around 2%.
Johnson and Johnson earned $4.73 billion in the fourth quarter and sales rose 10% to $24.8 billion, falling short of the $25.2 billion estimate.
In other pharmaceutical news, the Food and Drug Administration is restricting the use of Regeneron and Eli Lilly's drugs to treat COVID-19 due to lack of efficacy, while Pfizer and BioNTech have announced clinical trials of their drug specifically for the omicron variant.
The Federal Reserve will also start its two-day meeting with an interest rate decision set for Wednesday and an update on what remains a solid inflation outlook.
Bitcoin continued to recover from Monday's lows.
In energy trading, US benchmark crude added 58 cents to $83.89 a barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the international benchmark, rose 76 cents to $87.03 a barrel.