5 stocks to watch on Tuesday: Meta Platforms, Rivian and more
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Following a mixed performance the previous day, stocks were pointing to a higher start to Tuesday's action. Congressional testimony from Federal Reserve Chair Jerome Powell will provide the centerpiece of the day's action. Here are some stocks to watch on Tuesday:

Meta Platforms (NASDAQ:META) edged higher in premarket trading amid reports that it will expand its planned job cuts. According to Bloomberg, the Facebook parent will slash thousands more jobs, on top of the approximately 11,000 layoffs it announced in November. Shares rose about 2% on the news.
News of a convertible note offering sparked selling in Rivian (RIVN). Shares of the EV maker dropped 7% after the company proposed a $1.3B private offering of green convertible senior notes. The financial instruments will have a maturity date of 2029 and will be sold to qualified institutional buyers.
Dick's Sporting Goods (DKS) reported a quarterly profit that edged past analysts' expectations. Revenue also topped projections, rising 7% to about $3.6B, with comparable store sales that rose 5.3%. The sports equipment retailer also more than doubled its quarterly dividend to $1 per share. Bolstered by the news, shares climbed nearly 5% before the opening bell.
Sea Ltd. (SE) jumped more than 10% in premarket action, driven higher by a Street-beating quarterly report. The Singapore-based tech company posted an adjusted profit for Q4, compared to a loss projected by analysts. Revenue rose 7% from last year to reach $3.45B.
CrowdStrike (CRWD) is scheduled to report its quarterly results after the closing bell. The cybersecurity firm is projected to see its earnings rise to $0.43 per share. Meanwhile, revenue is expected to climb more than 40% to reach nearly $627M.


The key catalyst during Tuesday's trading will be an appearance by Fed Chair Powell before the Senate Banking Committee, as part of his regular semi-annual testimony on monetary policy. Investors will be looking for signs as to when the central bank might halt its interest rate tightening.