10:00 am:

[BRIEFING.COM] The major averages continue hovering a step above their unchanged marks.

Just in, the ISM Index for July declined to 56.3 from an unrevised reading of 57.8 in June while the Briefing.com consensus expected a downtick to 56.2.

Separately, the Construction Spending report for June declined 1.3% while the Briefing.com consensus expected an increase of 0.5%. The prior month's reading was revised to 0.3% from 0.0%.

9:45 am:

[BRIEFING.COM] The major averages opened Tuesday's session in positive territory with the S&P 500 sporting a gain of 0.2%.

Most sectors trade in the green this morning with energy (-0.1%), health care (-0.1%), and materials (-0.1%) being the only laggards. The heavily-weighted financial sector (+0.3%) is demonstrating relative strength for the second day in a row, extending its week-to-date gain to 1.0%. The real estate space is the top performer, up 0.7%.

U.S. Treasuries have ticked up recently in a curve-flattening trade. The 10-yr yield is unchanged at 2.30% while the 2-yr yield is lower by one basis point at 1.34%.

9:17 am: [BRIEFING.COM] S&P futures vs fair value: +8.80. Nasdaq futures vs fair value: +25.60.

Buyers have the edge this morning following Monday's mixed finish and ahead of Apple's (AAPL 149.10, +0.37) latest earnings report, which will be released following the closing bell. The S&P 500 futures currently trade nine points, or 0.4%, above fair value.

U.S. Treasuries are trading lower after June personal income missed expectations (0.0% actual vs +0.3% Briefing.com consensus). However, June personal spending (+0.1%) and the June core PCE Price Index (+0.1%) both met expectations. The benchmark 10-yr yield is two basis points higher at 2.31%.

Investors will receive two additional pieces of economic data today--June Construction Spending (Briefing.com consensus 0.5%) and the July ISM Index (Briefing.com consensus 56.2). Both reports will be released at 10:00 ET. Also of note, July auto and truck sales will be released throughout the day.

In U.S. corporate news, Pfizer (PFE 33.10, -0.06) is down 0.2% in pre-market action after a mixed earnings report; the Dow component beat earnings estimates but fell short of revenue expectations. Meanwhile, Under Armour (UAA 19.03, -1.01) has dropped 5.0% after announcing a restructuring plan and lowering its guidance for the fiscal year.

Elsewhere on the earnings front, Cummins (CMI 158.50, -9.47) has tumbled 5.6% this morning after missing earnings estimates, Simon Properties (SPG 162.05, +3.55) is up 2.2% after beating bottom-line estimates, and Sprint (S 8.34, +0.36) is up 4.1% after beating earnings expectations and raising its profit guidance.

Crude oil's six-session winning streak is in danger as the commodity currently trades lower by 0.4% at a price of $49.93/bbl. Meanwhile, the U.S. Dollar Index (92.83, +0.16) is higher by 0.2%.

8:50 am: [BRIEFING.COM] S&P futures vs fair value: +7.80. Nasdaq futures vs fair value: +20.90.

The S&P 500 futures trade eight points, or 0.3%, above fair value.

Equity indices in the Asia-Pacific region ended Tuesday on a higher note. Regional economic data included below-consensus Manufacturing PMI readings from India and Japan while China's Caixin Manufacturing PMI beat expectations. The People's Bank of China reportedly uncovered operational violations at 40 Chinese banks. The banks have up to six months to correct the issues. In Japan, Chief Cabinet Secretary Yoshihide Suga confirmed that Prime Minister Shinzo Abe plans to reshuffle his cabinet on August 3. The Reserve Bank of Australia left its cash rate unchanged at 1.50%, as expected. The central bank noted that the relative strength of the Australian dollar results from weakness in the U.S. dollar. The Reserve Bank of India will meet overnight.

• In economic data:

  • Japan's July Manufacturing PMI 52.1 (expected 52.2; last 52.2)

  • China's July Caixin Manufacturing PMI 51.1 (consensus 50.4; last 50.4)

  • India's Nikkei July Manufacturing PMI 47.9 (expected 50.8; last 50.9)

  • South Korea's July Nikkei Manufacturing PMI 49.1 (last 50.1)

  • Australia's July AIG Manufacturing Index 56.0 (last 55.0)

  • South Korea's July CPI +0.2% month-over-month (last -0.1%); +1.9% year-over-year (consensus 2.0%; last 1.9%). July trade surplus narrowed to KRW10.65 billion from KRW10.77 billion. July Imports +14.5% year-over-year (last 19.8%) and July Exports +19.5% year-over-year (last 13.6%)

---Equity Markets---

• Japan's Nikkei edged up 0.3%. Toshiba spiked 11.0% while Nitto Denko, Yamato Holdings, Teijin, Sumitomo Mitsui Financial, T&D Holdings, Dentsu, Sumitomo Mitsui, Sony Financial Holdings, and Mitsubishi advanced between 1.8% and 3.7%.

• Hong Kong's Hang Seng climbed 0.8%, nearing its high from 2015. Financials ended in the lead with Ping An Insurance, China Life Insurance, BoC Hong Kong, Bank of China, Bank of East Asia, China Construction Bank, ICBC, and Hang Seng Bank climbed between 0.8% and 4.1%. On the downside, Geely Automobile lost 1.8%.

• China's Shanghai Composite slipped from its high in afternoon action, but charged to a fresh high into the close, adding 0.6%. Shanghai Jin Jiang International Industrial Investment, Shanghai Lujiazui Finance & Trade Zone Development, Anhui Expressway, Bestsun Energy, and Beijing Teamsun Technology gained between 4.5% and 5.1%.

• India's Sensex ticked up 0.2% with more than half of its components moving higher. Hero MotoCorp, Maruti Suzuki, and Mahidra&Mahindra gained between 1.8% and 2.1% while tech consultants were mixed. Wipro gained 1.8%, Tata Consultancy shed 0.2%, and Infosys lost 0.6%. Lupin was the weakest performer, falling 1.4%.

Major European indices trade higher across the board while the euro (1.1810) has shed 0.3% against the dollar after hitting a 19-month high against the greenback yesterday afternoon. British Chancellor Philip Hammond said Brexit will not be postponed or delayed, but the balancing of the UK's budget may be delayed.

• In economic data:

  • Eurozone Q2 GDP +0.6% quarter-over-quarter, as expected (last 0.5%); +2.1% year-over-year (consensus 2.4%; last 1.9%). July Manufacturing PMI 56.6 (expected 56.8; last 56.8)

  • Germany's July Manufacturing PMI 58.1 (expected 58.3; last 58.3). July Unemployment Change -9,000 (consensus -5,000; last 6,000) and Unemployment Rate held at 5.7%, as expected

  • UK's July Manufacturing PMI 55.1 (expected 54.4; last 54.2). July Nationwide HPI +0.3% month-over-month (expected -0.1%; last 1.1%); +2.9% year-over-year (consensus 2.7%; last 3.1%)

  • France's July Manufacturing PMI 54.9 (expected 55.4; last 55.4)

  • Italy's July Manufacturing PMI 55.1 (consensus 55.2; last 55.2)

  • Spain's July Manufacturing PMI 54.0 (expected 54.5; last 54.7)

---Equity Markets---

• Germany's DAX is higher by 0.7% with most components trading in the green. Lufthansa has spiked 2.6% while Prosiebensat 1, Heidelbergcement, and Infineon are up between 1.5% and 1.7%. BMW, Daimler, and Volkswagen show gains between 0.8% and 1.5%. Adidas is the weakest component, falling 0.9%.

• France's CAC trades up 0.7% with heavyweights among the leaders. Peugeot, Airbus Group, Renault, Louis Vuitton, and Total have added between 1.3% and 1.8%. A handful of consumer names lag with Danone and Pernod Ricard shedding 0.4% and 0.6%, respectively.

• UK's FTSE has climbed 0.8%. Rolls-Royce has surged 9.6% in reaction to upbeat earnings while BP has climbed 3.2% after it too beat estimates. Consumer stocks like Paddy Power, Imperial Brands, Taylor Wimpey, Burberry, and British American Tobacco show gains between 1.4% and 2.0%. On the downside, select miners like Fresnillo, Anglo American, and Randgold Resources show losses between 0.4% and 2.4%.

8:34 am: [BRIEFING.COM] S&P futures vs fair value: +6.00. Nasdaq futures vs fair value: +19.80.

The S&P 500 futures currently trade six points, or 0.2%, above fair value.

Just in, personal income was unchanged in June (Briefing.com consensus +0.3%) after a downwardly revised 0.3% increase for May (from 0.4%). Personal spending rose 0.1%, as expected, while the prior month's reading was revised to 0.2% from 0.1%.

The core PCE Price Index, which excludes food and energy, increased 0.1%, as expected.

8:01 am: [BRIEFING.COM] S&P futures vs fair value: +5.30. Nasdaq futures vs fair value: +20.40.

It appears that the stock market will open Tuesday's session in the green following yesterday's mixed finish. The S&P 500 futures currently trade five points, or 0.2%, above fair value.

Apple (AAPL 149.00, +0.27), the S&P 500's largest component by market cap, will release its latest earnings report following today's closing bell. Investors will be looking for further details on the much-anticipated iPhone 8, which is expected to be released later this year. AAPL shares currently hold a year-to-date gain of 28.4%.

The Personal Income and Personal Spending Report for June, which will cross the wires at 8:30 ET, is the highlight on today's economic calendar. The Briefing.com consensus expects that personal income and personal spending will increase by 0.3% and 0.1%, respectively. The report will also include the core PCE Price Index (Briefing.com consensus 0.1%).

In addition, investors will also receive the June Construction Spending Report (Briefing.com consensus 0.5%) and the July ISM Index (Briefing.com consensus 56.2), both of which will be released at 10:00 ET. Auto and truck sales will be released throughout the day.

U.S. Treasuries are trading flat for the second day in a row, leaving the benchmark 10-yr yield unchanged at 2.29%. Meanwhile, the U.S. Dollar Index (92.82, +0.15) is up 0.2% and crude oil is down 0.4% at $49.98/bbl. The commodity enters today's session on a six-session winning streak.

In U.S. corporate news:

• Pfizer (PFE 33.38, +0.22): +0.7% after better than expected earnings outweighed lower than expected revenues.

• Sprint (S 8.20, +0.22): +2.8% after beating bottom-line estimates and raising its profit guidance.

• Under Armour (UAA 19.61, -0.41): -2.1% after downbeat guidance overshadowed better than expected earnings and revenues.

Reviewing overnight developments:

• Equity indices in the Asia-Pacific region ended Tuesday on a higher note. Japan's Nikkei +0.3%, Hong Kong's Hang Seng +0.8%, China's Shanghai Composite +0.6%, India's Sensex +0.2%.

  • In economic data:

    • Japan's July Manufacturing PMI 52.1 (expected 52.2; last 52.2)

    • China's July Caixin Manufacturing PMI 51.1 (consensus 50.4; last 50.4)

    • India's Nikkei July Manufacturing PMI 47.9 (expected 50.8; last 50.9)

    • South Korea's July Nikkei Manufacturing PMI 49.1 (last 50.1)

    • Australia's July AIG Manufacturing Index 56.0 (last 55.0)

    • South Korea's July CPI +0.2% month-over-month (last -0.1%); +1.9% year-over-year (consensus 2.0%; last 1.9%). July trade surplus narrowed to KRW10.65 billion from KRW10.77 billion. July Imports +14.5% year-over-year (last 19.8%) and July Exports +19.5% year-over-year (last 13.6%)

  • In news:

    • Regional economic data included below-consensus Manufacturing PMI readings from India and Japan while China's Caixin Manufacturing PMI beat expectations.

    • The People's Bank of China reportedly uncovered operational violations at 40 Chinese banks. The banks have up to six months to correct the issues.

    • In Japan, Chief Cabinet Secretary Yoshihide Suga confirmed that Prime Minister Shinzo Abe plans to reshuffle his cabinet on August 3.

    • The Reserve Bank of Australia left its cash rate unchanged at 1.50%, as expected. The central bank noted that the relative strength of the Australian dollar results from weakness in the U.S. dollar.

    • The Reserve Bank of India will meet overnight.

• Major European indices trade higher across the board while the euro (1.1814) has shed 0.2% against the dollar after hitting a 19-month high against the greenback yesterday afternoon. Germany's DAX +0.3%, France's CAC +0.5%, UK's FTSE +0.5%.

  • In economic data:

    • Eurozone Q2 GDP +0.6% quarter-over-quarter, as expected (last 0.5%); +2.1% year-over-year (consensus 2.4%; last 1.9%). July Manufacturing PMI 56.6 (expected 56.8; last 56.8)

    • Germany's July Manufacturing PMI 58.1 (expected 58.3; last 58.3). July Unemployment Change -9,000 (consensus -5,000; last 6,000) and Unemployment Rate held at 5.7%, as expected

    • UK's July Manufacturing PMI 55.1 (expected 54.4; last 54.2). July Nationwide HPI +0.3% month-over-month (expected -0.1%; last 1.1%); +2.9% year-over-year (consensus 2.7%; last 3.1%)

    • France's July Manufacturing PMI 54.9 (expected 55.4; last 55.4)

    • Italy's July Manufacturing PMI 55.1 (consensus 55.2; last 55.2)

    • Spain's July Manufacturing PMI 54.0 (expected 54.5; last 54.7)

  • In news:

    • British Chancellor Philip Hammond said Brexit will not be postponed or delayed, but the balancing of the UK's budget may be delayed.

5:50 am: [BRIEFING.COM] S&P futures vs fair value: +8.50. Nasdaq futures vs fair value: +32.60.

5:50 am: [BRIEFING.COM] Nikkei...19986...+60.60...+0.30%. Hang Seng...27540...+216.20...+0.80%.

5:50 am: [BRIEFING.COM] FTSE...7427.36...+55.40...+0.80%. DAX...12166...+47.50...+0.40%.