NEW YORK ( TheStreet) -- Here are 10 things you should know for Tuesday, May 7:
1. -- U.S. stock futures were pointing higher Tuesday, signaling that the S&P 500 would stay near record-high levels.
"While stocks are continuing to advance, the composition of the rally has started to change," Russ Koesterich, global chief investment strategist at New York-based BlackRock, said in a note. He said that large- and mega-cap stocks are now outperforming smaller-caps, "a trend we expect will continue."
2. -- The economic calendar in the U.S. Tuesday includes consumer credit for March at 3 p.m. EDT.
3. -- U.S. stocks on Monday ended mixed. The S&P 500 added 0.19% to 1,617.50 after the index surged past 1,600 for the first time on Friday. The Dow Jones Industrial Average dipped 0.03% to 14,968.89 while the Nasdaq rose 0.42% to 3,392.97.
4. -- Bank of America (BAC - Get Report) settled longstanding litigation with MBIA (MBI), agreeing to pay $1.6 billion to the insurer and take a 4.9% stake in MBIA. Bank of America will remit to MBIA bonds it purchased through a tender offer that mature in 2034. The bank also will terminate other trades between the two institutions, including credit default swaps it bought from MBIA on commercial mortgage-backed securities. Bank of America also will provide MBIA with a $500 million credit line.
5. -- Microsoft (MSFT - Get Report) said it sold more than 100 million Windows 8 licenses, but is retooling the latest version of its Windows operating system to address customer complaints and shortcomings in the OS. The tune-up will be released to consumers and businesses later this year. International Data Corp. said Windows 8 confused customers so much it contributed to a 14% decline in worldwide PC sales during the first three months of the year, the biggest year-over-year drop ever.
6. -- Walt Disney (DIS - Get Report) is expected by Wall Street on Tuesday to post fiscal second-quarter earnings of 77 cents a share on revenue of $10.49 billion. The media giant announced Monday that it entered a multi-year deal with Electronic Arts (EA - Get Report) to develop new "Star Wars" video games. Electronic Arts is expected by analysts on Tuesday to report fiscal fourth-quarter profit of 57 cents a share on sales of $1.03 billion.
7. -- Whole Foods Market (WFM - Get Report) is projected by Wall Street on Tuesday to post fiscal second-quarter earnings of 73 cents a share on revenue of $3.03 billion.
8. -- Zillow (Z), the real estate Web site, is expected by analysts to post a first-quarter loss of 3 cents a share.