2. -- The economic calendar in the U.S. Tuesday is bare.
3. -- U.S. stocks on Monday closed higher after China reported an increase in exports and Japan revised its second-quarter gross domestic product suggesting the world's third-largest economy is growing faster than forecast. The S&P 500 jumped 1% to close at 1,671.71, its largest percentage gain since Aug. 1. The Dow Jones Industrial Average advanced 0.94% to 15,063.12. The Nasdaq surged to finish the regular trading day 1.26% higher at 3,706.18.
4. -- President Obama said Monday he would put off a punitive strike against Syria if the Bashar Assad regime gave up its chemical weapons. Russia has proposed that Syria place its chemical weapons under international monitors to head off a confrontation. "It's possible if it's real," Obama said in an interview Monday on CNN, one of six networks that conducted interviews with the president over Syria.
5. -- Apple (AAPL - Get Report) is expected Tuesday to unveil a new iPhone in an event at 1 p.m. EDT at its headquarters in Cupertino, Calif. Reports have said the phone would be an upgrade of the iPhone 5, which would be dubbed the iPhone 5S. Apple also could release a less elaborate and less expensive version of the iPhone -- the stripped-down iPhone would be called the 5C.
6. -- At least three of the top 20 investors in Microsoft (MSFT - Get Report) want a turnaround expert to succeed Steve Ballmer as CEO and have urged the software giant's board to consider Ford (F) CEO Alan Mulally and Computer Sciences (CSC) CEO Mike Lawrie for the job, several sources familiar with the matter told Reuters. Sources said Microsoft could name a CEO as soon as the end of this year. Microsoft declined comment for Reuters on Monday. Lawrie and Mulally couldn't be reached for comment. But Mulally has said that he was "absolutely focused on serving our Ford."
7. -- Bank of America (BAC - Get Report), which fell to fourth in U.S. mortgages last year, is reducing capacity further as surging interest rates crimp demand and is eliminating 2,100 jobs and closing 16 offices by Oct. 31, Bloomberg reported, citing two people with direct knowledge of the plan.