Updated from 6:08 a.m. ET

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Here are five things you must know for Tuesday, Aug. 1:

1. -- U.S. stock futures were pointing to strong gains for Wall Street on Tuesday, Aug. 1, with the Dow Jones Industrial Average poised to set another record ahead of earnings from Apple Inc. (AAPL) - Get Report  .

European and Asian stocks also traded higher on Tuesday.

Stocks in the U.S. on Monday, July 31, finished mixed but the Dow ended the session with a closing high and its best monthly gain since February

The Dow rose 0.28%, hitting a record close of 21,891. The blue-chip index rose 2.3% for July, its fourth month with gains and its largest increase since a 4.8% rise in February. It was the Dow's fourth session of records in a row. 

Apple, the iPhone maker, is expected by analysts to report fiscal third-quarter earnings of $1.57 a share, up about 5% from a year earlier, on sales of $44.9 billion. 

Investors will be paying close attention to iPhone sales, which dropped to 50.8 million in the second quarter from 51.2 million in the previous quarter. Apple's latest iPhone models, the 7 and 7 Plus, came out in September 2016.

Apple is a holding in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells AAPL? Learn more now.  

Pfizer Inc. (PFE) - Get Report reported second-quarter profit of 67 cents a share, topping estimates by 1 cent. Revenue of $12.9 billion came in just shy of forecasts.

The drugmaker raised its 2017 earnings outlook to $2.54 to $2.60 a share from previous guidance of $2.50 to $2.60. The stock rose slightly in premarket trading.

Earnings are also expected Tuesday from Under Armour Inc. (UA) - Get Report , Devon Energy Corp. (DVN) - Get Report , Phillips 66 (PSX) - Get Report , HCP Inc. (HCP) - Get Report , Sprint Corp. (S) - Get Report , Xerox Corp. (XRX) - Get Report , Allstate Corp. (ALL) - Get Report  and Herbalife Ltd. (HLF) - Get Report .

The economic calendar in the U.S. on Tuesday includes Personal Income and Outlays for June at 8:30 a.m. ET, PMI Manufacturing Index for July at 9:45 a.m., ISM Manufacturing Index for July at 10 a.m. and Construction Spending for June at 10 a.m.

2. -- Snap Inc. (SNAP) - Get Report  shares will no longer be included on the S&P 500, the index provider said as it moves to exclude listings that don't provide voting rights to investors.

The move is effective on Tuesday, said S&P Dow Jones Indices LLC in a statement. Existing companies in S&P indices will be "grandfathered" in, meaning listing such as Warren Buffett's Berkshire Hathaway Inc. (BRK.A) - Get Report won't be affected by the rule changes.

The decision follows a similar judgment last week from FTSE Russell, a division of the London Stock Exchange Group, which dropped Snap shares from its indices following a consultation with its clients.

"Companies with multiple share class structures tend to have corporate governance structures that treat different shareholder classes unequally with respect to voting rights and other governance issues," S&P Dow Jones Indices LLC said. "Therefore, S&P DJI's U.S. Index Committee will no longer consider these company structure types as future replacement candidates for the S&P Composite 1500 and its component indices, including the S&P 500."

Shares of Snap fell 1% on Monday, July 31, the first day early investors could sell their shares following the expiration of the lockup period. 

3. -- BP PLC (BP) - Get Report  posted second-quarter earnings largely in-line with forecasts and maintained its dividend as the company swung to a profit thanks to gradually rising global oil prices.

BP said profit for the three months ended in June was $144 million, a massive swing from the $1.42 billion loss recorded during the same period last year. Underlying replacement cost profit slipped 5% to $684 million, but still topped a company-provided estimate of $500 million.

Earnings were 4 cents a share, matching a consensus of analysts polled by FactSet, compared with a year-earlier loss of 46 cents. Revenue rose 21% $56.511 billion and topped estimates.

Brent crude oil prices averaged $49.67 a barrel in the three months ended in June, according to Energy Information Administration data, up 9.11% from the same period in 2016. BP said it expects to see global oil prices trading in a range of between $45 and $50 a barrel for the remainder of the year.

American depositary receipts of BP were trading up 3.3% in premarket trading on Tuesday.

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4. -- Sony Corp. (SNE) - Get Report said Tuesday that fiscal first-quarter earnings nearly quadrupled from a year earlier as the Japanese electronics and entertainment company saw gains in a number of its units, such as games and semiconductors.

Profit for the quarter ended in June jumped to 80.9 billion yen ($735 million) from 21.2 billion a year earlier.

Sales rose 15% to 1.86 trillion yen.

Sony said it remained comfortable with its annual profit forecast of 255 billion yen.

5. -- U.S. automakers, including General Motors Co. (GM) - Get Report and Ford Motor Co. (F) - Get Report , are scheduled to report sales for July throughout the day.

According to Edmunds, auto sales are expected to experience the biggest drop of the year in July.

Analysts at Edmunds forecast that 1,423,097 new cars and trucks were sold in the U.S. in July, a 3.1% decrease from June 2017 and a 6.2% drop from July 2016.

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