Here are five things you must know for Tuesday, July 21:
1. -- Stock Futures Rise on Stimulus Support
Stock futures rose Tuesday and European shares traded higher after European leaders reached an agreement on a €1.8 trillion ($2.1 trillion) budget and coronavirus relief package.
The relief fund - which amounts to €750 billion ($857 billion) - will be sent as loans and grants to the hardest-hit countries in the euro bloc. The pandemic has killed more 135,000 people within the 27 countries that make up the European Union.
“Extraordinary events, and this is the pandemic that has reached us all, also require extraordinary new methods,” said German Chancellor Angela Merkel.
Congressional Democratic lawmakers, meanwhile, will be meeting with aides of President Donald Trump later Tuesday to hammer out a potential compromise on a fifth coronavirus aid bill.
Contracts linked to the Dow Jones Industrial Average rose 196 points, futures for the S&P 500 gained 26 points and Nasdaq futures were up 97 points.
The Dow rose almost 9 points, or 0.03%, to 26,680, and the S&P 500 gained 0.84%. The Nasdaq jumped 2.51% and closed at a record high.
2. -- Coca-Cola, Lockheed Martin and Texas Instruments Report Earnings
Coca-Cola KO posted stronger-than-expected second-quarter earnings but saw a steep decline in revenue as stadiums, restaurants and movie theaters remained closed during the coronavirus pandemic.
Coca-Cola said the revenue declines were "primarily driven by pressure in away-from-home channels, which represent approximately half of the company’s revenues" and include clients such as sports stadiums and restaurants.
The defense company also raised its 2020 earnings outlook.
The economic calendar Tuesday includes the Chicago Fed National Activity Index for June at 8:30 a.m. ET.
3. -- Coronavirus - The Latest
The number of confirmed global cases of the coronavirus has risen to 14,707,451, according to Johns Hopkins University, and deaths increased to 609,986.
The U.S. has 3,830,926 cases of the coronavirus, the most in the world, according to Johns Hopkins. Deaths in the U.S. from Covid-19, the disease caused by the coronavirus, have risen to 140,909, also the most in the world.
James Davis, an executive vice president with Quest Diagnostics, said in an interview the country would have to come up with alternative ways to detect Covid-19 infections.
The NFL and its players union agreed to coronavirus testing protocols in time for the start of training camp.
Dr. Allen Sills, the league's chief medical officer, said players will be tested daily for the first two weeks of camp. If the positive test rate falls below 5% after the two weeks, the league would transition to testing players every other day. If the positive test rate doesn't dip below 5%, daily testing will continue until it reaches that mark.
If positive tests climb to 5% or higher at any time during camp, the league will resume daily testing.
The league also offered to scrap all preseason games in response to player requests.
4. -- IBM Rises After Exceeding Analysts' Estimates
Adjusted earnings in the second quarter were $2.18 a share, 9 cents above estimates, and revenue of $18.12 billion was higher than forecasts of $17.73 billion.
Revenue fell from a year earlier, however. Sales at IBM have declined for two straight quarters following an increase in the fourth quarter of 2019.
Gross margin in the period was 48%, up from 47% a year earlier.
Revenue at IBM's cloud division jumped 30% from a year earlier to $6.3 billion. Total cloud revenue over the last 12 months has risen 20% to $23.5 billion.
5. -- Amazon's Prime Day to Be 'Later Than Usual'
Amazon.com said it would be postponing Prime Day, its biggest shopping event of the year.
A new date wasn't announced but the online retailing giant said it would share “more details soon.”
Prime Day is usually held in mid-July.
“Over the last five years, Prime Day has become a special celebration and time for Prime members to shop incredible deals for themselves and for friends and family - and it’s something we look forward to every year,” Amazon said in a statement. “This year we’ll be holding Prime Day later than usual, while ensuring the safety of our employees and supporting our customers and selling partners.”
Amazon earlier this month told third-party sellers to use the week of Oct. 5 as a “placeholder date” for Prime Day promotions and coupons, reports said.