Here are five things you must know for Tuesday, July 10:   

1. -- Stocks Rise as Wall Street Gears Up for Earnings Season

U.S. stock futures rose modestly on Tuesday, July 10, and global stocks traded mostly higher following one of the strongest sessions on Wall Street in over a month, as investors slowly switched their focus to the upcoming corporate earnings season.

Contracts tied to the Dow Jones Industrial Average  rose 46 points, futures for the S&P 500  gained 4 points and Nasdaq futures were up 27.25 points.

PepsiCo Inc. (PEP) earned an adjusted $1.61 a share in the second quarter, beating estimates by 9 cents. Revenue of $16.09 billion rose 2% from a year earlier and also beat forecasts. The stock rose 1.8% in premarket trading.

Four of the biggest U.S. banks -- Citigroup Inc.  (C) , JPMorgan Chase & Co.  (JPM) , PNC Financial Services Group Inc.  (PNC) and Wells Fargo & Co.  (WFC) -- report earnings on Friday, July 13.

Earnings season is expected to deliver a 20% year-on-year increase in S&P 500 earnings, according to projections from FactSet, down from 24.8% in the first quarter but still the second-best three-month period since 2010.

U.S. Earnings Season Could See 20% Growth, Second-Best Quarter Since 2010 - FactSet

The upbeat sentiment on profits, as well as an apparent lull in the trade war rhetoric between Washington and its economic allies, propelled the Dow to a gain of 320 points on Monday, July 9.

As for Tuesday, the economic calendar in the U.S. includes the Labor Department's Job Openings and Labor Turnover Survey for May at 10 a.m. ET.

PepsiCo, Citigroup and JPMorgan Chase are holdings in Jim Cramer's Action Alerts PLUS member club. Want to be alerted before Jim Cramer buys or sells the stocks? Learn more now.

2. -- Brett Kavanaugh Is Trump's Supreme Court Pick

Donald Trump on Monday announced that Brett Kavanaugh would be his second nominee for the Supreme Court -- a pick widely considered to be of historical significance because it would solidify for many years to come a 5-4 conservative majority on the court.

If confirmed, Kavanaugh will replace Justice Anthony Kennedy, 81, who recently announced he was retiring at the end of July. Kennedy was a key swing vote on issues such as abortion, affirmative action, gay rights and voting rights.

Kavanaugh, 53, was among the front runners for the open position on the high court and even clerked for Kennedy. He is a Yale Law School graduate and has been a D.C. Circuit Court of Appeals judge since 2006; he also worked in the solicitor general's office in the George H.W. Bush administration and was an assistant to Ken Starr, the independent counsel who investigated President Bill Clinton.

During the announcement of Kavanaugh's nomination at the White House, Trump described his nominee as being "universally regarded as one of the finest and sharpest legal minds of our time."

"I am deeply honored to be nominated to fill Kennedy's seat on the Supreme Court," Kavanaugh said. 

He added, "I believe that an independent judiciary is the crown jewel of our republic."

3. -- Fox Is Preparing a New Offer for Sky to Top Comcast - Report

Twenty-First Century Fox Inc. ( FOXA) is preparing a new bid for Sky PLC that would value it at about £25 billion ($33.1 billion), a clear sign it is committed to beating Comcast Corp. ( CMCSA) for the television group, the Financial Times reported.

Fox is preparing to make the new bid as soon as this week if, as expected, its earlier bid for Sky is formally approved by the U.K. government, according to the Financial Times.

Fox's offer is expected to be a premium to Comcast's most recent bid of £12.50 a share, the Financial Times reported, citing two people briefed on the matter.

Comcast is a holding in Jim Cramer's Action Alerts PLUS member club. Want to be alerted before Jim Cramer buys or sells CMCSA? Learn more now.

4. -- Takeda Gets FTC OK to Buy Shire

Japan's Takeda Pharmaceutical Co. (TKPYY) received approval for the $62 billion acquisition of Shire PLC (SHPG) from the U.S. Federal Trade Commission.

The remaining hurdles for Takeda include getting a regulatory OK from the European Union and China and approval from shareholders of both drugmakers, according to Reuters.

The acquisition of Shire would make Takeda one of the world's largest drugmakers.

5. -- IHOP Admits Change to IHOb Name Was Fake

Pancake chain IHOP has admitted a name change announced last month was just a publicity stunt to promote its hamburger menu.

 IHOP already had burgers on the menu but had started using the IHOb name on social media, its website and for in-store promotions to draw attention to a new line of burgers made of Black Angus ground beef.

On Monday, the company was back promoting a pancake deal tied to IHOP's 60th birthday, the Associated Press reported.

"That's right, IHOP! We'd never turn our back on pancakes (except for that time we faked it to promote our new burgers)," the company, a unit of Dine Brands Global Inc. (DIN) , said on Twitter.

Free White Paper: 7 Things All Investors Must Know in 2018. Start the second half off right with our free white paper on seven key things to watch this year. From how much cash to have on hand to the three reasons this bull market might die, our white paper features key takeaways from an all-star panel that TheStreet and Fisher Investments recently hosted in New York. Click here to register for your free online copy.

More from Markets

Dow Falls on Trade Worries but IBM Rises as Earnings Beat Forecasts

Dow Falls on Trade Worries but IBM Rises as Earnings Beat Forecasts

What Is Comparative Advantage?

What Is Comparative Advantage?

Danaher Shares Surge After Dental Spinoff Plan, Solid Q2 Earnings

Danaher Shares Surge After Dental Spinoff Plan, Solid Q2 Earnings

IBM Shares Jump After 'Strategic Imperatives' Drive Q2 Earnings Beat

IBM Shares Jump After 'Strategic Imperatives' Drive Q2 Earnings Beat

Are the World's Biggest FANG Stocks Screaming Buys?

Are the World's Biggest FANG Stocks Screaming Buys?