TS Illustration/Spencer Platt/Getty

Here are five things you must know for Tuesday, May 14:

1. -- Stocks Post Modest Rebound as Trade War Fears Ease

U.S. stock futures pointed to a modest rebound for Wall Street on Tuesday and global stocks were mixed as the U.S. and China, the world's two largest economies, escalate the rhetoric and retaliation in their trade war.

China's retaliatory tariffs on $60 billion worth of U.S. imports sent markets reeling Monday, with the Dow Jones Industrial Average plunging 617 points, or 2.38%, to a three-month low and the S&P 500 giving back 69.5 points to take its decline since Donald Trump first threatened tariffs on May 5 to 4.5%.

Perhaps sensing the breadth of the selling on Wall Street, Trump told reporters in the White House Monday that a meeting with Chinese President Xi Jinping at next month's G-20 summit in Japan would be "very fruitful," adding that "I have a feeling it's going to be very successful."

The Chinese government's top diplomat, State Councillor Wang Yi, also was a bit more optimistic on the prospects of the U.S. and China reaching a trade deal.

"We believe that as long as these negotiations are in line with China's general direction of reform and opening up, in line with China's fundamental need for high-quality development, and in line with the common and long-term interests of the Chinese and American peoples, both countries' negotiating teams have the ability and wisdom to resolve each other's reasonable demands, and in the end reach a mutually beneficial, win-win agreement," Wang said.

Contracts tied to the Dow Jones Industrial Average rose 143 points on Tuesday, futures for the S&P 500 gained 19.15 points, and Nasdaq futures were up 67.50 points. 

2. -- Aurora Cannabis and Tilray Report Earnings

Earnings reports are expected Tuesday from Aurora Cannabis (ACB - Get Report) , Tilray (TLRY) , Ralph Lauren (RL - Get Report) and Agilent Technologies (A - Get Report) . 

Analysts polled by Zacks expect Aurora Cannabis to post a third-quarter loss of 3 cents a share on revenue of $55.1 million.

The economic calendar in the U.S. Tuesday includes Import and Export Prices for April at 8:30 a.m. ET.

3. -- Bayer's Monsanto Loses a Third Roundup Cancer Trial

Bayer's (BAYRY) Monsanto unit was hit with a $2 billion verdict by a California jury Monday which found the company's Roundup weed killer caused a husband and wife to contract cancer. 

Alva and Alberta Pilliod were awarded $2 billion in punitive damages and $55 million in compensatory relief from the jury in Alameda County Superior Court in Oakland, California, the third such ruling against the company linked to the weed killer.

Bayer acquired Monsanto last year for $63 billion. In the ruling, which Bayer described as "disappointing," the jury found that Roundup was defectively designed and that the company failed to warn users of its potential dangers.

"Bayer is disappointed with the jury's decision and will appeal the verdict in this case, which conflicts directly with the U.S. Environmental Protection Agency's interim registration review decision released just last month, the consensus among leading health regulators worldwide that glyphosate-based products can be used safely and that glyphosate is not carcinogenic, and the 40 years of extensive scientific research on which their favorable conclusions are based," the company said in a statement.

Bayer shares fell 2.1% in trading in Frankfurt to €55.30.

4. -- Walmart Challenges Amazon With Next-Day Delivery

Walmart (WMT - Get Report)  will will launch a free, next-day delivery service in a challenge to its online rival Amazon.com  (AMZN - Get Report)  .

Walmart's NextDay delivery service will apply to about 220,000 frequently purchased items on the Walmart.com website, and will be offered without a membership on all orders over $35, the world's No. 1 retailer said. The new service will launch in Phoenix and Las Vegas before expanding to Southern California in the coming days and around 75% of the broader U.S. population, including 40 of the top 50 major metro areas, by the end of the year, Walmart said.

"Our new NextDay delivery isn't just great for customers, it also makes good business sense. Contrary to what you might think, it will cost us less - not more - to deliver orders the next day," the company said in a statement on its website. "That's because eligible items come from a single fulfillment center located closest to the customer. This means the order ships in one box, or as few as possible, and it travels a shorter distance via inexpensive ground shipping."

Amazon last month shifted to one-day delivery from two-day delivery for its Prime members, who pay $119 a year for the loyalty club membership, with a strategy it said will cost $800 million over its fiscal second quarter.

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5. -- Take-Two Slips on Weak Bookings Outlook

Take-Two Interactive Software (TTWO - Get Report)  tumbled 1.9% in premarket trading Tuesday to $98.10 after the video game maker issued a forecast for first-quarter bookings below analysts' estimates. 

The company, which publishes "Grand Theft Auto," said it expects first-quarter earnings of 65 cents to 75 cents a share on revenue of between $485 million to $535 million. Take-Two said it expects first-quarter bookings of $310 million to $360 million, below analysts' forecasts of $418.3 million. Take-Two said bookings for the fiscal year would be $2.5 billion to $2.6 billion, below analysts' estimates of $2.78 billion.

For the fourth quarter, Take-Two earned 50 cents a share on revenue of $539 million, with net bookings of $488.4 million, up from $411.4 million a year earlier. Net bookings were forecast by analysts at $507 million.