JOHANNES EISELE/AFP/Getty

Here are five things you must know for Tuesday, July 23: 

1. -- Stock Futures Rise as Earnings Season Ratchets Up a Notch

U.S. stock futures were higher on Tuesday ahead of earnings reports from a number of corporate heavyweights and after the White House and congressional negotiators reached a budget deal that would lift the government's debt limit.

Contracts tied to the Dow Jones Industrial Average rose 100 points, futures for the S&P 500 gained 9 points, and Nasdaq futures were up 30.25 points.

Stocks in Europe and Asia received a boost Tuesday from expectations that the European Central Bank would cut interest rates when it meets Thursday and the Federal Reserve would do the same at the central bank's meeting on July 30-31.

Support also came from word the White House and leaders from the Senate and House of Representatives reached an agreement on a two-year budget plan that will raise the federal government's debt ceiling.

"A deal has been struck with Senate Majority Leader Mitch McConnell, Senate Minority Leader Chuck Schumer, Speaker of the House Nancy Pelosi, and House Minority Leader Kevin McCarthy -- on a two-year Budget and Debt Ceiling, with no poison pills," Donald Trump tweeted late Monday.

If approved by both the House and Senate, the deal likely would avoid a repeat of the government shutdowns that plagued Washington in early 2018 and again at the beginning of 2019

The economic calendar in the U.S. on Tuesday includes the FHFA House Price Index for May at 9 a.m. ET, and Existing Home Sales for June at 10 a.m.

2. -- Coca-Cola, Snap, Visa and Harley-Davidson Report Earnings

Coca-Cola KO rose 1.52% to $52 in premarket trading after the beverage giant reported second-quarter earnings and revenue that beat Wall Street expectations.

Earnings reports are also expected Tuesday from United Technologies (UTX - Get Report) , Travelers Cos. (TRV - Get Report) , Chipotle Mexican Grill (CMG - Get Report) , Texas Instruments (TXN - Get Report) , Snap (SNAP - Get Report) , Visa (V - Get Report) , JetBlue Airways (JBLU - Get Report) , Harley-Davidson (HOG - Get Report) , Biogen (BIIB - Get Report) , Stanley Black & Decker (SWK - Get Report) , Centene (CNC - Get Report) , Kimberly-Clark (KMB - Get Report) , Lockheed Martin (LMT - Get Report) , Discover Financial Services (DFS - Get Report)  and Hasbro (HAS - Get Report) . 

3. -- Apple Reportedly in Talks to Buy Intel's Modem Chip Business for $1 Billion

Apple (AAPL - Get Report) is in talks to buy Intel's (INTC - Get Report) modem chip business for $1 billion, according to The Wall Street Journal.

A deal could be announced within a week, the Journal reported, citing unnamed sources.

Intel had moved to exit the modem business in April, after Apple and Qualcomm (QCOM - Get Report) settled a long-running patent dispute. The settlement meant that Apple would shift away from sourcing modem chips from Intel under a multi-year deal with Qualcomm.

The acquisition would give Apple access to engineering work and talent behind Intel's years-long push to develop modem chips for 5G wireless technology, potentially saving years of development work, the Journal noted. Apple has been working to develop chips to further differentiate its devices as smartphone sales plateau.

Shares of Apple rose slightly in premarket trading Tuesday to $208. Intel gained 1.38% to $52.06 in premarket trading.

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

4. -- FTC Expected to Announce $5 Billion Settlement With Facebook This Week

The Federal Trade Commission is expected to announce a settlement with Facebook (FB - Get Report)  as soon as this week over the company's privacy practices, The Wall Street Journal reported, citing people familiar with the matter.

The settlement will include a fine of roughly $5 billion fine and other requirements of the social media giant. Facebook plans to form a new board committee focused on privacy oversight as part of the settlement, one of the people told the Journal.

The announcement is expected before the stock market closes on Wednesday, when Facebook is expected to report quarterly earnings.

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

5. -- Boris Johnson Is the Favorite to Be Britain's Next Prime Minister

Britain's governing Conservative Party will reveal Tuesday the country's next prime minister, with Boris Johnson - a leader in the Brexit campaign - the strong favorite to get the job.

Party officials will announce whether Johnson or rival Jeremy Hunt has won a ballot of about 160,000 Conservative members.

The winner replaces Theresa May, who announced her resignation last month, and will officially become prime minister on Wednesday.