Here are five things you must know for Tuesday, Aug. 6:
1. -- Stock Futures Rise as China Moves to Ease Trade Tensions
U.S. stock futures moved higher Tuesday after China pegged its yuan inside 7 yuan per dollar following the Treasury Department's decision to label the country a currency manipulator.
The move from the People's Bank of China was seen as an attempt to ease tensions between the world's two biggest economies as their ongoing trade dispute threatens global growth prospects.
The PBOC set the mid-point of its daily yuan pricing at 6.9683, still one of the lowest levels since 2008 but under the 7 threshold that triggered global market turmoil and the biggest selloff of the year for U.S. stocks on Monday.
The firmer-than-expected fixing came only hours after the Treasury Department had deemed China a currency manipulator - the first such designation for any country since 1994 - and suggested Beijing was prepared to cool tensions for the time being despite the threat of fresh tariffs on China-made goods kicking in on Sept. 1.
The PBOC said in a statement Tuesday that its designation as a currency manipulator seriously harms international rules, and vowed not to use the yuan as a tool in its ongoing trade dispute with Washington.
- Treasury Department Labels China a 'Currency Manipulator': What Happens Next?
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Contracts tied to the Dow Jones Industrial Average rose 239 points, futures for the S&P 500 gained 28.65 points, and Nasdaq futures were up 94.80 points.
Stocks posted their worst day of the year on Monday as China hit back at Donald Trump's move to accelerate tariffs on China-made goods by allowing the yuan to slip to the lowest levels against the dollar in more than a decade.
The Dow, which was off more than 950 points at its lowest point during the session, finished down 767 points, or 2.9%, to 25,717. The S&P 500 fell 2.98% and the Nasdaq dropped 3.47%.
The decline Monday was the Dow's biggest single-day decline of the year.
2. -- Walt Disney, Allergan, Wynn to Report Earnings
Earnings reports are expected Tuesday from Walt Disney (DIS - Get Report) , Allergan (AGN - Get Report) , Blue Apron (APRN - Get Report) , Becton Dickinson (BDX - Get Report) , Noodles (NDLS - Get Report) , Chesapeake Energy (CHK - Get Report) , Bausch Health (BHC - Get Report) , Wynn Resorts (WYNN - Get Report) , Hertz Global (HTZ - Get Report) , Emerson Electric (EMR - Get Report) , Edgewell Personal Care (EPC - Get Report) , Discovery (DISCK - Get Report) , SeaWorld Entertainment (SEAS - Get Report) , Energizer Holdings (ENR - Get Report) , Fidelity National Information Services (FIS - Get Report) , Microchip Technology (MCHP - Get Report) , Weight Watchers (WW - Get Report) and Papa John's International (PZZA - Get Report) .
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The economic calendar in the U.S. on Tuesday includes the Job Openings and Labor Turnover Survey for June at 10 a.m. ET.
3. -- Vivendi in Talks to Sell Stake in Universal Music to Tencent
Musicians on Universal Music's roster include Lady Gaga, Taylor Swift and Drake.
Vivendi, the French media company, said Universal Music would have a preliminary equity valuation of 30 billion euros ($33.6 billion) and that Tencent would have a one-year call option to acquire an additional 10% of Universal Music.
Vivendi said it also was "considering areas of strategic commercial cooperation" with Tencent. "In this context, Vivendi is keen to explore enhanced cooperation which could help UMG capture growth opportunities offered by the digitalization and the opening of new markets," the company said.
A deal with Tencent would boost Universal's presence in the tightly controlled Chinese market, according to Reuters.
4. -- Gatehouse Media to Buy USA Today Owner Gannett
New Media Investment Group (NEWM - Get Report) , the parent company of GateHouse Media, agreed to acquire Gannett (GCI - Get Report) , bringing together the two top U.S. newspaper publishers in a deal valued at about $1.4 billion.
New Media will pay $6.25 cash and 0.5427 share for each Gannett share. The total value is $12.06 based on New Media's closing price on Friday.
The companies said the deal price was a premium of 18% to the five-day volume-weighted average of Gannett shares as of that date.
Shares of Gannett, the publisher of USA Today and many other newspapers, rose 2.7% to $11.04 on Monday. New Media shares fell 7.57% to $9.89.
Gannett, based in McLean, Va., "found in New Media a strong partner and cultural fit ... as we continue delivering on a shared commitment to journalistic excellence for the communities we serve," said Gannett Chairman J. Jeffry Louis in a statement.
5. -- Barneys New York Files for Chapter 11
Barneys New York, the luxury department store chain, announced it was seeking bankruptcy protection in order to restructure its business and pursue a sale.
To stay afloat during its Chapter 11 proceedings, the retailer reached a deal for $75 million in additional financing with two firms, Gordon Brothers and Hilco Global, according to The New York Times. It plans to close 15 of its 22 locations, including stores in Chicago, Seattle and Las Vegas, as well as most of its outlets.
The company's Madison Avenue store in Manhattan, however, will remain open.
"Our goal is to continue serving our customers in key flagship markets and globally through Barneys.com for the long term," said Daniella Vitale, CEO, in a statement. "While difficult decisions had to be made, this process will allow us to reset our financial position and maintain our longstanding vendor relationships."