TS Illustration/JOHANNES EISELE/AFP/Getty

Here are five things you must know for Wednesday, Aug. 7: 

1. -- Stock Futures Point to a Second Day of Gains for Wall Street

U.S. stock futures turned higher Wednesday, rebounding for a second straight session, but trading was cautious as investors continued to reprice risky assets amid concerns that the U.S.-China trade dispute could spiral into a currency war and tip the global economy into a near-term recession.

Following the U.S. Treasury Department decision earlier this week to label China a currency manipulator -- the first such distinction since 1994 -- officials in Beijing pegged the yuan at 6.9996 against the dollar Wednesday, the lowest mid-point setting in more than 11 years, and allowed the currency to drift below the 7 mark for the third consecutive session.

The move both indicates China's need to weaken its currency to mitigate the affects of tariffs put in place by the Trump administration as well as Beijing's insistence that it must be treated as an equal in trade talks with the U.S., the world's biggest economy.

Data from Germany, which on Wednesday showed the steepest year-on-year decline in industrial production from Europe's biggest economy since 2009, offered further evidence that the ongoing U.S.-China trade spat was taking its toll around the world, a condition St. Louis Federal Reserve President James Bullard said Tuesday he expected would remain "for the quarters and years ahead."

Contracts tied to the Dow Jones Industrial Average were up 57 points, futures for the S&P 500 gained 6.25 points, and Nasdaq futures rose 29.75 points.

Stocks rebounded Tuesday, one day after posting their worst session of the year, and finished up after China pegged its yuan inside the 7 mark following the Treasury Department's decision to label the country a currency manipulator.

The Dow, which ended down 767 points in the previous session, snapped a five-day losing streak and finished up 311 points, or 1.21%, to 26,029. The S&P 500 rose 1.3%, and the Nasdaq jumped 1.39%.

The economic calendar in the U.S. on Wednesday includes Oil Inventories for the week ended Aug. 2 at 10:30 a.m. ET.

2. -- Walt Disney's Earnings Take Hit From Fox Acquisition

Walt Disney (DIS - Get Report)  was falling 3.64% in premarket trading Wednesday to $136.70 after the media and entertainment giant missed fiscal third-quarter earnings expectations as last year's takeover of Twenty-First Century Fox, as well as its move to challenge Netflix (NFLX - Get Report) in online streaming entertainment, ate into its bottom line.

The company earned $1.35 a share in the period, well below forecasts that called for $1.75 a share. Disney's $71.3 billion acquisition of Fox reduced earnings by 60 cents a share. Revenue of $20.25 billion also missed analysts' estimates of $21.47 billion.

The company said investments aimed at rolling out its upcoming streaming service, Disney+, as well as its expansion of adult-focused Hulu would lead to a fourth-quarter loss of around $900 million in its direct-to-consumer and international unit.

"Disney+ marketing is going to start to hit in later this month, later in August," CEO Bob Iger told investors on a conference call. "I'm actually going through a comprehensive marketing plan with the team next week. Comprehensive probably is an understatement. It is going to be treated as the most important product that the company has launched in, I don't know, certainly during my tenure in the job, which is quite a long time."

Disney said it will offer a subscription bundle that includes Disney+, ESPN+ and ad-supported Hulu for $12.99 a month when the service is launched later this Autumn. Iger said the bundle will be available on the Nov. 12 launch date of Disney+, which will cost $6.99 a month as a standalone service.

"Overall, this was not a good quarter relative to expectations, but it was almost as if Disney was up against the perfect storm of events as it dealt with integration/transition hiccups from the Fox deal that should prove to be temporary, a 'controlled' attendance decline in parks that again should be temporary, and ramped up investment for its DTC initiative which represents a key to the company's future and an important offset to cord-cutting," said Jim Cramer and the Action Alerts PLUS team, which holds Disney in its portfolio.

3. -- CVS Health and Lyft Report Earnings

CVS Health (CVS - Get Report) posted stronger-than-expected second-quarter and boosted its full-year profit guidance. The stock jumped 3.64% to $56.06 in premarket trading.

Earnings also are expected Wednesday from Lyft (LYFT) , Roku (ROKU - Get Report) , Skyworks Solutions (SWKS - Get Report) , Fox Corp. (FOXA) , Teva Pharmaceutical  (TEVA - Get Report) , American International Group (AIG - Get Report) , Monster Beverage (MNST - Get Report) , Sinclair Broadcast Group (SBGI - Get Report) , New York Times (NYT - Get Report) , Wendy's (WEN - Get Report) , Eventbrite (EB) , Zillow Group (ZG - Get Report) and TripAdvisor (TRIP - Get Report) .

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

4. -- Walgreens to Close 200 U.S. Stores

Pharmacy chain Walgreens, a unit of Walgreens Boots Alliance, (WBA - Get Report) , plans to close 200 stores in the United States as it seeks to cut costs.

In a regulatory filing, Walgreens said the closings were part of its previously announced plan to trim costs by $1.5 billion in a few years. The move is being made "following a review of the real estate footprint in the United States," the company said.

It was announced in May that Walgreens planned to close 200 stores in the United Kingdom.

The company operates more than 18,000 stores worldwide, and about half of them in the U.S.

Walgreens posted a 24% decrease in fiscal third-quarter earnings, and said it expected fiscal-year earnings would be roughly flat with a year earlier.

5. -- Tesla Scrutinized by NHTSA Over Model 3 Safety Claims - Report

The U.S. National Highway Traffic Administration sent Tesla's (TSLA - Get Report) Elon Musk a cease-and-desist letter last year regarding Model 3 safety claims and subpoenaed the electric carmaker for information on several crashes, according to documents posted by a nonprofit advocacy group, Bloomberg reported.

NHTSA lawyers took issue with a Tesla blog post in October that said the Model 3 had achieved the lowest probability of injury of any vehicle the agency ever tested, Bloomberg reported, citing the documents released Tuesday by the legal transparency group Plainsite. The NHTSA said the claims were inconsistent with its advertising guidelines regarding crash ratings and that it would ask the Federal Trade Commission to investigate whether the statements were unfair or deceptive acts.

The documents, obtained through a Freedom of Information Act request, also include orders for information that NHTSA sent to Tesla following several crashes, including a fatal March 1 crash involving a Model 3 operating on Autopilot, according to Bloomberg.