Updated from 5:48 a.m. EDT to include earnings on Pfizer and Procter & Gamble.

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Here are five things you must know for Tuesday, Aug. 2:

1. -- Japan's Cabinet approved a fresh economic stimulus package worth more than 28 trillion yen ($275 billion) to help revive the country's stalling growth.

Chief Cabinet Secretary Yoshihide Suga announced that the Cabinet endorsed the package Tuesday. It will be included in a supplementary budget for consideration by the parliament's extraordinary session starting in September.

The package aims to lift Japan's GDP by 1.3%, according to the Associated Press.

Prime Minister Shinzo Abe said Tuesday that the package is "an investment for the future."

Asian stocks ended Tuesday's session mixed. Japan's Nikkei 225 index declined 1.47%. 

2. -- In the U.S. Tuesday, stock futures were pointing lower ahead of data on personal spending and income and as oil prices turned higher after plunging 4% in the previous session.

The S&P 500 and Dow Jones Industrial Average both posted losses Monday as a selloff in crude oil dragged the energy sector heavily into the red. A rally in biotech helped the Nasdaq remain positive for the day, closing with gains of 0.43%. 

West Texas Intermediate crude oil fell 3.9% on Monday to $39.99 a barrel, closing at its lowest since April. Early Tuesday, U.S. crude jumped 1.4% to $40.60 a barrel.

The economic calendar in the U.S. Tuesday includes Personal Income and Personal Spending for June at 8:30 a.m. EDT.

Pfizer (PFE - Get Report)  posted second-quarter earnings of 64 cents a share, 2 cents above estimates. The stock of the giant drugmaker rose 0.4% in premarket trading on Tuesday.

Procter & Gamble's (PG - Get Report)  adjusted earnings for the quarter ended June 30, were 79 cents a share, topping analysts' forecasts of 74 cents. The consumer products company said it expects adjusted earnings per share to rise in the mid-single digits percentage range in fiscal 2017.

Procter & Gamble is a holding in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells PG? Learn more now.

3. -- Automakers, including Ford (F - Get Report) and General Motors (GM - Get Report) , will be releasing sales results for July throughout the day.

Overseas, German premium automaker BMW  (BMWYY) on Tuesday said net profit rose 11% in the second quarter to 1.949 billion euros ($2.182 billion), thanks to strong sales of its large 7-Series sedan and X-Series sport-utility vehicles. The earnings topped analysts' forecasts.

Japan's Honda (HMC - Get Report) posted better-than-expected earnings of 174.6 billion yen ($1.7 billion) for the fiscal first quarter, as it gradually recovers from damage caused by a quake in southwestern Japan. Analysts were looking for quarterly profit of 133 billion yen ($1.3 billion).

4. -- Facebook (FB - Get Report) has started running tests of mid-roll video ads inside live video broadcasts from top publishing partners, the company confirmed to AdvertisingAge.

These are Facebook's first ads that get served directly inside videos on the social network.

"We're running a small test where a group of publishers have the option to insert a short ad break in their Facebook Live videos," Facebook said in an e-mail to AdvertisingAge.

The ads are eligible to appear five minutes into a broadcast, and they last up to 15 seconds or shorter, one agency executive, who has discussed the ads with Facebook, told AdvertisingAge.

Facebook is a holding in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells FBLearn more now.

5. -- Salesforce.com  (CRM - Get Report)  said it agreed to buy word processing app Quip for $582 million in stock.

The San Francisco-based cloud solutions provider will issue stock valued at $73.81 to $90.22 in exchange for outstanding shares of Quip, according to a regulatory filing.

Quip, which first launched in 2013, provides cloud-based software that lets users create documents and collaborate on mobile platforms.

The deal is expected to close in the third quarter.