Updated from 6:38 a.m.

Here are five things you must know for Wednesday, Aug. 3:

1. -- Wearable fitness tech maker Fitbit (FIT - Get Report) beat earnings expectations. Fitbit said it sold 5.7 million fitness bands and other devices in the second quarter.

Fitbit faces increasing competition from the likes of the Apple (AAPL - Get Report) Watch and other wearable tech items, although it remains the market leader in the sector. Apple is a holding in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio.

At Fitbit, revenue of $586.5 million beat analyst expectations of $578.5 million. That marks a revenue increase of 46.5%. Net income was $6.3 million, or 3 cents per share, a decline from $7.1 million and 7 cents per share in the year-ago quarter. Excluding some items, the company reported a profit of 12 cents a share, beating analyst predictions of 11 cents a share.

Fitbit stock was rising by 7.5% in premarket trading to $14.15 after closing down 3.8% Tuesday. In the past year, the stock has fallen precipitously -- by more than 72%.

2. -- In the U.S. Wednesday, stock futures were softening slightly ahead of a busy day for earnings reports. Futures for the S&P 500, Dow Jones Industrial Average and Nasdaq were all falling by 0.2%.

In Tuesday trading, falling crude oil prices and a weak showing for July car sales pushed markets lower. The S&P 500 fell 0.64% to 2157.03, while the Dow Jones Industrial Average declined by 0.49% to 18,313.77. The Nasdaq dropped by 0.9% to 5137.73.

European stocks were falling slightly as a strengthening economic measure made it seem less likely that the European Central Bank will reduce interest rates. Asian stocks were also generally falling despite Japan's stimulus measures.

The economic calendar in the U.S. Wednesday includes the Mortgage Bankers' Association mortgage application numbers at 7 a.m., the ADP Employment Report at 8:15 a.m., the Gallup U.S. Job Creation Index release at 8:30 a.m., and the Energy Information Administration Petroleum Status Report at 10:30 a.m.

Wednesday is a busy day for earnings reports. Before the opening bell, Clorox (CLX - Get Report) , Kate Spade (KATE) , Office Depot (ODP - Get Report) , Rio Tinto (RIO) , 3D Systems (DDD - Get Report) and Time Warner (TWX) report earnings.

After the closing bell Wednesday, Allstate (ALL - Get Report) , Energy Transfer Equity (ETE) , Energy Transfer Partners (ETP) , First Solar (FSLR - Get Report) , Herbalife (HLF - Get Report) , Square (SQ - Get Report) and Tesla Motors (TSLA - Get Report) report earnings.

Office Depot's earnings disappointed investors. Second-quarter earnings, excluding one-time items, were 3 cents a share, below Wall Street expectations of 6 cents a share, and below 6 cents a year earlier. The stock was falling by 1.2% in premarket trading to $3.25.

Rio Tinto's earnings were also lower than the prior year, though they beat expectations. The company's  underlying earnings fell to $1.56 billion from $2.92 billion, which put profit at a 12-year low but was above the $1.46 billion consensus expectation. In premarket trading Rio Tinto's ADRs were falling by 0.9% to $32.51.

Time Warner announced that it bought a 10% stake in Hulu, the streaming-video service. Second-quarter sales were $7 billion, behind estimates of $7.1 billion. Sales fell 5% from the second quarter of 2015. But earnings per share of $1.29, beat forecasts of $1.20. In premarket trading the stock was jumping by 3.4% to $78.35.

3. -- Oil prices were edging slightly higher on Wednesday after sinking below $40 a barrel earlier in the week, and dragging the stock market down as well. West Texas Intermediate crude oil , the U.S. benchmark, had sunk more than 5% during the week.

The U.S. Energy Information Administration, part of the Department of Energy, releases its petroleum status report at 10:30 a.m. Wednesday. Analysts expect an increase in oil stockpiles of 1.7 million barrels this week, according to a Bloomberg survey.

4. -- Etsy (ETSY - Get Report) stock was bounding higher on encouraging earnings. The handmade goods retailer is also a B-corp, which means it focuses on bettering society as well as profiting.

Etsy's revenue of $85.35 million for the quarter beat analyst forecasts of $80.6 million. It also topped revenue of $61.37 million from the same period last year -- 39.1% growth in earnings year over year. Still, the company marked a loss of 6 cents per share, lower than the loss of 1 cent per share that Wall Street expected.

The stock closed 7.2% higher on Tuesday and was rising by 3.1% more in premarket trading Wednesday, to $13.10. Etsy is up more than 29% since last week.

5. -- Tesla Motors (TSLA - Get Report) is set to report earnings Wednesday after the closing bell. The company announced Monday that it plans to purchase another company run by its founder Elon Musk, solar power company SolarCity (SCTY) , for $2.6 billion.

Tesla is in the midst of a plan to expand its production and release its Model 3, its more mass-market and less-expensive new model. It also faces concerns about the safety of its self-driving beta program.

Investors are eager to see if the large expenses from Tesla's expansion -- and its upcoming purchase of SolarCity -- will weigh on its earnings report.

Analysts surveyed by FactSet said they expect Tesla to report $1.63 billion in sales this quarter, compared to $1.2 billion in sales in the year-ago quarter. Initial expectations predicted $1.83 billion this quarter, however. The analysts anticipated an adjusted loss of 59 cents per share this quarter, compared to a loss of 48 cents per share a year ago.

In premarket trading, Tesla shares were drifting lower by 0.3% to $226.57.