On Tuesday, August 2, Procter & Gamble (PG - Get Report) reports quarterly results and the Federal Reserve's preferred inflation gauge is released. Analysts expect Procter & Gamble to post earnings of $0.74 a share on sales of $15.83 billion. During the same quarter a year ago, the company reported earnings of $0.93 a share with revenue of $17.79 billion. Investors await updates on the company's performance in China. Other notable earnings due out on Tuesday include CVS Health (CVS - Get Report) , Etsy (ETSY - Get Report) and Fitbit (BIT - Get Report) . On the economic calendar, a host of economic data is released at 8:30am Eastern including consumer spending and personal income figures for June, along with the personal consumption expenditure price index, a key inflation gauge. TheStreet's Scott Gamm reports from Wall Street.