Investors fixated on the trade negotiations, which are heating up now, should watch these three stocks:

Nvidia Corp. (NVDA) , Advanced Micro Devices (AMD) , and Intel Corp. (INTC) . 

It's becoming clearer that a deal between the U.S. and China could certainly include more Chinese purchases of U.S. semiconductor equipment. That bodes well for the U.s. chip giants for sure.

Macro View

Let's blow out the trade picture even more. 

A trade deal between the U.S. and China would likely be a long-term positive for the global economy, but could also be a meaningful headwind to some EU stocks. "If such an agreement were based on a broad basket of goods, advanced European economies could lose the most demand from China given their similar export composition to the US, implying downside risk to EUR," wrote Goldman Sachs strategists in a note out Tuesday. 

China would be buying more goods from the U.S. than it currently is, meaning Chinese companies' demand for goods in the industries from the EU would fall. 

There's currently much reason to look to the EU for value, or overseas more broadly, as Glenmede's chief investment officer Jason Pride pointed out in a note out Tuesday the average forward earnings multiple on the S&P 500 is 16.2, above the long-term historical average of 15.4. Watching trade developments will be key. 

Walmart

Walmart Inc. (WMT) , RealMoney's stock of the day, beat earnings estimates Tuesday morning, but one of the keys that validated investor confidence in the company was its 43% year-over-year e-commerce growth rate. 

See Kevin Curran's in-depth coverage on Walmart and its e-commerce agenda