US futures advanced on Tuesday, after officials from both the US and China reaffirmed their commitment to the phase one trade agreement.

A videoconference brought together US officials Lighthizer and Mnuchin with Vice Premier He for a formal review of their trade deal on Monday.

Contracts tied to the S&P 500, alongside shares throughout Asia, rose as the two side spoke for the first time since May despite disagreement over issues such as tech security and national-security in Hong Kong.

Separately, oil traded steady as the market eyed tropical storm Laura, which is expected to strengthen before making landfall later this week.
Ahead, today's economic calendar includes; Consumer Confidence for August as well as New Home Sales for July at both 10am EST.

In corporate new, earnings are expected today from; Salesforce (CRM), Best Buy (BBY), Hewlett Packard (HPE), J.M. Smucker (SJM), Autodesk (ADSK) and Hain Celestial (HAIN).

TODAY'S TOP HEADLINES
Politics: Republicans Nominate Trump, Warn Against Biden. (The WSJ)
Republicans nominated President Trump as their candidate, with the president and his allies offering warnings against electing Democrats.

China & Trade: US And China Hold Phone Call. (CNBC)
US and Chinese trade negotiators held a phone call about implementing the phase one agreement between the two countries.

ECONOMIC CALENDAR
Today's Economical Announcements.
10:00AM - ★★★ - CB Consumer Confi. (Aug) (Previous: 92.6)
10:00AM - ★★★ - New Home Sales (Jul) (Previous: 776K)

STOCKS IN THE SPOTLIGHT
Pre-Market Movers & News Related Stocks.
Medtronic (MDT): [EARNINGS] Earned 62 cents per share for its fiscal first quarter, well above the 18 cents a share consensus estimate. Revenue also came in above forecasts. Profit was below year-ago levels, but Medtronic said it is now seeing an increase in elective procedures that had slowed due to the pandemic.

Best Buy (BBY): [EARNINGS] Earned $1.71 per share for its second quarter, compared to the $1.08 a share consensus estimate. Revenue came in above forecasts as well. Comparable-store sales were up 5.8%, more than double the 2.3% FactSet consensus estimate. The electronics retailer said it did not expect the current pace of sales to continue, however.

J.M. Smucker (SJM): [EARNINGS] Reported quarterly earnings of $2.37 per share, beating the $1.67 a share predicted by analysts. Revenue was also above estimates and Smucker raised its full-year profit forecast, with strong demand for products like Uncrustables sandwiches and Folgers coffee.

Hormel (HRL): [EARNINGS] Reported quarterly earnings of 37 cents per share, 3 cents a share above estimates. Revenue came in slightly above forecasts. Hormel said its retail business was strong, but that its foodservice business is still recovering.

Palo Alto Networks (PANW): [EARNINGS] Reported quarterly profit of $1.48 per share, beating the consensus estimate by 9 cents a share. The cybersecurity company’s revenue also came in above Wall Street forecasts and Palo Alto issued an upbeat forecast as the pandemic and increased remote working increases demand for security products.

Tesla (TSLA): [NEWS] CEO Elon Musk suggested in a tweet that battery capacity could leap by up to 50% over the next three to four years. The tweet comes ahead of Tesla’s “Battery Day” event scheduled for Sept. 22.

Exxon Mobil (XOM), Pfizer (PFE), Raytheon Technologies (RTX): [NEWS] Will be removed from the Dow Jones Industrial Average, while Salesforce.com (CRM), Amgen (AMGN) and Honeywell (HON) will be added, effective on Aug. 31. Exxon and its predecessor companies had been in the Dow since 1928, while Honeywell makes a return to the Dow after being removed in 2008.

Apple (AAPL): [NEWS] Was prevented by a judge’s ruling from shutting down an Epic Games tool used to run offerings from hundreds of app makers. The ruling was part of a legal dispute that has seen Apple block Epic’s popular Fortnite game for iOS users.

AstraZeneca (AZN): [NEWS] Began a trial for an antibody-based cocktail designed to treat and prevent Covid-19. The initial study will determine if the treatment is safe and tolerable, and if it is successful, the drugmaker would then test the cocktail to both prevent infection as well as a treatment for patients already infected.

Delta Air Lines (DAL): [NEWS] Told employees that it will furlough more than 1,900 pilots in October, due to the significant drop in air travel demand. Federal assistance to airlines runs out at the end of September.

Pioneer Natural (PXD), Parsley Energy (PE): [NEWS] Are both planning to announce job cuts in the coming days, according to a Reuters report. That comes after both reported second-quarter losses.

Accenture (ACN): [NEWS] Plans to cut at least 25,000 jobs globally, according to a report in the Australian Financial Review. The report said that an initial wave of cuts for the consulting firm – targeting the bottom 5% of employees by performance, was completed earlier this month.

Amazon.com (AMZN): [NEWS] Is setting up a luxury brand platform, according to a Women’s Wear Daily report. Amazon will give luxury brands full control of their virtual stores, while letting them utilize Amazon’s delivery and customer service platforms.

Zoom Video (ZM): [NEWS] Said service has been restored after a Monday outage that lasted several hours, preventing users from joining meetings or sign up for accounts.

MOMENTUM STOCKS
GAINERS: SHLL, GPRN, FMCI, RVNC, CNK
DECLINERS: VIR, NVAX, INO, SRNE

TODAY'S IPOs
Burgundy Tech. Acquisition (BTAQU) (Price: 10) (Est. Vol: $400.0M)
Hitek Global (HKIT) (Price: 5) (Est. Vol: $20.0M)

WE WILL SHOW YOU THE WAY!