Losses in European stock indices rippled onto US shores this morning, as global investors were splashed by a wave of bleak-looking corporate earnings in the run-up to this week’s closely watched Federal Reserve monetary policy meeting.

Tuesday marks the first day of a critical two-day meeting at the Federal Reserve, where the Fed is widely anticipated to ease policy, with most bets placed on a 25-point cut, as policymakers act upon a trade war which has impacted global economic growth and slowed domestic corporate profits.

Meanwhile, trade negotiations between the US and China are set to resume today in Shanghai - while expectations are low that any breakthroughs will be made during this upcoming round of talks.

Today’s early morning losses look to extend upon Monday’s declines, where the S&P 500 eased back from a record high as Wall Street awaited the upcoming rate decision and trade developments.

The benchmark index slid -0.18% lower, weighed down by Financial (-0.77%) and Consumer Discretionary (-0.49%) sectors, as well as declines big-names including Amazon (AMZN: -1.57%).

The tech-heavy Nasdaq Composite also fell from its peak, sinking -0.34%, while the Dow Jones Industrial Average bucked the downward trend, having risen +0.10%, aided by gains for Walt Disney (DIS: +1.20%) and Johnson & Johnson (JNJ: +1.75%).

Ahead, in today’s economic calendar, Tuesday includes; Personal Income and Outlays for June at 8:30am EST, followed by Consumer Confidence for July and Pending Home Sales for June at 10am EST.

In corporate news; Apple (AAPL), Merck (MRK), Procter & Gamble (PG), Eli Lilly (LLY), Altria (MO), Electronic Arts (EA), Mastercard (MA), Mondelez International (MDLZ), Advanced Micro Devices (AMD), Amgen (AMGN), FireEye (FEYE), ConocoPhillips (COP), Under Armor (UA), D.R. Horton (DHI)  and Groupon (GRPN) are all expected to report their Q2 earnings today.

China & Trade: Trump rips China as trade negotiations set to begin, says ‘no signs’ of agricultural purchases. (CNBC)
President Donald Trump claimed that China is not buying more US agricultural products as it promised to do and may be slow-walking the talks as it awaits the outcome of the 2020 presidential election.

Today's Economical Announcements.

08:30AM - ★★☆ - Core PCE Price Index (MoM) (Jun) (Previous: 0.2%)
08:30AM - ★☆☆ - Personal Income (MoM) (Jun) (Previous: 0.5%)
08:30AM - ★★☆ - Personal Spending (MoM) (Jun) (Previous: 0.4%)
10:00AM - ★★★ - CB Consumer Confi. (Jul) (Previous: 121.5)
10:00AM - ★★★ - Pending Home Sales (Jun) (Previous: 1.1%)

Pre-Market Movers & News Related Stocks.

Beyond Meat (BYND): [EARNINGS] Reported a quarterly loss of 24 cents per share, larger than the loss of 8 cents per share expected. Revenue for the plant-based burger maker was better than expected, and the company also raised its 2019 revenue guidance. 

Under Armour (UAA): [EARNINGS] Lost 4 cents per share for its latest quarter, compared to consensus forecasts of 5 cents a share loss. Revenue essentially was in line with expectations, however Under Armour cut its full-year revenue forecast amid heavy competition from rivals like Nike (NKE).

Capital One Financial (COF): [NEWS] Said a hacker accessed personal information of about 106 million credit card customers and applicants. 

Procter & Gamble (PG): [EARNINGS] Beat estimates by 5 cents a share, with quarterly profit of $1.10 per share. Revenue also exceeded Wall Street projections, helped by price hikes and strong beauty product sales.

Merck (MRK): [EARNINGS] Reported adjusted quarterly earnings of $1.30 per share, 14 cents a share above estimates. Revenue also came in above forecasts. Merck’s results got a boost with strong sales of its Keytruda immunotherapy treatment as well as improved vaccine sales.

BP (BP): [EARNINGS] Reported better-than-expected second-quarter profit, helped by a significant increase in oil and gas production. That helped offset lower oil prices and refining profits.

Eli Lilly (LLY): [EARNINGS] Reported an adjusted profit of $1.50 per share was 5 cents a share above consensus. Revenue also beat estimates as improved sales of diabetes drugs helped boost Lilly’s bottom line.

Xerox (XRX): [EARNINGS] Beat estimates by 11 cents a share, with adjusted quarterly profit of 99 cents per share. The office equipment maker missed Street revenue forecasts, however, and Xerox cut its full-year revenue outlook as it streamlines its business under new management.

WellCare Health Plans (WCG): [EARNINGS] Earned an adjusted $4.31 per share for the second quarter, beating the $4.16 a share consensus estimate. Revenue also came in above forecasts and WellCare said it is in the process of pursuing regulatory approvals for its deal to buy rival Centene. 

D.R. Horton (DRI): [EARNINGS] Earned $1.26 per share for its third quarter, beating the consensus estimate of $1.07 a share. Revenue also beat forecasts, helped by increased home sales and lower mortgage rates. The company also announced a new $1 billion share buyback plan.

Newell Brands (NWL): [NEWS] Hired Ritchie Bros. Auctioneers CEO Ravi Saligram as its new Chief Executive Officer, taking over October 2. 

Occidental Petroleum (OXY): [NEWS] Does not expect to generate enough cash to cover shareholder payments until 2022, according to an SEC filing by Anadarko Petroleum. Anadarko has a deal to be acquired by Occidental for 438 billion.

Qualcomm (QCOM): [NEWS] Qualcomm and China’s Tencent Holdings struck an agreement to collaborate on 5G and gaming devices. 

Johnson & Johnson (JNJ): [NEWS] Said the Federal Trade Commission is conducting an investigation into whether the company’s contracting practices for its rheumatoid arthritis drug Remicade violate antitrust laws. 

Dish Network (DISH): [EARNINGS] Reported quarterly profit of 60 cents per share, falling short of consensus by 5 cents a share. The satellite TV provider saw revenue above forecasts, however, and it also lost fewer pay-TV subscribers than analysts had been forecasting.