Markets are calmer Tuesday as investors regain some poise following a global sell-off triggered by China's stock market crash.
Here are the five things you need to know before the opening bell rings in New York:
1. China slide continues: Chinese markets took another step down Tuesday, but the move wasn't nearly as dramatic as Monday when the benchmark Shanghai index dropped by 8.5%, its worst performance in eight years.
On Tuesday, the Shanghai Composite closed down 1.7% after slumping as much as 4% in early trading. The Shenzhen Composite fell 2.2%.
China's regulators have taken a number of steps to prop up prices in recent weeks. Late on Monday, China's top securities regulator said it would buy more stocks in a bid to stabilize the market. But the renewed push lower on Tuesday shows officials are struggling to reduce volatility.
2. Commodities getting cheaper: Prices for crude oil, natural gas and gold are all dipping Tuesday after tumbling Monday.
"For [traders] the equation is very simple, if there is no demand in China, this spells trouble for the commodity market," said Naeem Aslam, chief market analyst at AvaTrade.
Related: Mining stocks are getting killed as gold, metals plunge
3. Global stock market overview: Outside of China, the picture is more positive.
U.S. stock futures are moving up and most European markets are rising in early trading. The U.K. economy picked up speed in the second quarter, growing by 0.7% over the first quarter, and at an annual rate of 2.6%.
On Monday, the Dow Jones industrial average fell 0.7%, the S&P 500 slid 0.6% and the Nasdaq lost 1%.
Related: Will China's slump sink Europe's recovery?
4. Earnings: There are lots of company earnings to watch this morning. Markets will hear from the likes of Ford (F), Pfizer (PFE), UPS (UPS), Jetblue Airways (JBLU) and GrubHub (GRUB) ahead of the opening bell.
After the markets close, expect reports from companies including Panera Bread (PNRA), Yelp (YELP) and Twitter (TWTR).
BP (BP) reported results this morning that came in slightly below expectations. Its shares were edging up by about 1% in London trading, in line with the market.
Related: When will Twitter name a new CEO?
5. Economics: The Case-Shiller housing price index will be released at 9 a.m. ET, giving investors insight into the health of the U.S. housing market.
Then at 10 a.m., the Conference Board will release its July consumer confidence index.
The Federal Reserve's Open Market Committee is also beginning its two-day meeting Tuesday to discuss interest rates. A rate decision will come Wednesday afternoon.
