U.S. equity futures were looking notably lower this morning.
Investors were optimistic that Monday's poor economic data in China would spur China's central bank into action, and their optimism proved correct as today China's central bank devalued its currency to provide an artificial boost to its weakening economy. Today's action is likely to continue to bolster the U.S. dollar.
In other overseas news, Greece has agreed to most of its bailout terms with its creditors, with a few minor details left to be hammered out. Greece's parliament is expected to ratify the agreement later this week.
In M&A news, Terex (TEX) has agreed to merge with a Finnish competitor Konecranes. The combined company will be located in Finland, but will be majority owned by Terex shareholders (60%). And in other meaningful M&A news, Symantec (SYMC) has agreed to sell Veritas, a leader in software solutions for data storage to Carlyle Group (CG) for an estimated $8 billion. The deal is set to be announced on Symantec's quarterly earnings call later today.
Today's earnings calendar is busy and includes notable reports from Zebra Technologies (ZBRA), Red Robin Gourmet Burgers (RRGB), Cree (CREE), International Game Technology (IGT), Computer Sciences (CSC), and Fossil (FOSL).
At 10 a.m. ET, we get June wholesale inventories, with consensus at 0.4%. At noon, we get the Energy Department's short-term energy outlook, and at 4:30 p.m. the API weekly oil inventories is released.