China's central bank announced it is no longer regularly intervening with their currency, but will continue to manage the situation in times of volatility. The U.S. market's reaction to China's attempts to reflate its economy was curious, as we want China to be healthy to enable it to be a larger consumer of goods. It seems as if investors' proclivity is towards selling in the near term (though U.S. equity futures are higher this morning) and we see a lack of catalysts during the August slowdown as fueling the fall.
In other international news, Greece's parliament will vote today on its bailout deal with eurozone members.
Earnings of note today include Coty (COTY), Kohl's (KSS), Tribune Media (TRCO), Advance Auto Parts (AAP), Applied Materials (AMAT), King Digital Entertainment (KING), Nordstrom (JWN) and Darling Ingredients (DAR).
Economic calendar today (all times Eastern) includes:
- Initial Jobless Claims (8:30 a.m.): 270,000 expected
- July Retail Sales (8:30 a.m.): 0.4% expected
- July Import Prices (8:30 a.m.): 1.2% expected