1. Google (NASDAQ:GOOGL) morphs into Alphabet
Technology giant Google announced late Monday that it is creating a new organizational structure under a newly formed umbrella company called "Alphabet".
The creation of Alphabet will allow Google to separate its core web advertising business from newer ventures, such as research arm X Lab, investment unit Google Ventures and health and science operations.
Google shares jumped 5.75% in pre-market hours to $701.28 from a closing price of $663.14 on Monday.
2. China devalues the yuan
China's central bank devalued the yuan by nearly 2% in a surprise move on Tuesday, allowing the currency to fall to levels last seen in 2012, in an effort to make the country's exports more competitive and boost the economy amid lackluster growth.
Figures released over the weekend showed that Chinese exports dropped 8.3% in July, their biggest fall in four months, while producer prices fell to a six-year low.
3. Greece reaches bailout deal with its lenders
Greece and its international creditors have reached agreement on a third bailout deal worth €86 billion. Athens, which narrowly avoided an exit from the euro zone last month, must repay €3.4 billion to the European Central Bank by August 20.
4. Wall Street earning season begins to wind down
Macy`s Inc (NYSE:M), Towers Watson & Co (NASDAQ:TW) and Red Robin Gourmet Burgers Inc (NASDAQ:RRGB) are due to report quarterly earnings ahead of Tuesday's opening bell.
After Tuesday's close of trading, Symantec (NASDAQ:SYMC), Computer Sciences Corporation (NYSE:CSC) and Cree Inc (NASDAQ:CREE) are scheduled to report.
5. U.S. data in focus
The U.S. is to publish preliminary data on unit labor costs and nonfarm productivity for the second quarter at 8:30AM ET. At 10:00AM, the country will release a report on wholesale inventories for July.