5 Things to Know

5 things to know before the stock market opens Tuesday

1. Wall Street set to pop after Nasdaq's 2.5% surge

Dow and Nasdaq futures pointed to about 1% gains at Tuesday's open as seemingly coronavirus-proof tech stocks rallied again. U.S. stocks also cheered the European Union's deal for an $857 billion Covid-19 recovery fund.

On Monday, the Nasdaq, heavily weighed in technology shares, surged 2.5% to its 28th record close of 2020. The Dow Jones Industrial Average was little changed. The S&P 500 turned positive for the year with Monday's 0.8% advance.

Coca-Cola, the latest Dow-30 component to report second-quarter earnings, said Tuesday it made 42 cents per share on revenue of $7.2 billion. Earnings beat estimates and revenue matched forecasts. Shares of Coca-Cola rose about 2% in premarket trading.

Shares of Dow-stock IBM jumped more than 5% in Tuesday's premarket, a day after the company delivered better-than-expected quarterly profit and sales. IBM earned $2.18 per share on $18.12 billion in the second quarter.

United Airlines and Snap issue their quarterly earnings after Tuesday's closing bell on Wall Street.

2. Big Tech adds hundreds of billions in market value

FAANG stocks displayed at the Nasdaq.
Adam Jeffery | CNBC

Shares of Amazon, Tesla, Microsoft, Apple, Google-parent Alphabet, Facebook and Netflix started the week by adding nearly $300 billion in combined market value. Tech stocks have been among the top performers during the pandemic, with many reaching all-time highs in recent weeks despite a broad economic downturn across the globe. CNBC's Jim Cramer on Monday called the Big Tech moves "truly insane." Tesla, by far, has been the biggest winner, with shares jumping nearly 300% in 2020 and more than 530% in the past 12 months.

Microsoft's professional networking service LinkedIn said it's cutting about 960 jobs, or 6% of its global workforce, blaming the coronavirus crisis' sustained impact on demand for its recruitment products. Meanwhile, Amazon officially delayed its "Prime Day" shopping event due to the pandemic. It's usually held in mid-July. While a new date has not been set, Amazon told third-party sellers that "Prime Day" would most likely be in early October.

3. Daily U.S. coronavirus cases rise by smallest number in a week

Medical workers from New York wearing personal protective equipments test for the coronavirus disease (COVID-19) at temporary testing site for COVID-19 in Higher Dimensions Church on July 17, 2020 in Houston, Texas.
Go Nakamura | Getty Images News | Getty Images

The U.S. saw its new daily coronavirus cases increase by the smallest number in a week, with just over 60,000 infections Monday after two record-breaking 70,000-plus days on Thursday and Friday. Florida on Sunday had its sixth day of over 11,000 new cases, according to data from Johns Hopkins University. Texas on Sunday had its third day of more than 10,000 new infections.

Total U.S. Covid-19 cases of over 3.8 million with deaths approaching 141,000 account for about a quarter of all cumulative global infections and fatalities.

4. Trumps looks to change narrative as Congress works on new stimulus

US President Donald Trump speaks at the White House in Washington, DC, on July 20, 2020.
Jim Watson | AFP | Getty Images

President Donald Trump plans to resume coronavirus press briefings at the White House as soon as Tuesday. In his strongest endorsement yet for face coverings in public, Trump tweeted Monday afternoon that wearing masks is "Patriotic." On Tuesday, Treasury Secretary Steven Mnuchin and acting chief of staff Mark Meadows are expected to talk with Democratic leaders about what to include in a new Covid-19 economic stimulus bill. Mnuchin and Meadows, along with Trump and Vice President Mike Pence, met with Senate and House Republican leaders Monday as Capitol Hill races to pass legislation before the August recess.

5. Biden to unveil $775 billion plan to fund universal child care and in-home elder care

Democratic presidential candidate and former Vice President Joe Biden speaks at a "Build Back Better" Clean Energy event on July 14, 2020 at the Chase Center in Wilmington, Delaware.
Olivier Douliery | AFP | Getty Images

Former Vice President Joe Biden on Tuesday is set to propose a plan to invest $775 billion over 10 years to rebuild and fortify the nation's caregiving economy, focusing on day care in early childhood, in-home elder care and long-term care for the disabled. The presumptive Democratic presidential nominee is also pledging to sign into law a domestic workers bill of rights. It was introduced in the Senate last year by California's Kamala Harris, one of the women believed to under consideration to become Biden's running mate. Biden told MSNBC on Monday, without naming names, that he has four Black women on his veep short list.

— The Associated Press and Reuters contributed to this report. Follow all the developments on Wall Street in real-time with CNBC's live markets blog. Get the latest on the pandemic with our coronavirus blog.