5 Things to Know

5 things to know before the stock market opens on Tuesday

1. U.S. stock futures slip after Monday's rally

U.S. stock futures traded slightly lower on Tuesday as Wall Street took a breather following sharp gains in the previous session. Dow Jones Industrial Average futures dipped 83 points, or 0.3%. S&P 500 futures slipped 0.4% as did Nasdaq 100 futures. Those muted moves came a day after the Dow jumped more than 200 points to start the new month and the Nasdaq Composite hit a record high. The S&P 500 entered Tuesday's session less than 3% below its Feb. 19 all-time high.

2. Lawmakers are not yet near a coronavirus relief deal after 'productive' meeting

House Speaker Nancy Pelosi said Democrats and Republicans had a "productive" meeting over the next coronavirus stimulus package but added that both sides still had their "differences." Lawmakers reached an impasse recently over a supplemental unemployment benefit that expired last week. Democrats want to continue the benefits at $600 per week. Republicans want to extend that benefit, but at a lower rate.

Speaker of the House Nancy Pelosi, D-Calif., conducts a news conference to call for the extension of the federal unemployment insurance in the Capitol Visitor Center to on Friday, July 24, 2020. Reps. Richard Neal, D-Mass., left, and Dan Kildee, D-Mich., also appear.
Tom Williams | CQ-Roll Call, Inc. | Getty Images

3. Chinese state media calls the U.S. a 'rogue country' for its 'smash and grab' of TikTok

Chinese state media slammed the U.S. for giving Microsoft the go-ahead to buy popular social video app TikTok. Hu Xijin, editor in chief of the state-backed Global Times, called the deal "an open robbery," adding: "President Trump is turning the once great America into a rogue country." China Daily called the potential deal a "smash and grab," adding that China "will by no means accept the 'theft' of a Chinese technology company."

Signage for ByteDance Ltd.'s TikTok app is displayed on a smartphone in an arranged photograph taken in Brooklyn, New York, June 30, 2020.
Gabby Jones | Bloomberg | Getty Images

4. Trump says another nationwide shutdown would 'inflict more harm than it would prevent'

President Donald Trump dismissed the idea of shutting down the country once again even as coronavirus cases continue to rise. "A permanent lockdown is not a viable path forward producing the result that you want or certainly not a viable path forward and would ultimately inflict more harm than it would prevent," Trump said. Earlier this year, measures were implemented aimed at curbing the coronavirus outbreak that essentially shut down the country. States have been gradually reopening their economies, but certain parts of the U.S. have seen a resurgence in coronavirus cases. Overall, more than 4.7 million cases have been confirmed in the U.S., according to Johns Hopkins University.

U.S. President Donald Trump speaks to members of the media before boarding Marine One in Washington, D.C., on Monday, July 28, 2020.
Chris Kleponis | Polaris | Bloomberg | Getty Images

5. Abiomed heart pump gets FDA approval to treat coronavirus

The Food and Drug Administration has approved the use of Abiomed's Impella heart pump, combined with an oxygen machine, to treat coronavirus patients who suffer heart and lung failure. The virus has resulted in extreme heart inflammation in 10% of patients. Abiomed shares gained 2% in the premarket.

A nurse cares for a coronavirus (COVID-19) patient in the Intensive Care Unit (ICU) at El Centro Regional Medical Center in hard-hit Imperial County on July 28, 2020 in El Centro, California.
Mario Tama | Getty Images