Here are the most important news items that investors need to start their trading day:
1. Out of the doldrums?
Stocks are poised to open higher Monday coming off another losing week. S&P 500 futures rose 0.5%, while futures tied to the Dow Jones Industrial Average were up 128 points, or 0.4%. Meanwhile, Nasdaq-100 futures gained 0.6%, led by a 12% jump in premarket trading for Palo Alto Networks, which reported earnings Friday that beat analysts' expectations. Investors are looking ahead to more earnings this week, as well as comments from Federal Reserve Chair Jerome Powell, who will be speaking at the central bank's annual symposium in Wyoming on Friday. Follow live market updates.
2. More retail earnings
Earnings season is rolling on, with several retailers coming up next. Lowe's, Macy's, Kohl's, Nordstrom and Dollar Tree are among the big names set to release their earnings this week. Artificial intelligence darling Nvidia, which is up roughly 200% this year, is also on the agenda. Here are the notable earnings this week:
Monday: Zoom (after the bell)
Tuesday: Lowe's, Macy's, Dick's Sporting Goods (before the bell)
Wednesday: Peloton Interactive, Foot Locker, Kohl's, Abercrombie & Fitch (before the bell); Nvidia, Snowflake (after the bell)
Thursday: Dollar Tree (before the bell); Nordstrom, Gap, Workday, Affirm Holdings
3. Surprise in China
China's central bank made some unexpected decisions despite recent economic data pointing to weak growth in the country. The People's Bank of China on Monday cut the one-year loan prime rate by 10 basis points, to 3.45% from 3.55%. A majority of economists polled by Reuters expected the bank to cut it by 15 basis points. The one year-rate is the peg for most household and corporate loans in the country. Meanwhile, the central bank left the five-year loan prime rate, which is the peg for most mortgages, unchanged. The economists expected that rate to be cut by 15 basis points amid ongoing concerns about the country's real estate sector.
4. A cut above
Most publicly traded restaurants beat their earnings expectations this quarter, but some fell short. CNBC's Amelia Lucas reports the few factors set the winners apart: solid traffic, a good value perception and effective promotions. Across the board, restaurants reported falling foot traffic as customers become more selective about how to spend their money. That hurt Chipotle, for example, which has struggled as low-income customers aren't returning as often as they did in the past. But some restaurants are seen as more valuable than others, which helped boost McDonald's and Wingstop traffic. Successful promotions, like McDonald's Grimace campaign, also helped bring diners in the door.
5. Air war
Russian authorities reported that their defense forces intercepted two more drone attacks in the Moscow region on Monday and said falling debris injured two people. Around the same time, flights at four of the capital's nearby airports were briefly suspended. CNBC was unable to independently verify developments on the ground, but it's not the first time Russia has reported drone attacks this summer. Meanwhile, Denmark and the Netherlands have approved sending F-16 fighter jets to Ukraine to aid its fight against Russia, a decision that drew condemnation from the Kremlin. Ukraine has asked for the jets for a long time, but Denmark's defense minister said a condition of the donation is that Ukraine can only use them over its own territory.
— CNBC's Sarah Min, Robert Hum, Clement Tan, Amelia Lucas, Natasha Turak and Ruxandra Iordache contributed to this report.
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