10 things you need to know before the opening bell

Here is what you need to know.

Republican Senators are voting on healthcare. “Big day for HealthCare. After 7 years of talking, we will soon see whether or not Republicans are willing to step up to the plate!” President Donald Trump tweeted.

The Fed kicks off a 2-day meeting. The market sees a 0% chance of a rate hike, according to World Interest Rate Probability data provided by Bloomberg, meaning traders will be on the lookout for any hints about the Fed’s plan to unwind its massive balance sheet.

German businesses are “euphoric.” Germany’s Ifo Business Climate survey hit a record high gor a third straight month, climbing to 116.0 in July.

Copper hits a 5-month high. The metal hit $US6,180 a tonne in London, its best level since the middle of February, buoyed by a pickup in the Chinese economy and a weaker US dollar.

Michael Kors is buying Jimmy Choo for $US1.2 billion. The deal represents an 18% premium to Monday’s closing price.

Alphabet crushes earnings, but its stock is sliding. The company beat on both the top and bottom lines, but shares are down more than 2% ahead of the opening bell. “I think people were hoping for a bigger beat on the top line, and we didn’t get that,” Ben Schachter, an analyst at Macquarie told Business Insider.

A health insurer that specialises in Obamacare is eliminating 1,400 jobs. The cuts represent about 10% of Molina Healthcare’s 6,400 corporate employees and 10 per cent of its 7,700 health plan jobs, Reuters reports.

Stock markets around the world are higher. Australia’s ASX (+0.52%) led the overnight gains and Britain’s FTSE (+0.88%) is out front in Europe. The S&P 500 is set to open higher by 0.19% near 2,475.

Earnings reporting is heavy. 3M, Caterpillar, Domino’s Pizza, General Motors, JetBlue, and McDonald’s are among the names reporting ahead of the opening bell while AMD, AT&T, and Chipotle are set to release their quarterly results after markets close.

US economic data flows. FHFA home prices and Case-Schiller home prices will both be released at 9 a.m. ET and consumer confidence crosses the wires at 10 a.m. ET. The US 10-year yield is up 2 basis points at 2.27%.