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The Before the Bell report is constantly updated to reflect the latest news developments and market moves in the premarket. Check back later for updates.

Markets are in the green this morning as investors absorb another avalanche of corporate earnings, but trading remains cautious ahead of the Federal Reserve's policy meeting this week and key U.S. economic reports.

S&P 500 and TSX futures are up just over 0.1 per cent, while the Stoxx 600 index - a broad reading of European stocks - is up about 0.2 per cent.

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Chinese stocks enjoyed another day of positive trading overnight, still basking in the glow of several recent reports that point to accelerated economic activity in the key Asian economy, even as warnings continue about its sky-high debt levels. China's benchmark Shanghai index rose 0.2 per cent to a new seven-month high, which was its eighth-straight gain.

The U.S. releases home price and consumer confidence data later this morning, but the economic reports that should attract the most attention this week will be second-quarter GDP and July nonfarm payrolls. They will come out on Wednesday and Friday, respectively.

The FOMC begins a two-day policy meeting later today. When it concludes on Wednesday, the Fed is widely anticipated to reduce its monthly bond purchase for the sixth time, to $25-billion (U.S.) from $35-billion, while its commentary will undoubtedly suggest there's no rush to begin hiking interest rates.

In the meantime, there are plenty of fresh earnings reports spilling out that will get individual stocks moving today. From a broad perspective, the corporate world has been signalling these are pretty good times. Roughly 76 per cent of U.S. stocks have beaten profit estimates so far for the second quarter, up 6.7 per cent from a year earlier and ahead of the consensus expectation for a rise of 4.9 per cent. But perhaps even more impressive is that growth in the top-line is starting to show more progress: Revenues are up about 3.5 per cent so far for the second quarter, the highest rate since the fourth quarter of 2012, with about 65 per cent of companies exceeding sales estimates.

Now, here's a closer look at what's going on this morning and what's to come.

MARKETS:

Equities:

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Futures: S&P 500 +0.20 per cent; Dow +0.30 per cent; Nasdaq +0.23 per cent; S&P/TSX +0.15 per cent

Hong Kong's Hang Seng +0.87 per cent

Shanghai composite index +0.23 per cent

Japan's Nikkei +0.57 per cent

London's FTSE 100 +0.34 per cent

Germany's DAX +0.26 per cent

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France's CAC 40 +0.33 per cent

Stoxx 600 +0.19 per cent

Commodities:

WTI crude oil (Nymex Sep) -0.23 per cent at $101.44 (U.S.) a barrel

Gold (Comex Dec) +0.34 per cent at $1,310,20 (U.S.) an ounce

Copper (Comex Sep) -0.29 per cent at $3.23 (U.S.) a pound

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Currencies:

Canadian dollar at 92.51 (U.S.), down 0.001

U.S. dollar index up 0.02 at 81.05

Bonds:

U.S. 10-year Treasury yield 2.48 per cent, down 0.02

ECONOMIC INDICATORS:

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U.S. S&P Case-Shiller 20-city home price index fell 0.31 per cent in May versus Street expectations for it to rise 0.30 per cent. The 10-City Composite gained 9.4 per cent year-over-year while the 20-City increased 9.3 per cent; these figures are down significantly from the 10.9 per cent and 10.8 per cent respective increases reported last month.

(10 a.m. ET) U.S. Conference Board consumer confidence index. The Street expects a reading of 85.5, just above June's 85.2.

FOMC begins two-day policy meeting.

STOCKS TO WATCH:

WestJet Airlines reported adjusted EPS of 40 cents (Canadian) vs. the 27c Street estimate.

Talisman Energy beat production forecasts but its bottom line missed Street forecasts. Excluding items, it had a second-quarter loss of 1 cent per share, while the consensus call was for operating profit of 4 cents per share. Shares are down 0.3 per cent in the premarket.

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Calfrac Well Services reported a quarterly loss of 14 cents, a penny worse than the consensus estimate of 13 cents. But revenue of $502.9-million easily beat the consensus of $392.9-million.

UPS reported Q2 EPS of $1.21 (U.S.) vs. the expected $1.25. It also cut its full-year earnings forecast. Shares have tumbled more than 3 per cent in the premarket.

Pfizer reported second-quarter adjusted profit of 58 cents vs. the Street consensus of 57 cents. It lowered its full-year adjusted profit outlook. Shares are up 0.8 per cent in the premarket.

Merck reported Q2 EPS of 85 cents (U.S>) versus expectations for 81 cents. Shares are up about 1 per cent in the premarket.

Herbalife shares are down about 10 per cent in premarket trading after posting quarterly results late Monday that missed estimates.

McGraw Hill Financial reported Q2 EPS from continuing operations of $1.06 (U.S.) vs. the expected 98 cents.

National Oilwell Varco reported adjusted profit of $1.61 per share, beating the Street expectation for $1.44.

Corning reported core Q2 EPS of 37 cents. Analysts were expecting 38 cents.

International Paper reported adjusted earnings of 95 cents (U.S.) per share, beating the consensus of 83 cents.

Other earnings today include: Ballard Power, Calfrac Well Services, Catalyst Paper, Centerra Gold, Detour Gold, DH Corp., First Capital Realty, Genworth MI Canada, George Weston, Horizon North, Norbord, Timmins Gold, Trican Well Services, Aetna, Aflac, AK Steel Holdings, Ally Financial, American Express, Amgen, Anadarko Petroleum, Arch Coal, Choice Hotels, Corning, Deutsche Bank, DreamWorks Animation, Ecolab, Entegris, Entergy, Genworth Financial, Global Payments, Honda Motor, International Paper, Marriott International, National Oil well Varco, New York Times, Newmont Mining, Nielsen, NutriSystem, Panera BRead, Reynolds American, Sirius XM Holdings, Twitter, Waste Management.

ANALYST ACTIONS:

Wells Fargo raised its valuation range on BlackBerry to $9.50 (U.S.) to $10.50 from $8.50 to $9.50.

Paradigm Capital raised its price target on Easyhome to $30 (Canadian) from $25 and maintained a "buy" rating. Raymond James also hiked its price target to $26 from $22 and maintained an "outperform" rating. Beacon Securities raised its price target to $41.25 from $35 and maintained a "buy" rating.

National Bank Financial started coverage of Pine Cliff Energy with an "outperform" rating and $2.25 (Canadian) price target.

Goldman Sachs downgraded Wal-Mart Stores to "neutral" from "buy" with a price target of $83 (U.S.).

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For instant headlines on breaking economic and corporate news in the premarket, follow Darcy Keith on Twitter at @eyeonequities.

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