Stock Futures Poised to Pause Rally

Dow Jones Industrial Average (DJI) futures are down double digits this morning, with all signs pointing to a breather today, in the wake of five-straight sessions of gains for the blue-chip benchmark. Futures on the S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) are hovering around fair value, as investors await the latest batch of earnings reports this week.

Meanwhile, the Empire State manufacturing index came in at 1.1 in July from the previous month's reading of 6.6. The lackluster gross domestic product (GDP) data out of China is also weighing on Wall Street this morning. 

Continue reading for more on today's market, including: 

• How these bank stocks fared after earnings. 
• More on the Dow's perfect week last week. 
• Plus, CHWY upgraded; PARA slips; and TSLA builds first Cybertruck. 

5 Things You Need to Know Today

1. The Cboe Options Exchange (CBOE) saw more than 2.4 million call contracts and over 1.2 million put contacts exchanged on Thursday. The single-session equity put/call ratio stayed at 0.48 and the 21-day moving average remained at 0.65.
2. Chewy Inc (NYSE:CHWY) is up 5.2% premarket, after Goldman Sachs upgraded the stock to "buy" from "neutral," citing the company's attractive risk/reward profile. Looking to break above recent pressure at the $39 level, CHWY is up 2% year-to-date. 
3. Paramount Global (NASDAQ:PARA) is off 2.7% in electronic trading, after news that its parent company National Amusements is in talks to renegotiate debt with creditors. Plus, the latest "Mission: Impossible" underperformed at the box office, per a report from Variety. Heading into today, PARA is down 5.5% year-to-date. 
4. Tesla Inc (NASDAQ:TSLA) is up 2% before the bell. The electric vehicle (EV) name finally built its first Cybertruck after two years of delays. Last session, TSLA hit its highest levels since September. Since the start of the year, the equity is up 128.4%. 
5. See what economic data is due out later this week.      

China's GDP Weighs on the World

Asian markets were sharply lower on Monday, after China’s second-quarter GDP grew a smaller-than-expected 6.3%. In response, China’s Shanghai Composite shed 0.9%, while South Korea’s Kospi lost 0.4%. Elsewhere, Hong Kong’s Hang Seng was shuttered due to Typhoon Talim warnings, and Japan’s Nikkei was closed for Marine Day.

European markets are also lower, mirroring their U.S. and China counterparts as investors sift through a slew of earnings reports. At last check, France’s CAC 40 is 1.4% lower, the German DAX is off 0.7%, and London’s FTSE 100 is down 0.3%.