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*
Bank of America's quarterly profit more than doubled as legal
costs dropped sharply, driving expenses down to their lowest
since 2008. Its shares rose 2.5 percent to $17.55 in premarket
trading.
* At her semi-annual testimony on monetary policy, Yellen is
likely to face questions on how concerns such as the Chinese
stock market slump and the Greece crisis will affect the Fed's
decision to lift rates. The testimony is at 10 a.m. ET. A copy
of her speech will be available at 8:30 a.m.
* Greek Prime Minister Alexis Tsipras is struggling to persuade
deeply unhappy leftist lawmakers to vote for a package of
austerity measures and economic reforms to secure a new bailout.
* China's second quarter gross domestic product grew at an
annual rate of 7 percent, slightly higher than analysts'
forecast, but the data failed to stem the slide in its stock
markets where a quarter of stocks are still suspended.
* The uncertainty in the Chinese market and the strong dollar
will be in focus this U.S. earnings season. Corporate America is
expected to report its worst sales decline in nearly six years
in the second quarter, while profit is expected to have fallen
2.9 percent, according to Thomson Reuters estimates.
* Delta Air Lines will report results before the bell, while
Intel and Netflix are scheduled to report after the close.
* Receptos jumped 10.2 percent to $228.40, a day after Celgene
said it will the smaller biotech company for $7.2 billion.
Celegene was up 5.9 percent at $130.20.
* Among a raft of economic data due Wednesday, the Fed will
releases June industrial output data, which is expected to have
increased 0.2 percent after falling 0.2 percent in May. The data
is due at 9:15 a.m. ET.
* The Fed will also issue, at 2 p.m. ET, its so-called Beige
Book, an compendium of anecdotes on the health of the economy.
* Yum Brands slipped 1.6 percent to $90.50 after the owner of
Pizza Hut and KFC reported its fourth straight quarter of
falling sales.
* Netflix will trade on Wednesday for the first time after a
seven-for-one stock split.
(Editing by Savio D'Souza)
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