Photograph by Thomas Samson — AFP/Getty Images
By Laura Lorenzetti and Geoffrey Smith
August 4, 2015

Hello friends and Fortune readers.

Wall Street stock futures are a touch lower this morning, with the fall in global commodity prices still keeping fears about the global growth outlook uppermost in the market’s mind.

Today’s must-read story is by Fortune contributor Christopher Elliott who chronicles the top 10 cities with the highest travel taxes. In some U.S. cities, travelers can rack up taxes that total as much as 30% of the cost of the full trip. Read more here.

Here’s what else you need to know.

1. Disney expected to bank on Avengers release.

The Walt Disney Co. (DIS) reports its third-quarter earnings today, and analysts are already betting that the entertainment company will show profits above the average estimate. Its quarterly results were likely helped by the release of the second film in the Avengers series, “The Avengers: Age of Ultron,” which was the second-biggest box office opening ever. Disney’s theme parks and resorts also likely fared well given the start of summer break in the U.S. Meanwhile, analysts will be keeping an eye on the company’s cable assets, including ESPN, given the recent instability in the cable industry.

 

2. Obama’s final plan for carbon emissions at power plants

Fewer emissions long-term, more hot air in the short term. That’s the likely consequence of President Barack Obama’s final rule on cutting carbon emissions from U.S. power plants. The EPA late Monday said it impose a federal 32% cut on emissions by power plants by 2030 (measured against 2005 levels) as a central plank of the administration’s strategy to tackle climate change. Congress Republicans, especially those representing coal-mining districts, are vowing to challenge it in the courts.

3. CVS Health and its big-ticket buys.

The U.S.’s second-largest drugstore operator reports its second-quarter results today, and analysts will be looking for updates on how the company is doing integrating its recent big-money purchases. In May, CVS Health (CVS) agreed to pay $12.7 billion to acquire Omnicare, a pharmacy services provider. Shortly thereafter in June, the drugstore company paid $1.9 billion to take on all of Target’s pharmacies. CVS Health reduced its full-year profit forecast, though is likely to show second-quarter sales that are above analysts’ average estimate.

4. An update on the health insurer merger spree.

Health insurer Aetna (AET) reports its quarterly results today, just a month after the company agreed to buy smaller rival Humana (HUM) for $37 billion. The deal would make the company the nation’s largest Medicare Advantage company and the third largest U.S. health insurer, following UnitedHealth (UNH) and a newly combined Anthem-Cigna, if approved. Investors will be looking for any hint as to feedback from antitrust regulators.

 

5. Are U.S. factory orders back up?

The Commerce Department releases June numbers for U.S. factory goods data at 10 a.m. ET, which is likely to show that new orders for manufactured goods increased 1.8% last month. That’s good news following a tough year. Factory orders have declined in nine of the last 10 months through May. Manufacturing has taken a hit given the confluence of a strengthening dollar and weak global demand, which accounts for 12% of the U.S. economy.

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