US STOCKS-U.S. futures rise as investors refocus on earnings
* Futures up: Dow 78 pts, S&P 10 pts, Nasdaq 17 pts
By Tanya Agrawal
July 28 (Reuters) - U.S. stock index futures rose on Tuesday as investors refocused on corporate earnings a day after a tumble in the Chinese stock market sent global markets lower.
* Wall Street sank on Monday, for the fifth straight day, after the steepest decline in Chinese stocks in eight years increased concerns that cooling growth in the world's No. 2 economy could hurt China's trading partners.
* After Chinese stocks plunged more than 8 percent, the country's top securities regulator said Beijing would keep buying shares to stabilize the market but the Chinese markets continued to fall on Tuesday.
* With second-quarter reports well under way, analysts expect overall earnings of S&P 500 companies to dip 0.3 percent, below the 3-percent decline expected at the start of July, according to Thomson Reuters data.
* Such results could inflate already relatively pricey valuations. The S&P 500 is trading near 16.9 times forward 12-month earnings, above the 10-year median of 14.7 times, according to StarMine data.
* Some of the big names scheduled to report on Tuesday include Twitter, Gilead and Yelp after the close.
* The U.S. Federal Reserve begins its two-day policy meeting. No move on rates is expected this week, but close attention will be paid to whether Fed chair Janet Yellen signals September or December as the most likely date for "liftoff". Continuación...