Here are the most important news items that investors need to start their trading day:1. Stocks look to shake off back-to-back lossesNEW YORK, NEW YORK - JULY 25: Traders work on the floor of the New York Stock Exchange (NYSE) on July 25, 2022 in New York City. Stocks rose slightly in morning trading as investors weigh the upcoming Federal Reserve meeting this coming Wednesday. (Photo by Spencer Platt/Getty Images)Spencer Platt | Getty Images News | Getty ImagesStock futures were in the green Wednesday, following two straight negative days to begin August trading. In Tuesday's down session, investors grappled with increased tensions between Washington and Beijing, as U.S. House Speaker Nancy Pelosi visited Taiwan, and comments on inflation and future rate hikes from a number of Federal Reserve officials. The S&P 500 enters Wednesday down nearly 1% for the week, while the tech-heavy Nasdaq has declined 0.34%. The Dow Jones Industrial Average is the laggard, falling 1.37% week to date.2. Nancy Pelosi departs TaiwanTelevisions broadcast news reports on US House Speaker Nancy Pelosi's visit to Taiwan in Taipei, Taiwan, on Tuesday, Aug. 2, 2022.Lam Yik Fei | Bloomberg | Getty ImagesHouse Speaker Nancy Pelosi left Taiwan on Wednesday around 6 a.m. ET, marking the end to a brief but controversial stop in the self-ruled island that China claims as its own territory. While there, the California Democrat met with Taiwanese President Tsai Ing-wen and signaled her support for the democratic island. "Our [congressional] delegation came here to send an unequivocal message: America stands with Taiwan," Pelosi said, according to NBC News. After repeatedly warning Pelosi against visiting Taiwan, Beijing has responded by banning various imports of Taiwanese goods into China including biscuits, grapefruit and frozen horse mackerel. China's Ministry of Commerce paused exports of natural sand to Taiwan, and the country's military also began conducting drills in the air and sea around Taiwan.3. CVS Health lifts full-year forecastA pedestrian walks through the parking lot of a CVS Health Corp. store in Oakland, California, Aug. 2, 2019.Michael Short | Bloomberg | Getty ImagesShares of CVS Health rose Wednesday after the company raised its full-year profit outlook and topped Wall Street's expectations with its second-quarter results. CVS now expects adjusted earnings between $8.40 and $8.60 per share this year, up from its prior guidance of $8.20 to $8.40. The company, which in addition to its drugstores owns health insurer Aetna, saw second-quarter sales rise 11% year over year to $80.64 billion, topping Refinitiv estimates of $76.37 billion. Adjusted earnings per share in the quarter of $2.40 also exceeded analyst estimates of $2.17.Also before Wednesday's opening bell, Taco Bell owner Yum Brands reported mixed quarterly results.4. Tuesday night earnings recapBrian Chesky, chief executive officer and co-founder of Airbnb Inc., speaks during an Economic Club of New York luncheon at the New York Stock Exchange (NYSE) in New York, U.S., on Monday, March 13, 2017.Michael Nagle | Bloomberg | Getty ImagesA number of noteworthy companies reported quarterly numbers after Tuesday's close. Here's quick breakdown of how they did:Airbnb reported better-than-expected Q2 earnings and revenue that nearly met estimates, while issuing third-quarter guidance ahead of Street estimates. Shares were down over 7% in premarket trading. CNBC's Sofia Pitt has a full recap here.Advanced Micro Devices' second-quarter profits and sales topped analyst expectations, but the chip designer's Q3 revenue forecast came up slightly short of estimates. Its stock slid about 6% in premarket trading. Read CNBC tech reporter Kif Leswing's full story on the earnings here.Starbucks' quarterly results beat estimates on the top and bottom lines, and interim CEO Howard Schultz indicated the coffee chain's customers haven't pulled back on their spending or traded down to cheaper items despite persistently hot inflation. Shares rose nearly 2% in the premarket. CNBC's Amelia Lucas recaps the earnings in full here.PayPal saw second-quarter revenue rise 9% year over year to $6.81 billion, beating analyst projections, while adjusted earnings per share of 93 cents topped estimates by 7 cents. Shares of the fintech firm, which also entered an info-sharing agreement on value creation with activist Elliott Management, surged nearly 13% in premarket trading. Read a full recap of the quarter from CNBC's Jordan Novet.5. Mortgage applications rise for first time in 5 weeksHouses in Hercules, California, US, on Tuesday, May 31, 2022. Homebuyers are facing a worsening affordability situation with mortgage rates hovering around the highest levels in more than a decade.David Paul Morris | Bloomberg | Getty ImagesMortgage applications rose last week, the first time since June 24 that volume increased on a week-to-week basis, according to the Mortgage Bankers Association. Total mortgage demand increased 1.2%, helped by the average 30-year fixed mortgage rate recording its biggest weekly drop since 2020. Applications to buy a home increased 1% compared with the previous week, while refinance applications rose 2%, the MBA said. The latest mortgage data comes amid concerns about weakening consumer confidence and a slowing U.S. economy, as the Fed tightens monetary policy in hopes of cooling the hottest inflation since the early 1980s.— CNBC's Su-Lin Tan, Melissa Repko and Lisa Rizzolo contributed to this report. NBC News also contributed.— Sign up now for the CNBC Investing Club to follow Jim Cramer's every stock move. 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5 things to know before the stock market opens Wednesday.