• Target beat Wall Street’s earnings and revenue expectations.
• Weekly applications for mortgage refinances increased again after jumping last week.
• GM believes its latest electric pickup truck can outperform the competition.

Here are five important things investors need to know at the start of the trading day:

1. Take a break

The market rally took a breather on Tuesday as all three major indexes edged lower. The Dow Jones Industrial Average fell 61.56 points, or 0.15%. The S&P 500, meanwhile, slipped 0.2% to 5,597.12, while the Nasdaq Composite slipped 0.33% to 17,816.94. Tuesday’s losses ended an eight-day winning streak for the S&P 500 and Nasdaq Composite. In fact, had the S&P 500 closed Tuesday with a positive gain, it would have been the index’s longest winning streak since 2004. Investors will turn their attention to the minutes of the Federal Reserve’s July meeting, which will be released on Wednesday. Follow the market updates live.

2. Precise

Target beat Wall Street’s earnings and revenue expectations in the second quarter, with sales rising about 3%. The retailer said customers bought more value items such as clothing. Shares rose more than 10% in premarket trading Tuesday as Target reported improvements in profit-making. However, Target maintained its previous full-year sales forecast and sounded a cautious note: It expects full-year comparable sales to rise at the low end of its estimate range of flat to 2%.

3. Mini Boom

Weekly mortgage refinance rates have come back down to earth after soaring last week. The Mortgage Bankers Association’s seasonally adjusted index showed that applications to refinance a home loan fell 15% from the previous week. While mortgage rates are falling and are now at 6.5%, most borrowers who already own a home have interest rates well below 5%, having fallen below 3% during the first two years of the pandemic. However, the 30-year fixed rate has fallen 32 basis points over the past four weeks and is 81 basis points lower than the same time last year.

4. Electric Dreams

General Motors is looking to outdo its rivals in the electric pickup truck market. The automaker is launching an electric Sierra pickup through its premium GMC brand that it hopes will lead the way. But to achieve that goal, the new Sierra EV will have to sell more than its sister model, the Chevrolet Silverado EV, as well as rivals Ford Motor, Rivian Automotive and Tesla, which led sales in the second quarter with its Cybertruck, Motor Intelligence reports. The electric truck market is still in its infancy, but the Sierra EV joins GMC’s electric truck lineup, which includes electric versions of the Hummer, including an SUV and a pickup truck.

5. Fight against fast fashion

The fast-fashion war is heating up. China-linked fashion giant Shein sued its rival Temu, accusing it of regularly stealing its designs. Shein also claimed in the lawsuit – filed in federal court in Washington, DC on Monday – that Temu loses money on every sale and commits trademark infringement to recoup the losses. Yet Shein has itself had to fend off similar copyright allegations from a number of independent artists and brands, including Levi Strauss and H&M. Temu even sued Shein last year over copyright concerns and allegations that the company forces suppliers into exclusivity agreements.

— CNBC’s Alex Harring, Melissa Repko, Diana Olick, Michael Wayland and Gabrielle Fonrouge contributed to this report.