Here are 10 things you should know for Tuesday, July 22:
1. -- U.S. stock futures were rising Tuesday ahead of data on inflation and housing and a bevy of corporate earnings reports.
European stocks rebounded, as EU foreign ministers gathered in Brussels to discuss whether to increase sanctions against Russia and as investors took heart from bullish corporate earnings. Asian indices also rose.
2. -- The economic calendar in the U.S. on Tuesday includes the Consumer Price Index for June at 8:30 a.m. EDT, the FHFA Housing Price Index for May at 8:30 a.m., and existing home sales for June at 10 a.m.
3. -- U.S. stocks on Monday closed lower but recovered from deep losses suffered over the morning session, a product of geopolitical tensions in Ukraine and the Gaza Strip.
The Dow Jones Industrial Average fell 0.28% to 17,051. The S&P 500 declined 0.23% to 1,973.63. The Nasdaq slipped 0.17% to 4,424.7.TheStreet's Jon Marino has Tuesday's Global Markets Report:
4. -- Apple (AAPL - Get Report) is expected by Wall Street to report on Tuesday fiscal third-quarter earnings of $1.23 a share on revenue of $37.99 billion.
Investors will be watching Apple to see whether iPhone sales remain strong ahead of what could be Apple's biggest product ever, a larger iPhone coming in the fall.
The Wall Street Journal, citing people familiar with the matter, reported that Apple is asking suppliers to manufacture between 70 million and 80 million units combined of two large-screen iPhones with 4.7-inch and 5.5-inch displays by Dec. 30.
Apple shipped shipped 43.7 million iPhones in the second quarter ended March 30. The tech giant earned $11.62 a share in the quarter on sales of $45.6 billion.
5. -- Netflix (NFLX - Get Report) said second-quarter earnings more than doubled as new episodes from a hit series helped the online streaming company surpass 50 million worldwide subscribers for the first time.
The gains include an additional 570,000 U.S. subscribers, slightly more than the company predicted. The quarter is typically the company's slowest of the year, as people spend more time outdoors instead of watching video.
The second quarter featured Netflix's "Orange Is The New Black," which returned for its second season in early June. As with the company's other original series, all 13 episodes of "Orange Is The New Black," were released simultaneously so subscribers could watch the story when they wanted.
Netflix posted a second-quarter profit of $1.15 a share, a penny above analysts' expectations. Revenue rose 25% to $1.3 billion, matching estimates.
6. -- Microsoft (MSFT) is expected by analysts to post earnings of 60 cents a share in its fiscal fourth quarter on revenue of $23 billion.
The company reported earnings of 68 cents a share on revenue of $20.4 billion in the third quarter.
Microsoft CEO Satya Nadella could face tough questions from investors on Tuesday, as he promised to provide more details of his plans for the software giant. Nadella's recent announcement of 12,000 job cuts mollified investors for the short term and sent shares of Microsoft to a 14-year high last week, but questions remain about his long-term vision for the company's future.
7. -- A meat scandal in China engulfed Starbucks (SBUX) and Burger King (BKW) on Tuesday and spread to Japan where McDonald's (MCD) said the Chinese supplier accused of selling expired beef and chicken had provided 20% of the meat for its chicken nuggets.
Chinese authorities expanded their investigation of the meat supplier, Shanghai company Husi Food.
The scandal surrounding Husi Food, which is owned by OSI Group of Aurora, Ill., has added to a string of safety scares in China over milk, medicines and other goods that have left the public wary of dairies, restaurants and other suppliers.
Starbucks said on Tuesday that it removed from its shelves sandwiches made with chicken that originated at Husi. Burger King said it stopped using hamburger it received from a supplier that used product from Husi. Pizza restaurant chain Papa John's International (PZZA) announced it stopped using meat from Husi.
8. -- Yahoo! (YHOO) reached a deal to buy Flurry, a startup that helps other programmers build better mobile applications and craft marketing campaigns for smartphones and tablets.
Yahoo! didn't disclose how much it's paying for Flurry but published reports put the price tag at around $200 million.
9. -- Verizon (VZ) posted on Tuesday second-quarter adjusted earnings of 91 cents a share on revenue of $31.48 billion.
Analysts were expecting earnings of 90 cents a share on revenue of $31.12 billion.
10. -- McDonald's (MCD) is predicted by analysts to have earned $1.44 a share in the second quarter on revenue of $7.29 billion.
-- Written by Joseph Woelfel
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