Here are 10 things you should know for Wednesday, July 23:
1. -- U.S. stock futures were rising slightly on Wednesday and global stocks advanced on the back of solid U.S. earnings and home sales.
European stocks rose while Asian shares ended the trading session mixed.
2. -- The economic calendar in the U.S. on Wednesday includes the MBA Mortgage Index for the week ended July 19 at 7 a.m. EDT.
3. -- U.S. stocks on Tuesday moved back into record-making territory on Tuesday as positive earnings overshadowed continued unease in Eastern Europe and the Middle East.
The Dow Jones Industrial Average closed up 0.36% to 17,113.54. The S&P 500 rose 0.5% to 1,983.53. The Nasdaq gained 0.71% to 4,456.02.
4. -- Apple's (AAPL - Get Report) earnings in the quarter ended June 28 rose at the highest rate in nearly two years as the tech giant sold 35.2 million iPhones during the period. The iPhone shipments climbed 13% from the same time last year, even though many people are believed to be holding off on new device purchases until the next version of the iPhone comes out this fall.
Apple reported earnings of $7.7 billion, or $1.28 a share, for the quarter, up 12% from year-earlier earnings of $6.9 billion, or $1.07 a share. It's the first time that Apple's earnings have increased by more than 10% since the quarter that included the September 2012 release of the iPhone 5 -- the last time that the company boosted the device's screen size.
5. -- Activist investor Bill Ackman denounced weight loss and nutritional supplements company Herbalife (HLF - Get Report) as a pyramid scheme in a three-hour presentation on Tuesday, but Wall Street shrugged off his criticism and sent the company's stock soaring more than 25% to $67.77.
In his presentation, Ackman focused on Herbalife's "nutrition clubs," private settings where Herbalife distributors sell the company's products and recruit new members.
Ackman laid out a case that because the clubs run by Herbalife's distributors focus on recruiting instead of selling products, the clubs are by definition a pyramid scheme.
Herbalife has vigorously denied Ackman's arguments, and has said it operates like a multi-level marketing company similar to Avon, Amway and Mary Kay.
6. -- Aerospace giant Boeing (BA) is forecast to report second-quarter profit on Wednesday of $2.01 a share on revenue of $22.23 billion.
7. -- Microsoft (MSFT) reported fiscal fourth-quarter earnings that beat Wall Street expectations.
Excluding certain items, earnings were 66 cents per share, ahead of the 60 cents expected by analysts. Revenue rose 18% to $23.4 billion.
Microsoft CEO Satya Nadella said on the Tuesday that the next version of Windows will be unified across screens of all sizes and that two money-losing units -- Nokia phones and Bing search -- would become profitable in 2016.
8. -- Social networker Facebook (FB), which has worked to shift its business to mobile, is expected by Wall Street on Wednesday to report second-quarter earnings of 32 cents a share on revenue of $2.81 billion.
9. -- Wall Street expects Delta Air Lines (DAL) to report earnings of $1.03 a share for its second quarter ended June 30, on revenue of $10.65 billion.
10. -- Telco giant AT&T (T) is expected by Wall Street to post second-quarter earnings of 63 cents a share on revenue of $33.22 billion.
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-- Written by Joseph Woelfel
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