Updated to include corporate earnings information.

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Here are five things you must know for Tuesday, July 25:

1. -- U.S. stock futures turned higher on Tuesday, July 25, following a solid but not outstanding earnings report from Google parent Alphabet Inc. (GOOGL) - Get Report and as the Federal Reserve's monetary policy-setting body, the Federal Open Market Committee, begins a two-day meeting.

An announcement on interest rates from the FOMC is expected at 2 p.m. on Wednesday, July 26. Economists don't expect the Fed to make any changes to interest rates at the meeting. In June, the FOMC raised short-term interest rates for the third time since December.

European shares were rising Tuesday while Asian stocks finished the session mixed.

The economic calendar in the U.S. on Tuesday includes the FHFA House Price Index for May at 9 a.m. ET, the S&P Corelogic Case-Shiller Home Price index for May at 9 a.m., and Consumer Confidence for July at 10 a.m.

U.S. stocks on Monday, July 24, finished mixed the Nasdaq rising 0.36% to clinch a record close of 6,410.81. The S&P 500 fell 0.08% and the Dow Jones Industrial Average declined 0.24%.

2. -- Shares of Alphabet fell 2.3% in premarket trading on Tuesday after the parent of Google posted solid second-quarter sales and earnings but hinted that rising costs could slow profit margin improvements.

Revenue in the quarter jumped 21% from a year earlier to $26.01 billion and beat Wall Street estimates of $25.6 billion, while earnings were $5.01 a share, firmly ahead of the projected estimate of $4.44.

If a $2.7 billion fine that European Union regulators recently imposed over the integration of Google Shopping ads within search results, earnings were $8.90 a share, above consensus of $8.36.

The results, however, were overshadowed somewhat by the company's total traffic acquisition costs, which increased to $5.091 billion and now represent 22% of Google's advertising revenue.

Alphabet is a holding in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells GOOGL? Learn more now.

Jim Cramer and the AAP team said investors are worried about click metrics. For the quarter, aggregate paid clicks increased 52% year over year and 12% sequentially, with a majority of the growth stemming from the Google Properties division. However, aggregate cost per click declined for another quarter, in total declining 23% year over year and 6% sequentially. 

"Overall, we are encouraged by the strong quarter despite the discouraging click trend. We believe GOOGL can be successful with its diversification away from advertising, but we understand the business represents the heart of its business and the process will take time," said Cramer and the AAP team. 

3. -- DuPont (DD) - Get Report reported second-quarter earnings of $1.38 a share, ahead of analysts' estimates of $1.29. 

Eli Lilly & CO. (LLY) - Get Report posted adjusted earnings in the second quarter of $1.11 a share, compared with analysts' expectations of $1.05. The stock fell slightly. 

Earnings reports are also expected Tuesday from General Motors Co. (GM) - Get Report , McDonald's Corp. (MCD) - Get Report , Advanced Micro Devices Inc. (AMD) - Get Report , Kimberly-Clark Corp. (KMB) - Get Report , Chipotle Mexican Grill Inc. (CMG) - Get Report , JetBlue Airways Corp. (JBLU) - Get Report , AT&T Inc. (T) - Get Report , 3M Co. (MMM) - Get Report , Caterpillar Inc. (CAT) - Get Report , United States Steel Corp. (X) - Get Report , Amgen Inc. (AMGN) - Get Report , Biogen Inc. (BIIB) - Get Report  and Express Scripts Holding Co. (ESRX)  .

Eli Lilly is a holding in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells LLY? Learn more now.

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4. -- Michael Kors Ltd. (KORS) agreed to buy luxury footwear brand Jimmy Choo PLC (JYMHF)  for $1.2 billion. 

Michael Kors said it would pay 230 pence per share in cash, valuing Jimmy Choo's existing issued and to be issued ordinary share capital at about £896 million ($1.2 billion). 

The price represents a 36.5% premium to the closing price of 168.5 pence on April 21, the day before JAB Luxury started a formal sale process for Jimmy Choo.

  • Department Stores Are Dying -- Michael Kors Declares War on Coach With Big Jimmy Choo Deal

Following the completion of the acquisition, it's expected that Jimmy Choo will operate as it does today with the same management.

Jimmy Choo has about 150 company-operated retail stores, 560 multi-brand stores and more than 60 franchise stores worldwide.

Shares of Michael Kors rose 3.1% in premarket trading.

5. -- SoftBank Group Corp. (SFTBY)  approached Uber Technologies Inc. about taking a multibillion-dollar stake in the San Francisco ride-hailing company, The Wall Street Journal reported, citing people familiar with the matter.

SoftBank's talks with Uber are described as preliminary and one-sided, and any deal would likely be on hold until Uber hires a new CEO, which isn't expected for weeks, the people familiar with the matter told the Journal.

Softbank, the Japanese tech giant, is already a big investor in the three largest Asian ride-hailing companies: Singapore's GrabTaxi Holdings, India's Ola and China's Didi Chuxing Technology Co.