Updated from 6:55 a.m.
NEW YORK (TheStreet) -- Here are 10 things you should know for Thursday, July 16:
1. -- U.S. stock futures are modestly rising as investors await another day of Fed Chair Janet Yellen's congressional testimony, and as a busy day for corporate earnings reports gets underway.
European stocks rose on Thursday after the Greek parliament approved tough austerity measures demanded of the country by its eurozone creditors in return for an €86 billion ($93.4 billion) bailout. The German parliament votes on the bailout deal tomorrow.
The European Central Bank holds a policy meeting Thursday. In Frankfurt, the DAX surged 1.54%, and in Paris, the CAC 40 jumped 1.61%. In London, the FTSE 100 was up 0.48%.
Asian stocks rose too. In Tokyo, the Nikkei 225 increased by 0.67%, and the Topix gained 0.88%. The Shanghai Composite closed up 0.46%. In Hong Kong, the Hang Seng gained 0.43%.
2. -- The economic calendar in the U.S. on Thursday includes jobless claims numbers at 8:30 a.m., the Philadelphia Fed Business Outlook Survey at 10 a.m., and the National Association of Home Builders housing market index at 10 a.m.
Federal Reserve Chair Janet Yellen appears before the Senate for her twice-annual testimony.
3. -- U.S. stocks on Wednesday declined slightly as protests in Athens concerned investors.
4. -- Federal Reserve Chair Janet Yellen speaks to the U.S. Senate in her second day of congressional testimony on Thursday. In front of the House on Wednesday, Yellen was grilled about the timing of an interest rate hike, and she said the Fed would move slowly and deliberately to raise rates. She also pushed back against Republican pressure to allow more congressional influence on when the central bank would raise rates.
The Fed chair reports to Congress in a two-day session twice annually.
5. -- The Greek parliament voted to accept the terms of a European bailout, despite protests in the streets and the vocal objections of members of Prime Minister Alexis Tsipras' own Syriza party. The bailout, Greece's third in five years, could be for as much as €86 billion (about $94 billion). The German parliament will vote to approve the bailout on Friday, and it is expected to pass with the support of Chancellor Angela Merkel.
The Greek debt deal imposes harsh austerity measures which many Greeks find objectionable, but the cuts in pensions, jumps in taxes and required asset sales ultimately looked more appealing than being thrown out of the euro currency, allowing banks to collapse and going into a national-scale bankruptcy.
However, the International Monetary Fund -- one of Greece's creditors -- said it viewed Greece's debts as too great and unsustainable.
6. -- Online auction site eBay(EBAY) - Get Report seemed close to a deal to sell its Enterprise unit for $900 million to a group led by private equity company Permira. Details aren't yet available but could be announced Thursday.
The deal precedes eBay's planned spinoff of PayPal, the online payments company, on Friday. eBay reported earnings on Thursday before the opening bell. The company missed earnings estimates, although revenue rose 7%.
In premarket trading, eBay stock was rising by 3.09%.
7. -- The Department of Labor reported that there were 281,000 initial jobless claims last week. Economists at Econoday predicted that there would be 282,000 new unemployment claims made last week, quite close to the mark. The prior week's count was 296,000 new claims.
Unemployment claims have been at very low levels by historical standards, and the unemployment rate is low. Both facts suggest that the labor market is strong.
Low unemployment may influence the Federal Reserve to raise rates sooner rather than later.
8. -- Gold was edging toward a four-month low as the dollar strengthened even more on speculation that the Federal Reserve would raise interest rates shortly. SPDR Gold Shares(GLD) - Get Report, the largest gold-backed exchange-traded fund, hit a five-year low on Wednesday too.
As interest rates rise, physical gold can look less appealing to investors, as it has no yield or dividends.
9. --StarboardValue, a hedge fund, took a stake in Macy's (M) - Get Report with the goal of forcing the department store to sell some of its real estate. Rival store operators Hudson's Bay (HBAYF) and Sears Holdings (SHLD) have made similar moves to sell their underlying real estate recently. The benefit of creating a real estate investment trust out of Macy's land holdings may be less obvious than for Sears, which is struggling and holds large amounts of real estate.
Macy's stock rose 7.9% on the news, but was steady in premarket trading.
10. -- It's a busy day for earnings reports Thursday. Earnings include Charles Schwarb (SCHW) - Get Report, Citigroup (C) - Get Report, Domino's Pizza (DPZ) - Get Report, eBay (EBAY) - Get Report, Goldman Sachs (GS) - Get Report and United Health (UNH) - Get Report before the opening bell, and Advanced Micro Devices (AMD) - Get Report, Cintas (CTAS) - Get Report and Google (GOOG) - Get Report(GOOGL) - Get Report after the closing bell.