Updated from 6:56 a.m.
NEW YORK (TheStreet) -- Here are 10 things you should know for Wednesday, July 29:
1. -- U.S. stock futures were rising modestly ahead of the Federal Reserve's FOMC announcement on a busy day for corporate earnings.
European stocks rose on Wednesday, driven by earnings from companies including Dutch phone giant Royal KPN (KKPNY) and global luxury leader LVMH Moët Hennessy Louis Vuitton (LVMUY) , as well as continued M&A deal momentum.
In London, the FTSE 100 was up 0.52%. The DAX added 0.35% in Frankfurt and the CAC 40 gained 0.43% in Paris.
Asian stocks were mostly higher, led by a very welcome 3.44% recovery in the Shanghai Stock Exchange Composite Index. The Hang Seng rose 0.47% in Hong Kong, while the Nikkei bucked the positive trend with a 0.13% decline.
2. -- The economic calendar in the U.S. on Wednesday includes the Mortgage Bankers' Association mortgage application data at 7 a.m., the National Association of Realtors' pending home sales index at 10 a.m., the Energy Information Administration Petroleum Status Report at 10:30 a.m., and the Federal Reserve's Federal Open Market Committee meeting announcement at 2 p.m.
3. -- U.S. stocks on Tuesday rebounded strongly for the first time in six trading sessions.
4. -- The Federal Reserve's Federal Open Market Committee releases the notes from its two-day meeting at 2 p.m. on Wednesday. It's considered unlikely that the Fed would raise interest rates now. Investors will be looking closely at the minutes for signs of when the rate hike might come -- possibly September, and likely before the end of the year, according to what Fed Chair Janet Yellen has said in prior statements.
Yellen has said previously that the Fed won't raise rates until the economy looks strong enough to take the change, and then only if inflation still appears under control.
5. -- Twitter (TWTR) - Get Report reported earnings on Tuesday, and despite an earnings beat, investors were dismayed by disappointing user growth. The social network did show second-quarter revenue of $502.4 million, 61% higher than in the quarter a year prior. According to Thomson Reuters, analysts expected revenue of $481.3 million. Twitter showed a loss of $136.7 million, or 21 cents a share. In the year-ago quarter, Twitter lost $144.6 million, or 24 cents a share.
Twitter would have posted a profit of 7 cents a share if it had not invested in renewing the business through data centers and new hires.
Despite the earnings beat, Twitter shares were taking a beating in premarket trading -- down 10.7%.
6. -- Cytec Industries (CYT) is being bought out by Belgian company Solvay (SVYSF) for $5.5 billion. The deal will increase chemical maker Solvay's business in aerospace and automotive products. Solvay offered $75.25 per share of Cytec stock, or a 29% premium to the shares' closing price on Tuesday. That's not a bad deal, according to Solvay, since it sees Cytec as worth $6.4 billion.
Shareholders and regulators will have their say before the deal is finalized, which is expected to happen in the fourth quarter of 2015.
Solvay's stock was down 2.9% in European trading. In premarket trading, Cytec stock was up 26.7%.
7. -- Social network Facebook (FB) - Get Reportposts earnings after the closing bell on Wednesday. According to Thomson Reuters' survey, analysts, on average, expect revenue of $3.98 billion, or 47 cents a share. A year ago, Facebook posted quarterly revenue of $2.91 billion, or 42 cents a share.
In premarket trading, Facebook stock was rising by 0.89%.
8. -- Start-up payments company Stripe is raising a new round of funding at a valuation of $5 billion, and now credit card processor Visa (V) - Get Report is making an investment in the company. Only six months ago Stripe was valued at $3.5 billion. Like other payments companies like Square or PayPal (PYPL) - Get Report, Stripe processes credit card and debit payments for a fee. The company has reputedly rejected buyout offers from both Facebook and PayPal.
In premarket trading, PayPal stock was rising by 0.67%.
9. -- Online retailer Amazon (AMZN) - Get Report is continuing its plans to make deliveries by drone. The FAA's rules about drones require them to stay below 400 feet and within sight of the pilot; they can't be used within five miles of an airport. Amazon is working on longer-range drones to operate at 200 to 400 feet up, as well as shorter-range drones to fly at 200 feet or lower. Amazon is developing tracking software to keep an eye on the delivery vehicles.
In premarket trading, Amazon stock was rising by 0.85%.
. -- The earnings calendar for Wednesday includes
before the opening bell, and
after the closing bell.