July 16 Premarket Briefing: 10 Things You Should Know

Here are 10 things you should know for Wednesday, July 16:

1. -- U.S. stock futures were rising Wednesday ahead of earnings from Bank of America (BAC) and Federal Reserve Chair Janet Yellen's second day of testimony before Congress.

European stocks rose after China reported that its economy expanded 7.5% in the April-June quarter after growing 7.4% in the first quarter. 

Asian stocks ended the session mixed.

2. -- The economic calendar in the U.S. on Wednesday includes the Producer Price Index for June at 8:30 a.m. EDT, industrial production and capacity utilization for June at 9:15 a.m., the NAHB Housing Market Index for July at 10 a.m., and the Fed's Beige Book for July at 2 p.m.

3. -- U.S. stocks on Tuesday closed mixed, with the Nasdaq tumbling 0.54% to 4,416.39, dragged down by losses in biotech and social media names after Yellen said some sectors of the markets, notably biotech and social media, were overvalued.

The Dow Jones Industrial Average nudged 0.03% higher to close at 17,060.68, and the S&P 500 slipped 0.19% to 1,973.28. 

4. -- IBM (IBM) signed an exclusive deal with Apple  (AAPL) to sell more iPhones and iPads to corporate customers and government agencies.

The partnership calls for the two technology giants to work together on about 100 different mobile applications designed for a wide range of industries. The effort will bring together IBM's big data capabilities with the analytics and user-friendliness of the iPhone and iPad.

Bridget van Kralingen, senior vice president of IBM Global Business Services, said the deal had been worked on for some time.

"We came at this together," van Kralingen said in a phone interview with TheStreet. "We feel really quite strongly about one another's unique positioning. IBM is the gold standard for enterprise, and Apple is the gold standard for the consumer and consumability."

If you liked this article you might like

Equifax Breach Reveals Frightening Truth: Companies Can Delay Disclosing Hacks

How Alibaba's 'Genie' Smart Speaker Can Overcome the Amazon Echo's 3-Year Head Start and Still Win

Facebook, Apple, Netflix and Google Have Caught the Flu -- Here's How Not to Get Killed By It

How to Play the Coming 'FANG Flu'

Travis Kalanick and the Terrible, Horrible, No Good, Very Bad Week