Updated from 6:59 a.m.

NEW YORK (TheStreet) -- Here are 10 things you should know for Wednesday, July 22:

1. -- U.S. stock futures were sinking as investors look to home sales and mortgage data, and as markets suffer a hangover from disappointing Apple (AAPL - Get Report) earnings on Tuesday.

European stocks fell on Wednesday as investors digested the latest batch of earnings from companies including Norway's Telenor ASA (TELNY) and mining company BHP Billiton (BHP). Semiconductors fell a day after Apple's weak fourth-quarter forecast.

In London, the FTSE 100 was 0.79% lower. Mainland indices fared slightly better, with Paris's CAC 40 shaving 0.36%, and the DAX down 0.32% in Frankfurt.

Asian stocks fell, as Hong Kong's Hang Seng erased 0.99%, while in Tokyo the Nikkei sank 1.19%.

2. -- The economic calendar in the U.S. on Wednesday includes the Mortgage Bankers' Association mortgage application data at 7 a.m., the Federal Housing Finance Agency House Price Index at 9 a.m., existing home sales numbers at 10 a.m., and the Energy Information Administration petroleum status report at 10:30 a.m.

3. -- U.S. stocks on Tuesday yanked backward from recent highs as some disappointing earnings reports cast a shadow over the stock market.

The Dow Jones Industrial Average (DIA - Get Report) dropped 1% to 17,919.29. The S&P 500 (SPY - Get Report) closed 0.43% lower at 2,119.21. The Nasdaq (QQQ - Get Report) dipped 0.21% to 5,208.12.

4. -- The Federal Communications Commission looks ready to approve AT&T's (T - Get Reportplanned buyout of DirecTV (DTV - Get Report). The $49 billion deal has been scrutinized for more than a year by the regulatory agency. The FCC is requiring that AT&T make some moves to satisfy regulators that the deal won't reduce competition or worsen service. The deal should help strengthen AT&T's position with "cord cutters" who stream video online instead of paying for cable.

In premarket trading, DirecTV stock was up 0.59% and AT&T stock was dropping by 0.98%.

5. -- On Tuesday, Apple (AAPL - Get Report) reported earnings that beat Wall Street expectations, but its stock took a drubbing in premarket trading anyway, falling by 7.2%.

Apple, the world's largest public company by market capitalization, pulled in earnings of $1.85 per share on $49.6 billion in revenue. Revenue went up 33% year over year. Analysts surveyed by Thomson Reuters expected Apple to collect $49.3 billion in revenue and EPS of $1.80.

Apple gave no numbers for its Apple Watch sales, and investors seemed nervous that Apple couldn't keep its iPhone sales going forever. Apple makes 70% of its revenue from iPhone sales. Apple sold 47.5 million of the smartphones in the quarter, beating the 35.2 million sales in the year-ago quarter but still below analyst estimates of 48.8 million phones shipped.

6. -- Burger-flipper McDonald's (MCD - Get Report) is contemplating expanding breakfast to a full-day affair. The company has been testing all-day breakfast since March and, according to a company memo obtained by The Wall Street Journal, it may roll out an updated menu by October.

McDonald's has struggled to grow in an environment where local and organic food is appealing to more customers.

McDonald's stock was 0.11% lower in premarket trading.

7. -- Delivery service FedEx (FDX - Get Report) will upgrade its plane fleet with $10 billion worth of new Boeing (BA - Get Report) 767s, FedEx said. The 50 new planes will be delivered over five years starting in 2018, and the delivery service has an option to buy 50 more. FedEx may be paying less than list price for its bulk purchase, especially as other customers move to more recent plane models.

In premarket trading, FedEx stock was level.

8. -- Despite 15% higher revenue for the second quarter, Yahoo! (YHOOreported a loss in its earnings release on Tuesday. The loss-generating expenses -- spent to pull in higher traffic and increase the Web site's market share -- are also expected to continue for the rest of the year.

Yahoo! reported revenue of $1.24 billion and a net loss of $22 million, or 2 cents per share. In the year-ago quarter, its revenue was $1.08 billion, with profits of $270 million, or 26 cents a share.

Yahoo! is also in the midst of spinning off its remaining stake in Alibaba (BABA - Get Report), which it plans to do by creating a new spinoff company called Aabaco Holdings. Yahoo!'s plan to execute the deal without paying any taxes is being scrutinized by the IRS.

Yahoo!'s stock is suffering in premarket trading, falling by 2.6%.

9. -- Oil prices were falling as U.S. crude oil stocks built up again by 2.3 million barrels last week, according to data from the American Petroleum Institute. The Energy Information Administration's petroleum status report, to be released at 10:30 a.m. on Wednesday, will shed some more light on the situation.

West Texas Intermediate crude oil was just over $50 a barrel, and Brent crude oil was down to the $56 a barrel range.

10. -- Earnings reports on Wednesday include Abbott Laboratories (ABT - Get Report), AutoNation  (AN - Get Report), Boeing (BA - Get Report), Coca-Cola (KO - Get Report), Owens Corning (OC - Get Report) and Six Flags Entertainment  (SIX - Get Report) before the opening bell and Altera (ALTR - Get Report), Discover Financial Services  (DFS - Get Report) and Qualcomm (QCOM - Get Report) after the closing bell.