Updated from 6:58 a.m.

NEW YORK (TheStreet) -- Here are 10 things you should know for Tuesday, July 28:

1. -- U.S. stock futures are rising, bucking the five-day downward trend of markets, and bouncing back on stronger European trading. The Fed's two-day FOMC meeting begins Tuesday.

European stocks were higher Tuesday as they rebounded from a five-session losing streak, buoyed by big-ticket deal news out of the U.K. and some strong results.

In London, the FTSE 100 rose 0.51%. Frankfurt's DAX climbed 0.42%. Paris's CAC 40 index was up 0.44%.

Chinese markets seesawed on Tuesday, caught between investors' fears of a repeat of Monday's crash, which erased more than 8% of the value of the major Chinese indices, and Beijing's insistence that it will stabilize share prices and support the economy.

China's Shanghai Composite Index dipped more than 5% in early trading before surging into positive territory and then sliding again to close down 1.7%. In Hong Kong, the Hang Seng proved more resilient, closing up 1.1%. In Tokyo, the Nikkei 225 ended the day down 0.1%.

2. -- The economic calendar in the U.S. on Tuesday includes the comparable-store sales Redbook at 8:55 a.m., the S&P Case-Shiller home price index at 9 a.m., the Purchasing Managers' Index Services flash at 9:45 a.m., consumer confidence numbers at 10 a.m., and the Richmond Fed Manufacturing Index at 10 a.m.

The Federal Reserve Open Market Committee meeting begins Tuesday.

3. -- U.S. stocks on Monday fell for the fifth day in a row after Chinese stocks were sharply down.

The Dow Jones Industrial Average (DIA - Get Report) sank 0.73% to 17,568.53. The S&P 500 (SPY - Get Report) closed 0.58% lower at 2,079.65. The Nasdaq (QQQ - Get Report) fell 0.96% to 5,088.63.

4. -- Honeywell International (HON - Get Report) will pay £3.3 billion ($5.1 billion) to buy German energy and water company Elster from London industrial investment group Melrose Industries (MLSPF). The deal will help Honeywell expand via mergers and acquisitions, one of its goals. The deal is anticipated to close in the first quarter of 2016 and is pending approval from Melrose's shareholders and regulators. 

In premarket trading, Honeywell stock was flat.

5. -- Chinese stocks fell again, despite Beijing's attempts to stop the serious lurches downward. China's major indices fell more than 8% on Monday. Though the drop has leveled off on Tuesday, the Shanghai Composite still fell 1.7% after a day of volatile trading.

China's Securities and Regulatory Commission said it was ready to buy shares on the market to stabilize prices, and China's central bank said it might ease monetary policy further to protect markets from drops. 

6. -- Twitter (TWTR - Get Reportreports second-quarter earnings on Tuesday. The company has had a bumpy ride since its first-quarter earnings report. Since then, Dick Costolo stepped down as CEO and Jack Dorsey took over as interim CEO

On average, analysts surveyed by Thomson Reuters expect second-quarter revenue of $481 million and earnings of 4 cents a share. In April, Twitter originally forecast second-quarter revenue of $470 million to $485 million. In the prior quarter, Twitter beat analyst estimates on earnings per share, posting 7 cents in EPS, but missed on revenue estimates of $436 million.

In premarket trading, Twitter stock was down by 0.1%

7. -- In an alliance of companies that make anti-cancer immunotherapies, Sanofi (SNY - Get Report) will pay $2.2 billion to partner with Regeneron Pharmaceuticals (REGN - Get Report). The deal cuts Sanofi in on at lest four drugs in Regeneron's pipeline. Paris-based Sanofi is Regeneron's largest shareholder.

Regeneron's stock was up 2.4% in premarket trading; Sanofi's ADRs were down 0.3%.

8. -- New York-traded Chinese search engine company Baidu (BIDU - Get Report) was falling by 12.7% in premarket trading after falling 4.2% Monday. The company missed estimates with its earnings report and is being buffeted by a larger decline in Chinese stocks.

Still, Baidu retains about $12 billion in cash and is looking to take on other Chinese tech rivals, like Alibaba (BABA - Get Report).

Baidu also holds a stake in Uber, the U.S. ridesharing startup.

9. -- Volkswagen (VLKAY) has beat out Totota Motor (TM - Get Report) to become the world's largest carmaker by sales in the first half of 2015. Volkswagen sold 5.04 million cars in the period, while Toyota sold 5.02 million. A third of the VW group's sales take place in China.

In premarket trading, Toyota's ADRs were steady; Volkswagen's were up 0.12%.

10. -- Earnings reports for Tuesday include Corning  (GLW - Get Report), D.R. Horton  (DHI - Get Report), DuPont  (DD - Get Report), Ford  (F - Get Report), JetBlue Airways (JBLU - Get Report), Merck (MRK - Get Report), Pfizer  (PFE - Get Report), Sirius XM  (SIRI - Get Report), and UPS (UPS - Get Report) before the opening bell, and Akamai Technologies (AKAM - Get Report), Buffalo Wild Wings  (BWLD), Gilead Sciences (GILD - Get Report), Panera Bread (PNRA), and Twitter (TWTR - Get Report) after the market close.