July 30 Premarket Briefing: 10 Things You Should Know

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NEW YORK (TheStreet) -- Here are 10 things you should know for Wednesday, July 30:

1. -- U.S. stock futures were bounding upward on Wednesday morning, as investors set up for another big earnings day.

European stocks were steady, as Barclays reported a profit and Bayer and Airbus also reported. Despite looming sanctions against Russia over the Ukraine conflict, European stocks showed little movement.

2. -- The economic calendar in the U.S. on Wednesday is busy, with a deluge of company earnings reports, as well as the conclusion of the two-day Federal Open Market Committee meeting. The Fed's announcement falls on the same day as second-quarter GDP figures are announced.

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3. -- U.S. stocks on Tuesday were dragged down by concerns over sanctions against Russia for its role in the Ukrainian conflict, and on uncertainty over the Fed meeting which concludes today. 

The Dow Jones Industrial Average closed down 0.42% to 16,912.11, down from the 17,000 mark it touched in intraday trading. The S&P 500 slumped 0.45% to 1,969.95. The Nasdaq sank 0.05% to 4,442.70. 

4. -- Twitter reported last night, and the bulls were delighted. The social media site has pumped up user growth and beat analysts' expectations.

Twitter earned a non-GAAP 2 cents per share on $312 million in revenue. Analysts expected the company to lose 1 cent a share on $283 million in revenue. The company also boasted of 271 million monthly active users, up 24% year-over-year.

Shares popped nearly 26% in premarket trading to $48.72 after a close Tuesday at $38.59.

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5. -- The federal National Labor Relations Board said that McDonald's is at least partially responsible for its franchise stores, dealing a setback to the hamburger-slinger. The ruling means that the company can be held liable for labor violations, even those committed by its franchisees. Some fast-food workers had complained of unfair labor practices. In the U.S., 90% of McDonald's stores are run by franchisees.

The McDonald's ruling could have larger implications, since it suggests that companies that use subcontractors may not escape liability for actions done by those contractors.

McDonald's said it would contest the ruling. Shares were up 0.15% to $95.96 in premarket trading.

6. -- Amazon is investing $2 billion in its India operation to push back against Flipkart. The "everything store" announced the move just after Flipkart said that it had raised $1 billion from investors. Amazon said that it was on pace to reach $1 billion in gross sales in India. Both companies want a piece of the Indian e-commerce market, which may reach $22 billion by 2018.

Amazon stock was down 0.61% in premarket trading, to $318.04.