A look at the day ahead in U.S. and global markets from Mike Dolan

July is heating up and cooling down at the same time - and it's not just the extraordinary weather.

Red-hot, Big Tech mega caps that have driven Wall St stocks to their highest in more than year start to clock second-quarter updates later on Wednesday, while world markets were buoyed again as Britain finally starts to join the disinflation club.

Tesla and Netflix - both part of New York's 10-stock FANG+TM index of leading tech and digital giants that has almost doubled so far this year - will report after the bell on Wednesday. IBM also releases earnings.

Forecast-beating banks get an update from Goldman Sachs after investment banking rival Morgan Stanley updates in the light of a forecast-beating UK inflation

Events to watch for later on Wednesday:

* U.S. corporate earnings: Tesla, Goldman Sachs, Netflix, IBM, Kinder Morgan, United Airlines, Halliburton, M&T Bank, Northern Trust, Zions Bancorp, US Bancorp, Citizens Financial, Nasdaq, Equifax, Discover Financial, Crown Castle, Steel Dynamics, Baker Hughes, Elevance Health

* U.S. June housing starts and permits

* U.S. Treasury auctions 20-year bonds

(By Mike Dolan, Editing by Bernadette Baum; mike.dolan@thomsonreuters.com. Twitter: @reutersMikeD)