10 things you need to know before the opening bell (SPY, SPX, QQQ, DIA, SNAP)

Trump golf

Here is what you need to know. 

Trump looks prepared to kick off a trade war with the European UnionThe Trump administration is prepared to announce steel and aluminum tariffs on imports from the European Union as early as Thursday, according to The Wall Street Journal.

The Fed rolled out major changes to a key post-financial crisis Wall Street regulationThe Fed is proposing changes that would ease rules on trades made by banks using depositors’ money, the Associated Press reports.

A little-known part of Italy’s constitution makes it almost impossible for the country to leave the euroArticle 75 of the Italian constitution forbids referendums dealing with international treaties, meaning that the country’s constitution would need to be changed before a referendum could be held on EU and euro membership.

2 UBS analysts just made a big market call that should have everyone a little worriedTechnical analysts Michael Riesner and Marc Müller wrote in a note sent out to clients on Wednesday that the top is in for the US 10-year yield and that if that’s the case, it would be a “huge game changer on the macro side.”

Bill Gross’ flagship fund cratered as Italy’s political turmoil rocked global marketsGross’ Janus Henderson Global Unconstrained Bond Fund slumped more than 3% Tuesday as investors took flight from riskier bonds, including Italy’s, and sought safer debt, including US Treasurys.

Warren Buffett reportedly tried to invest $3 billion in UberThe deal fell apart because of disagreements over the size and terms of the potential investment, according to Bloomberg.

Snap spikes on report saying it has entered a partnership that’ll help it monetize in IndiaSnap shares gained 4.08% on Thursday after a Times of India report said the social-media company has entered into a partnership with the ad-tech firm Tyroo to help it monetize its more than 9 million users in the country. 

Stock markets around the world are higherHong Kong’s Hang Seng (+1.37%) paced the gains in Asia and Britain’s FTSE (+0.18%) is out front in Europe. The S&P 500 is set to open little changed near 2,725.

Earnings reports keep comingAmerican Eagle, Dollar General, Dollar Tree, and Sears all report ahead of the opening bell while Costco, GameStop, and Lululemon are set to release their quarterly results after markets close. 

US economic is heavyPersonal income and spending, PCE core prices, and initial claims will all be released at 8:30 a.m. ET before Chicago PMI and pending home sales cross the wires at 9:45 a.m. ET and 10 a.m. ET, respectively. The US 10-year yield is up 1 basis point at 2.87%. 

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