10 things you need to know before the opening bell

Before markets open on Friday, here's what you need to know.

Stock markets all over the world are in rally mode. Japan's Nikkei (+5.9%) paced the gains in Asia as it posted its biggest gain in 4.5 months. In Europe, France's CAC (+3.1%) leads the charge. S&P 500 futures are up 27.00 points at 1888.00.

Oil's in a bull market. West Texas Intermediate crude oil is back above $31 per barrel as a result of Friday's gain of more than 5%. The energy component has staged a tremendous rally off Wednesday's low of $26.19, climbing 21% to $31.08 per barrel.

Russia's central bank called an emergency meeting with bank chiefs. The Russian central bank held an emergency meeting with bank heads on Thursday evening to discuss the recent weakness of the ruble. On Thursday, the currency fell to a record low of less than 80 per dollar, battered by the crash in oil prices and economic sanctions implemented by the West. Central bank head Elvira Nabiullina canceled her trip to the World Economic Forum in Davos, Switzerland to attend. On Friday, the ruble is stronger by 4% at 79.15 per dollar.

Eurozone PMI data mostly disappointed. Eurozone Flash Manufacturing and Services PMI data both missed. As a whole, the overall eurozone economy registered a reading of 53.5, which was short of the 54.2 that was anticipated. Germany's 52.1 print for manufacturing and 55.4 reading for services both disappointed. France was a mixed bag as manufacturing slipped to 50.0, which is the line between a sector that is expanding and contracting. French services regained the 50.0 expansion line with a 50.6 print. The euro is weaker by 0.4% at 1.0833.

Jamie Dimon's 2015 compensation has been announced. JPMorgan Chase CEO Jamie Dimon made $27 million in total compensation for 2015. The compensation was broken down into a $1.5 million salary, a $5 million cash bonus and $20.5 million in performance share units. The total represented a 35% pay raise from last year.

GE posted a mixed quarter. The industrial giant announced adjusted earnings of $0.52 per share, beating the $0.49 Bloomberg consensus. Revenue of $33.8 billion missed the $35.9 billion that analysts were expecting. GE says it has a record backlog of $315 billion, and reaffirmed its full-year 2016 earnings outlook of $1.45 to $1.55 per share, straddling the $1.49 consensus. Shares of GE are down fractionally ahead of the open.

Starbucks had its best holiday season ever. The coffee giant earned $0.46 per share, edging out the $0.45 that was expected. Revenue jumped 11.9% to $5.37 billion, which missed the $5.39 billion that Wall Street was anticipating. Comparable sales surged 9% and traffic was up 4%. CEO Howard Schultz said this was "by far" the best holiday season in the company's history. Shares of Starbucks are down 3.6% before the opening bell.

Schlumberger announced a huge buyback. The company announced adjusted earnings of $0.65 per share, topping the $0.63 Bloomberg consensus. Revenue crashed 38.7% to $7.7 billion, just missing the $7.78 billion that was expected. Schlumberger said it laid off 10,000 employees in Q4 to deal with the fallout from the oil crash, and announced a $10 billion buyback program. Shares are up more than 4% in pre-market trade.

There's a new top financial regulator in New York. New York Governor Andrew Cuomo has nominated Maria Vullo to the position of superintendent of the New York State Department of Financial Services (NYDFS). According to Reuters, during her career as a lawyer, Vullo has represented banks and made campaign contributions to Governor Cuomo. In a statement, Cuomo said he expects Vullo to be both "tough and fair."

US economic data is light. Existing home sales and leading indicators will cross the wires at 10 a.m. ET. The US 10-year yield is up 4 basis points at 2.07%.