10 things you need to know before the opening bell

Here is what you need to know.

Wednesday's a Fed day. It's widely expected the Fed won't raise its key interest rate at Wednesday's meeting, but Alan Ruskin, head of G10 FX strategy at Deutsche Bank, says, "By the standards set when the Fed first tightened the Fed should be tightening in July." Data complied by Bloomberg shows fed fund futures are pricing in just a 10% chance the Fed will hike rates. The decision will cross the wires at 2 p.m. ET.

Japan unleashed a massive stimulus program. Japanese prime minister Shinzo Abe unveiled an economic stimulus package worth more than 28 trillion yen ($266 billion). The AFP reports, Abe didn't give too many details about the package other than saying it would include about 13 trillion yen in fiscal spending.

UK GDP topped estimates. Data from the Office for National Statistics showed the UK economy accelerated ahead of the Brexit vote, growing at a 0.6% clip in the second quarter and edging out the 0.5% gain that economists were expecting. However, Pantheon Macroeconomics' chief UK economist Samuel Tombs warned, "The second quarter's GDP figure is not as robust as it seems at face value and it won't hold back the MPC from cutting interest rates next week."

Oil's at a 3-month low. West Texas Intermediate crude oil trades down 0.5% at $42.70 per barrel. The energy component hasn't traded at this level since the end of April.

Apple had a monster quarter. The tech giant crushed third quarter expectations, earning $1.42 per share on revenue of $42.4 billion. iPhone sales totaled 40.4 million, down 14.9% year-over-year, but that was ahead of the 39.9 million that analysts were anticipating.

Twitter warned on advertising. The social media company earned an adjusted $0.13 per share on revenue of $602 million. Twitter pinned its slowing revenue growth on increased competition over ad dollars and the fact that it costs more to advertise on its platform than on others.

Deutsche Bank's profit crashed. Germany's largest lender saw net-income crash to €20 million ($21.99 million), down from more than €800 million ($879.8 million) a year earlier. "We have continued to de-risk our balance sheet, to invest in our processes and to modernise our infrastructure. However, if the current weak economic environment persists, we will need to be yet more ambitious in the timing and intensity of our restructuring," CEO John Cryan said in the earnings statement.

Stock markets around the world are higher. Spain's IBEX (+1.5%) leads the gains in Europe after Japan's Nikkei (+1.7%) paced the advance in Asia. China's Shanghai Composite (-1.9%) was the notable laggard. S&P 500 futures are up 4.00 points at 2,167.25.

Earnings reporting is heavy. Altria, Anthem, Boeing, Coca-Cola, Comcast, Lumber Liquidators, Northrop Grumman, and Simon Property Group are among the companies reporting ahead of the opening bell while Facebook, GoPro, Groupon, and Whole Foods Market highlight the names releasing their quarterly results after markets close.

US economic data flows. Durable orders will be released at 8:30 a.m. ET and pending home sales will cross the wires at 10 a.m. ET. Then, at 10:30 a.m. ET, crude oil inventories are due out. The US 10-year yield is little changed at 1.57%.