10 things you need to know before the opening bell

Here is what you need to know.

Stocks are at all-time highs. Both the S&P 500 and Nasdaq closed at record highs on Tuesday, but the Dow Jones Industrial Average remained unable to take out the elusive 20,000 level. The Dow is set to open Wednesday's session up 0.3% near 19,980.

Mexico gives Trump an ultimatum. When speaking to the Televisa network about NAFTA, Mexico's economy minister, Ildefonso Guajardo, said, "If we're going for something that is less than what we have now, it doesn't make sense to stay in." The Mexican peso is stronger by 0.2% at 21.4895 per dollar.

Japan's 30-year yield hit an 11-month high. The yield touched 83 basis points, its highest since early March 2016, as investors continue to shed safe haven bets in favor of riskier assets.

German business confidence fell. The Ifo Business Climate Survey fell to 109.8 points in January from 111.0 points in December. "Companies expressed greater satisfaction with their current business situation, but are less optimistic about their six-month business outlook," wrote Professor Dr. Clemens Fuest, president of the Ifo Institute. The euro is higher by 0.2% at 1.0749 against the dollar.

Australia's inflation misses. Consumer prices in Australia rose 0.5% in the fourth quarter, missing the 0.7% gain that economists had forecast. Tobacco (+7.4%) saw the biggest increase during the quarter while accessories (-5.1%) posted the biggest drop, data from the ABS showed. The Australian dollar is down 0.4% at .7555 versus the dollar.

The first IPO of 2017 is canceled. Cisco Systems bought AppDynamics for $3.7 billion on the eve of its initial public offering.

Starbucks has asked Microsoft's CEO to join its board. Satya Nadella has been nominated for his "extensive experience and an understanding of how technology will be used and experienced around the world."

Gary Cohn will receive a huge. The former COO of Goldman Sachs will receive about $65 million in cash and a total package worth at least $100 million as he moves to the Trump administration, the Financial Times reports.

Earnings reporting is heavy. Boeing and Freeport-McMoRan will report ahead of the opening bell while AT&T, Ebay, Las Vegas Sands, and Qualcomm are among the names releasing their quarterly results after markets close.

US economic data is light. The FHFA House Price Index will be released at 9 a.m. ET. The US 10-year yield is up 2 basis points at 2.48%.