10 things you need to know before the opening bell

Here is what you need to know.

The Mexican peso is little changed. The peso fell as much as 1.3% on Thursday after Mexican president Enrique Peña Nieto canceled a meeting scheduled for next week with President Trump following Trump's insistence that Mexico would pay for the border wall. After falling another 0.8% to 21.3806 per dollar early Friday, the peso is little changed at 21.2050.

Lunar New Year celebrations are underway. Markets in China and across much of Asia will be shuttered over the next week in celebration of the Lunar New Year.

The UK won't be able to make trade deals until at least 2019. Speaking to Sky News on Friday, Chancellor Phillip Hammond said, "Of course we want to strengthen our trade ties with the very many trade partners we have around the world, but we're very mindful of our obligations under the treaty, and we will follow them precisely." Those comments effectively rule out any trade deals being made until the UK terminates its membership in the European Union, which is expected to occur in March 2019. The British pound is down 0.4% at 1.2547 against the dollar.

Japan's core consumer prices fell at their slowest pace in almost a year. Japan's nationwide core consumer price index, which includes oil but excludes fresh food, fell 0.2% year-over-year in December, making for the smallest drop since February, Reuters reports. The Japanese yen is weaker by 0.4% at 114.98 per dollar.

Alphabet's earnings miss. Google's parent company earned an adjusted $9.36 per share, missing the $9.67 that was expected by the Bloomberg consensus. However, revenue climbed 22% YoY to $26.06 billion, easily beating the Wall Street estimate of $25.2 billion.

Microsoft beats on the top and bottom lines. Microsoft earned an adjusted $0.84 per share on revenue of $25.8 billion. Revenue from its Productivity and Business Processes unit, which includes the fast-growing Office 365 cloud productivity suite, jumped 10% versus a year ago to $7.4 billion.

Starbucks slashed its 2017 revenue forecast. The coffee giant announced first quarter results that were mostly in line with Wall Street estimates but said it sees 2017 revenue growth of between 8% and 10%, down from its previous estimate of a double-digit rise, Reuters reports.

Stock markets around the world trade mixed. Japan's Nikkei (+0.3%) gained in Asia and France's CAC (-0.5%) trails in Europe. The S&P 500 is set to open little changed near 2,297.

Earnings reporting is moderate. American Airlines, Chevron, Colgate-Palmolive, and Honeywell are among the names set to release their quarterly results ahead of the opening bell.

US economic data is heavy. GDP and durable goods will be released at 8:30 a.m. ET and University of Michigan consumer confidence will cross the wires at 10 a.m. ET. Finally, the Baker Hughes rig count will be announced at 1 p.m. ET. The US 10-year yield is up 1 basis point at 2.51%.