10 things you need to know before the opening bell

Here is what you need to know.

The Fed says the unwinding of its balance sheet will begin "relatively soon." The Fed's balance sheet swelled to $4.5 trillion as it navigated the financial crisis, and now it's almost time to begin shrinking it.

The UK is ditching Libor. The London Interbank Offered Rate will be dropped for a more reliable marker by 2021, according to City A.M.

The dollar hits its lowest level since May 2016. The US dollar index hit a low of 93.15 on Thursday, making for its lowest print in more than 14 months.

Apple supplier Foxconn is building a $10 billion factory in Wisconsin. President Donald Trump announced at the White House on Wednesday that the electronics manufacturer will build a TV factory in Wisconsin that will be home to 3,000 jobs.

Warren Buffett's Berkshire Hathaway could walk away from its $9 billion energy deal. An attorney for Energy Future Holdings Corp., the parent company of Oncor Electric Delivery Co, told a Texas judge that Berkshire would walk away from the deal if it's delayed so that Paul Singer's hedge fund, Elliot Management, can put together its own offer, Reuters reports.

AstraZeneca is plunging after a lung cancer drug trial setback. Shares of the drugmaker are down more than 16% in London after the company announced a new drug for treating lung cancer failed to "meet the primary endpoint."

Facebook beats across the board. The social media giant reported earnings of $1.32 a share on revenue of $9.32 billion as the number of both daily and monthly active users climbed.

Stock markets around the world are mixed. Hong Kong's Hang Seng (+0.71%) led the gains in Asia and Germany's DAX (-0.58%) trails in Europe. The S&P 500 is set to open up 0.11% near 2,481.

Earnings reporting remains heavy. Altria, Mastercard, Twitter, and Verizon are among the names reporting ahead of the opening bell while Amazon and Intel highlight the names reporting after markets close.

US economic data flows. Initial claims, durable goods orders, and the advanced trade balance are all due out at 8:30 a.m. ET. The US 10-year yield is up 1 basis point at 2.30%.