10 things you need to know before the opening bell

Reuters/Athit Perawongmetha

A boy plays a game with his mother at a department store in Bangkok, Thailand

Here is what you need to know.

1. Trump hits China with fresh tariffs, escalates the trade war. At 12:01 a.m. ET on Friday, about $250 billion worth of Chinese goods saw their tariff rate go up from 10% to 25%.
2. Trump says a trade deal is still 'possible.' President Donald Trump on Thursday said he received a "beautiful letter" from Chinese President Xi Jinping and suggested the two sides "work together" to see if they can "get something done."
3. Global markets are rallying. The Shanghai Composite spiked 3.1% to lead the advance in Asia and the Euro Stoxx 50 was up 0.9%. The S&P 500 was set to open little changed.
4. The yield curve inverted for the second time this year. The 3-month yield climbed above the 10-year yield on Thursday, stoking worries on Wall Street that the US economy is headed for a recession.
5. Here comes Uber. The ride-hailing company on Thursday evening priced its initial public offering at $45 a share, giving it a valuation of $75.5 billion. Uber will begin trading on the New York Stock Exchange on Friday under the ticker UBER.
6. Beyond Meat's blistering start has shades of the tech bubble. Beyond Meat shares surged 163% in their May 2 debut, making for the 16th biggest opening-day pop. All 15 of the bigger gains occurred during the 1999/2000 dot-com bubble.
7. Jeff Gundlach reveals a trade to capitalize on bond-market volatility. Speaking at the Sohn Conference on Tuesday, DoubleLine Capital CEO Jeffrey Gundlach explained why he likes options straddles on the iShares 20+ Year Treasury Bond exchange-traded fund.
8. Bitcoin hits an almost 6-month high. The cryptocurrency touched a high of $6,337 a coin on Friday, hitting its best level since November 14.
9. Earnings reporting is light. JD.com and Marriott International report ahead of the opening bell.
10. US economic data flows. CPI will be released at 8:30 a.m. ET and the montly budget statement will cross the wires at 2 p.m. ET. The US 10-year yield was up 1.1 basis points at 2.45%.