10 things you need to know before the opening bell

Here is what you need to know.

Oil is going crazy after Saudi Arabia and Russia agree to cut production. Brent crude oil, the international benchmark, is higher by 4.1% at $56.56 per barrel after an agreement between Saudi Arabia and Russia led a consortium of non-OPEC countries to agree to cut production by more than 500,000 barrels per day. Here in the US, West Texas Intermediate crude oil is up 4.2% at $53.65 per barrel, its highest since July 2015.

Exxon Mobil's CEO has reportedly been selected as Trump's secretary of state. Rex Tillerson will officially be nominated sometime this week "barring some unforeseen change of mind by the president-elect," according to NBC's Andrea Mitchell.

The bond market sell off continues. Overnight selling has US Treasury yields up by more than 4 basis points at the long end of the curve. Monday's weakness has the 10-year above 2.50% for the first time since September 2014.

Stock markets around the world are also lower. China's Shanghai Composite (-2.4%) led the overnight decline, and Italy's MIB (-0.7%) trails in Europe. The S&P 500 is looking to open lower by 0.2% near 2,256.

The world's oldest bank is making a last-ditch effort to save itself. Italian lender Monte dei Paschi is hoping to raise 5 billion euros through a debt-to-equity swap, Reuters reports.

Japan core machinery orders crush expectations. Data released by the Cabinet Office showed core machinery orders in Japan rose 4.1% month-over-month in October, easily beating the 1% gain that economists were expecting. The Japanese yen is weaker by 0.3% at 115.69 per dollar.

Christine Lagarde stands trial. The trial over International Monetary Fund Managing Director Christine Lagarde's role in a 400 million euro ($428 million) payout to Bernard Tapie in 2008 while she was French finance minister begins in Paris, Reuters reports. "Negligence is a non-intentional offense. I think we are all a bit negligent sometimes in our life. I have done my job as well as I could, within the limits of what I knew," Lagarde said on France 2 television.

Steven Schwartzman is excited about a Trump presidency. Blackstone's CEO, and recently named chair of Trump's economic advisory forum, says, "If you look at the architecture of the world, it's going to change very substantially."

High-profile investors are backing a $1 billion green energy fund. Bill Gates, Jeff Bezos, and other high-profile investors' new venture called "Breakthrough Energy Ventures" will invest in "Anything that leads to cheap, clean, reliable energy we're open-minded to," according to Gates.

Earnings reporting is light. Verifone reports after markets close, and is expected to earn an adjusted $0.29 per share on revenue of $461.58 million, according to the Bloomberg consensus.