10 things you need to know before the opening bell

Here is what you need to know.

The Fed hikes rates. The US central bank on Wednesday lifted its key interest rate 25 basis points to a range between 1.25% and 1.50%, and said it sees three rate hikes in 2018.

The FCC is set to vote on repealing net neutrality. A repeal would be good for large telecommunications and internet companies, and likely mean higher prices and fewer choices for consumers.

China's economic data continues to impress. Industrial output grew 6.1% year-over-year in November and retail sales advanced 10.2% versus a year ago, according to data released by the National Bureau of Statistics.

The head of UBS' $1 trillion wealth management business departs. UBS Wealth Management boss Juerg Zeltner will leave the bank at the beginning of 2018. He will be replaced by Martin Blessing, the former CEO of German lender Commerzbank.

Ripple becomes the 4th largest cryptocurrency. The cryptocurrency designed for banks and global money transfers reached a market cap of $18.64 billion on Wednesday, surpassing litecoin as the fourth-largest cryptocurrency.

Deutsche Borse is thinking about launching European bitcoin futures. German exchange Deutsche Boerse says it will take "some time" before any decision on launching futures contracts is made.

A company investing in the future of bitcoin tech is splitting its stock in 10. The Crypto Company, which builds out the capital markets infrastructure for cryptocurrencies and trades on the over-the-counter market, announced plans to split its stock in 10 after soaring more than 1,600% since December 1.

Stock markets around the world trade mixed. China's Shanghai Composite (+0.68%) outperformed in Asia and Germany's DAX (-0.54%) lags in Europe. The S&P 500 is set to open up 0.26% near 2,670.

Earnings reports trickle out. Adobe, Costco and Oracle release their quarterly results after markets close.

US economic data is heavy. Initial claims, retail sales, and import and export prices will all be released at 8:30 a.m. ET. Then, at 9:45 a.m. ET, Markit PMIs will be released. The US 10-year yield is up 3 basis points at 2.37%.