10 things you need to know before the opening bell

Here is what you need to know.

North and South Korea agree to pursue signing a peace treaty. North Korean leader Kim Jong Un and South Korean President Moon Jae-in agreed to pursue signing a peace treaty and work towards "complete" denuclearization of the Korean Peninsula.

America is staring down a debt crisis - and there's one place to look for early signs of trouble. The US budget and current account deficits raise the risk of a debt crisis, Deutsche Bank strategists Quinn Brody and Torsten Sløk said in a recent note.

The British economy is growing at its slowest pace in more than 5 years. The British economy grew at a 0.1% clip in the first quarter as "weaker manufacturing growth, subdued consumer-facing industries and construction output falling significantly," the Office for National Statistics said.

The Bank of Japan holds. The central bank kept policy unchanged, but removed its time frame of hitting its 2% inflation target by fiscal year 2019.

T-Mobile and Sprint could complete a deal as early as next week. T-Mobile owner Deutsche Telekom and Japan's Softbank, which controls Sprint, are working on a deal that would allow the former to bring a combined company onto its books without majority control, Reuters says.

Amazon blows past Wall Street estimates. The e-commerce behemoth earned $3.27 a share on revenue of $51 billion, easily beating the $1.26 and $49.96 billion that Wall Street was expecting.

Microsoft's cloud service drives a revenue surge. The tech giant beat on both the top and bottom lines as revenue surged in the company's various cloud units.

Stock markets around the world are higher. Hong Kong's Hang Seng (+0.91%) led in Asia and Germany's DAX (+0.6%) is out front in Europe. The S&P 500 is set to open up 0.15% near 2,671.

Earnings reporting slows down. Chevron reports ahead of the opening bell.

US economic data flows. GDP will be released at 8:30 a.m. ET and University of Michigan consumer confidence will cross the wires at 10 a.m. ET. The US 10-year yield is down 1 basis point at 2.97%.