10 things you need to know before the opening bell

Here is what you need to know.

One word keeps coming up in Trump's tariffs - and it should frighten American workers and businesses. President Donald Trump's new tariffs on Chinese goods focus on "parts" - intermediary goods used by US companies, but that could leave American businesses at a disadvantage to foreign competitors.

North Korea changes its clocks to align with South Korea. Kim Jong Un's government has moved its clocks 30 minutes ahead so they will be the same as South Korea's.

One Wall Street firm has pinpointed the scenario that could trigger a crash. US stock traders have been relying heavily on a fundamental catalyst that's driven positive returns for much of the bull market, but their overreliance could have negative consequences if interest rates continue to rise.

A fund manager makes a bold oil call. Andurand Capital's Pierre Andurand thinks a lack of investment in new production could lead to a situation where $300 per barrel oil is "not impossible" within the next few years, Bloomberg reports.

A hot crypto hedge fund keeps poaching talent from Goldman Sachs. Cryptocurrency hedge fund BlockTower Capital has poached Steve Lee, a former portfolio manager and trader at Goldman.

T-Mobile and Sprint are coming together to form a new $146 billion wireless provider. The deal, agreed to Sunday, will combine the third- and fourth-largest US wireless carriers, and is expected to come under serious scrutiny from antitrust regulators.

Goldman Sachs is battling to contain an outbreak of mumps on its trading floor. A number of staff members on one of Goldman Sachs' trading floors showed signs of mumps last week.

Stock markets around the world are higher. Hong Kong's Hang Seng (+1.74%) led the gains in Asia and Britain's FTSE (+0.51%) is out front in Europe. The S&P 500 is set to open up 0.49% near 2,683.

Earnings reporting remains slow. Allergan and McDonald's report ahead of the opening bell.

US economic data is heavy. Personal income and spending and PCE core prices will all be released at 8:30 a.m. ET before Chicago PMI and pending home sales cross the wires at 9:45 a.m. ET and 10 a.m. ET respectively. Data concludes with Dallas Fed Manufacturing at 10:45 a.m. ET. The US 10-year yield is up 1 basis point at 2.96%