10 things you need to know before the opening bell

Here is what you need to know.

Trump is about to hit China with new tariffs. President Donald Trump is set to approve $50 billion worth of tariffs on Chinese goods, Bloomberg reports.

The Bank of Japan downgrades its view on inflation. Japan's central bank downgraded its assessment on inflation, describing it as "in a range of 0.5% to 1%," down from 1%. It also kept its benchmark interest rate at -0.1% and pledged to buy enough Japanese government bonds to keep the 10-year yield near zero.

Ethereum spikes after the SEC declares it's not a security. The cryptocurrency rallied as much as 7% Thursday after William Hinman, the SEC's director of corporate finance, said at Yahoo Finance's All Markets Summit, "Based on my understanding of the present state of ether, the Ethereum network, and its decentralized structure, current offers and sales of ether are not securities transactions."

AT&T closes its massive $85 billion deal for Time Warner. The wireless carrier has agreed to temporarily manage Time Warner's Turner networks separately from DirecTV, Reuters says.

The Netflix of China has doubled in less than three months. Shares of iQiyi - the Baidu-owned video service widely seen as the Netflix of China - have more than doubled in value since their March initial public offering.

Adobe gets a big boost from its digital media business. The maker of image-editing software Photoshop said revenue jumped 24% to $2.20 billion in the second quarter, fueled by strong growth in its digital media business.

ZTE got whacked again. Shares slid as much as 10% Friday in Hong Kong, and have lost more than $4 billion in market cap over four days, as the fallout continues from the US's $1.4 billion fine.

Stock markets around the world trade mixed. Hong Kong's Hang Seng (-0.43%) trailed in Asia and France's CAC (+0.45%) leads in Europe. The S&P 500 is set to open down 0.33% near 2,773.

Earnings reports trickle out. Canada Goose reports ahead of the opening bell.

US economic data keeps coming. Empire Manufacturing will be released at 8:30 a.m. ET before industrial production and capacity utilization cross the wires at 9:15 a.m. ET. Than, at 10 a.m. ET, University of Michigan consumer confidence is announced. The US 10-year yield is down 1 basis point at 2.92%.