10 things you need to know before the opening bell

Here is what you need to know.

Oil hits its lowest level in over 2 months. West Texas Intermediate crude oil touched $63.59 a barrel, its lowest since April 10, as OPEC mulls a production hike of up to 600,000 barrels a day, Bloomberg says.

Wall Street experts are crying foul on an overlooked yet dangerous signal that a market meltdown is near. Wall Street pros have begun sounding the alarm on the exorbitant amount of leverage being used in the US market right now.

Wall Streeters share the best parts of the market to own over the next year. Speaking at the UBS CIO Global Forum in New York on Thursday, a handful of Wall Streeters shared their top conviction ideas for the next 6-12 months.

Bitcoin futures could be hurting bitcoin's price. Tom Lee, the cofounder of research firm Fundstrat, says bitcoin could be vulnerable to manipulation due to the way its futures contracts are settled.

Facebook quietly made a huge concession to shareholders as it aims to avoid another data disaster. The social-media giant has beefed up its audit committee in an effort to monitor its social impact, privacy safeguards, and cybersecurity risk.

Google takes a small stake in Chinese retail giant JD.com. Google has made a $550 million investment as part of a strategic partnership in Chinese e-commerce behemoth JD.com, giving it a stake of less than 1%, Reuters says.

Audi's CEO has been arrested. The Munich prosecutor's office said in a statement that Audi Chief Executive Rupert Stadler was arrested as part of "an investigation into diesel affairs and Audi engines," Reuters reports.

'Incredibles 2' has the biggest opening weekend ever for an animated movie. Disney/Pixar's "Incredibles 2" raked in an estimated $180 million over the weekend, according to boxofficepro.com, as it easily surpassed "Finding Dory" ($135 million) for the biggest opening weekend ever for an animated movie.

Stock markets around the world are lower. Japan's Nikkei (-0.75%) led the losses in Asia and Germany's DAX (-1.02%) trails in Europe. The S&P 500 is set to open down 0.45% near 2,767.

US economic data trickles out. The NAHB Housing Market Index will cross the wires at 10 a.m. ET. The US 10-year yield is down 1 basis point at 2.91%.