10 things you need to know before the opening bell

Here is what you need to know.

Trump announces deal with EU to avoid full-blown trade war. President Donald Trump and European Commissioner Jean-Claude Junker struck a preliminary deal on Wednesday that works towards the goal of "zero tariffs, zero barriers, and zero subsidies on non-auto industrial goods."

Oil flirts with $70. West Texas Intermediate crude oil neared the $70 a barrel mark in overnight trading after Saudi Arabia closed the Bab al-Mandeb Strait, a strategic shipping lane, following the attack of two large oil tankers by Iranian-backed Houthi fighters.

A $3 trillion market that's boldly ignoring the trade war is headed for a rude awakening. UBS says the credit market is in for a rude awakening and offers a few trade recommendations for investors who want to protect themselves.

Facebook crashes on earnings. Shares plunged more than 20% in after-hours trading Wednesday after the social-media giant reported user metrics that missed across the board and warned that revenue-growth rates will decline by "high single digit" percentages in the coming quarters.

Qualcomm drops its $44 billion bid for NXP. Qualcomm will pay NXP at $2 billion breakup fee after announcing on Wednesday that it will not renew its two-year-old bid to acquire its Dutch competitor due to a regulatory standoff.

Ford lowers its full-year earnings outlook. The automaker posted mixed quarterly results and joined peers General Motors and Fiat Chrysler in lowering its 2018 full-year earnings outlook, saying it now sees adjusted earnings per share of $1.30 to $1.50, down from $1.45 to $1.70.

AMD beats. Shares rallied more than 5% late Wednesday after the chipmaker beat on both the top and bottom lines while posting its highest quarterly net income in seven years.

Stock markets around the world are mixed. China's Shanghai Composite (-0.74%) lagged in Asia and Germany's DAX (+1.28%) leads in Europe. The S&P 500 is set to open down 0.40% near 2,835.

Earnings reporting remains heavy. American Airlines, Comcast, McDonald's, and Spotify are among the names reporting ahead of the opening bell while Amazon, Chipotle Mexican Grill, Intel, and Starbucks release their quarterly results after markets close.

US economic keeps coming. Initial claims and durable goods will both be released at 8:30 a.m. ET. The US 10-year yield is down 1 basis point at 2.96%.