10 things you need to know before the opening bell

Reuters/Kai Pfaffenbach

A paper mache figure depicting Queen Elizabeth running for asylum towards the EU is seen during the presentation of the floats for the upcoming Rose Monday parade in Mainz, Germany.

Here is what you need to know.

1. Fed Chairman Jerome Powell testifies before Congress. He will testify before the Senate banking committee on Tuesday and the House financial services committee on Wednesday.
2. The SEC says Elon Musk violated his settlement. The Securities and Exchange Commission said Monday evening that Tesla CEO Elon Musk violated his settlement by misleading investors about expected vehicle production targets, and asked a judge to hold him in contempt of court.
3. Musk fires back at the SEC. "SEC forgot to read Tesla earnings transcript, which clearly states 350k to 500k," he tweeted Monday evening. "How embarrassing …"
4. Bank of America is ditching the Merrill Lynch name from some of its business. The Merrill Lynch name will no longer be used for the investment bank and trading operations, as well as by other units, Bank of America said Monday.
5. Amazon names Pepsi's former CEO to its board. Indra Nooyi, who served as PepsiCo's CEO from October 2006 to October 2018, was named a director of Amazon and appointed to the audit committee of the board.
6. Shake Shack sees slow same-store sales growth. The burger chain released fourth-quarter results that beat on both the top and bottom lines, but said it sees comparable same-store sales growth of between 0% and 1% for fiscal year 2019.
7. A trading chief at a $3.4 trillion firm says retail investors don't fully understand Brexit. "The Brexit issue is, I think, a bigger issue than a lot of people realize," Frederick said. "I think retail investors on our side don't really get how big that is and how much of an impact it could have.
8. Stock markets around the world were lower. China's Shanghai Composite (-0.67%) gave back a bit of Monday's big gain, and Britain's FTSE (-1.17%) trailed in Europe. The S&P 500 was set to open down 0.24% near 2,789.
9. Earnings reporting picks back up. Home Depot and Macy's report ahead of the opening bell while Toll Brothers and Weight Watchers release their quarterly results after markets close.
10. US economic data is heavy. Housing starts and building permits will both be released at 8:30 a.m. ET before FHFA and Case-Schiller home prices cross the wires at 9 .m. ET. Data concludes at 10 a.m. ET with consumer confidence. The US 10-year yield is little changed at 2.66%.