10 things you need to know before the opening bell

Reuters/Toby Melville

Britain's Queen Elizabeth, U.S. President Donald Trump and first lady Melania Trump attend an event to commemorate the 75th anniversary of D-Day, in Portsmouth, Britain.

Here is what you need to know.

1. The Fed is open to cutting rates. "We are closely monitoring the implications of these developments for the US economic outlook and, as always, we will act as appropriate to sustain the expansion," Fed Chairman Jerome Powell said of trade negotiations.
2. The global economy is on track to grow at its slowest pace in 3 years. The global economy is expected to grow at 2.6% this year, its weakest since 2016, the World Bank said in a new report out Wednesday.
3. Corporate bonds are firing a 'warning shot' for stock-market investors. Widening credit spreads are a sign that stock-market investors should take the inverted yield curve seriously, says Lisa Shallet of Morgan Stanley Wealth Management.
4. Stanley Druckenmiller says the 'best economic predictor' has him worried about the next crisis. The legendary investor said at an event at the Economic Club of New York on Monday that three areas of the stock market have him worried right now, and gave two trading recommendations to protect your portfolio against a meltdown.
5. Facebook investors want an independent investigation into Mark Zuckerberg's 'outsized' power. New York City Comptroller Scott Stringer, who controls about $785 million worth of Facebook stock, sent a letter to independent director Susan Desmond-Hellman saying the company has "failed to adjust to the additional responsibilities that come with the company's vastly expanded size."
6. Uber's business model is one of its biggest risks. Goldman Sachs analyst Heath Terry says Uber's business model, labor costs, and profitability concerns are the biggest risks the company faces.
7. Toyota says its suppliers could take a $1 billion hit from Trump's tariff threats against Mexico. Toyota's major suppliers will take a hit of between $215 million and $1.07 billion if President Donald Trump follows through with his threatened tariffs on all Mexican goods, the automaker said in a Tuesday email sent to dealers that was seen by Reuters.
8. Stock markets around the world are rallying. Japan's Nikkei (+1.8%) led the gains in Asia and Germany's DAX (+0.59%) is out front in Europe. The S&P 500 is set to open up 0.73% near 2,824.
9. Earnings reporting is light. Campbell Soup reports ahead of the opening bell while Stitch Fix releases its quarterly results after markets close.
10. US economic data is heavy. ADP Employment Change will be released at 8:15 a.m. ET before Markit services PMI and ISM nonmanufacturing cross the wires at 9:45 a.m. ET and 10 a.m. ET, respectively. The Fed's Beige Book is due out at 2 p.m. ET.