10 things you need to know before the opening bell

REUTERS/Lucas Jackson

Here is what you need to know.

1. Stocks fell sharply after the Fed's first rate cut in more than 10 years. The S&P 500 fell as much as 1.8% after the Fed lowered rates a quarter point, to a range of 2% to 2.25%.

2. Signals for an upcoming recession are now all flashing at the same time. Despite the Fed cut, the yield curve is stuck in 'recession' mode, stocks are a mess, and manufacturing is in retreat.

3. President Trump blasted Fed Chairman Powell even after getting the interest-rate cut he has been demanding for months. Trump complained the Fed made the wrong move by not signaling the cut was the first of many.

4. Impossible Foods just won an FDA nod to sell its fake meat in stores, and Beyond Meat shares are tanking. In premarket trading Beyond was down 6%, set to wipe over $700 million off its market capitalization.

5. Here's how the seeds of the London Stock Exchange's $27 billion Refinitiv deal were planted at a flower show. Italian investment banker Matteo Canonaco brokered an introduction between David Craig, who at the time ran Thomson Reuters' Financial and Risk division, the company that became Refinitiv last year, and Joseph Baratta, head of private equity at Blackstone Group.

6. A Chinese billionaire has been indicted in the US for alleged $1.8 billion aluminum tariff evasion. United States federal prosecutors said on Wednesday that Liu Zhongtian, 55 and China Zhongwang Holding were found to have evaded tariffs by smuggling huge amounts of the metal in to America.

7. Revolut says users can now trade US stocks as part of the London fintech unicorn's expansion strategy. Clients will be able to buy fractions of shares in $1 increments, Revolut said in a blog post..

8. Stocks around the world are mixed with Asia down but US and Europe rallying. US futures are rising with the S&P 500 (+0.2%) and Nasdaq (+0.3%) up. In Europe the DAX (+0.4%) and Euro Stoxx 50 (+0.6%) are rising. Asian stocks were mixed, with the Nikkei 225 (+0.1%) nudging up, while the Shanghai Composite (-0.8%) and Hang Seng (-0.8%) fell.

9.Another bumper day for earnings. Standard Chartered, Royal Dutch Shell, and BMW are all reporting.

10. There's lots of interesting data in the docket. ISM manufacturing PMI is the highlight.