10 things you need to know before the opening bell

Here's what you need to know before markets open.

1. Trump is reportedly considering a $1 trillion fresh infrastructure stimulus plan to rescue the US economy. Most of the money will go to roads and bridges, but money will also be directed to 5G wireless and infrastructure broadband, sources told Bloomberg.

2. Global markets fly as Trump's $1 trillion infrastructure plan puts a 'rocket under stocks' — and the Fed launches $250 billion of fresh stimulus. "The Federal Reserve became an accidental Lone Ranger overnight, riding in to rescue beleaguered financial markets," an analyst said.

3.The IEA warns global oil demand will drop by $324 million a day in 2020, the biggest decline in history, before a rapid rebound in 2021. June estimates reckon that global demand for Brent oil will drop by 8.1 million barrels a day this year, equivalent to around $324 million at current prices.

4. Warren Buffett's 'chronic underperformance' is frustrating investors and analysts. The famed investor and Berkshire Hathaway boss was cautious during the coronavirus sell-off, fueling fears that he missed out on the market rebound.

5. Apple just got hit with two EU antitrust probes into the App Store and Apple Pay. The investigations will focus on Apple Pay and the levy Apple imposes on in-app purchases through the App Store.

6. Fed chair Powell is set to reiterate that the US faces a long economic recovery, and call for more fiscal support. On Tuesday, Powell is set to begin the first of two days of testimony before US lawmakers.

7. SoftBank-backed ride-hailing firm Grab is set to announce layoffs. Southeast Asian ride-hailing and payments firm Grab is set to announce layoffs on Tuesday.

8.Global stocks are sharply up. In Europe, Germany's DAX rose 3%, Britain's FTSE 100 rose 2.5%, and the Euro Stoxx 50 rose 2.8%. In Asia, China's Shanghai Composite rose 1.4%, Hong Kong's Hang Seng rose 2.4%, and Japan's Nikkei rose 4.8% at the close. In the US, futures underlying the Dow Jones Industrial Average, the S&P 500, and the Nasdaq rose fell between 1% and 1.7%.

9. Earnings expected. Oracle and Ashtead are set to report their fourth-quarter results.

10. On the data docket today. US retail sales, the 52-Week Bill Auction, and Fed Reserve chairman Jerome Powell's testimony are scheduled for today.