10 things you need to know before the opening bell

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

1. Global shares trade near record highs ahead of the Fed, inflation concerns ease as red-hot commodities cool. US futures edged slightly higher as investors awaited the central bank's policy announcement.

2. Jamie Dimon says JPMorgan has stockpiled $500 billion in cash that it will look to invest as inflation picks up. "I think you have a very good chance inflation will be more than transitory," Dimon said.

3. The UK unemployment rate fell to an eight-month low in April as pubs and restaurants reopened. Britain's economy is recovering at a rapid rate from a strict lockdown in the winter.

4. Warren Buffett's favorite market indicator surges to a record 133%, signaling global stocks are overvalued and at high risk of crashing. Buffet's indicator is screaming bubble to some, but for others it is a faulty gauge.

5. Lumber prices sink below $1,000 for the first time since March, now down 40% since May's record high. Part of the reason for lumber's recent skid is expanding supply.

6. Earnings expected. Oracle reports quarterly figures.

7. On the data docket. US retail sales numbers are in focus.

8. Fintel has developed a mathematical model designed to identify short-squeeze candidates before they surge. The firm says these 5 stocks are prime candidates for an explosive AMC-style squeeze right now.

9. The global markets strategist at crypto brokerage eToro explains why bitcoin is a value-add to any portfolio. Ben Laidler also shares 3 altcoins that he's seeing rise in popularity on the platform.

10. Goldman Sachs says growth stocks will start outperforming again by year-end. The firm says to buy these 37 stocks that will offer strong returns with minimal risk throughout 2021.