10 things you need to know before the opening bell

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10 Things Before the Opening Bell

Here is what you need to know.

1. Trump says the US-China trade deal is in its 'final throes.' But analysts remain skeptical that the president's rhetoric will amount to something substantial.

2. Pharma stocks plunged after federal prosecutors launched a criminal probe into their role in fueling the opioid crisis. Traders wiped more than $3 billion from the market caps of five drug companies after learning they received grand jury subpoenas.

3. A Hong Kong stock just plunged 76% in 30 minutes. The drop comes after another Hong Kong stock, ArtGo, fell 98% in a single day last week.

4. Manchester City owner draws $500 million investment from private equity firm Silver Lake. The deal makes City Group the highest-valued group in sports at $4.8 billion.

5. Abu Dhabi sovereign fund weighs investment of at least $1 billion in Aramco IPO. Saudi Aramco is relying mainly on Saudi Arabian and Gulf investors to raise up to $25.6 billion, Reuters reported, citing five sources familiar with the matter.

6. Elon Musk says there are 250,000 pre-orders for Tesla's Cybertruck. Tesla stock was up 1.6% in premarket trading.

7. Wall Streeters are speculating that Microsoft could buy Bloomberg. Here's why a deal might actually make sense.

8. Stocks are climbing on Wednesday. US futures underlying the S&P 500 (+0.1%) and the Nasdaq (+0.2%) are rising. In Europe, stocks are on the up with the DAX (+0.3%) and Euro Stoxx 50 (+0.2%) in the green. Asian stocks closed mixed with the Nikkei (+0.3%) and Hang Seng (+0.2%) higher but the Shanghai Composite (-0.1%) down.

9. There is a stack of earnings out later. Build-A-Bear Workshop and Salesforce both have earnings out later.

10. Today is a big day for data. Annualized GDP data is out at 8:30 a.m.