10 things you need to know before the opening bell

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10 Things Before the Opening Bell

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

1. 'The pain looks far from over': Stocks whipsaw as oil plunges to 17-year low on coronavirus fears. "Sheer economic shock is about to overwhelm markets ahead; and we will require even greater policy responses."

2. 'There is potential this could go even lower.' Oil prices fall to 17-year low as demand drop threatens to overwhelm storage facilities. West Texas Intermediate (WTI) dropped below $20 a barrel in Asian trading while Brent crude slumped to about $23.

3. Major airlines urge US Treasury to disburse assistance quickly. American, Delta, United, Southwest, and others signed a letter stating it was "essential" they receive the help soon, Reuters reported.

4. China unexpectedly cuts reverse repo rate by most in 5 years to support virus-hit economy. The move marked the third cut in the seven-day rate since November.

5. Goldman Sachs sees S&P 500 dividends declining 25% in 2020. "The record high level of net leverage for the median S&P 500 stock coupled with the ongoing credit market stress means many firms are unlikely to borrow to fund their dividend."

6. Johnson & Johnson says testing of coronavirus vaccine will begin by September. The pharmaceuticals titan said it could be available for emergency use authorization in early 2021.

7. Amazon warehouse workers in New York will strike after an employee tested positive for coronavirus. "Since the building won't close by itself, we're going to have to force [Amazon's] hand."

8. European and Asian stocks are down, US futures are up. In Europe, Germany's DAX fell 0.5%, Britain's FTSE 100 fell 0.9%, and the Euro Stoxx 50 fell 1%. In Asia, China's Shanghai Composite fell 0.9%, Japan's Nikkei fell 1.6%, and Hong Kong's Hang Seng fell 1.3%. In the US, futures underlying the Dow Jones Industrial Average, the S&P 500, and the Nasdaq drifted between flat and 0.4%.

9. Key Asian earnings are out. Tsingtao Brewery and Ningbo Port are reporting results.

10. Interesting data is due today. Pending home sales will be closely watched.