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. Oil price jumps 15% after reports that a key measure of storage demand was 2 million barrels lower than expected. Oil prices rebounded on Wednesday, after reports that a key measure of oil inventories showed lower than expected demand for storage and oil-focused exchange traded-funds appear to have finished selling June futures contracts.

2. Barclays' first-quarter earnings beat forecasts as coronavirus volatility pushes its markets division's earnings up 77%. Barclays posted first-quarter earnings that beat the expectations of analysts polled by Bloomberg, as a record quarter for its markets segment helped to temper the impact of the coronavirus outbreak.

3. Billionaire investor Bill Ackman has 'enormous respect' for Tesla chief Elon Musk, but isn't a fan of his tweets. Billionaire investor Bill Ackman praised Tesla and SpaceX CEO Elon Musk, but questioned his Twitter habit, during an episode of The Knowledge Project podcast released on Tuesday.

4. Deutsche Bank's profits plunge 67% as it battles the coronavirus, and sets aside a $282 million pandemic war chest. Deutsche Bank has put aside €260 million ($282 million) to cover any potential loan losses from the coronavirus pandemic as the bank posted 67% lower net profit than last year in its quarterly earnings on Wednesday.

5. Warren Buffett shared his key piece of advice for wannabe investors, and it's all about having the 'proper attitude'. If you are a young investor starting off at the early stages of using money Warren Buffett has some advice for you. "A proper attitude to investing is more necessary than technical skills," he said, debunking myths that investing is just technical.

6. TikTok and Bill Gates pledge $20 million to help Africa tackle COVID-19. The social media platform TikTok and the philanthropic Gates Foundation donated $10 million each on Wednesday to the vaccine alliance GAVI to help fund efforts to tackle the COVID-19 pandemic in Africa.

7. Alphabet earnings drive futures higher ahead of GDP data. US stock index futures rose on Wednesday after Google-parent Alphabet reported upbeat quarterly results, while investors braced for data that could show a sharp contraction in the domestic economy.

8. Most stocks are up. As of 7:05 a.m ET, in Asia, the Hang Seng Index is flat at 0.2%, Japan's Nikkei 225 is up 2.1%, the Shanghai Composite is down 0.2%. In Europe, the Eurostoxx 50 is down 0.06%, the Dax is up 0.4%. the FTSE is up 0.7%. In the US, futures underlying the Dow Jones Industrial Average rose 0.92%, the S&P 500 rose 1.27%, the Nasdaq 100 rose 1.71%.

9. First-quarter earnings coming in. Facebook, Microsoft and Coca Cola report earnings Wednesday.

10. Economic data releases today.The Fed will release its interest rate decision for April at 2 p.m. ET, while the closely watched EIA Crude Oil Stocks Change will also be released.