10 things you need to know before the opening bell

Here is what you need to know.

The S&P 500’s streak of going nowhere is over. The benchmark index fell 1.45% on Thursday, making for the biggest one-day drop since May 17, and the first time in 16 sessions that it did not close within 0.30% of its previous day’s close.

Volatility is back. The Volatility Index, or VIX surged by 45% on Thursday to its highest level since April amid growing tension between the US and North Korea.

Fed rate hike odds are sliding. The market is pricing in just a 33.6% chance the Fed will raise its benchmark interest rate before the end of the year, according to Bloomberg’s World Interest Rate Probability data.

The IEA raises its forecast for world oil demand. The International Energy Agency said on Friday it was raising its world oil demand forecast for the rest of 2017 to 1.5 million barrels per day and for 2018 to 1.4 million bpd amid a rebalancing in the market.

Jeff Gundlach says gold’s chart has “one of the most bullish” patterns around. Gundlach, the founder, and CEO, of DoubleLine Capital tweeted on Thursday, “Cramer today was positive on a stock pointing out its “cup and handle” chart pattern, one of the most bullish. He’s right. Gold has one too.”

Snap misses across the board. Shares of the social media company plunged more than 16% in after hours trading on Thursday after announcing the addition of 7 million daily active users in the second quarter, well shy of the 10 million user figure that analysts were expecting. Both earnings and revenue also missed Wall Street estimates.

Nvidia trounces expectations. The maker of graphics processing units earned $US1.10 per share on revenue of $US2.23 billion, easily beating the $US0.82 and $US1.96 billion that Wall Street was anticipating. Shares fell as much as 8% in extended trading on Thursday.

Stock markets around the world are lower. Hong Kong’s Hang Seng (-2.04%) led the losses in Asia and Britain’s FTSE (-1.09%) lags in Europe. The S&P 500 is set to open little changed near 2,437.

Earnings reports trickle out. JC Penney reports ahead of the opening bell.

US economic data is light. CPI will cross the wires at 8:30 a.m. ET. The US 10-year yield is unchanged at 2.19%.

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