10 things you need to know before the opening bell

Here is what you need to know.

Janet Yellen is set to make her most important speech of the year. Fed Chair Janet Yellen will give her long awaited speech in which she is expected to lay out the path for Fed policy going forward. Yellen’s remarks will begin at 10 a.m. ET.

Fed rate hike odds are on the way up. Data from Bloomberg shows traders are pricing in a 32% chance the Fed will raise rates at its September meeting and a 57.4% probability that a rate hike will happen before the end of the year.

Japan remains trapped in deflation. Core CPI fell 0.5% in July, making for the lowest reading since March 2013. The Japanese yen is little changed near 100.45 per dollar.

UK GDP was better than originally thought. The UK economy expanded at a 0.6% clip in the second quarter, according to a revised estimate of the original reading of up 0.4%. The British pound is little changed near 1.3200.

Saudi Arabia threw cold water on the prospects of an oil output freeze. Late Thursday, Saudi Arabian Energy Minister Khalid Al-Falih told Reuters that the kingdom doesn’t “believe any significant intervention in the market is necessary other than to allow the forces of supply and demand to do the work for us.” West Texas Intermediate crude oil is down 0.3% at $47.16 per barrel.

America is driving more than ever. Data released by the Department of Energy shows America’s vehicles have driven a record 1.58 trillion miles so far in 2016, up 3.3% from a year ago.

Amazon is opening another bookstore. The online retailer says it will open a brick-and-mortar bookstore in Chicago’s Lakeview neighbourhood in 2017.

Stock markets around the world are lower. Germany’s DAX (-0.2%) leads the way down in Europe after Japan’s Nikkei (-1.2%) took a dive in Asia. Hong Kong’s Hang Seng (+0.4%) outperformed. S&P 500 futures are up 1.00 points at 2,174.50.

Earnings reporting is light. Big Lots reports ahead of the opening bell.

US economic data flows. The advanced goods trade balance and second quarter GDP will be released at 8:30 a.m. ET before Univeristy of Michigan consumer confidence crosses the wires at 10 a.m. ET. Then, at 1 p.m. ET, the Baker Hughes rig count will be announced. The US 10-year yield is down 1 basis point at 1.56%.

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