10 things you need to know before the opening bell

Here is what you need to know.

Stocks are at all-time highs.Thursday’s gain of 0.6% across the board ran all three of the major averages into record territory. The S&P 500 is set to open up 0.1% near 2,311.

Trump changes his tune on the ‘One China’ policy. In his first phone call as president with Chinese President Xi Jinping, Trump said that he would honour the policy that China and Taiwan both belong to a single country.

Trump’s border wall would reportedly cost $21.6 billion. The wall would be built in sections and take more than three years to complete, Reuters reports, citing a US Department of Homeland Security internal report.

China’s January trade data blew away expectations. Exports climbed 7.9% in US dollar terms while imports jumped 16.7%, making for a trade surplus of $51.35 billion, the highest since January 2016. The data may be impacted by distortions from the Lunar New Year holiday.

The eurozone and IMF have reached a common stance on Greece. Details of the agreement are unclear, and are being presented to Greece on Friday, Reuters reports. Greece’s 2-year yield is down 130 basis points at 8.28%%.

British industry had a blowout December. Industrial production in the UK climbed 4.3% versus a year ago in December, well ahead of the 3.2% growth that economists had forecast, according to data released on Friday by the Office for National Statistics.

Oil is rallying on OPEC. West Texas Intermediate crude oil is higher by 0.9% at $53.46 per barrel after data released by the International Energy Agency showed a record high 90% compliance to the OPEC output deal in the first month, Reuters reports.

Investment in the marijuana industry isn’t slowing down under Trump. Industry executives who spoke to Business Insider said they hope Attorney General Jeff Sessions, who has been outspoken against legalizing marijuana, will focus his attention on Trump’s priorities, like overhauling immigration, rather than picking a fight with legal marijuana.

Yelp is plunging after its revenue outlook misses. Shares sank as much as 11% after Thursday’s closing bell when the company announced its first-quarter revenue would be in a range of $195 million to $199 million, below the $204.4 million that was expected by the Bloomberg consensus.

US economic data flows. University of Michigan consumer confidence will be released at 10 a.m. ET and the Baker Hughes rig count will cross the wires at 1 p.m. ET. The US 10-year yield is higher by 2 basis points at 2.41%.

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