10 things you need to know before the opening bell

Here is what you need to know.

Tesla is getting ready to start making the Model 3.The electric automaker announced on Wednesday that it will shut down production at its California plant for a week later this month to get things ready to start producing its Model 3 on February 20, Reuters reports.

Whole Foods misses and slashes guidance. The upscale grocer missed on both the top and bottom lines, earning $0.30 per share on revenue of $4.92 billion. The company slashed its 2017 full-year EPS guidance to at least $1.33 from its previous guess of $1.42.

The DOE is selling 10 million barrels of oil from the SPR.The sale will take place in late February and is required by a law passed last year, Reuters says. Over the next three years, the DOE is required to sell 25 million barrels.

The PBOC is going after bitcoin. In a statement posted on the People’s Bank of China’s (PBOC) website on Thursday, the bank said it told the country’s bitcoin exchanges during a meeting held on Wednesday not to take part in financial activities such as margin lending or to allow money laundering. Bitcoin is little changed near $1,066 a coin.

Germany’s gold repatriation is ahead of schedule.Germany’s central bank has brought back 538 tons of gold from New York and Paris and plans to have half its gold back in Germany in 2017, three years ahead of schedule, according to Reuters.

The Bank of Mexico meets. Mexico’s central bank is expected to hike its key interest rate 50 basis points as it looks to cool inflation tied to a spike in gas prices. The decision will cross the wires at 2 p.m. ET.

Saudi Arabia has picked a legal advisor for the world’s biggest IPO. Saudi Arabia will use international law firm White & Case for the planned IPO of Saudi Aramco, its state-owned oil giant.

Earnings reporting remains heavy. Coca-Cola, CVS, Dunkin’, Twitter, and Yum are among the names reporting ahead of the opening bell.

Stock markets around the world trade mixed. Japan’s Nikkei (-0.5%) was the laggard in Asia and France’s CAC (+0.6%) is out front in Europe. The S&P 500 is on track to open higher by 0.3% near 2,300.

US economic data remains light. Initial jobless claims will be released at 8:30 a.m. ET. The US 10-year yield is higher by 4 basis points at 2.37%.

***Bonus***

New York City Schools are closed. Severe weather conditions have shuttered schools across New York City on Thursday as the area is expected to receive between 10 and 14 inches of snow accumulation.

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