10 things you need to know before the opening bell

Here is what you need to know.

Trump is being sworn in. Donald Trump will take the oath of office and become the 45th President of the United States. The inauguration will take place at noon ET.

Yellen warns against running the economy ‘hot.’Speaking at the Stanford Institute for Economic Policy Research on Thursday evening, Fed Chair Janet Yellen said, “I think that allowing the economy to run markedly and persistently ‘hot’ would be risky and unwise.”

China GDP beats. Data released by the National Bureau of Statistics showed the Chinese economy grew at a 6.8% year-over-year clip in the fourth quarter, ahead of the 6.7% that economists had anticipated, as high-tech industries provided a boost. The data marked the first time since Q2 2014 that GDP was higher than the previous quarter.

Germany’s finance minister says Trump needs to follow trade rules. Speaking at the World Economic Forum in Davos, Switzerland, German Finance Minister Wolfgang Schaeuble said, “I don’t think a big trade war will break out tomorrow, but we will naturally insist that agreements are upheld.”

Treasury yields have been quietly racing higher. Overnight selling has the US 10-year yield higher by 3 basis points at 2.50%. The benchmark yield has climbed 18 bps since Tuesday’s close.

IBM’s revenue falls, but tops estimates. The company said revenue fell 1.3% to $21.77 billion, edging out the $21.64 billion that Wall Street was expecting. Revenue from cloud computing was up 33% across all segments.

Jaime Dimon got a pay raise. JPMorgan’s CEO received $28 million of compensation in 2016, a 3.7% boost from the previous year, Reuters reports, citing a release from the bank.

Stock markets around the world are up. China’s Shanghai Composite (+0.7%) led in Asia and France’s CAC (+0.4%) is among the leaders in Europe. The S&P 500 is on track to open higher by 0.4% near 2,270.

Earnings reports trickle out. General Electric, Proctor & Gamble, and Schlumberger are among the names set to release their quarterly results ahead of the opening bell.

US economic data is light. Markit manufacturing PMI and existing home sales will cross the wires at 9:45 a.m. ET and 10 a.n. ET, respectively, and the Baker Hughes rig count will be released at 1 p.m. ET.

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