10 things you need to know before the opening bell

Here is what you need to know.

Trump’s “risk of impeachment” is higher. Tina Fordham, Citi’s Chief Global Political Analyst, believes that while it’s too early to say whether or not Trump will be impeached following the bombshell Donald Trump Jr. emails, the “risk of impeachment proceedings is now higher than before.”

Yellen begins her 2-day Humphrey Hawkins testimony. The Fed Chair will appear before the House Financial Services Committee to give her semi-annual monetary policy report to Congress.

Gary Cohn is reportedly the top pick to replace Yellen at the Fed. If Cohn, the National Economic Council director and President Donald Trump’s top economic advisor, wants the job, it’s his to take, according to a report from Politico’s Ben White and Victoria Guida.

UK employment hits a record high. Britain’s headline employment rate grew to 74.9% in June, the highest since record keeping began in 1971. Wages jumped 2%, but that’s below the United Kingdom’s 2.9% inflation rate.

The Bank of Canada meets. Goldman Sachs says Canada’s central bank will keep policy on hold at Wednesday’s meeting. “While certainly a close call, we expect the BoC to hike rates for the first time in October, not next week,” wrote Goldman strategist Michael Cahill.

Oil is higher for a third straight day. West Texas Intermediate crude oil trades up 1.5% at $US45.71 a barrel as traders await weekly inventory data.

The 2 biggest IPOs of 2017 are flops. Both Snap and Blue Apron finished Tuesday’s session below their initial public offering prices.

Apple builds its first data center in China. The data center, which was built in a partnership with a local internet company, will help Apple comply with stricter cybersecurity laws introduced by Beijing, Reuters says.

Stock markets around the world are mixed. Australia’s ASX (-0.98%) trailed in Asia and Britain’s FTSE (+0.94%) is out front in Europe. The S&P 500 is set to open higher by 0.19% near 2,430.

US economic data is light. The Fed’s Beige Book is due out at 2 p.m. ET. The US 10-year yield is down 2 basis points at 2.34%.