10 things you need to know before the opening bell

Here is what you need to know.

Senate Republican’s “skinny repeal” is dead. The bill failed by a vote of 51 to 49 after Senator John McCain cast the final vote as a “no.”

Japan’s inflation matches expectations. Consumer prices in Japan rose 0.4% year-over-year, but that remains well below the Bank of Japan’s 2% target.

There’s way too much weed in California. Marijuana producers in California have grown eight times the amount that is needed for consumption, the LA Times reports.

Amazon misses Wall Street earnings expectations by a mile. The ecommerce behemoth reported earnings of $US0.40 a share, well below the $US1.42 that Wall Street was anticipating.

Starbucks is shutting down its Teavana stores. The coffee giant beat on the top and bottom lines and said that it was closing all 379 of its Teavana stores.

Meg Whitman takes herself out of the running for Uber CEO. HPE’s chief executive officer tweeted, “I am not going anywhere,” and said that the “speculation of my future has become a distraction.”

Dropbox is planning an IPO. The file hosting service is close to hiring Goldman Sachs as a “lead advisor,” according to Bloomberg.

Stock markets around the world are lower. Australia’s ASX (-1.44%) led the losses overnight and France’s CAC (-1.22%) trails in Europe. The S&P 500 is set to open lower by 0.35% near 2,467.

Earnings reporting remains heavy. American Airlines, Chevron, and ExxonMobil are among the names set to report ahead of the opening bell.

US economic data flows. GDP will be released at 8:30 a.m. ET and University of Michigan consumer confidence will cross the wires at 10 a.m. ET. The US 10-year yield is up 1 basis point at 2.32%.