10 things you need to know before the opening bell

Here is what you need to know.

The Senate passes its tax bill. The Tax Cuts and Jobs Act passed through the Senate early Saturday by a 51-49 vote, with Sen. Bob Corker being the only Republican voting against it. Now the House can either pass the bill as written or join the Senate for a conference committee.

Stocks are set to open at all-time highs. The S&P 500 is on track to open higher by 0.66% near 2,660. Hong Kong’s Hang Seng (+0.22%) led in Asia, and Germany’s DAX (+1.28%) is out front in Europe.

CVS Health is buying Aetna for $US69 billion. The deal, which is the biggest of 2017, will pay Aetna stockholders $US207 a share ($US145 a share in cash and 0.8378 CVS shares per Aetna share).

Global market cap is about to hit $US100 trillion, and Goldman Sachs thinks the only way is down. The combined value of all stocks in all companies in all countries is about to hit $US100 trillion, and Goldman Sachs believes the “bull market in everything” is about to come to an end.

A mystery trader keeps betting that the stock market will go crazy. A trader just rolled over a massive volatility bet that could pay out $US260 million if all goes according to plan.

Fed’s Harker says next year is a wild card for rate hikes. Patrick Harker, the president of the Federal Reserve Bank of Philadelphia, told Business Insider’s Pedro da Costa that low inflation may be a more persistent trend than previously believed and that the Fed could take a wait-and-see approach to further monetary tightening in 2018.

Bitcoin hits new heights. The cryptocurrency hit an all-time high above $US11,800 a coin on Sunday. It is now little changed near $US11,338.

The UK and the EU want to force bitcoin users to reveal their identities. The UK and other European governments plan to regulate cryptocurrencies, including bitcoin, amid concerns they are being used for money laundering, The Guardian and The Telegraph report.

Venezuela announces a cryptocurrency backed by oil.In an effort to circumvent US-led sanctions, Venezuelan President Nicolas Maduro announced “petro,” a cryptocurrency backed by Venezuela’s oil reserves.

US economic data is light. Factory orders and durable-goods orders will be released at 10 a.m. ET. The US 10-year yield is up 3 basis points at 2.39%.

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