10 things you need to know before the opening bell

Here is what you need to know.

The US intends to break the WTO to deal with the ‘multitrillion-dollar problem’ that is China, a former diplomat says. The Trump administration has gone on the offensive to push China into playing by its trade rules in an effort to “level the playing field” and has now started a trade conflict that could effectively nullify the World Trade Organisation, Hosuk Lee-Makiyama, the director of the European Centre for International Political Economy and Sweden’s former envoy to the WTO, tells Business Insider.

Chinese stocks are in a bear market. China’s Shanghai Composite has plunged nearly 23% since hitting a two-year high on January 29.

The Indian rupee tumbles to a record low. The rupee touched a record low of 69.09 per dollar on Thursday amid the recent run-up in oil prices.

The world’s most successful investment firms pay Rob Arnott for advice – here’s where he says you should be putting your money. Rob Arnott, the chairman and CEO of the Pimco subadviser Research Affiliates LLC, tells Business Insider why he likes emerging markets.

Intel’s temporary CEO is reportedly not pursing the job. Intel’s interim CEO, Bob Swan, has told employees he is not trying to keep the job on a full-time basis, The Wall Street Journal reports.

Chipotle is getting ready to close dozens of locations. The burrito chain plans to close 55 to 65 locations as it attempts to turn around business.

Goldman’s CEO-in-waiting has a hot new song on Spotify. Business Insider’s Dakin Campbell has learned that the Goldman Sachs president David Solomon, who is an electronic-dance-music DJ in his spare time, released his first single, “Don’t Stop,” in early June. It’s a remix of the popular Fleetwood Mac song.

Stock markets around the world are mixed. China’s Shanghai Composite (-0.93%) lagged in Asia, and Germany’s DAX (-0.76%) trails in Europe. The S&P 500 is set to open up 0.4% near 2,710.

Earnings reports keep coming. Walgreens Boot Alliance reports ahead of the opening bell, and Nike releases its quarterly results after markets close.

US economic data flows. Initial claims and the third estimate of first-quarter gross domestic product will cross the wires at 8:30 a.m. ET. The US 10-year yield is unchanged at 2.83%.

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