10 things you need to know before the opening bell

Here is what you need to know.

Mexico is ready to hit back against US trade war.Mexico will place a 20% tariff on US pork leg and shoulder imports, according to Reuters.

Japan’s finance minister is forfeiting a year’s salary. Japanese Finance Minister Taro Aso has agreed to forfeit one year’s salary as punishment for his role in a bargain sale of state land to a school tied to Prime Minister Shinzo Abe’s wife.

The stock market’s biggest bear unloads on the ‘economic Ponzi scheme’ he says will cause the next crash. The outspoken investor and former professor John Hussman argues that one of the biggest problems facing the market right now is a “dysfunctional” economic system he says has allowed consumers and companies to gorge on debt.

Short seller Jim Chanos rails against bitcoin.“That’s exactly what it is,” Chanos said when asked whether bitcoin was a libertarian fantasy. “And if you say, well, fiat currency is going to bring the world down, which could, of course, happen, then I say the last thing I’d want to own is bitcoin if the grid goes down.”

Starbucks’ executive chairman is stepping down.Howard Schultz is stepping down after more than three decades at the coffee giant amid rumours he is considering a presidential run.

Tesla is blowing through an insane amount of raw material and cash to make Model 3s, and production is still a nightmare. Internal documents seen by Business Insider show scrap at the company’s Gigafactory may have cost the company at least $US150 million this year.

Apple hits an all-time high. Shares touched a record high of $US193.42 ahead of the company’s WWDC developer’s conference.

Twitter closes at its best level in 3 years. Shares rallied 3.41% Monday to settle at $US37.90, their best since July 2015.

Stock markets around the world are higher. China’s Shanghai Composite (+0.74%) led the gains in Asia and Germany’s DAX (+1.06%) paces the advance in Europe. The S&P 500 is set to open up 0.12% near 2,750.

US economic data flows. Markit US Services PMI will be released at 9:45 a.m. ET, while Jolts Job Openings and ISM nonmanufacturing are due out at 10 a.m. ET. The US 10-year yield is down 2 basis points at 2.93%.

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