10 things you need to know before the opening bell

Here is what you need to know.

Trump is reportedly ready to back down in his trade war with China. President Donald Trump has asked his Cabinet to begin drafting potential terms of a trade agreement with China with the hope of securing an agreement with Chinese President Xi Jinping at the G20 summit in Argentina next month, Bloomberg reports.

Global markets are in rally mode. Hong Kong’s Hang Seng gained more than 4% overnight, and Germany’s DAX is higher by 1.35%. The S&P 500 is set to open up 0.66% near 2,758.

It’s jobs day in America. The US economy is expected to have added 200,000 nonfarm jobs with the unemployment rate holding at 3.7%, according to economists surveyed by Bloomberg.

Crude oil is nearing a bear market. West Texas Intermediate crude oil has plunged more than 17% from its October 3 high to $US63.65 a barrel. A drop below $US61.57 would put it in bear-market territory – down at least 20% from its recent peak.

Goldman Sachs has a money-making strategy for earnings season. The bank developed a strategy that returned 107% in just seven days – here’s what it is and how you might replicate its success.

Apple’s iPhone sales underwhelm. The tech giant reported earnings and revenue that topped Wall Street estimates, but iPhone sales missed expectations as they were essentially flat versus a year ago. Apple also gave soft guidance for its crucial holiday quarter.

Apple is in serious danger of no longer being a $US1 trillion company. Shares plunged more than 7% in after-hours trading to $US206.30 apiece. Any print below $US207.45 during Friday’s session would mean Apple no longer has a $US1 trillion valuation.

Starbucks beats as sales boom in both the US and China. The coffee giant beat on both the top and bottom lines and reported comparable sales in both the US and China that were ahead of Wall Street estimates.

Earnings reporting slows down a bit. Alibaba, Chevron, and ExxonMobil are among the names reporting ahead of the opening bell, while Berkshire Hathaway is set to release its quarterly results after markets close.

There’s more data besides the jobs report. Both 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 3.17%.