10 things you need to know before the opening bell

Here is what you need to know.

Trump’s tax plan is coming. President Donald Trump’s long-awaited tax plan will be unveiled on Wednesday, and is expected to drop the corporate tax rate from 35% into the 20% range.

Yellen says the Fed should keep hiking gradually. Speaking at the National Association for Business Economics on Tuesday, Fed Chair Janet Yellen said, “Without further modest increases in the federal funds rate over time, there is a risk that the labour market could eventually become overheated, potentially creating an inflationary problem down the road that might be difficult to overcome without triggering a recession.”

The 10-year hits a 2-month high. The benchmark yield trades up 5 basis points at 2.29%, its highest since the end of July, following Tuesday’s speech from Yellen.

Beijing home prices are falling fast. Home prices fell 5%, on average, in the second quarter as the Chinese government continued to curb speculative activity, Caixin reports, citing data from the research arm of 5I5J Group.

Saudi Arabia reverses its longstanding ban on women driving. Before Tuesday’s ruling, Saudi Arabia was the only country in the world where a woman could be jailed for driving.

Boeing scores a big victory against its Canadian rival. The US Department of Commerce issued a preliminary ruling that would slap a 219.63% tariff on every Bombardier C Series airliner imported into the US. A final ruling won’t be made until early 2018.

Nike gives cautious US outlook. The sneaker giant earned $US0.57 a share, easily beating the $US0.48 that Wall Street was expecting, but said that it expects North American sales to continue to slide after dipping 3% in the quarter.

Twitter is doubling the length of tweets for some users. The social media company said on Tuesday it will begin testing a 280-character limit for some users.

Stock markets around the world are higher. Hong Kong’s Hang Seng (+0.47%) led the advance in Asia and Germany’s DAX (+0.46%) paces the gains in Europe. The S&P 500 os set to open little changed near 2,500.

US economic data flows. Durable goods orders will be released at 8:30 a.m. ET and pending home sales will be announced at 10 a.m. ET.

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