Finance 10 things you need to know before the opening bell (SPY, SPX, QQQ, DIA, FB, LMT)

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This is what traders are talking about.

Elephants and people play with water during the celebration of Songkran Water Festival, to commemorate Thailand's New Year in Ayutthaya, Thailand. play

Elephants and people play with water during the celebration of Songkran Water Festival, to commemorate Thailand's New Year in Ayutthaya, Thailand.

(Reuters/Jorge Silva)
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Here is what you need to know.

The Fed sounds the alarm on the damage a trade war could do to the US economy. "Participants did not see the steel and aluminum tariffs, by themselves, as likely to have a significant effect on the national economic outlook, but a strong majority of participants viewed the prospect of retaliatory trade actions by other countries, as well as other issues and uncertainties associated with trade policies, as downside risks for the US economy," the minutes from the Fed's March meeting released Wednesday said.

A key recession indicator is flashing yellow again — but there’s one reason why this time could be different. "The factors that have influenced the current flattening are different from those of past periods, such that the inversion of the curve might not be anticipating a recession," a new paper published by the Bank of Spain’s Juan Carlos Berganza and Alberto Fuertes argues.

Manhattan rents tumble by the most in nearly 7 years even after landlords offer a ton of freebies. Manhattan's median rent including free rent and other concessions fell 3.2% year-over-year, making for the biggest drop in six and a half years, according to a monthly report released Thursday by Douglas Elliman Real Estate.

Mark Zuckerberg's second day of Congressional grilling didn't go quite as smoothly as his first. The Facebook CEO was grilled for around five hours Wednesday, and at times failed to answer key questions as he pivoted robotically back to pre-prepared lines, according to Business Insider's Rob Price.

The Pentagon has stopped accepting F-35 stealth fighter jets from Lockheed Martin. A dispute over who will cover the costs for fixing a production error on more than 200 stealth jets has caused the Pentagon to stop accepting deliveries of most F-35s, Reuters says, citing three people familiar with the matter.

Volkswagen is planning an IPO for its truck unit. The German automaker is looking at an initial public offering for its trucks and buses division in the first quarter of next year, two people with knowledge of the matter told Reuters.

One of the US's biggest cannabis companies just laid out its plans to trade publicly. The California-based marijuana dispensary MedMen is going public through a reverse takeover of OutdoorPartner Media Corporation. Shares will trade on the Canadian Securities Exchange.

Stock markets around the world trade mixed. China's Shanghai Composite (-0.87%) lagged in Asia and Britain's FTSE (-0.02%) is fighting for the flat line in Europe. The S&P 500 is set to open up 0.26% near 2,649.

Earnings reports trickle out. BlackRock and Delta Air Lines will report ahead of the opening bell.

US economic data is light. Initial claims and import/export prices will all be released at 8:30 a.m. ET. The US 10-year yield is unchanged at 2.78%.