10 Things You Need To Know Before The Opening Bell

Mamta Badkar

Dimitrios Kambouris/Getty Images)

Good morning. Here's what you need to know.

• Asian markets were mixed in overnight trading with the Nikkei down 0.81 percent, hitting a three-month low on concerns about Greece. Europe is higher and U.S. futures are higher as well.

• Eurozone GDP came in flat for the first quarter, but German GDP climbed 0.5 percent from the fourth quarter, while Italian GDP contracted 0.8 percent on a quarter-over-quarter basis.

• Greece's political impasse continues and president Karolos Papoulias is expected to ask politicians to allow a government of technocrats to help Greece avoid bankruptcy at 2 p.m. today. But the leftist Syriza party has rejected the proposal. 

• Foreign direct investment in China fell 0.7 percent in April from a year ago, declining to $8.4 billion. This was the sixth straight monthly decline. The data adds to concerns of a deeper slowdown in China's economy.

• Retail sales and consumer prices for April, and the Empire State manufacturing survey for May will be released at 8:30 a.m. ET. Consensus is for a 0.1 percent month-over-month (MoM) increase in retail sales, a 0.2 percent MoM increase in core CPI, and a rise in general business conditions index to 10.

• Facebook has raised the price-range for its IPO to $34-$38, from $28 - $35. The new range values the company from about $92 billion - $103 billion. 

• Coty has pulled its $10.7 billion offer to buy Avon because Avon missed the deadline to begin discussing a deal that was first proposed in March. Coty had revealed that the takeover would be financed by Berkshire Hathaway and others.

• In earnings news, Home Depot reported net earnings of $1.04 billion, or $0.68 per share, on sales of $17.81 billion. Sales climbed 5.9 percent but missed analysts' expectations of $17.96 billion. 

• Moody's cut the long-term debt and deposit ratings for 26 Italian banks yesterday by one to four notches, with a negative outlook. Moody's cited "increasingly adverse operating conditions" and limited access to market funding as reasons for the downgrade.

• Business inventories for March and the housing market index for May will be released at 10 a.m. ET. Consensus is for a 0.4 percent MoM increase in business inventories and for a housing market index reading of 26.