10 things you need to know before the opening bell

The first wave of runners make their way across the Verrazano-Narrows Bridge during the start of the New York City Marathon.

caption
The first wave of runners make their way across the Verrazano-Narrows Bridge during the start of the New York City Marathon.
source
Reuters//Lucas Jackson

Here is what you need to know.

Saudi Arabia arrests 11 princes. Over the weekend, 11 Saudi princes, including the billionaire investor Prince al-Waleed bin Talal, were arrested in a new anti-corruption investigation.

The head of the New York Fed is planning on leaving early. William Dudley, whose term as president of the Federal Reserve Bank of New York ends in January 2019, could announce his retirement as soon as this week, CNBC reports.

Trump tells Japan to build more cars in the US. During his tour of Asia, US President Donald Trump urged Japan’s automakers to build more cars in the US “instead of shipping them over.”

Oil hits a 2-year high. Brent crude oil touched a high of $62.90 a barrel, its highest since July 2015, amid an anti-corruption purge of top ministers and businessmen in Saudi Arabia.

Venezuela introduces a new 10,000-bolivar note. The note was introduced last week and is worth less than $2.50 on the black market, the Associated Press reports.

Altice and Sprint partner up. The deal allows Altice to provide voice and data services in the US on Sprint’s network while Sprint will use Altice’s cable infrastructure to transmit cellular data and develop a 5G network, Reuters says.

Uber could make more money selling California real estate than rides in 2017. The ride-hailing app is selling its 380,000-square-foot building in Oakland, California, for $220 million, according to the Registry, a Bay Area real-estate website. The company lost $645 million in its second quarter of 2017.

Qatar Airways buys a stake in Cathay Pacific. The 9.6% stake, which cost 5.16 billion Hong Kong dollars, or $662 million, will give Qatar Airways more access into China, the BBC says.

Stock markets around the world are lower. China’s Shanghai Composite (-0.34%) lagged in Asia, and Germany’s DAX (-0.16%) trails in Europe. The S&P 500 is set to open lower by 0.13% near 2,584.

Earnings reporting remains heavy. CVS and Michael Kors report ahead of the opening bell, while AMC Entertainment, Etsy, and Weight Watchers release their quarterly results after markets close.