10 things you need to know before the opening bell

Mongolian-born Tomozuna Oyakata, or master of the Tomozuna stable, left, at his wrestlers’ training session.
Reuters/Issei Kato

Here is what you need to know.

Stocks are at record highs. Both the Nasdaq and the S&P 500 rallied into record territory on Tuesday.

Snap is below $15. Shares settled at $14.73 on Tuesday, making for the first close below the $15 mark. Snap is down by 13.3% since its March 1 initial public offering.

IBM misses on revenue. IBM saw revenue of $19.29 billion in the second quarter, missing the $19.47 billion that Wall Street was expecting. Cloud revenue rose 15% versus a year ago to $3.9 billion.

United Continental beats, but rising labor costs weigh. The airline beat on the top and bottom lines but says its results were affected by a jump of more than 3% in operating costs.

A SolarCity cofounder is leaving Tesla. Peter Rive, the cofounder of SolarCity who is a cousin of CEO Elon Musk, is leaving Tesla just months after his company was acquired for $2 billion.

4 Apple contractors are accusing Qualcomm of antitrust violations. Hon Hai Precision Industry Co., Wistron Corp., Compal Electronics Inc., and Pegatron Corp. say Qualcomm violated two sections of the Sherman Act, a US antitrust law, Reuters reports, citing a filing in US District Court for the Southern District of California.

BP is thinking about an IPO for its US pipeline assets. The oil giant is thinking about creating a master-limited partnership for some of its US pipeline assets in the US Gulf and the Midwest, Reuters says, citing a company release.

Stock markets around the world are higher. China’s Shanghai Composite (+1.36%) led in Asia, and France’s CAC (+0.2%) is out front in Europe. The S&P 500 is set to open little changed at 2,462.

Earnings reports flow. Morgan Stanley reports ahead of the opening bell, while American Express and Qualcomm release their quarterly reports after markets close.

US economic data is light. Housing starts and building permits will be released at 8:30 a.m. ET. The US 10-year yield is up 1 basis point at 2.27%.