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

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Here is what you need to know. 

The 10-year crosses 3.10%. The US 10-year yield hit a high of 3.102% Thursday morning, its highest in seven years. 

Oil briefly tops $80 for the first time since 2014. Brent crude oil, the international benchmark, touched a high of $80.18 a barrel Thursday morning, making for its highest print since late 2014.

Italy is close to finally getting a government — but it could threaten the very existence of the eurozone.  Italy looks set to finally get a government, led by a coalition of two Eurosceptic populist parties, the Five Star Movement and the Northern League.

Japan is reportedly considering retaliatory tariffs against the US. Japan — the only major US ally not to receive exemption from President Donald Trump's tariffs — is considering retaliatory tariffs equal in value to those imposed by the US, Reuters says, citing public broadcaster NHK.

The SEC created a satirical cryptocurrency site to warn investors about ICO scams. HoweyCoin, a satirical initial coin offering website made by the the US’s top securities regulator, is a warning against scams.

America's biggest companies keep sounding the alarm on an overlooked fear that could crush profits. Companies in the S&P 500 raised similar concerns over a major market headwind during first-quarter earnings calls.

Cisco beats but investors were not impressed. Shares fell 4% in after-hours trading Wednesday despite Cisco beating on both the top and bottom lines and guiding in line with Wall Street estimates. 

Stock markets around the world are mixed. Hong Kong's Hang Seng (-0.54%) trailed in Asia and France's CAC (+0.45%) is out front in Europe. The S&P 500 is set to open little changed near 2,720.

Earnings reports keep rolling out. JC Penney and Walmart report ahead of the opening bell while Nordstrom releases its quarterly results after markets close.

US economic data is light. Initial claims and the Philly Fed will both be released at 8:30 a.m. ET. 

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