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

Here is what you need to know.

Venezuela's GDP collapses. Venezuela's economy is 35% smaller than it was in 2013 as the oil crash and President Nicolas Maduro's policies weigh.  

The Bank of England meets. The central bank is expected to hold its key interest rate at 0.25%, but economists believe there could be a slightly hawkish shift in sentiment. The decision crosses at 7 a.m. ET and John Carney's press conference will begin at 7:30 a.m. ET. 

India's economy hits a wall after the introduction of a new tax. The Nikkei-IHS Markit India Services Purchasing Manager’s Index (PMI) plunged from 53.1 to 45.9, its lowest since September 2013, after the government introduced the nation's first good and sales tax. 

Tesla burns through the most cash in its history. The electric auto maker beat on both the top and bottom lines, but said it burned through $1.2 billion of cash, roughly double a year earlier. 

Fitbit loses less money than expected. Shares of the wearable device maker spiked more than 7% in after hours trading on Wednesday after the company announced a loss of $0.08 a share, easily surpassing the $0.15 loss that Wall Street was anticipating. 

Steve Cohen is reportedly facing a UK regulatory hurdle. The hedge fund billionaire has been notified by the Financial Conduct Authority that it intends to reject his family office's application for regulatory approval, the Financial Times reports.

Warren Buffett's bet on Apple gained $1 billion on Wednesday. Buffett's Berkshire Hathaway owns about 135 million shares of Apple, and Wednesday's gain of $7.67 a share meant the position gained $1,035,319,579. 

Stock markets around the world are mostly lower. Australia's ASX (+0.45%) lagged overnight and Germany's DAX (-0.41%) trails in Europe. The S&P 500 is on track to open slightly lower, near 2,475.

Earnings reports keep coming. Chesapeake Energy, Fannie Mae, and Yum are among the names reporting ahead of the opening bell while Etsy, GoPro, Kraft Heinz, and Shake Shack release their quarterly results after markets close. 

US economic data is heavy. Initial claims will be released at 8:30 a.m. ET before Markit US Services PMI crosses the wires at 9:45 a.m. ET. Then, at 10 a.m. ET, ISM Non-Manufacturing, durable goods, and factory orders will all be announced. The US 10-year yield is down 1 basis point at 2.26%.