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

Reuters/Maxim Shemetov

Here is what you need to know.

North Korea threatens a missile strike on Guam. North Korea's military announced it was consindering a strike on Guam just hours after President Donald Trump said he'd respond to more North Korean threats on the US with "fire and fury" unlike the world had ever seen.

Stock markets around the world are lower. Japan's Nikkei (-1.29%) led the decline in Asia and Germany's DAX (-1.26%) trails in Europe. The S&P 500 is set to open down 0.24% near 2,475.

Safety trades are gaining some momentum. The Japanese yen is stronger by 0.47% at 109.81 against the dollar while gold is up 0.49% at $1,267 an ounce and the US 10-year yield is down 2 basis points at 2.24%.

China's inflation remains weak. Consumer prices in China rose 1.4% year-over-year in July, missing the 1.5% gain that economists were anticipating.

The South African rand is weakening after Zuma survives a no-confidence vote. The currency has fallen by about 2% to 13.4750 per dollar following the news South African President Jacob Zuma survived a vote of no confidence that was conducted by secret ballot.

Disney is ditching Netflix. The entertainment giant said it would end its agreement to release new movies for streaming on Netflix, starting with 2019 titles, and that it's working on its own ESPN streaming service. The news came along side Disney's mixed quarterly results.

Fossil is crashing after giving a brutal sales forecast. Shares of the watch maker crashed as much as 24% in extended trading on Tuesday after the company said it expects revenue to fall as much as 8.5% in 2017 after previously forecasting that the measure would contract no more than 6%. 

Jeff Gundlach is paying close attention to the 10-year. "One way or another, it’s going to have to break," Gundlach, co-founder and chief executive officer of DoubleLine Capital, told CNBC. "I think it’ll break to the upside. If it happens, that will introduce volatility into the market." 

Earnings reports keep coming. Mylan and Wendy's report ahead of the opening bell while 21st Century Fox releases its quarterly results after markets close.

US economic data is moderate. Productivity and unit labor costs are due out at 8:30 a.m. ET before wholesale inventories crosses the wires at 10 a.m. ET.