10 things you need to know today (SPY, SPX, QQQ, DIA)

The Fed talks balance-sheet reduction. Minutes from the May Federal Open Market Committee meeting released Wednesday show the Federal Reserve plans to unwind its massive balance sheet by gradually increasing limits on the dollar amounts of Treasurys and other securities that will be allowed to run off into maturity each month.

The CBO score for the GOP healthcare bill is out.The American Health Care Act would leave 23 million more Americans uninsured than projected under the Affordable Care Act and undermine protections for people with preexisting conditions, according to an updated estimate from the Congressional Budget Office.

OPEC reportedly agrees to extend production cuts. OPEC ministers meeting in Vienna agreed to extend production cuts by nine months, Bloomberg says.

UK GDP disappoints. The UK's economy grew at a 0.2% clip in the first quarter, according to a second estimate provided by the Office for National Statistics. That was slower than the initial reading of 0.3% growth.

The Chinese yuan hits a 2-month high. Offshore yuan climbed to 6.8651 per dollar, its best since March 28.

Korea's central bank turns optimistic on its economy. The Bank of Korea held its key interest rate at a record-low 1.25% and said, "The Board judges that consumption will likely continue its modest trend of growth, but that the trends of improvement in exports and investment should expand compared to the April forecasts."

Bitcoin is on fire. The cryptocurrency trades up by 10.6% at $2,692 a coin. It has gained 178% in 2017.

Stock markets around the world are up. China's Shanghai Composite (+1.4%) led the overnight surge, while France's CAC (+0.4%) paces the gains in Europe. The S&P 500 is set to open higher by 0.3% near 2,412.

Earnings reports keep coming. Best Buy, Burlington Stores, Dollar Tree, and Sears report ahead of the opening bell, while Costco, Deckers Outdoor, and GameStop will release their quarterly results after markets close.

US economic data is limited. Initial claims will be released at 8:30 a.m. ET. The US 10-year yield is unchanged at 2.25%.