10 things you need to know before the opening bell

Here is what you need to know.

1. China ramps up trade-war tensions. "If the United States only wants to escalate trade frictions, we will resolutely respond and fight to the end," Chinese Foreign Ministry spokesman Geng Shuang told Reuters.
2. The Chinese yuan climbs off 6-month lows. The offshore Chinese yuan is up 0.28% at 6.9119 per dollar after on Monday closing at its highest level since November.
3. Citigroup has been suspended from taking place in Japanese government bond auctions. The firm was discovered to have manipulated futures prices, Bloomberg reports.
4. An 'extraordinary rare' situation is taking place with Beyond Meat's stock. The cost for short-sellers to borrow Beyond Meat shares has soared to 134%, according to Ihor Dusaniwsky, managing director of predictive analytics at the data-analytics firm S3 Partners, making it more expensive to short the stock than to own it.
5. Tesla's stock has been on fire ahead of the carmaker's annual meeting. Shares have surged 19% since bottoming out on June 3, and are trading at an almost one-month high ahead of Tuesday's annual meeting.
6. Short-seller Jim Chanos explains how Silicon Valley uniforms are causing deflation. "Unicorns are amazingly deflationary vehicles," Chanos, the founder and managing partner of Kynikos Associates, told the crowd at a small event recently attended by Business Insider. "They're deflating rents, they're deflating driver salaries, they're deflating all kinds of things."
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8. Stock markets around the world are higher. China's Shanghai Composite (+2.58%) led the gains in Asia and Germany's DAX (+1.27%) is out front in Europe. The S&P 500 is set to open up 0.53% near 2,902.
9. Earnings reports trickle out. H&R Block reports ahead of the opening bell while Dave & Buster's releases its quarterly report after markets close.
10. US economic data os light. PPI will be released at 8:30 a.m. ET. The US 10-year yield is up 2.1 basis points at 2.17%.

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