10 things you need to know before the opening bell

Here is what you need to know.

Italy banned short selling of the world's oldest bank. Consob, Italy's Securities and Exchange Commission, says it has implemented a short selling ban on shares of Monte dei Paschi di Siena, the world's oldest bank. The ban, which will be in effect until at least October 5, comes after shares have tumbled 99% since the 2008 financial crisis. Consob has also implemented a short selling ban on shares of Credito Valtellinese, a small sized co-op lender, and Telecoms Italia.

Australia's outlook was lowered at S&P. The rating agency placed its "AAA" rating for Australia on "credit watch negative," meaning the country is at a heightened risk of losing its pristine rating. "The negative outlook on Australia reflects our view that without the implementation of more forceful fiscal policy decisions, material government budget deficits may persist for several years with little improvement," S&P said in its statement announcing the decision. "Ongoing budget deficits may become incompatible with Australia's high level of external indebtedness and therefore inconsistent with a 'AAA' rating." The Australian dollar is down 0.1% at .7515.

China's foreign exchange reserves saw an unexpected jump. In June, China's foreign exchange reserves saw an unexpected $20 billion increase to $3.21 trillion. Economists surveyed by Bloomberg were expecting that number to fall to $3.17 trillion. "The surprise increase in the value of China's foreign exchange reserves last month could be the result of the People's Bank marking to market the value of some reserve assets at the end of June, in the midst of the post-Brexit vote financial volatility," Capital Economics said in a Thursday note to clients.

JPMorgan might have to move workers out of the UK. "The key issue is the 'passport rule' that we have in London and allows us to provide services to clients in the European Union," CEO Jamie Dimon told Italian newspaper Il Sole 24 Ore. If the UK loses those rights, JPMorgan will be forced to relocate thousands of workers. According to Reuters, JPMorgan employees 16,000 employees in Britain who helped produce $14.2 billion in revenue last year from the bank's operations across Europe, the Middle East and Africa.

McDonald's has narrowed the list for its China franchise. McDonald's has trimmed the list of perspective buyers for its 20-year mass franchise rights in China and Hong Kong, people familiar with the matter told Bloomberg. The rights are expected to go for about $2 billion with China Cinda Asset Management Co. and Beijing Sanyuan Foods among the bidders moving on to the next round. Unlike in the US, most McDonald's restaurants in the region are company owned, but McDonald's is hoping to change that. Bloomberg says McDonald's would like to have 95% of its restaurants in North Asia locally owned.

Federal authorities are looking into the possibility of a second Tesla Autopilot crash. The National Highway Traffic Safety Association is looking into a crash involving a Tesla vehicle to determine whether or not the Autopilot feature was in use at the time. The nonfatal accident occurred in Pennsylvania on July 1 and involved a Tesla Model X. "Tesla received a message from the car on July 1 indicating a crash event, but logs were never transmitted," a Tesla spokesperson said. "We have no data at this point to indicate that Autopilot was engaged or not engaged. This is consistent with the nature of the damage reported in the press, which can cause the antenna to fail."

Amazon is planning a retail store in New York. Amazon is looking to open a retail store in New York City's Hudson Yards in 2018 or 2019, two sources told the New York Post. "I don't know if the final lease was signed yet, but I know the deal is happening," one of the sources said. If Amazon's retail store in Seattle is any indication, the Hudson Yards location will sell both books and Amazon products.

Global stock markets trade mixed. France's CAC (+1.6%) leads the gains in Europe after Japan's Nikkei (-0.7%) trailed in Asia. S&P 500 futures are down 0.50 points at 2093.50.

Earnings reports trickle out. PepsiCo will report ahead of the opening bell and Apollo Education will release its quarterly results after markets close.

US economic data flows. ADP Employment Change and initial claims will be released at 8:15 a.m. ET and 8:30 a.m. ET, respectively. The US 10-year yield is up one basis point at 1.38%.