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

Reuters/Stringer

Here is what you need to know.

The trade war is on. President Donald Trump’s 25% tariff on $34 billion worth of Chinese goods, ranging from aircraft to chicken incubators, went into effect at midnight.

Here comes the jobs report. The US economy is expected to have added 195,000 nonfarm jobs in June as the unemployment rate held at 3.8%, according to economists surveyed by Bloomberg. Average hourly earnings are expected to have rose 2.8% year-over-year.

Citi warns a ‘full-on global bear market’ is coming. A team led by equity strategist Robert Buckland says markets are currently in the third of four phases — the fourth bringing a bear market and possible recession — and shares some ideas about how to make money going forward.

JPMorgan denies it’s interested in a piece of Deutsche Bank. Shares of Deutsche Bank spiked 5% Friday morning after the German business magazine WirtschaftsWoche, citing unnamed sources in German regional government, reported that JPMorgan and Industrial and Commercial Bank of China could be interested in buying a stake in the embattled bank. JPMorgan has denied the story, but Deutsche Bank shares remain near session highs.

Tesla’s stock has been getting slammed since Elon Musk warned short sellers that their positions would soon ‘explode.’ Shares of Tesla have tumbled more than 13% since Musk warned short sellers, tweeting, “They have about three weeks before their short position explodes.”

Wall Street thinks the bidding war for 21st Century Fox assets is going to heat up. RBC Capital Markets’ Steven Cahall and Jefferies’ John Janedis are among the Wall Street analysts who think Comcast is going to take another run at 21st Century Fox’s “hugely strategic assets.”