10 Things You Need To Know Before The Opening Bell (SPY, VLO, PTR, CVX, CSCO, JWN)

Good morning. Here's what you need to know.

• Asian markets were mixed in overnight trading with the Shanghai Composite essentially flat after weak Chinese trade data. Europe is lower and U.S. futures are flat.

• China's trade surplus widened to $18.4 billion in April, from $5.4 billion in March. But 4.9 percent year-over-year (YoY) export growth, and 0.3 percent YoY import growth, both missed expectations. Now here's what everyone is getting wrong about China >

• Greek Socialist leader Evangelos Venizelos is expected to attempt to form a government today after he receives a three-day mandate from president Karolos Papoulias. Talks of a Greek exit from the euro have gained traction. Meanwhile, Greek unemployment climbed to 21.7 percent in February. Don't Miss: sovereign debt - a modern Greek tragedy >

• The Bank of England held interest rates steady and maintained its quantitative easing target at $524 billion, stopping its stimulus expansion after seven months of bond purchases. 

• Cisco reported earnings of $0.48 per share, on sales of $11.59 billion. It's stock was hammered after hours, when the company issued weaker than expected revenue guidance and warned of a cautious business outlook. Meanwhile, Nordstrom is expected to report earnings of $0.75 per share.

• In industry news, PetroChina is reportedly in talks to buy Valero Energy's refinery in Aruba which is now shuttered. Meanwhile, Chevron and Shell are close to winning shale gas deals in Ukraine. Now here's everything you need to know about the shale gas revolution >

• International trade data for March and import and export prices for April will be released at 8:30 a.m. ET. Consensus is for the international trade gap to widen to $49.5 billion and for a 0.2 percent rise in export prices. Follow the release at Money Game >

• Two explosions have killed 40 people and injured 170 others in Damascus, Syria. One of the explosions was reportedly caused by a car bomb targeting intelligence buildings.

• UK factory output climbed 0.9 percent in March from the previous month. The increase in manufacturing output was driven by producers of chemicals, transport equipment, and electronics.

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