Welcome to 10 Things Before the Opening Bell.
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1. Amazon earnings fell short last week, clouding the outlook for Big Tech. But the markets have picked up again and US futures are pointing to a stronger start to the day later. COVID cases are rising and some assets are feeling the pinch.
2. Cathie Wood's firm bought over $45 million in Robinhood stock. Ark Invest bought into the investing app despite its lukewarm market launch. Wood's move comes on the heels of unloading massive amounts of Chinese technology stocks.
3. Bitcoin is on another upward tear. We spoke to the head of research at a crypto firm who called bitcoin's surge to $60,000 last year for his latest outlook. He said it will reach $250,000 by 2025 - and shared 2 altcoins that could go up 20 times.
4. Earnings on deck: HSBC and Heineken reporting.
5. The SEC has frozen US listings of Chinese companies. They demand that Chinese companies meet new disclosure requirements about the structure of their IPOs and the potential risks of Chinese government involvement. Investment banks have reportedly been pushing to move Chinese IPOs from New York to Hong Kong.
6. Fundstrat expects the market to enter risk-on mode at the end of a choppy summer. Surging bitcoin prices and a spreading Delta variant make Fundstrat's Tom Lee expect an upside for stock prices. He shared three reasons stocks are primed for a jump in August.
7. Robinhood's IPO debut fell short of other high-profile launches. Individual investors bought $18.85 million in shares of Robinhood , according to Vanda Research. That's less than Coinbase's launch earlier this year, and other big name tech companies like Uber and DoorDash had more promising IPOs.
8. No one knows what's going to happen with inflation, says billionaire investor. According to Howard Marks, you can't predict whether high inflation will stick around - so stop altering your portfolios to accommodate macro forecasts.
9. Back-to-school shopping is about to accelerate. UBS is on the hunt for retail stocks poised to benefit from the surge in spending. It arrived at these 14 recommendations, including one with 76% upside.
10. Helium mining is surging in popularity as people clamor to get into crypto. We interviewed a software engineer who bought 100 miners. He explained how he set up his system, how much he's earning, and how to maximize gains.
Compiled by Phil Rosen. Feedback? Email [email protected] or tweet @philrosenn.
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