Welcome to 10 Things Before the Opening Bell.
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1. US stocks are searching for direction after inflation data calmed nerves about the Fed. But revived regulatory fears sent Asian markets sliding, and a Fed policymaker flags a potential taper this year. Take a look at what's happening on the markets.
Dow Jones and S&P 500 reached record highs after consumer prices in July rose by 0.4%. The slowdown of the widely-watched inflation measure helped dampen concerns about the Fed's pullback of its economic stimulus efforts. See the most recent numbers on the market.
2. Want a 250% return on your portfolio? Investing legend Laszlo Birinyi has put up that number in 2021 alone. He shared how he cashed in, and why he isn't expecting a massive market correction. He also gave his five strongest stock picks.
3. Earnings on deck: Walt Disney, Airbnb, and DoorDash all reporting.
4. Lumber prices have already bottomed - but don't expect a dramatic rebound, says one investing chief. The executive sees lumber bouncing back by around 15% within the next two years. On top of the ongoing housing shortage, he shared why lumber will continue trading relatively sideways.
5. Coinbase removes promise from its website: The company rolled back a promise that every USD Coin was backed by a US dollar. This turned out to be false. See what assets are actually backing up a USD Coin.
6. Billionaire Dan Loeb shared his investment strategies, including his recent bet on RH. The Third Point chief joined Warren Buffett's Berkshire Hathaway as a RH shareholder last year. He's bought into crypto too - see why he called cryptocurrencies a transformative innovation.
7. The S&P 500 could see an 8% upside by October if the Fed doesn't turn hawkish, says Fundstrat's Tom Lee. He predicts a risk-on "everything rally" could take hold of the market. But there's a catch - read what would prevent this forecast from coming true.
8. Cyberhackers have returned nearly half of the $600 million they stole as part of one of the biggest crypto heists ever. The hackers acquiesced to Poly Network's pleas for the money to be returned, and even admitted that they stole the funds "for fun :)." This cyberattack is one of many on the rapidly growing DeFi space.
9. Running a crypto node helps one developer make an extra $4,500 per month (and it only took him 10 weeks to set up). The lightning network aims to streamline everyday crypto payments, and installing a node can lead to a profit. See three crypto experts' top tips to turning a node into a money-maker.
10. Beating the market isn't easy. But having a 30-year trading veteran guide the way makes things easier. The contrarian trader shared his system that's guided him to decades of portfolio returns. His return streams are negatively correlated to stock and CTA indexes, and he doesn't use traditional indicators - check out his recommendations.
Compiled by Phil Rosen. Feedback? Email [email protected] or tweet @philrosenn.
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