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Welcome to 10 Things Before the Opening Bell.
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1. Delta cases return to February levels, putting pressure on stocks. Oil is also on the slide again as COVID-19 and Fed tapering cloud hopes for economic recovery. Check out the latest moves on the markets.
2. Fidelity says retirement account balances hit record highs. The average IRA account balance increased to $134,900, and the average 401(k) balance reached $129,300 as both younger workers and boomers funnel more money into savings – see how individuals are prioritizing their financial well-being.
3. A crypto technical analyst is predicting a 'legendary' altcoin season that could see some prices surge by 100 times. He thinks that some, like Ferrum network and Linear finance, are undervalued and have huge upside. See the five picks he's holding.
4. Earnings on deck: Deere & Co., Hong Kong and China Gas Company, and Foot Locker, all reporting.
5. Charlie Munger, Ray Dalio, and Al Gore may have seen over a billion dollars wiped off their Alibaba stakes this quarter. Alibaba's plunging stock price may have hit 10 major investors with a combined $1.4 billion fall. Read the latest on the growing wave of investors dumping Chinese stocks amid growing regulatory threats.
6. Oil prices hit a 3-month low. Amid demand concerns and the rise of COVID-19 cases, WTI crude fell below $63 a barrel - its lowest price since May. Find out how strength in the US dollar has also impacted the cost of oil.
7. Robinhood let retail investors in on their earnings call - and they demanded answers. Shareholders asked executives about crypto wallet plans and tax-advantaged accounts, among other topics. Plus, CEO Vlad Tenev took on Reddit-lingo by praising "diamond-handed" investors in the earnings call.
8. Bank of America projects the Fed will taper asset purchases in November - months earlier than previous projections. Depending on the economic recovery and COVID-19 cases, the Fed may cut down US bond buys by $10 billion. See the full projections here.
9. Former SEC chairman Jay Clayton is joining the advisory board of a crypto infrastructure firm. Fireblocks, a digital asset unicorn, provides products that enable the secure storage and transfer of digital assets. Check out Clayton's outlook on the regulation of digital assets.
10. Growth and profit expectations are shrinking, says Bank of America. A recent survey of 232 fund managers and strategists revealed that investors may need to prepare for a pullback in the markets. Fund managers like large-cap and quality stocks - and recommended six investment ideas to weather a possible downturn.
Compiled by Phil Rosen. Feedback? Email [email protected] or tweet @philrosenn.
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