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Welcome to 10 Things Before the Opening Bell.
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1. Stocks are on pause after record highs, with focus now firmly on Jackson Hole. The countdown is on for Fed chief Jerome Powell's speech and any hints on tapering, while longer-term, UBS's stock chief predicts the S&P 500 could see a 12% jump next year. Check out the latest moves on the market.
2. The SEC is demanding new disclosures from Chinese companies that want a US stock listing. Regulators want to highlight potential risks for investors buying into Chinese companies' IPOs. Read the latest development in the Chinese government crackdown saga.
3. Reddit retail investors have set their sights. AMC and Gamestop have remained popular as meme stocks continue to heat up among Redditors. These are the 16 hottest meme stocks right now.
4. On the docket: Salesforce, Royal Bank of Canada, and Ulta Beauty, all reporting.
5. One of the best value investors in history missed out on a potential $400 million gain after selling off GameStop and AMC before the meme-stock boom. Joel Greenblatt's fund had owned as many as 1.2 million GameStop shares and 550,000 AMC shares. See the other market veterans that missed out on the meme-stock surge.
6. Mark Cuban urged SEC chair Gary Gensler to clarify market rules and engage with retail investors. In a Twitter thread, Cuban criticized Gensler for posturing about market safety and failing to understand the needs of retail investors. Read Cuban's full comments here.
7. Citi is looking to start trading bitcoin futures, following Goldman Sachs's lead as demand for crypto surges. A new report says Citi aims to trade bitcoin futures contracts on the Chicago Mercantile Exchange, and currently awaits regulatory approval. The move is another signal of how crypto is going mainstream.
8. Cathie Wood's Ark Invest added to its JD.com stake after strong Q2 earnings. Wood's new acquisitions signal bullishness on Chinese tech stocks despite regulatory crackdowns. This is how Wood sees China's stocks moving next.
9. The CIO of a $1 billion crypto index fund is "extraordinarily bullish" on ether. Ether has soared 345% this year, far outperforming bitcoin and giving Matt Hougan's firm a huge boost. These are two reasons why he's betting on ether - and how he feels about rival tokens.
10. Bank of America shared the stocks that fund managers are picking over Apple, Amazon, and Tesla. Funds are increasingly bullish on a handful of select stocks, and showed less love to five of the eight biggest stocks in the world, including Microsoft and Berkshire Hathaway. See the 10 stocks these funds have bought into.
Compiled by Phil Rosen. Feedback? Email [email protected] or tweet @philrosenn.
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