Welcome to 10 Things Before the Opening Bell.
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1. Cathie Wood is saying no to Chinese tech stocks: Ark Invest abandons its exposure after a regulatory crackdown on Chinese tech giants like Didi, Alibaba and ByteDance. "I do think there's a valuation reset," Wood told investors – get the full scoop here.
2. When the Fed Chair speaks, the market listens: Jay Powell said Wednesday a full recovery for the US job market "is still a ways off," so the Fed is unlikely to make a rate adjustment any time soon. Today, he's presenting in front of the Senate Banking Committee. Keep an eye on the market – after yesterday's remarks, stocks were on the rise.
3. Ever wonder what it's like to beat 99% of the market? The managers of the hedge fund doing exactly this told us how they've done it - and it involves both long and short bets.
4. On deck today: UnitedHealth Inc, Morgan Stanley, U.S. Bancorp all reporting.
5. Apple keeps winning. Apple hit intraday record highs for a fourth day in a row as they gear up for a 20% increase in iPhone production in 2021. Investors are celebrating the unbroken chain of surges - and all the hubbub is catching the attention of meme investors.
6. You think inflation is transitory? The CEO of BlackRock isn't buying it. Consumer prices are rising at their fastest clip since 2008, and Larry Fink disagrees with the Fed about how long things will last. And as for trading bitcoin at BlackRock: "we don't have those conversations."
7. Lumber prices continue to fall. It's currently trading at roughly 62% lower from its peak in May. One analyst says it could sink as low as $350 by August.
8. Bitcoin delays at the SEC: The SEC delayed WisdomTree's application for a bitcoin ETF as the commission continues to stockpile applications. But some signs point to the agency warming up to ETFs - because if they don't, there's a whole set of different risks.
9. One top economy expert agrees with the Fed (and disagrees with BlackRock): Inflation is transitory. A 12-time winner of 'forecaster of the year' breaks down what to expect as inflation continues to heat up. He also shared 4 resurgent industries that investors should keep an eye on.
10. If you want to shore up your portfolio, Bank of America wants you to look at their stock recommendations. Analysts expect strong earnings momentum to continue as early reports have crushed expectations. Read their top 22 stock picks with the most potential for upside.
Compiled by Phil Rosen. Any feedback? Email [email protected] or tweet @philrosenn.
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