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Welcome to 10 Things Before the Opening Bell.
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1. Dow futures have plunged 500 points as a looming default by Chinese property giant Evergrande rattles investors. The fear is that losses suffered by creditors who provided $350 billion in debt will spread damage into the financial system. See how markets are doing now.
2. The White House is gearing up to combat crypto use in ransomware attacks. Per The Wall Street Journal, the US government is preparing a slew of actions to make it more difficult for hackers to use cryptocurrencies to profit from cyber attacks. Some sanctions could roll out as early as next week.
3. Sam Bankman-Fried spoke to us about the "absolutely huge opportunity" in crypto derivatives trading. The 29-year-old billionaire CEO of FTX explained why it's a win-win for regulators and the industry, and shared three more trends he's watching.
4. Earnings on deck: Lennar Corp, Corporación Financiera Alba, and Karoon Gas Australia are all reporting.
5. Big companies like Shake Shack and Marriott are facing a labor shortage. Corporate leaders have noted hiring challenges as pandemic fears, stimulus checks and controversy over vaccines have ramped up. Here's what executives are saying about the problem.
6. The meme-stock boom is like the dot-com bubble, says a Moody Analytics researcher. Lily Francus warned traders not to get greedy, and dismissed the idea that retail traders spearheaded the short squeezes earlier this year. Read the key takeaways from her recent, wide-ranging interview.
7. Ether should be 55% lower, a JPMorgan strategist says. Based on measures of network activity, Ether's fair value is around $1,500, far lower than its current price. Here's why he thinks blockchains such as solana and cardano are becoming more competitive with ether.
8. Tesla could see a boost as chip-shortage woes subside. According to Wedbush analyst Dan Ives, shares of the EV company could jump 32% in the next year as semiconductor supply increases and demand for EVs rises in the next year. Ives says Tesla is set to benefit from the coming "green tidal wave."
9. Meet eight strategists calling for a stock-market correction by the end of 2021. The mood is turning bearish on Wall Street as the S&P 500 extends an impressive streak without a big drop. Read the experts' calls and their trading recommendations for a sell-off.
10. Goldman Sachs is singling out stocks that are beating the market because of their histories of steady growth. These names are popular with investors due to worries about the economy and higher taxes. See 17 picks on the list.
Compiled by Phil Rosen. Feedback? Email [email protected] or tweet @philrosenn.
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