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Welcome to 10 Things Before the Opening Bell.
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Let's jump in.
1. Global equities and crypto are bouncing back. The Federal Reserve's signals on monetary policy have given investors some clarity and brought a return of risk appetite. Take a look at what the markets are doing.
2. Traders bought the Evergrande dip. Both retail and institutional investors bought $1.9 billion worth of stocks during this week's sell-off, marking the 4th biggest net purchase of the pandemic. Here's why the buy-the-dip mentality prevailed this week.
3. A top wealth manager for the ultrawealthy explained how millennials and Gen Z should think about investing. Jeff Erdmann advises people with at least $2.5 million of net worth, and he recommends attacking debts one at a time, diversifying your portfolio, and being aware of your taxes. This is what he thinks about buying versus renting a home for young adults.
4. Earnings on deck: Nike, Costco, and Accenture, all reporting.
5. Legendary short-seller Jim Chanos warns Evergrande could be "far worse" than the Lehman Brothers collapse. "The whole Chinese property market is on stilts," Chanos told the Financial Times. See why he thinks Evergrande is only the tip of the iceberg.
6. Crypto funding for Palestine's Hamas nears $1 million, per Coinbase. The number far surpasses other militant groups, a result of Hamas's massive fundraising efforts. See the full report on the Islamist group's funding.
7. Robinhood is launching a crypto wallet next year. The long-awaited feature of the trading platform will begin testing the feature in October, said Robinhood crypto COO Christine Brown. Here's what you need to know ahead of the launch.
8. Toast surges 65% in IPO debut. The restaurant technology company's debut valued the company at $33 billion, far surpassing its last private funding valuation of $5 billion. The stock closed Wednesday above $60 per share.
9. UBS shared how investors can better value cryptocurrencies and blockchains. Its global wealth management division released a new digital-asset primer for investors, providing insight into crypto valuation methods. Here's why UBS's chief investment officer doesn't recommend direct exposure to crypto coins for most investors.
10. The market is headed for the dreaded "late-cycle stage," warns Bank of America. As market correction fears grow among investors, BofA believes the real estate sector should remain steady because of improving earnings sentiment and safe dividends. The bank named six real estate stocks that could weather the shifting markets.
Compiled by Phil Rosen. Feedback? Email [email protected] or tweet @philrosenn.
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