Welcome to 10 Things Before the Opening Bell.
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1. Turns out Hertz hasn't closed the deal for all those Teslas yet. Despite the hubbub surrounding last week's mega-deal between the EV maker and rental car company, Elon Musk tweeted the deal hasn't officially been signed.
Replying to a Twitter user who thanked him for Tesla's bull run, Musk replied: "If any of this is based on Hertz, I'd like to emphasize that no contract has been signed yet. Tesla has far more demand than production, therefore we will only sell cars to Hertz for the same margin as to consumers."
"Hertz deal has zero effect on our economics," he added. The comments came on Monday evening and impacted shares at Tuesday's open. Tesla stock ended up dipping as much as 5% on the day.
Hertz competitor Avis Budget Group got a massive boost from the news, surging as much as 212%. The upward move was likely aided by a short squeeze, as nearly 20% of Avis stock was held short heading into Tuesday. Avis also benefited from outstanding quarterly earnings that saw a nearly 100% jump in revenue year-over-year.
Elon Musk's market-moving Twitter escapades are nothing new, but the world's richest man continues to find ways to send asset prices soaring. Stay tuned for the next chapter.
2. It's taper reveal day, and stocks are biding their time until the Fed news drops. Investors are setting aside yesterday's US record highs to focus on Powell and Co., who are expected to whip away the $120 billion a month punchbowl (see below). Here are the latest moves on the market.
3. Why shiba inu won't overtake dogecoin in the long term. Three market experts told us why the red-hot crypto could take a hit in the coming weeks after record-breaking gains in October. They also shared 3 altcoins on their radar investors should consider buying instead.
4. Earnings on deck: Novo Nordisk, Qualcomm, CVS Health Corp., all reporting.
5. The Federal Reserve is expected to start scaling back its pandemic-era economic support. The central bank has convened for meeting ending today that will determine the future of US monetary policy. From taper talk to inflation guidance, here's what to look out for.
6. The head of US stock strategy at BofA has been a long-time bear. But Savita Subramanian played devil's advocate in a new research note on Tuesday. She detailed 6 reasons why the stock market could rise as much as 36%.
7. Goldman Sachs said ether could surge 80% to $8,000 in the next two months. Fueling the forecast is an expectation that the price of ether will continue to track inflation expectations, which have jumped recently. Unpack the entire forecast here.
8. The Dow Jones Industrial Average finally topped 36,000 - 2 decades after an infamous book predicted. "Dow 36,000" said stocks would reach the milestone in the early 2000s, but that has proved far off base. Still, Monday's record gives plenty of reasons for investor optimism.
9. Legendary stock picker John Rogers started his career losing 100% of a stock investment as a young finance pro. He tried to get rich quick with a solar energy investment, which he now likens to betting on meme stocks and crypto. He shared where he's putting his money now, and what he's learned from 35 years of investing.
10. Two friends from college accumulated 542 rental units after starting with $5,000 each. They split their first down payment, then refinanced with a mortgage once the property was rented. Here's what they recommend for beginners trying to replicate their success.
Compiled by Phil Rosen. Feedback? Email [email protected] or tweet @philrosenn.
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