Welcome to 10 Things Before the Opening Bell.
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1. US futures are heading upwards. Investor optimism over earnings is offsetting some of the concern over COVID-19. Take a look at what's moving on the markets today.
2. Elon Musk, Cathie Wood, and Jack Dorsey got together to chat crypto. The trio were part of a panel discussion at the B Word conference on Wednesday. Musk laid out his broad crypto-investing approach, Wood defended bitcoin as an inflation hedge, and the price of the coin surged 10%.
3. Charles Schwab's chief investment strategist thinks euphoric investor sentiment may present bad news. To her, it would not be a surprise to see a "full-blown 10% plus correction" in the market. Read her three suggestions for investors to minimize losses.
4. On the docket: Intel, AT&T, Volkswagen, Blackstone, Snap, and Capital One all reporting today.
5. Stock and crypto markets are in bubbles even worse than in 2000, according to legendary investor Jeremy Grantham. Between the coronavirus and the threat of inflation, the assets are in a precarious spot. He thinks a 'bust' could be looming sooner than later.
6. Stocks might be at record highs but they're in for a rough ride this fall. Guggenheim CEO Scott Minerd says he wouldn't be surprised to see a 15% retreat, while the bitcoin bubble deflates even further.
7. The stock market will stay resilient and even grow by year-end, says Fundstrat. One analyst predicts the S&P 500 could hit 4,700 by December - he shared his six reasons why he thinks the market will make gains.
8. Company stock buybacks will reach a record $1 trillion, according to JPMorgan. The surge comes after COVID-19 hampered the practice at the height of the economic turmoil. Leading the way is none other than Apple, with a $90 billion stock buyback.
9. The manager of one of the top performing funds says he doesn't bother with stocks. His no-stock approach instead focuses on commodities. These are his four portfolio picks.
10. A Morgan Stanley strategist expects share prices to go up. He believes stock valuations will fall as earnings rise in Q2, and recommended investors take a "defensive quality tilt" in the current market. Analysts shared 11 high-conviction stocks they think will surge.
Compiled by Phil Rosen. Feedback? Email [email protected] or tweet @philrosenn.
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