Welcome to 10 Things Before the Opening Bell.
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1. Biden releases oil reserves in his first move against inflation. Alongside announcements from several other countries, the US Department of Energy said it will tap 50 million barrels of oil from the US Strategic Petroleum Reserve, signalling the president's first real bid to combat historic inflation (and boost his slumping approval ratings).
The move comes a day after Biden announced he would renominate Fed chair Jerome Powell to a second term, with the expectation that the dovish Fed chief will take a more hawkish stance to battle inflation. But the jury is still out on whether Biden's attempt to quell surging gas prices will do the trick, and crude prices actually spiked after the announcement.
Here are some key numbers as Biden tries to curb fuel costs:
- WTI crude oil prices spiked as much as 2.62% Tuesday to $78.75 per barrel.
- With a national average of $3.40 per gallon, gas prices have more than doubled since a year ago, and Americans are paying the highest prices at the pump since 2013.
- The US consumes nearly 20 million barrels of oil per day, according to the Energy Information Administration.
The multinational oil release is the first since 2011.
2. US futures are down, while oil is holding steady. The rise in bond yields has unnerved equity investors, while the release of strategic crude reserves has done little to knock energy prices. Here's what's going on.
3. Goldman Sachs doesn't think rich valuations, rising interest rates, and higher taxes will sink stocks next year — but they will slow the bull run. Investors shouldn't worry about getting too defensive, according to Chief US equity strategist David Kostin. Here's what to avoid and what to buy to maximize profits.
4. Earnings on deck: Alibaba Health Information Technology, Deere & Co., and LUKOIL Oil, all reporting.
5. Dollar Tree said $1.25 will be its new price point. The move marks a departure from the dollar-store philosophy the company has employed for three decades — but the retailer maintained it's not a reaction to "transitory market conditions."
6. Zoom Video reported slower customer growth as people continue to return to in-person work. The company may not be able to compete long-term with the likes of Microsoft and Alphabet, which offer similar video chat tools. The stock plummeted after earnings.
7. NFL star Odell Beckham Jr. is taking his salary in bitcoin. The wide receiver said he's "looking forward to the future" and plans to use CashApp to receive the payments. He also said he's going to give away $1 million worth of crypto to his fans.
8. Avoid politics at Thanksgiving and talk about markets instead. From meme stocks to shiba inu coin to NFTs, here's Insider's rundown of the craziest stories this year.
9. This mom went from a $4,000 paycheck to making up to $85,000 per transaction investing in crypto. She initially started investing in ethereum and bitcoin, then found new projects through joining crypto communities. Here's what she recommends for beginners starting out in the space.
10. A top crypto analyst at Token Metrics is keeping his eye on specific altcoins as the metaverse momentum builds. Forrest Przybysz is predicting a bitcoin boom in early 2022, which he thinks will benefit altcoins. Here are the seven altcoins he's most bullish on.
Compiled by Phil Rosen. Feedback? Email [email protected] or tweet @philrosenn.
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