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Here’s what you need to know before markets open.
1. US futures edge up after Asian stocks plunge despite Fed chair Jay Powell’s dovish comments. Futures climbed into the green after Powell stressed that the economy still needed support.
2. Star investor Cathie Wood snapped up the 13% slump in Tesla shares as her $27 billion fund slid in the tech shakeout. The Ark boss said she saw opportunities in the recent fall in stocks.
3. Robinhood CEO says shorting the same shares over and over causes a 'runaway chain reaction' - and it's worth looking at setting a limit. Vlad Tenev suggested investors should only be allowed to short stocks once.
4. Bitcoin's sell-off is 'part of its DNA' and could still surge to $100,000, Fundstrat's Tom Lee says. Lee appeared unfazed by the sharp fall in bitcoin from $58,000.
5. EVs and clean tech are bubbles that will deflate as economic recovery prompts rethinking of 'aspirational' sectors, says JPMorgan. Oil and hospitality stocks could benefit from a return to economic growth, JP analysts said.
6. Earnings expected. Nvidia, Reckitt Benckiser and Budweiser are on Wednesday's list.
7. On the economics calendar. Fed chair Jerome Powell testifies to Congress for the second day.
8. Mutual funds are having their best start to a year in almost a decade. Goldman Sachs shares the 14 new stocks they love the most after analyzing $2.6 trillion of their holdings.
9. Wall Street is getting worried about the prospect of spiking inflation. JPMorgan says these 5 cross-asset hedges are the best ways to protect portfolios from stimulus-driven price increases.
10. The world's top investment firms pay Rob Arnott for advice. He shares 2 investing ideas that could go down as 'the trade of the 2020s' as the world bounces back from COVID-19.