Good morning and welcome to 10 Things Before the Opening Bell.
Let’s get started.
1. The markets have got off to a nervy start. Rising COVID cases and a ton of key data are making for cautious session so far.
2. El Salvador has made bitcoin legal tender. JPMorgan says this will pose serious problems for the entire network.
3. Earnings season is almost upon us, and most experts are expecting historic profit growth. UBS says to buy these 20 stocks ahead of what should be an especially volatile and lucrative period.
4. Tesla flashed a “death cross” for the first time since 2019. The last time this happened, the electric vehicle giant took a 45% decline. Signs are pointing to a downspin, but some investors think it’s just a fluke.
5. The hedge fund that bet against GameStop is bleeding — bad. Melvin Capital was down 46% in the first half of 2021, Bloomberg reported. Read why Redditors have them slated as public enemy No. 1.
6. Peter Thiel has entered the chat — and he’s bringing crypto. Lots of crypto. In yet another indicator that crypto promises to be a big player for the future, Bullish is going public via a $9 billion
merger. Get the details here.
7. The DOJ caught a man who tricked thousands out of crypto payments. A Swedish national swindled $16 million from unsuspecting victims over the course of nearly a decade. After pleading guilty, the crypto-schemer is looking at 15 years in prison.
8. Did you drop all your pandemic DIY projects? You’re not alone — less and less people are buying lumber. Prices dropped for a ninth consecutive week, and the price for lumber has slid 60% since it peaked in May. Bank of America analysts gave a few reasons for this.
9. Your ultimate crypto reading list. Here are 27 books that experts say everyone should read to better understand digital currencies and invest in them profitably.
10. Warnings about a stock market crash are growing louder. Here are 9 indicators that show just how precarious a position stocks are in.
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