10 things before the opening bell
Welcome to 10 Things Before the Opening Bell.
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1. Tech earnings have injected some caution into the market. Apple, Microsoft and Alphabet all reported Tuesday after the market closed. Futures steadied after the tech-heavy Nasdaq saw its biggest one-day fall in over two months.
2. Bank of America thinks lumber prices will rally again. Though lumber has fallen more than 70% from its recent peak, wildfires and hurricanes could push the price back up in the next few months. Bank of America gave three reasons why a summer lumber rally may be coming.
3. Jeremy Grantham anticipates a stock market disaster, but his firm is looking toward one of the best investing opportunities of the last 20 years. The firm's head of asset allocation argues that investors should pick value stocks over growth stocks, and international stocks over US stocks. He shared four keys to capitalizing on the opportunity.
4. Earnings on deck: Facebook, PayPal, Pfizer, McDonald's, Shopify and more, all reporting.
5. Your $5 latte might get more expensive soon. Extreme frost in Brazil's coffee-crop region is sending coffee prices to a six-year high. Arabica beans jumped to $2.08 per pound, and traders fear prices will continue to rise.
6. A billionaire investor thinks inflation is here to stay - and that it's going to help his returns. The Greenlight Capital boss is betting that inflation will stick around for years to come. Here's why he thinks his stock portfolio is set to benefit.
7. Goldman Sachs filed to create an ETF for DeFi and blockchain stocks. While it isn't clear what's in Solactive's Decentralized Finance and Blockchain Index, this is yet another institutional move toward digital currencies. The filing comes on the heels of a report that found 60% of ultra-wealthy family offices own crypto.
8. Stocks can't keep rising forever - they're due for a 5-8% pullback, says LPL Financial. After a strong performance this year so far, LPL Financial believes that the S&P 500 is about ready for a dip. The last time the market had as much as a 5% pullback was October 2020.
9. Reddit is still at it with the meme stocks. Tesla, Alibaba, Microsoft and JD were all fast risers on Reddit this week, according to HypeEquity. The site lists the most "hyped" stocks, as well as the trending stocks - those four stocks appeared on both. See the rest of the top 16 meme stocks this week.
10. The founder of a crypto-platform thinks bitcoin can "easily" rally back to $60,000 by year-end - and then keep going to $100,000. Apifiny founder is bullish on the most popular crypto, and he has no doubt it will rise back above its previous high. He shared why he's bullish on bitcoin.
Compiled by Phil Rosen. Feedback? Email prosen@insider.com or tweet @philrosenn.
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