10 things before the opening bell
Welcome to 10 Things Before the Opening Bell.
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Let's get into it.
1. Gold is working its way back from a flash crash early this morning. US stock futures are also pulling lower on bets the Fed will pull away the stimulus punch bowl. Catch up on what's happening on the markets.
2. The July jobs report was good. Really good. The stellar numbers suggest that the ongoing labor-market recovery is progressing nicely. Barring obstacles from rising COVID cases, the economy may recover four months earlier than originally expected.
3. 15-year pro trader Michael Boutros sees considerable volatility ahead for bitcoin. The DailyFX technical strategist breaks down it could surge to $45,000 in the next 2-3 weeks before dropping to the $32,000 to $35,000 range. Boutros also lays out 3 trades for ethereum.
4. On the docket: Aramco, Air Products and Chemicals, and Barrick Gold reporting.
5. Retail traders on Wall Street Bets have set their targets. The driving force behind Gamestop and AMC's recent stock squeezes is now discussing McAfee, Tesla, and MicroVision. See the rest of the top 10 most-mentioned meme stocks on Reddit.
6. Warren Buffett's Berkshire Hathaway got bearish on airlines because of volatility, says American Airlines CEO. Last year, Buffett's firm sold the "Big Four" airline stocks because the pandemic highlighted how volatile the industry is. See why the American Airlines chief said that the company's stock may not be the safest bet right now.
7. The crypto market might be heading overseas if the infrastructure bill goes through, says Sam Bankman-Fried. The latest updates to the crypto tax provision may bring changes to big players, including Ethereum. "So their choices, basically, would be a) shut down [or ] b) move out of of the US," he said.
8. Investors are shorting Cathie Wood's ARK Innovation ETF like never before. At present time, $2.7 billion worth of bets are being wagered against Wood's flagship ETF. Short sellers are now up 7.8% for the year.
9. How to mine ethereum. Miners are facing a new reality after a recent network upgrade. A 25-year-old who pays $42 a month in exchange for half an ether monthly explains how he does it.
10. Credit Suisse is on the hunt for stocks set to thrive amid falling rates. It arrived at a hybrid model designed to pinpoint names offering both quality and price-sensitive growth. Here are the 21 the firm says you should buy now.
Compiled by Phil Rosen. Feedback? Email prosen@insider.com or tweet @philrosenn.
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