10 things before the opening bell

Welcome back, readers. Some experts say the dollar's dominance is in question — today we're diving into what Goldman Sachs said about the matter. Plus, we'll do a deep dive into the historic Axie Infinity hack.

Let's get into it.

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1. The dollar's dominance is facing headwinds. That's according to a research note from Goldman Sachs. Analysts at the bank warned that similar obstacles eroded the British pound's power in the early 1900s and could do the same to the US dollar — with investors taking the possibility seriously.

Goldman Sachs highlighted these vulnerabilities:

• The US has a deteriorating net foreign asset position.
• Massive and rising foreign debts are weighing down the US.
• An increased use of other currencies in world trade would cause central banks to diversify away from the dollar.

Sanctions by the US and its allies that froze much of Russia's foreign-currency reserves have raised concerns that other countries could grow wary about relying heavily on the dollar.

A top IMF official warned that the sanctions on Russia could end up chipping away at the dollar's status and noted that some nations are already renegotiating the currencies they use in international trade.

"The dollar would remain the major global currency even in that landscape, but fragmentation at a smaller level is certainly quite possible," Gita Gopinath, first deputy managing director at the IMF, told the Financial Times last week.

In other news:

2. Elon Musk is taking a stake in Twitter. The Tesla chief revealed a 9% stake in the social media giant, after previously discussing the desire to start his own platform. Get the details here.

3. Earnings on deck: Houston American Energy, Trinity Biotech, and iSun, all reporting.

4. A chief investment strategist at Bank of America broke down the five sectors that make up the "FAANG 2.0 trade." The pandemic and military conflict in Europe are driving fundamental shifts in the economy — and this particular trade doubles as an inflation hedge.

5. Russia is on pace to rake in $321 billion from energy exports this year. Despite its war with Ukraine, Russia continues to sell oil and gas to its trade partners. If it keeps up the current pace, this would mark an increase of more than one-third from 2021.

6. The US decision to release 180 million barrels of oil will help offset the loss of Russian supply, according to JPMorgan. Plus, it'll act as a price stabilizer in the oil market too, the bank said. Get the full details here.

7. Top blockchain and cybersecurity experts broke down the historic $625 million crypto swindle that hit Axie Infinity. The root cause of the attack was human error, not a technological lapse, they said, explaining why the attack shouldn't deter people from getting involved in the crypto space.

8. The chief strategist at $1 trillion SPDR ETFs unpacked why investors could be missing the biggest shift in the investing landscape in 40 years. There's a massive pivot happening in the market, said SPDR's Miachel Arone. These are his top seven recommendations for finding returns in the new environment.

9. Certain housing stocks look cheap right now after the mortgage-rate spike triggered a sell-off, according to Morningstar. Housing-linked stocks are set to rally because demand is outpacing supply, according to the firm's research chief. See his list of six picks.

10. Workers aren't in a rush to find a job. The labor force participation rate has had a lackluster recovery up until now, as it rose just 0.1 percentage point this month. The rate's slow rebound signals millions of Americans are still waiting to rejoin the workforce.

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This post has been updated.

Curated by Phil Rosen in New York. (Feedback or tips? Email prosen@insider.com or tweet @philrosenn.)