10 things you need to know before the opening bell
Here's what you need to know before markets open.
1. Goldman Sachs says jet fuel demand will accelerate in 2021, driven by availability of a COVID-19 vaccine by the second-quarter." We do not believe that jet fuel demand has peaked and see jet as an area of long-term demand growth in this decade," analysts said.
2. Secretive data-miner Palantir could fetch a $22 billion price-tag at its market debut next week. The controversial company is choosing to bypass the traditional IPO route, and opt for a direct listing instead.
3. London is closing in on New York's ranking as the world's number 1 financial center, this survey says. The Global Financial Centres Index 28 shows London lags behind New York as the world's biggest financial center by four ratings.
4. A Wall Street expert breaks down his picks for the best 6 stocks to own for a 2nd coronavirus wave in addition to the FAANMGs. "Investors now have a data point that they can use to position themselves if confronted with a second lockdown," GraniteShares' Ryan Giannotto said.
5. Legendary investor Mark Mobius told us his process for finding the most exciting bargains in far-flung markets around the world amid the COVID-19 crisis — and shared his 5 top stock picks right now. In an exclusive interview, the investing legend provided a detailed look into his process for finding winning stocks and shared his top ideas.
6. Europe is heading back into lockdown, but when travel resumes, these are the 3 European airline stocks to own, Morgan Stanley says. As European countries face tighter lockdown restrictions, Morgan Stanley breaks down 3 airline stocks to buy when travel recovers.
7. Wall Street trading legend Art Cashin says the market is in a 'wash and rinse cycle' driven by investors chasing trends. The UBS floor director said the market has its own "internal momentum," and that's left investors frustrated.
8. Buy these 7 stocks as they benefit from a COVID-19 'pet boom,' BofA says. 37% percent of survey respondents adopted a pet in the last six months, "indicating a material increase" amid the COVID-19 pandemic, Bank of America said.
9. Global stocks are mostly down. Germany's DAX fell 1.7%, Britain's FTSE 100 fell 0.6%, and the Euro Stoxx 50 fell 1.6%. In Asia, China's Shanghai Composite fell 0.1%, Hong Kong's Hang Seng fell 0.3%, while Japan's Nikkei rose 0.5% at the close. In the US, futures on the Dow Jones, the S&P 500, and the US Tech 100 fell 0.5%.
10. On the data docket. Federal Reserve Bank of New York President John Williams' speech, the Baker Hughes US oil rig count, and CFTC Gold Net Positions are due.