Here's what you need to know before
1. Atlanta Fed president Bostic warns of a 'bumpier' road ahead, and says the US economy's recovery is 'leveling off' as COVID-19 cases surge. As a second wave of COVID-19 cases continue to rip across the US, the Fed's Raphael Bostic thinks this is making the path to economic recovery even tougher.
2. Boohoo stock tumbles 30%, wiping $1.25 billion off its market value, after an explosive report into working conditions at one of its factories. Boohoo shares dropped 30% over two days after reports emerged about the fast-fashion retailer's appalling conditions for its factory workers.
3. Lockdown has created a fresh headache for financial regulators — it's much harder to keep an eye on what traders are up to. Britain's lockdown meant that its financial authority was initially unable to maintain usual levels of regulation over markets.
4. Warren Buffett's $90 billion Apple stake is now 43% of Berkshire Hathaway's entire stock portfolio. Warren Buffett's stake in Apple is far and away the largest single stock holding by Berkshire, more than four times larger than its second-biggest holding, around $22 billion in Bank of America.
5. JPMORGAN: The coronavirus crisis has decimated one of the safest defenses against stock-market crashes. Here are 4 ways to pivot your portfolio now. The death of traditional 60-40 portfolios may have been greatly exaggerated before this year — but JPMorgan now says the coronavirus crisis has ended them for good.
6. Here's how big tech companies like Facebook, Google, and TikTok are reacting to Hong Kong's harsh new national security law. Big tech is hitting the pause button in Hong Kong.
7. HSBC to cut 38% of global banking and markets jobs in France. HSBC France seeks to cut 255 of 678 jobs in its French global banking and markets unit by end-2021 as part of a broader plan to reduce costs, a union said on its website.
8. Stocks are mixed. In Asia, Hong Kong's and Japan's indices fell Tuesday, but Chinese stocks were up. In Europe stocks are down. US futures are pointing to a negative open between -0.3 to -0.7%.
9. Earnings coming in. Levi's 2Q 20 earnings and United Super Market Holdings 1Q 20 are coming in.
10. On the economic front. Fed's Quarles speech and US 3-Year Note auction are due.
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