Here's what you need to know before
1. Gold could surge over 90% and hit $4,000 so long as these two factors remain under control. The CEO of US Global Investors said central banks are "working together like a cartel and they're all printing trillions of dollars."
2. Fed's Kashkari warns that unless a stricter US lockdown is imposed, the last few months could feel just like a 'warm-up to a greater catastrophe'. "If we aren't willing to take this action, millions more cases with many more deaths are likely before a vaccine might be available."
3. Goldman Sachs lifts 2021 US GDP forecast to 6.2% and predicts a COVID-19 vaccine will be 'widely distributed' by mid-2021. The bank now projects the US unemployment rate will decline to 6.5% by the end of 2021, down from a previous 7% forecast.
4. The 5 biggest takeaways from earnings season, according to a Wall Street chief stock strategist. RBC Capital Markets scoured quarterly reports, earnings calls, estimate changes, and price reactions to better understand the virus-rattled market.
5. A Wall Street investment chief warns new stock-market highs could be setting up a 'historic trap' for investors — one that also appeared just before the dot-com crash. The stock market's next record high could be incredibly short-lived — or it may not happen for a while longer, says Doug Ramsey of The Leuthold Group.
6. JPMorgan says buy these 19 'diamond in the rough' stocks that have plunged from yearly highs, but are spring-loaded for huge gains ahead. Eduardo Lecubarri says these smaller, yet-to-recover stocks could stand out from broader indexes that look like they're going sideways.
7.'The most extreme valuations in history': A notorious market bear says investors should brace for record-low negative returns over the next 12 years — and warns that today's exuberance implies a 66% plunge. In order to bolster his thesis, John Hussman leans on valuations, sentiment, and market internals — which all point to a dire outlook moving forward.
8. US and European stocks are up. In Europe, Germany's DAX rose 0.3%, Britain's FTSE 100 rose 0.5% and the Euro Stoxx 50 rose 0.5%. In Asia, China's Shanghai Composite closed up 0.7%, Hong Kong's Hang Seng fell 0.6%, and Japan's Nikkei fell 0.4% at the close. In the US, futures underlying the Dow Jones Industrial Average, the S&P 500, and the US Tech 100 rose 0.3%.
9. Earnings keep coming. Duke Energy, Marriott, and Royal Caribbean Cruises are highlights.
10. On the data docket today. The US 3-month and 6-month bill auctions are due.