Welcome to <keyword id="11937554" type="UNKNOWN" weightage="60" keywordseo="10-things" source="Orion">10 Things</keyword> Before the Opening Bell.If this was forwarded to you, <a href="https://newsletter.businessinsider.com/join/4np/10-things-opening-bell">sign up here.</a> Plus, download Insider's app for news on the go – <a href="https://apps.apple.com/app/apple-store/id554260576?pt=385758&amp;ct=06292021_newsletters&amp;mt=8">click here for iOS</a> and<a href="https://play.google.com/store/apps/details?id=com.freerange360.mpp.businessinsider"> here for Android</a>.Let's jump in. 1. Omicron is putting the Santa Claus rally at risk. <a href="https://markets.businessinsider.com/news/stocks/stock-market-news-rising-covid-cases-manchin-spending-bill-biden-2021-12">The S&amp;P 500 dropped more than 1% yesterday</a> as the <a href="https://www.businessinsider.com/omicron-covid-cases-records-norway-denmark-uk-south-africa-2021-12">coronavirus variant</a> continues to worry investors. <a href="https://markets.businessinsider.com/news/stocks/stock-market-today-us-futures-dow-jones-sp500-omicron-variant-2021-12">Stocks look ready for a comeback Tuesday</a>, but investors are still keeping an eye on the virus headlines.As Christmas approaches and cases spike, market participants are worried sweeping new lockdown measures meant to contain the spread of Covid-19 will derail the economic recovery and take the wind out of the market right as the new year kicks off. Bond yields tumbled as investors returned to safe havens, while oil prices dropped on fears of decreased demand. Meanwhile, <a href="https://markets.businessinsider.com/news/stocks/solar-stocks-joe-manchin-build-back-better-act-biden-congress-2021-12">solar energy stocks</a> were a casualty of Senator Joe Manchin officially pulling his support for Biden's Build Back Better social spending plan. In response, <a href="https://markets.businessinsider.com/news/stocks/joe-manchin-biden-build-back-better-us-economy-goldman-sachs-2021-12">Goldman Sachs cut its US growth outlook</a>, telling clients in a note that without the spending package, GDP will likely grow at a slower rate through the third quarter of 2022. As Omicron cases pile up, and <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">markets</keyword> assess the prospects of lower social spending that could boost the economy, <a href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-santa-claus-rally-derailed-hawkish-fed-valuations-2021-12">the Santa Claus rally may disappoint this year.</a> Some numbers to know:<ul><li>Since 1936, stocks in December have generated a positive return 79% of the time.</li><li>Historically, stocks in December have returned an average of 2.3%.</li><li>So far this December, the S&amp;P 500 has fallen about 0.7%.</li></ul>2. Lumber prices have spiked 95% in five weeks. Demand is rising at a time when floods in Canada have dented supply. Here are <a href="https://markets.businessinsider.com/news/commodities/lumber-prices-rally-supply-shortages-commodities-markets-demand-housing-2021-12">the latest moves in one of the hottest corners of the commodities market this year.</a>3. Meet the top three European fund managers of 2021. They shared their star stock picks and investing strategies that supercharged their returns — <a href="https://www.businessinsider.com/stock-market-2022-europe-best-outperforming-fund-managers-investing-strategy-2021-12">and what they plan to do in 2022. </a>4. Earnings on deck: General Mills, Oracle Corp. Japan, and Blackberry, all <a href="https://markets.businessinsider.com/earnings-calendar">reporting.</a>5. Cathie Wood shared a big prediction for her Ark stock picks. Even as her flagship ETF is down 24% year-to-date, she said the innovation stocks in her portfolio are in "deep value territory." <a href="https://markets.businessinsider.com/news/stocks/cathie-wood-forecasts-big-returns-innovation-stocks-value-ark-invest-2021-12">Wood expects the group to deliver 40% returns over the next five years.</a>6. Venture capital invested a record $30 billion in crypto this year. Investors have poured "anything and everything" into crypto in 2021. <a href="https://markets.businessinsider.com/news/currencies/venture-capital-crypto-investment-record-30-billion-pitchbook-data-2021-12">This year's number more than quadrupled the previous high.</a>7. Moderna soared before dropping back after it said a booster shot increases protection against Omicron. A third dose of Moderna vaccine resulted in a 37-fold increase in protection against the variant. <a href="https://markets.businessinsider.com/news/stocks/moderna-stock-price-booster-vaccine-shot-increases-omicron-antibody-protection-2021-12">See what the company's CEO had to say.</a>8. 2021 was a banner year for individual investors participating in the stock market. Apple was the most-purchased stock, while AMC and Alibaba also made the tech-heavy list. <a href="https://markets.businessinsider.com/news/stocks/top-retail-trader-stocks-2021-aapl-amc-nvda-tsla-2021-2021-12">Here are the top 10 stocks bought by retail investors this year.</a>9. Morgan Stanley shared its stock picks for a volatile market. Certain stocks have shown steady earnings and low valuations — <a href="https://www.businessinsider.com/stocks-to-buy-how-to-invest-fed-taper-rate-hikes-2021-12">factors that should help them outperform as a more hawkish Fed rattles investors. </a>10. It's been an outstanding year for crypto, but rough for stocks tied to them. But some under-the-radar crypto stocks could be set for a huge 2022. <a href="https://www.businessinsider.com/cryptocurrency-stocks-2022-bitcoin-btc-ethereum-ether-eth-coinbase-vaneck-2021-12">VanEck's director of digital assets research shared five stocks to watch in the new year.</a>Compiled by Phil Rosen. Feedback? Email <a href="mailto:prosen@insider.com">prosen@insider.com</a> or tweet <a href="https://twitter.com/philrosenn">@philrosenn</a>.Sign up for <a href="https://www.businessinsider.com/subscription/newsletter">more Insider newsletters here</a>.

10 things before the opening bell

<ul><li>The Nasdaq fell 2% on Tuesday as inflation fears continued to rattle the technology sector.</li><li>Concerns over rising prices hit high-flying tech stocks on Monday and Tuesday, with Tesla down 13% since the start of the week.</li><li><a href="https://newsletter.businessinsider.com/join/4np/10-things-opening-bell?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest" target="_blank" rel="noopener">Sign up here for our daily newsletter, 10 Things Before the Opening Bell</a>.</li></ul>US tech stocks continued their decline on Tuesday as fears of rising inflation persisted among investors. The Nasdaq fell more than 2% on Tuesday, adding on to its Monday decline of 2.55%.Fueling the surge in inflation expectations has been the actual surge in commodity prices, such as lumber, oil, and copper.This week's <keyword id="6357440" type="DEFINITION" weightage="60" keywordseo="Stock-Market">stock market</keyword> decline hit high-flying tech stocks the most, with shares of Tesla down as much as 13% since the start of the week. Cathie Wood's ARK Invest flagship ETF was also being sold heavily by investors, as it fell 10% since Monday.Here's where US indexes stood at the 9:30 a.m. ET open on Tuesday:<ul><li><a href="https://markets.businessinsider.com/index/s&amp;p_500_500" target="_blank" rel="noopener">S&amp;P 500</a>: 4,140.71, down 1.14%</li><li><a href="https://markets.businessinsider.com/index/dow_jones" target="_blank" rel="noopener">Dow Jones industrial average</a>: 34,462.38, down 0.81% (280.44 points)</li><li><a href="https://markets.businessinsider.com/index/nasdaq_composite" target="_blank" rel="noopener">Nasdaq composite</a>: 13,150.79, 1.86%</li></ul>Virgin Galactic, the pre-revenue space tourism company that seeks to launch paying customers into space, <a href="https://markets.businessinsider.com/news/stocks/virgin-galactic-stock-price-1q-earnings-test-flight-delay-spce-2021-5-1030415271">fell as much as 21% after its first-quarter earnings report</a> revealed an uncertain flight schedule as it deals with maintenance issues for its spaceship.Palantir fell as much as 9% after its first-quarter earnings report failed to impress investors. And decline auto sales in China for Tesla led to a sharp decline in the stock on Tuesday.The price of dogecoin briefly surged as much as 20% after Tesla CEO Elon Musk ran a poll on Twitter to see if the electric vehicle manufacturer should accept the meme-inspired cryptocurrency as a form of payment. Tesla currently accepts bitcoin as payment for its products.Oil prices were lower. <a href="https://markets.businessinsider.com/commodities/oil-price?type=wti">West Texas Intermediate crude</a> fell 1.4%, to $63.99 per barrel. <a href="https://markets.businessinsider.com/commodities/oil-price?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestts&amp;utm_medium=ingest">Brent crude</a>, oil's international benchmark, dropped by 1.3%, to $67.42 per barrel.<a href="https://markets.businessinsider.com/commodities/gold-price">Gold</a> fell 0.7%, to $1,825.90 per ounce.

Nasdaq tumbles 2% as inflation fears continue tech-fueled market sell-off

How to invest as the conflict in Ukraine intensifies: A complete guide to protecting your portfolio as global markets react to Russia's invasion

<ul class="summary-list"><li><keyword id="107096" type="COMPANY" weightage="60" keywordseo="Tesla">Tesla</keyword> has bought a load of <keyword id="6354947" type="UNKNOWN" weightage="60" keywordseo="bitcoin">bitcoin</keyword> and other corporates may follow.</li><li>The big fund managers are due to disclose their holdings — did they buy bitcoin in late 2020?</li><li><keyword id="29454" type="COMPANY" weightage="60" keywordseo="Platinum">Platinum</keyword> has soared to its highest in six years as the clean energy revolution creates new winners.</li></ul>Last week saw some game-changing events for the cryptocurrency market, which pushed the prices of bitcoin, ether and others to record highs. Meanwhile, on the commodities front, a broad sweep higher in raw materials prices has got market-watchers pondering if we are on the verge of a new super-cycle. This coming week may reveal if big investors are buying into crypto, as well as the resilience of star precious metal, platinum. <h3>Bitcoin to the moon... and beyond</h3>Bitcoin hit a record of nearly $50,000 last week and this time around, it wasn't a motley crew of amateur traders organizing an effort to squeeze the price higher. <keyword id="6355315" type="UNKNOWN" weightage="60" keywordseo="elon-musk">Elon Musk</keyword>, a long-time advocate of <keyword id="2420795" type="PERSON" weightage="60" keywordseo="cryptocurrencies">cryptocurrencies</keyword> and of bitcoin, in particular, had already ignited a frenzy in "meme crypto" Dogecoin.But it was Tesla - the electric vehicle maker he founded and runs - unveiling a $1.5-billion purchase of bitcoin that fueled this latest leg higher. Tesla said it would also consider allowing customers to pay using the digital token, possibly opening the floodgates to other large companies to do the same.Online payment groups like PayPal and Square already allow users to buy and sell with crypto. Last week, <a href="https://markets.businessinsider.com/currencies/news/mastercard-allow-cryptocurrencies-use-payments-network-2021-2-1030071595">Mastercard</a> joined their ranks and said it would allow the use of some cryptocurrencies on its network.RBC suggested Apple could be the next big corporation to adopt bitcoin, and the CFO of Twitter told CNBC on Wednesday that it too could buy the token. But bitcoin isn't ready to go mainstream, according to the world's biggest asset manager, <a href="https://markets.businessinsider.com/currencies/news/bitcoin-outlook-price-not-ready-mainstream-3-reasons-ubs-warns-2021-2-1030068586">UBS</a>. And Treasury Secretary <a href="https://markets.businessinsider.com/currencies/news/janet-yellen-bitcoin-misuse-cryptocurrencies-growing-problem-tesla-2021-2-1030071724">Janet Yellen</a> has, again, voiced reservations about cryptocurrencies in general, saying their use in online crime and for money laundering is growing.<a href="https://markets.businessinsider.com/currencies/news/blackrock-adds-bitcoin-futures-investing-opportunity-two-funds-cryptocurrency-2021-1-1029989282">BlackRock</a>, the world's biggest fund manager, last month said it would allow two of its funds to invest in bitcoin futures. So who's next? This week could bring the answer to that question, when Wall Street's big guns report how they invested their money in the final three months of 2020.Read more: <a href="https://www.businessinsider.com/bitcoin-bull-bear-cases-elon-musk-tesla-invests-goldman-novogratz-2021-2">Tesla just invested $1.5 billion in bitcoin. Here are the bull and bear cases for the crypto, according to legendary macro trader Mike Novogratz and Goldman's wealth-management CIO.</a><h3>"Hey big spender" - how the funds spent their funds</h3>This coming week, the biggest US investors will release details of what they put money into -and sold off - in the fourth quarter of 2020. The so-called <keyword id="9794566" type="UNKNOWN" weightage="60" keywordseo="13-f">13-F</keyword> filings with the Securities and Exchange Commission offer a breakdown of the holdings at the end of December of any fund with more than $100 million under management.However, in the wake of the GameStop short-squeeze in January, anyone hoping to get a look at what stocks the funds are betting against will be disappointed. A 13-F filing contains long positions only, along with a fund's options holdings, convertible notes and American Depository Receipts (ADRs) - or holdings of US-listed stock of foreign companies. But no short positions. Even so, most investors - professional and amateur - scour the 13-Fs to see what the "smart money" did last quarter. Warren Buffett, "Big Short" investor Michael Burry - who must be one of the lone Tesla shorts standing -, Ray Dalio, David Einhorn, Seth Klarman and Ryan Cohen will all release details of what they bought and sold.Read more: <a href="https://www.businessinsider.com/investing-strategy-avoid-speculative-market-bubbles-crit-thomas-touchstone-investments-2021-2">It could take just 2 catalysts for pockets of speculation to snowball into a widespread bubble, one global strategist says. He recommends 3 ways to capitalize on this frothy environment.</a><h3>Platinum-star performance </h3>The price of platinum rocketed by 15% to above $1,200 an ounce its highest in over six years last week, driven by a heady cocktail of a weaker dollar and a broad investor push into commodities and making it the best-performing raw material of the past week. It scorched past crude oil, copper and lumber and is on track to top the charts for the month of February. Until around last March, in the depths of the coronavirus crisis, platinum had been on a long, painful downtrend. Aside from its use in jewellery, platinum's main industrial use was in the catalytic converters of diesel-powered vehicles. The diesel-emissions scandal, which led to a drastic drop in sales of diesel vehicles and several punitive measures aimed to reduce the number of them on the roads, has eaten into platinum demand - so much so that for the past six years it has been worth less than gold, despite being far more scarce. As the world transitions to using cleaner sources of energy and cutting emissions, several commodities are emerging as being central to this effort, platinum being one of them. Platinum, together with iridium, is used as a catalyst in proton exchange membrane electrolysis - used to extract <keyword id="169046" type="COMPANY" weightage="60" keywordseo="hydrogen">hydrogen</keyword> from water as a source of zero-emissions sustainable fuel. Johnson Matthey, the world's largest refiner of platinum group metals, said in a report on February 10 the global platinum market ran a deficit for the second year in a row in 2020. It looks likely to see a shortfall again this year. "The move towards an expected supply deficit is occurring at a time of increased focus on tightening emission regulation in regular combustion engines while accelerating green hydrogen production has increased demand for platinum-based electrolyser capacity," Saxo Bank head of commodity strategy Ole Hansen said in a note last week."Having been in a downtrend for nearly a decade, platinum's breakout last November helped attract renewed investment demand, not least after gold hit $2000/oz and its premium to platinum rose above $1000/oz. These developments helped attract increased switching activity between the two metals," Hansen said.<h3>Chart of the week - pot luck</h3>Last week, cannabis stocks went parabolic, driven by double-digit percentage rallies in the likes of Aphria, Tilray and Sundial Growers. Joe Biden's victory in the presidential election and Democrat promises to decriminalize cannabis have given a number of investors, including the Reddit traders, <a href="https://www.businessinsider.com/cannabis-stocks-tilray-aphria-sundial-surge-on-reddit-analysis-2021-2">reason to pile in</a>. Cannabis was the top-performing investment theme last week, according to broker CMC <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">Markets</keyword>' <a href="https://www.cmcmarkets.com/en-gb/opto/thematic-etf-screener?utm_source=eCRM&amp;utm_medium=email&amp;utm_content=Opto&amp;utm_campaign=Opto%20Weekly%20newsletter%208%20Feb%20-%20Week%206%20part%201%20-%2020211%20-%202021">Global Thematic ETF</a> screening too, with a gain of nearly 40%, compared to runner-up uranium, with a 11% increase.<div type="image" title="Relative performance of the ETFMG Alternative Harvest ETF vs S&amp;P 500" height="1318" width="2144" msid="80909499" hostid="261"></div><a href="https://markets.businessinsider.com/economic-calendar">Economic calendar for the w/c Feb 15</a>Feb 14 Japan GDP Feb 16 Eurozone GDP growth Q4Feb 17 US retail sales/FOMC minutesFeb 17 Australia unemployment rateFeb 17 ECB monetary policy meeting minutesFeb 18 Australia retail salesFeb 18 Philadelphia Fed business activity indexFeb 19 UK retail sales/consumer inflation Feb 19 Canada retail salesFeb 21 PBOC rate decisionFeb 21 New Zealand retail sales<a href="https://markets.businessinsider.com/earnings-calendar">Earnings calendar for the w/c Feb 15</a>2/15 BHP Billiton2/15 BHP Group2/16 CVS Health Corp2/16 Glencore2/16 Palantir Technologies2/17 BAT (British American Tobacco)2/17 Garmin 2/17 Rio Tinto2/17 Shopify 2/18 Airbus2/18 Barclays2/18 Carrefour2/18 Credit Suisse2/18 Daimler2/18 EDF (Electricité de France)2/18 Nestlé2/18 Newmont Mining2/18 Walmart2/19 Allianz2/19 Danone2/19 Renault

What you need to know in markets this week: Bitcoin and beyond; 'Hey big spenders' - what the funds did with their cash; a platinum opportunity?

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Jalon Manson Shortte/APThis Thursday, Sept. 7, 2017 photo shows storm damage in the aftermath of Hurricane Irma in Tortola, in the British Virgin Islands. Irma scraped Cuba's northern coast Friday on a course toward Florida, leaving in its wake a ravaged string of Caribbean resort islands strewn with splintered lumber, corrugated metal and broken concrete.</div></div></div><a href="http://www.businessinsider.com/category/hurricane-irma-2017">Hurricane Irma</a> continues to rampage across Florida, knocking out power in much of the state. However, <a href="http://www.businessinsider.com/hurricane-irma-reaches-tampa-bay-extent-of-damage-unknown-2017-9">damage caused by the storm is looking to be less than expected</a>, and insurance stocks are rising on the news.Irma has been <a href="http://www.businessinsider.com/hurricane-irma-strength-category-forecast-updates-2017-9">downgraded to a tropical storm Monday morning</a> after hitting the Florida keys as a category 4 hurricane. The <a href="http://markets.businessinsider.com/etfs/SPDR-S&amp;P-Insurance-ETF">S&amp;P insurance exchange traded fund is up 2.06%</a> on Monday morning, as reports from the affected areas in Florida roll in.The ETF was falling in the wake of Hurricane Harvey and in anticipatation Irma hit Florida. It fell greater than 2% on more than one occassion last weekm but actually gained nearly 3% on Friday, just days before Irma made landfall in Florida.Here is a list of some of the biggest insurance companies and how much they have moved on Monday...<ul><li><a href="http://markets.businessinsider.com/stock/FNF-Quote">Fidelity National (FNF)</a> +1.28% $47.71</li><li><a href="http://markets.businessinsider.com/stock/PGR-Quote">Progressive (PGR)</a> +2.11% $46.38</li><li><a href="http://markets.businessinsider.com/stock/FAF-Quote">First American Financial (FAF)</a> +1.70% $48.98</li><li><a href="http://markets.businessinsider.com/stock/Arch_Capital_Group-Quote">Arch Capital Group (ACGL)</a> +2.99% $96.75</li><li><a href="http://markets.businessinsider.com/stock/Chubb_3-Quote">Chubb (CB)</a> +3.27% $146.06</li><li><a href="http://markets.businessinsider.com/stock/ALL-Quote">Allstate (ALL)</a> +1.85% $91.31</li><li><a href="http://markets.businessinsider.com/stock/NAVG-Quote">Navigators Group (NAVG)</a> +0.62% $57.15</li><li><a href="http://markets.businessinsider.com/stock/SIGI-Quote">Selective Insurance Group (SIGI) </a>+2.78% $49.95</li><li><a href="http://markets.businessinsider.com/stock/CINF-Quote">Cincinnati Financial (CINF)</a> +0.77% $0.87</li><li><a href="http://markets.businessinsider.com/stock/KINS-Quote">Kingstone Companies (KINS)</a> +2.78 $14.80</li></ul>Destruction from Hurricane Irma, while less than expected, still devastated parts of the Caribbean and caused <a href="http://www.businessinsider.com/hurricane-irma-florida-photos-2017-9">heavy destruction in areas of Florida</a>. 5.8 million homes and businesses are currently without power because of the storm, and Irma was the cause for the largest evacuation in history.Irma is now headed through the northern parts of Florida toward Georgia and Alabama.<h2><a href="http://www.businessinsider.com/category/hurricane-irma-2017">For the latest news on Irma, click here...</a></h2> <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/donald-trump-pro-business-plan-lack-of-progress-caused-major-dollar-reversal-2017-8">Trump's lack of progress has caused a major dollar reversal</a></h3> <div> </div> </div>

Insurance stocks are rising as Hurricane Irma damage is likely to be less than expected

Michael Seto/Business InsiderJeff BezosAmazon CEO Jeff Bezos <a href="http://www.businessinsider.com/read-amazon-ceo-jeff-bezos-2016-letter-to-shareholders-2017-4">released his annual letter to shareholders</a> on Wednesday, a must-read missive filled with pearls of management philosophy and leadership lessons from the guy who created a $430 billion juggernaut.Bezos is particularly focused on how to prevent a successful company from becoming a lumbering and complacent organization that eventually succumbs to "stasis. Followed by irrelevance. Followed by excruciating, painful decline. Followed by death."One of the main ways Bezos believes a company can avoid this fate is by making a concerted effort to never become a slave to established processes, no matter how entrenched in company culture."This can happen very easily in large organizations. The process becomes the proxy for the result you want. You stop looking at outcomes and just make sure you're doing the process right. Gulp," Bezos writes. "It's not that rare to hear a junior leader defend a bad outcome with something like, 'Well, we followed the process.' A more experienced leader will use it as an opportunity to investigate and improve the process. The process is not the thing. It's always worth asking, do we own the process or does the process own us?" he continues.<h2>ATTN: United CEO</h2>This lesson is especially timely in the wake of the now-infamous incident in which <a href="http://www.businessinsider.com/united-passenger-dragged-off-police-2017-4">United airlines forcibly removed </a>a paying passenger from one of its airplanes, bloodying him in the process.United took a long time to actually apologize for the incident and the way it treated one of its customers. Instead, it tried to justify its actions, insisting that removing the passenger was within its rights and necessary (because the flight was overbooked and the company needed the passenger's seat for a United staffer en route to another flight). TwitterUnited CEO Oscar Munoz even <a href="http://www.businessinsider.com/united-airlines-ceo-letter-employee-2017-4">told the company's staff in an internal memo</a> that "our employees followed established procedures for dealing with situations like this." The entire world was aghast that United could treat a passenger in such a manner. But United was completely blind to this. From its perspective, it followed the process. The fact that the outcome was so damaging to the passenger, and to United's public image, was only understood by the company's management far too late.Visit <a href="http://markets.businessinsider.com/">Markets Insider</a> for constantly updated market quotes for individual stocks, ETFs, indices, commodities and currencies traded around the world. <a href="http://markets.businessinsider.com/">Go Now!</a> <h3>NOW WATCH: <a href="http://www.businessinsider.com/how-hackers-can-get-around-2-factor-authentication-2017-3">Here's how hackers can get around 2-factor authentication</a></h3> Please enable Javascript to watch this video

Amazon's Jeff Bezos just explained a key business lesson that could have saved United from its PR fiasco

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">REUTERS/ Brendan McDermid</div></div></div>Finance Insider is Business Insider's midday summary of the top stories of the past 24 hours.To sign up, scroll to the bottom of this page and click "Get updates in your inbox," or <a href="http://www.businessinsider.com/newsletter/prime-finance?IR=T&amp;utm_source=businessinsider&amp;utm_medium=finance_insider&amp;utm_term=finance_insider_leadgen_text_link&amp;utm_content=leadgen_text_link&amp;utm_campaign=finance_insider_leadgen_link">click here.</a>There is a phrase on Wall Street for the practice of firing senior traders and salespeople and replacing them with younger talent.It is called "juniorization," and it has been pretty prevalent over the past few years as banks have sought to cut costs. It is now <a href="http://www.businessinsider.com/juniorization-is-helping-wall-street-cut-costs-2016-3">starting to freak some people out on Wall Street. </a>In other news, Fitch Ratings is sounding the alarm on a threat building inside the <a href="http://www.businessinsider.com/fitch-warns-on-chinese-wealth-management-2016-3">$34 trillion Chinese banking system</a>, Valeant has named <a href="http://www.businessinsider.com/valeant-adds-independent-board-directors-2016-3">3 new members to its board</a>, and a big <a href="http://www.businessinsider.com/credit-trading-difficulties-on-wall-street-2016-3">trading business is haunting Wall Street.</a>The Harbor Investment Conference took place on Tuesday. Here are the top headlines:<ul><li>Hedge fund manager Whitney Tilson, the founder of Kase Capital, is <a href="http://www.businessinsider.com/whitney-tilson-reenters-lumber-liquidators-short-2016-3">shorting specialty flooring retailer Lumber Liquidators again.</a></li><li>Bruce Berkowitz, the founder of Fairholme Capital, slammed the US government <a href="http://www.businessinsider.com/bruce-berkowitz-on-fannie-mae-and-freddie-mac-2016-3">over its handling of Fannie Mae and Freddie Mac.</a></li><li>Activist short-seller Ben Axler, the founder of long-short equity hedge fund Spruce Point Capital Management, <a href="http://www.businessinsider.com/ben-axler-idea-at-harbor-conference-2016-3">said he is short Planet Fitness.</a></li></ul>Jeff Gundlach also held his latest webcast on markets and the economy, called "Connect the Dots," on Tuesday. Here is <a href="http://www.businessinsider.com/jeff-gundlach-webcast-march-8-2016-3">everything you need to know about that.</a>Lastly, the word "disruption" is routinely used when Wall Street analysts discuss Tesla. And there's a problem with that - <a href="http://www.businessinsider.com/tesla-isnt-disrupting-anything-2016-3">a big problem: Tesla isn't disrupting anything.</a>Here are the top Wall Street headlines at midday:<a href="http://www.businessinsider.com/video-game-etf-launch-2016-3">There's a new ETF that will let you bet on the future of video games</a> - It's easy to get invested in beating a video game.<a href="http://www.businessinsider.com/bernanke-what-china-should-do-2016-3">BERNANKE: Here's what China should do to solve its 'trilemma'</a> - Is the no-devaluation strategy a good one for China? If it is, what does China need to do to make its exchange-rate commitments credible?<a href="http://www.businessinsider.com/aberdeen-asset-managements-luke-bartholomew-on-the-effects-of-deflation-2016-3">ABERDEEN: We're worried that deflation could trigger a wave of unemployment across Europe</a> - The Eurozone officially fell into deflation again in February in spite of the best efforts of the European Central Bank (ECB).<a href="http://www.businessinsider.com/barclays-bankers-are-now-working-out-in-their-suits-between-meetings-2016-3">Barclays is telling its bankers to exercise like crazy between meetings</a> - Barclays has bought fully into the high-intensity fitness fad by encouraging its bankers to use new exercise technology between meetings - in their suits.<a href="http://www.businessinsider.com/r-ex-jpmorgan-adviser-gets-five-years-in-prison-for-embezzling-20-million-2016-3">An ex-JPMorgan broker just got 5 years in prison for stealing from customers</a> - A former JPMorgan Chase investment adviser was sentenced to five years in prison on Tuesday.<a href="http://www.businessinsider.com/american-airlines-pilots-embarrassing-apologize-2016-3">American Airlines pilots: We are tired of apologizing for our embarrassing company</a> - American Airlines had a banner year in 2015, reporting a stellar $6.3 billion in profit.<a href="http://www.businessinsider.com/michael-phelps-new-under-armour-commercial-is-fantastic-2016-3">Michael Phelps broke down in tears when he first saw his new Under Armour commercial</a> - Under Armour unveiled the latest installment of its Rule Yourself campaign, dropping a gripping 90-second commercial of Olympic swimmer Michael Phelps.

Wall Street is ditching experienced traders, and it could backfire when markets go haywire

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div></div></div>JonesTrading's Dave Lutz has a roundup of what traders are chatting about right now:
Good Morning! US Futures are in the "Scalded Dog" formation, running well over 1%. The late afternoon rally on the GPIF news squeezed higher in the overnight, as a double-dose of good news shot Tokyo nearly 5% higher to 7Y peaks (and Nikkei futures are up ANOTHER 2% this AM) - The BOJ said it would expand its annual asset purchases to Y80T from the prior Y60-70T. Most of the incremental buying would be targeted at JGBs but the pace of stock and property fund purchases would triple, while the GPIF confirmed moving domestic stocks to 25% (vs. 12%), domestic bonds 35% (vs. 60%), foreign stocks 25% (vs. 12%), and foreign bonds 15% (vs. 11%). In Europe, the DAX is up 2%, led by a nice rebound in the Financials, but volumes remain light. Over in Asia, the Ruble is collapsing again, despite headlines Ukraine, Russia Reach Deal on Gas Dispute - but the MICEX is still rallying, up 1.5%. Shanghai added 1.2%, but India leaps another 2% to new all-time highs. Aussie added 1% despite some of the carnage going on in the Miners. There is no global sector I could find in the red overnight - China fins among the worst performers, but still added 40bp. 
The US 10YY is slightly higher, despite a persistent bid in Bunds - after that deflationary CPI print yesterday freaked out the Germans, and their retail sales for December just posted its biggest monthly fall since May 2007. The real story though is that Greenback, as it leaps near Y112, and looks to take out 2014 peaks against Euro. Stronger dollar is a huge headwind for commodities this AM - but it's encouraging to see a bid under Industrial commods like Copper and Lumber, albeit small. Gold is not happy today off 2%, hit with deflation, a stronger dollar, and momentum/technical selling. Mixed picture in Energy - with the Oils off roughly 1% and nearing last week's lows, while the Ukraine gas deal, coupled with cold weather, has that massive short base in Natty bidding it up almost 3%. Scheduled Catalysts today include PCE at 8:30, at 9:45 we get Chicago Purchasing Manager (Released 9:42 for paying subs), at 1 watch Natty/Oil on the Baker Hughes Rig Count, and 3:30 brings that "Commitment of Traders" data - Late tonight we get Chinese PMI. 
We have a Russell and S&amp;P month End rebalance today on the close - more details will be in WTAW - I'll be watching today: REITS as Japanese property REITS leapt over 11% overnight / Watch for a sharp rebound in the SOX after MCHP's guidance is much better than feared / Capitulatory selling in the Miners, as GDX/GDXJ are making all-time lows this AM / Oil ETFs with the commodity looking to go out October under more pressure - heavy short interest there, if Oil pops today, u will see those 3 ETFs squeeze / Natty - Due North, been saying it all week / Finally - look for people setting up in front of the "Good Harbor" rebalance that may occur Monday - Since the wild session on Oct 15th, The S&amp;P has climbed 10%+ from a intra-day low, while the 10YY is 45bp higher. In what can only be a amazing coincidence, that's when Good Harbor went to "25% large cap and 75% treasuries"

What Are Traders Chatting About? The Japan-Induced 'Scalded-Dog' Formation...

<div class="KonaFilter image-container display-table float_right"><div><div class="image">REUTERS/John GressSean Ridgeway works in the Euro Dollar pit at the Chicago Mercantile Exchange October 8, 2008. </div></div></div>Good morning!
Dave Lutz of Stifel, Nicolaus has the top topics that traders are talking about today:
US Futures are basically unchanged into the 8:30 report, mirroring quiet sessions in Europe with most markets trading light to 20day averages. We do have some tensions building in Ukraine as the Government tries to retake occupied buildings - While Ukrainian and Russian Bonds are under pressure, Russia's Micex is only off 30bp. Over in Asia - Shanghai remained closed for Holiday, while Japan lost small in light trading. Down in Aussie, the Biggest Banks keep rising, and the Biggest Miners keep falling. There was some "Good Harbor" asset allocation at work in the US market yesterday - IWM, UWM, UST, IEI, IEF, IWR, SSO were all trading heavier volumes on that light liquidity May Day. We also saw "New Tech" outperforming "Old Tech" by almost 4% yesterday, but LNKD, EXPE, OPEN are all under pressure early today - while we are seeing ORCL and CSCO bid up almost 1% each. Some key earnings today include CVX, MMC, KCG, OZM and CVS before the open, while we should hear from BRK.A after the close. The 10YY is up small, bouncing from multi-month lows from yesterday - Low Liquidity, No Inflation, Fed getting more Dovish, Japanese and Chinese Buying, Window Dressing, but mostly poor positioning are all reasons for the Treasury Bid this week. The DXY is in rally mode, as the Yen is getting hit this morning, and the $/¥ is nearing 3week highs. Despite this headwind for commodities - we are seeing Lumber jumping 1%, and Copper continuing to rebound from near multi-year lows. Gold and Silver are showing some bounce, but may be of the "dead cat" variety for now as ETF liquidations weigh. The Energy complex is underpinned by the Ukraine Tension, but WTI was rejected from the $100 level and 200dma early this AM. Clearly the main catalyst today is the US Employment report at 8:30 - but we also get Brazil PMI at 9, ISM New York at 9:45, and Factory Orders at 10. There is NO POMO operation from the NY Fed today.

Here's What Traders Are Chattering About As They Await Today's Jobs Number

<div class="KonaFilter image-container float_right"><div class="image on-image"></div></div>Stocks collapsed and the dollar fell, with biotechs taking a pause from a huge rally in trading on Wednesday.First, the scoreboard:<ul><li>Dow: 17,718.5, -292.6, (-1.6%)</li><li>S&amp;P 500: 2,061, -30.5, (-1.5%)</li><li>Nasdaq: 4,876.5, -118.2, (-2.4%)</li></ul>And now, the top stories on Wednesday:<ol><li><a href="http://www.businessinsider.com/warren-buffett-and-a-private-equity-firm-are-combining-heinz-and-kraft-in-a-food-industry-mega-merger-2015-3">Warren Buffett's Berkshire Hathaway and 3G Capital are investing $10 billion in the merger between Kraft Foods and Heinz.</a> The new company will be called The Kraft Heinz Company, and will be the fifth largest food company in the world. Kraft shareholders will receive a special dividend of $16.50, and will own 49% of the merged company. <a href="http://www.businessinsider.com/kraft-shares-heinz-deal-2015-3">Kraft shares rocketed</a> by up to 35% to as much as $87.88 per share.</li><li>In a statement, Buffett said: "This is my kind of transaction, uniting two world-class organizations and delivering shareholder value. I'm excited by the opportunities for what this new combined organization will achieve." This investment is a departure from his stance on private equity companies, as Business Insider's Myles Udland <a href="http://www.businessinsider.com/warren-buffet-on-private-equity-2015-3">reports</a>.</li><li><a href="http://www.businessinsider.com/biotech-sell-off-march-25-2015-3">Biotechs sold off sharply</a>. The iShares Nasdaq Biotechnology ETF fell by more than 3.5%, marking its biggest one-day plunge this year. As Myles Udland <a href="http://www.businessinsider.com/biotech-sell-off-march-25-2015-3">reports</a>, 2015's drop is similar to the sell off of last year, and biotechs, one of the best performing sectors, are again taking a breather.</li><li>In economic data out Wednesday, <a href="http://www.businessinsider.com/durable-goods-orders-feb-2015-2015-3">durable goods orders fell by 1.4% in February</a>, missing economists' expectation of a 0.2% rise. Nondefense capital goods orders excluding aircraft, or core capex, fell by 1.4%. "Core capital goods orders are now falling at a 7.6% 3m/3m saar pace and suggests that the comparable shipments measure, which is falling by a less scary 1.8% in February, could have more room to go," BNP Paribas' Bricklin Dwyer wrote.</li><li><a href="http://www.businessinsider.com/us-crude-inventories-2015-3">The US is still brimming with oil</a>, with inventories at their highest levels in nearly a century. They rose by 8.2 million barrels last week, according to the Energy Information Administration. Analysts had expected a build of 4.75 million. There are now 466.7 million barrels in storage, the highest for this time of year in 80 years, according to the EIA. This does not mean there is a storage crisis: "The US faces a growing structural problem without exports, but 2015 is likely not the tipping point," Morgan Stanley's Adam Longson wrote in a note. "Inventories should peak in May at 509 million barrels (+115 YoY), but this is far from full storage." </li><li><a href="http://www.businessinsider.com/lumber-liquidators-cpsc-press-conference-2015-3">Lumber Liquidators' laminate flooring is being investigated by the Consumer Product Safety Commission</a>. During a press call on Wednesday, commission chairman Elliot Kaye said samples have been collected and will be sent to labs for testing, although the results will emerge in "months," and may not conclusively determine what the long-term health risks are. "If we find out that we believe that there's a substantial product hazard, we will work with the company to seek a recall," Kaye said.</li></ol>DON'T MISS: <a href="http://www.businessinsider.com/kraft-foods-heinz-synergy-2015-3">Here's the one word that has every Heinz and Kraft Foods employee terrified»</a>

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