Welcome to 10 Things Before the Opening Bell. Sign up here to get this email in your inbox every morning. Here's what you need to know before markets open. 1. Gold's explosive rally is not 'quite finished yet,' a Standard Chartered strategist said. Just when gold prices seem to have taken a bit of a breather after their historic rally above $2,000, Standard Chartered thinks the surge in the precious metal will likely continue. 2. The catastrophic US coronavirus response is allowing China to stake its claim as the world's dominant superpower, former Fed chair Greenspan says. The failure of the US to effectively limit the spread of the novel coronavirus has "worsened" its road to economic recovery, he said in a blog post. 3.The world's largest sovereign wealth fund lost $21 billion in the first 6 months of 2020 as COVID-19 decimated returns. Norway's sovereign wealth fund, the largest of its kind in the world, posted a loss of 3.4% in the first six months of the year, as the coronavirus pandemic ravaged the country's portfolio of assets. 4. Charles Schwab's stock-picking chief told us why a COVID-19 vaccine would trigger a mass exit from tech stocks — and pinpoints 3 companies that would benefit instead. Since the coronavirus pandemic began, investors have rushed into tech stocks — so much so that 74% of fund managers in a July Bank of America survey said that being long on tech was the most crowded trade. That might be about to change. 5. Inside Eagle Investors, the 20,000-member online community run by 2 Indiana University students that's helping spearhead the Gen Z day-trading revolution. Millions of Americans are trading stocks for the first time, hoping to profit from pandemic-fueled volatility and unprecedented government aid. Many of them are using Eagle Investors. 6. Bruce Fraser outperformed the S&P 500 by nearly 286% as a hedge-fund manager before switching to real-estate investing. He details the strategy he used to amass more than 1,600 multifamily units. Bruce Fraser, a managing partner at Elkhorn Capital Partners, isn't your typical real-estate investor. 7. US states seek $26.4 billion from drug firms in opioid litigation. US states are seeking a combined $26.4 billion from three major drug distributors and Johnson & Johnson to settle opioid litigation against the companies, the Wall Street Journal reported on Tuesday, citing people familiar with the matter. 8. Most stocks are up a little. European stocks have gained between 0.1% and 0.6%, Asian indexes made similar gains, and US futures are pointing to a higher open between 0.2% and 0.3% for the Dow, S&P 500, and Nasdaq. 9. Earnings coming in. Walmart Q2 2021 and Home Depot Q2 20 earnings are due. 10. On the economic front. A speech from the Fed's Lael Brainard, and API Weekly Crude Oil Stock data are due. Join the conversation about this story » NOW WATCH: Why Pikes Peak is the most dangerous racetrack in America
More like this (3)
Law firms are using new tech to cut costs. These are the startups set to benefit — and what it means for the future of legal careers.
Summary List Placement The coronavirus pandemic has accelerated virtually every industry's path to digitize and...Summary List Placement The coronavirus pandemic has accelerated virtually every industry's path to digitize and the notoriously old-school world of law is no exception. Legal firms are demanding more innovation in a bid to improve efficiency and as clients seek lower costs. VCs are seeing promise in the space, opening their wallets to fund legal tech startups. Last year, Bloomberg Law reported that...
Saudi Arabia's $300 billion wealth fund ditched Facebook, Disney, and Boeing stocks, and poured billions into ETFs in the second quarter
Saudi Arabia's sovereign wealth fund, which is among the largest in the world, released investments it...Saudi Arabia's sovereign wealth fund, which is among the largest in the world, released investments it bought and sold in the second quarter in an SEC filing. The state-backed Public Investment Fund exited its investments in major US corporates such as Boeing, Facebook, Marriott, and Disney, according to the filing. The wealth fund focused on exchange-traded funds rather than individual investments and invested nearly...
Berkshire reported earnings of $26.4 billion in the second quarter, a turnaround from its $49.7 billion...Berkshire reported earnings of $26.4 billion in the second quarter, a turnaround from its $49.7 billion loss in the first quarter, when the pandemic caused a plunge in the stock market.