Here’s what you need to know before markets open.
1. Jeff Bezos is now personally worth more than Nike, McDonald’s, Costco, and almost 50% of the Dow. The Amazon founder and CEO’s $186 billion fortune exceeds the market value of many of America’s biggest companies.
2. The economic hit from COVID-19 will be felt ‘for a long time’ even if a vaccine is ready in 2020, a top economist warned. “The earliest people are going to feel safe going into crowded restaurants is probably going to be by the middle of next year.”
3. Fiat Chrysler and Waymo just announced an exclusive deal for advanced self-driving technology. Waymo will provide its autonomous “Driver” technology to FCA’s entire vehicle brand portfolio.
4. Bill Ackman’s blank-check acquisition company will begin trading on Wednesday after raising up to $4 billion. Ackman hasn’t revealed which companies he’s aiming to buy, though he previously said he’s looking for “high-quality, venture-backed businesses.”
5. Morgan Stanley warns tech stocks are unusually vulnerable to earnings disasters over the next few weeks – and shares its strategy for profiting regardless of the outcomes. Some tech companies could be hit hard by an earnings miss.
6. Goldman Sachs says these 17 trades can help investors maximize their gains from the stocks most affected by the US elections in November. Some stocks face extra volatility connected to November’s elections, and the bank is telling investors how to use options to trade them.
7. JPMorgan says the most unloved group of stocks at the coronavirus crisis peak is now more appealing than ever before. Here are 3 trades to buy into while they’re still super-cheap. The most overlooked stocks have never been cheaper relative to the rest of the market, JPMorgan’s quant guru finds.
8. Global stocks are mixed. In Europe, Germany’s DAX fell 0.4%, Britain’s FTSE 100 fell 0.8%, and the Euro Stoxx 50 fell 0.8%. In Asia, China’s Shanghai Composite rose 0.4%, Hong Kong’s Hang Seng rose 2.2%, and Japan’s Nikkei rose 0.6% at the close. In the US, futures underlying the Dow Jones Industrial Average, the S&P 500, and the Nasdaq rose 0.2%.
9. Earnings expected. Microsoft, Tesla, Christian Dior, and Biogen are highlights.
10. On the data docket. Both MBA Mortgage Applications and the Energy Information Administration’s Crude Oil Stocks Change are due.
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