10 things you need to know before the opening bell

Reuters

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Here’s what you need to know before markets open.

1. Global stocks drop as hopes for stimulus wane before election and Europe imposes tough new COVID restrictions. Global stocks fell on Thursday, under pressure from fading investor hopes for a deal on US stimulus ahead of next month’s election, and from a steep rise in COVID-19 cases across Europe.

2. Bitcoin will be swept to $1 million in five years by an ‘enormous wall of money,’ former Goldman Sachs hedge-fund chief says. Raoul Pal, the former Goldman Sachs hedge-fund manager who founded Real Vision, said the price of Bitcoin will hit $1 million in five years. 

3. Investors are moving into riskier assets they wouldn’t have previously considered as low rates make yield scarce, a BlackRock strategy chief says. Low-interest rates are causing investors to buy riskier assets than they normally would seek out, according to BlackRock’s Isabelle Mateos y Lago.

4. Stocks will continue to rise regardless of who wins the election as corporate earnings stage a recovery, says the world’s largest wealth manager. US stocks should continue to move higher regardless of who wins the upcoming November election, according to a Wednesday note from UBS Chief Investment Officer Mark Haefele. 

5. Investors should buy healthcare stocks as they are too cheap to ignore, DataTrek says. Investors should take advantage of the current discount in healthcare stocks and buy them, DataTrek Research said in a note on Wednesday.

6. Earnings coming in.  Morgan Stanley and Charles Schwab Q3 20 earnings are coming in. 

7. On the economic front.  US 4-Week Bill Auction and US Continuing Jobless Claims are due. 

8. Chewy cofounder Ryan Cohen lays out the crucial skills he learned from Warren Buffett and his father, and explains why he’s all-in on Apple. Ryan Cohen ignored the naysayers when he cofounded an online pet-supplies retailer in 2011 and squared off against Amazon and Pets.com.

9. Jeff James has crushed the market this year thanks to a stock pick that’s soared 1,155%. He shares another bet he expects to deliver similar returns – and lays out 3 additional opportunities in tech. The run-up in US mega-cap growth stocks this year has given active managers plenty of opportunities to shine. But Jeff James is not experiencing any fear of missing out. 

10. A wealth advisor at a $12 billion firm explains why she’s shifting into unloved bargain stocks for the next 7-10 year market cycle – and breaks down her 3 top picks. Growth stocks have stolen the show in the market over the last handful of years. That has only become more true this year, as mega-cap tech companies have surged to eye-popping valuations amid the stay-at-home environment.

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