10 things you need to know before the opening bell

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

1. Global markets surge as investors weigh a positive coronavirus vaccine trial and optimism over Thursday’s US jobs report. Traders are awaiting US Non Farm Payroll data for further direction in the market.

2. Billionaire John Paulson, who netted $20 billion from the 2008 ‘Big Short’ crisis, quits the hedge fund world. The billionaire legend is the latest hedge fund celebrity to walk away from the business.

3. The IMF’s chief economist poured cold water on the Bank of England’s claim the UK is heading for a V-shaped recovery. The UK economy could see “a spike initially, and then going forward, I think we could end up with something much more flat,” Gopinath said.

4. Tim Cook, Mark Zuckerberg, Jeff Bezos, and Sundar Pichai will all testify before Congress in an antitrust hearing. Facebook, Amazon, and Google had all reportedly been confirmed for the antitrust hearing by mid-June, but Apple had stayed quiet.

5. UK investors bet on a deep tech boom after startups across automation, AI, and quantum computing raise $3.3 billion. UK deep tech startups raised $3.3 billion in 2019.

6. Stock analysts are having a moment in the sun as the market gets flipped upside down. We spoke to 11 of the top-ranked on Wall Street to get their forecasts and single-stock picks. Top-ranked Wall Street analysts covering all 11 S&P 500 sectors gave us their industry outlooks and offered stock picks.

7. Goldman Sachs lists 15 super-cheap stocks to buy now before their prices catch up to their strong growth and earnings prospects. These cheap stocks are trading at large discounts to Goldman’s modeled forecasts. Here’s where the firm sees opportunities.

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8. Billionaire ‘bond king’ Jeff Gundlach dissed day traders, downplayed a ‘V-shaped’ recovery, and defended Trump’s tax cuts in a recent interview. Here are his best quotes. “There are several more shoes, if not Imelda Marcos’ closet full of shoes to fall on this economic and market situation.”

9. Global stocks are up. In Europe, Germany’s DAX rose 1.9%, Britain’s FTSE 100 rose 0.9%, and the Euro Stoxx 50 rose 1.8%. In Asia, China’s Shanghai Composite rose 2%, Hong Kong’s Hang Seng rose 2.8%, and Japan’s Nikkei rose 0.1% at the close. In the US, futures underlying the Dow Jones Industrial Average, the S&P 500, and the Nasdaq rose as much as 1%.

10. On the economic front. Continuing jobless claims, Nonfarm payrolls, the Energy Information Administration’s Natural Gas storage change, and the 4-Week Bill Auction are due for release.

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Source:: Business Insider

      

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