Welcome to 10 Things Before the Opening Bell.
Let’s jump in.
1. Hurricane Ida made landfall in Louisiana on Sunday. Oil production cuts made in anticipation of the storm have already exceeded those made during Hurricane Katrina 16 years ago. Extensive power outages are expected, and the price of crude oil will likely keep climbing.
2. Friday’s long-awaited Fed speech was business as usual — which was the best possible outcome. Jerome Powell didn’t make waves at his annual Jackson Hole address, simply reiterating that the Fed could start tapering asset purchases this year. Stocks shot up to record highs as Powell spoke.
3. RBC analysts just updated their list of favorite small-cap stock ideas. Their picks include 13 outperform-rated companies with upside ranging from 20% to 130%. Check out the list, which is dominated by tech and biopharma names.
4. Earnings on deck:
, Bank of China, and Haier Smart Home, all reporting.
5. Amazon-backed EV maker files for IPO. Rivian is reportedly seeking an $80 billion valuation, and has already raised more than $10 billion since its founding. Here’s how the electric-vehicle manufacturer plans to compete with Tesla.
6. Tim Cook netted $355 million after selling the Apple shares he received as a work bonus. The company gave Cook more than $750 million of stock after he spearheaded a decade of company growth and a soaring stock price. Read more on the lucrative week for the Apple billionaire.
7. China intends to ban US stock listings for tech companies that store sensitive user data. Still, Chinese regulators said those that hold less sensitive data, like pharmaceutical firms, should still go ahead with planned listings abroad. See the latest numbers behind China’s crackdown.
8. Your morning cup of joe might get more expensive as the global coffee supply chain get squeezed. Vietnam, the world’s second-biggest coffee grower, has instituted strict COVID-19 travel lockdowns amid a new wave of outbreaks. Coffee prices have already been on the upswing amid a drought in Colombia and crop damage in Brazil.
9. We spoke to a top crypto-market technician who got bullish on Cardano before it surged 92%. JC Parets broke down his thinking on the call — and the broader crypto market — in an exclusive interview. Check out his takes on solana, helium, dogecoin, and bitcoin.
10. A 48-year market vet warns that the Fed will be forced to tighten policy ‘way sooner’ than investors anticipate. David Hunter of Contrarian Macro Advisors sees this happening as inflation continues to soar. He unpacks his outlier call for an up-to-80% stock-market crash.
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