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Good morning and welcome to 10 Things Before the Opening Bell.
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1. Tech stocks are dominating the S&P 500 at a level not seen since the dot-com bubble – and that could bode poorly for investors. The odds of a 15% stock market correction are rising, according to Morgan Stanley. Here's what a chief investment officer recommends.
2. Buckle up - inflation is here and prices are surging. The Consumer Price Index rose 0.9% between May and June and records show this is the highest month-over-month inflation rate since 2008. Stocks fell at the market close as investors reacted to the higher-than-expected inflation readings.
3. For auto stocks, no chips doesn't mean no dice. There's 12 companies that UBS says offer huge investing potential. These two auto stocks are set to surge by over 60%, according to experts.
4. Earnings on the docket: Bank of America, Citigroup, Wells Fargo, BlackRock, and Delta all reporting today.
5. Lumber prices went negative for 2021, erasing a scorching rally as Americans do less home improvement. Futures for September fell to $712.90 per thousand board feet. Earlier in May, thanks to a booming property market and DIY-project enthusiasm, prices peaked at $1,730. Dig into the numbers.
6. There's a new way to see how crypto's doing: S&P Dow Jones launched a new index covering the performance of 240 digital currencies. Hot or cold, find out how to take the temperature of the crypto market.
7. Planning to travel? Plan to spend more than usual. Planning to buy groceries? Plan to spend more than usual. Prices for airlines, hotel stays, and vehicle rentals are soaring. So are the prices for eggs, beef and pork. Find out what else you'll be paying more for.
8. Crypto trading volume is at a 9-month low: Regulators in Europe are playing hardball with digital currency regulations but Americans continue buying. Bitcoin saw a dramatic decline this week compared to last.
9. Looking for big gains in this next decade of investing? Analysts at Bank of America say historically cheap small-cap stocks could outperform larger companies - the exact opposite of what happened this last decade. Here's three sectors the pros anticipate to boom.
10. Inflation's up. But how does that change the way you should invest? There's a chance that inflation isn't going away anytime soon. Goldman Sachs shared three investing strategies to prepare for dips and ducks and bumps in the stock market.
Compiled by Phil Rosen. Any feedback? Email [email protected] or tweet @philrosenn.
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