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Rabu, 24 Oktober 2018

10 things you need to know before the opening bell

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October 24, 2018

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Here is what you need to know.

Trump fired a new warning shot at the Fed. "Every time we do something great, he raises the interest rates," President Donald Trump told The Wall Street Journal, adding Federal Reserve Chairman Jerome Powell "almost looks like he's happy raising interest rates."

OPEC is in 'produce as much as you can' mode. Bloomberg reports that the Saudi energy minister, Khalid al-Falih, made the comment at an investment conference in Riyadh, Saudi Arabia, on Tuesday, sending West Texas Intermediate crude oil down as much as 5% and below $66 a barrel for the first time in two months.

A $716 billion investor explains how traders can profit from an ongoing 'stealth bull market.' Robert Tipp, the chief investment strategist at PGIM Fixed Income, explains why what he calls the "stealth bull market in bonds" that has been in place since 2013 will keep going and how you can profit from it.

Most S&P 500 stocks are in a correction or bear market. According to Reuters, 353 S&P 500 stocks have fallen into a correction — down 10% from their peaks — and 179 of those are in a bear market — down at least 20% from their peak.

Deutsche Bank says it is on track for its first annual profit in 4 years. "We have our costs under control and sufficient capital to grow," CEO Christian Sewing said Wednesday. "We are on track to be profitable in 2018, for the first time since 2014."

Short seller Andrew Left does a 180 on Tesla. Left's Citron Research said Tuesday that the electric-car maker was "crushing the competition" and that it had bought shares of ahead of Wednesday's earnings report.

Ford names a new CEO for its China operations. The automaker has named Anning Chen, a former Chery Jaguar Land Rover chairman in China who also previously worked at Ford, as the head of its China operations, Reuters says.

There's at least one winner for the record-setting $1.6 billion Mega Millions jackpot. South Carolina's lottery said it sold one winning ticket that matched the numbers 5, 28, 62, 65, 70 and the Mega Ball 5, Reuters reports.

Earnings reporting kicks into high gear. AT&T, Boeing, Northrop Grumman, and UPS report ahead of the opening bell, while AMD, Ford, Microsoft, Tesla, and Visa release their quarterly results after markets close.

US economic data is heavy. FHFA home prices will be released at 9 a.m. ET before Markit manufacturing and services PMIs cross the wires at 9:45 a.m. ET. Then, at 10 a.m. ET, new-home sales are announced. Data concludes at 2 p.m. with the Fed's Beige Book. The US 10-year yield is down 3 basis points at 3.14%.

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