10 things you need to know before the opening bell

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10 Things Before the Opening Bell
 
 

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Welcome to 10 Things Before the Opening Bell. Sign up here to get this email in your inbox every morning.

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

1.  US stock futures fall after 'chaotic' presidential debate, risk aversion rattles oil and silver. Stock futures fell on Wednesday, under pressure from renewed uncertainty over the outcome of the November election, following what pundits called a "chaotic" presidential debate between Republican Donald Trump and Democrat Joe Biden overnight.

2. The UK economy shrank more than it has done in 65 years, plunging nearly 20% in the second-quarter. The UK economy posted its biggest quarterly fall in record between April and June this year, officially entering recession, but a final reading of total activity on Wednesday showed the decline was less severe than originally thought.

3. China's manufacturing activity surges in September, affirming its path to economic recovery. China's huge manufacturing sector continued to recover in September, affirming the world's second largest economy is recovering from the pandemic, according to data on Wednesday. 

4. JPMORGAN: The best defenses against stock-market crashes are delivering their weakest results in a decade. Here are 3 ways to adjust your portfolio for this predicament. During stock market downturns, investors can usually turn to safer places to put their money — known as defensive assets — and still see a relatively meaningful return to offset losses in equities. 

5. GOLDMAN SACHS: Buy these 16 stocks best-positioned to take advantage of unprecedented Fed money printing and potentially higher inflation in the years ahead. It's not surprising that inflationary fears are creeping back to the forefront of investor attention.

6. The CEO of a $41 billion money manager says there will be 'bountiful buying opportunities' with higher volatility heading into year-end — and shares 4 high-dividend-paying stocks to play this market. At a time when retail investors — from Gen-Z to retirees — have flocked to the stock market in droves to put money to work, Jason Brady has a contrarian recommendation to his clients. 

7. 4 stock-market experts break down how to invest heading into 'uncertain' US presidential election. The upcoming US presidential election could be one of the most uncertain elections in the nation's recent history, making current investing decisions difficult. Here's what four market experts are saying about how to invest heading into the election.

8. A Wall Street strategist says it's time to exit tech stocks, and recommends 3 sectors that are cheaper and steadily improving. Steven DeSanctis, Jefferies equity strategist, told CNBC on Tuesday that many large technology stocks are getting "pricey" and there are cheaper alternatives that investors can buy now.

9. Earnings coming in.   Computer Services Q2 2021 and Boohoo Q2 2021 earnings are coming in. 

10. On the economic front.The US Chicago Purchasing Managers' Index and the US EIA Crude Oil Stocks change are due. 

 

 
 
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Wall Street's Rising Stars — Goldman leadership reshuffle — Credit Karma's plans for income data

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Today is the big day. Palantir and Asana both hit the public markets via a direct listing. In case you missed it yesterday, here's a great explainer on how direct listings work. 

If you're not yet a subscriber, you can sign up here to get your daily dose of the stories dominating banking, business, and big deals.

Like the newsletter? Hate the newsletter? Feel free to drop me a line at ddefrancesco@businessinsider.com or on Twitter @DanDeFrancesco


Rising stars of Wall Street

rising stars of wall street 2020 4x3

The next generation is here.

Our annual list of the top up-and-comers on Wall Street went live Tuesday. It's a great group of impressive people across hedge funds, banks, and private equity

Get to know these names. There is a good chance you'll keep seeing them pop up for the foreseeable future. 

Click here see the entire list of our 25 rising stars of Wall Street.


Goldman Sachs just shook up its divisions to create a new consumer and wealth-management arm that will be run by Stephanie Cohen and Tucker York

Goldman Sachs

It seems fitting that precisely one day after posting our big org chart of Goldman Sachs the Wall Street titan decided to shake things up. Dakin Campbell has the scoop on the new big promotions and reshuffling. Read the full rundown here


$4.3 billion Marqeta is targeting a wider range of customers for its digital cards with a new 'tokenization-as-a-service' push

Jason Gardner

Touch-free ways to pay are very top-of-mind as a result of the coronavirus. Shannen Balogh spoke to the chief product officer at Marqeta about a new "tokenization-as-a-service" that will broaden the scope of companies that can use the fintech to issue digital cards. Read the story here


$7.1 billion Credit Karma is launching a no-fee checking account aimed at Gen Z and underbanked consumers. Two executives explain how income-related data could eventually be used to recommend loans.

Ken Lin Credit Karma

Credit Karma announced the launch of a no-fee checking account. Shannen Balogh spoke to two executives at Credit Karma about how the startup might look to leverage customers' income data to make better loan recommendations. Read more here


Odd lots:

The hydrogen economy is set to explode into a $2.5 trillion industry. Bank of America lays out the winners and losers as the gas reaches a 'tipping point'. (BI)

CME notifies traders of COVID-19 case in eurodollar options pit: memo (Reuters)

JPMorgan Paying $920 Million to Resolve Market Manipulation Probes (WSJ)

Blank-Check Dealmakers Seek to Raise $100 Million for SPAC Fund (Bloomberg)

KPMG just axed 1,400 US jobs across tax, audit, and advisory businesses and is also cutting some workers' pay (BI)

 
 
 
 
 
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10 things in tech you need to know today

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10 Things in Tech You Need to Know Today

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Good morning! This is the tech news you need to know this Wednesday. Sign up here to get this email in your inbox every morning.

  1. Nearly two years since Google Health came together, it's still unclear how the group fits into Alphabet's bigger vision for healthcare or how it'll make money. The health division is still battling public distrust and has lost out on some major deals as it tries to hammer out its road map, insiders told Business Insider.
  2. Hedge funds and private equity are piling into late-stage startups ahead of hotly anticipated IPOs. Nontraditional investors have participated in more than $50 billion in deal value so far in 2020, according to PitchBook data.
  3. Amazon is letting customers pay for groceries by scanning their palm at its Go convenience storesAmazon is trialing its new Amazon One palm-scanning payment tech at two of its Seattle convenience stores.
  4. DuckDuckGo complained Android's choice screen in Europe is "rigged" after Google picked a bunch of alternative search engines. Google started letting competitors auction for space on Android phones after the EU slapped it with a $5 billion fine for anti-competitive behavior in 2018.
  5. A cache of Amazon company records show the company has misled the public about the frequency of injuries inside its warehouses, Reveal reports. Last year one the warehouse with the highest injury rate experienced 22 serious injuries for every 100 workers, per the documents seen by Reveal. 
  6. Joe Biden's campaign declared war on Facebook, accusing it of failing to live up to its promises to rein in Trump. The Biden campaign said Facebook had not lived up to its own promises to clamp down on misinformation on topics like voting.
  7. Google's $2.1 billion Fitbit takeover is set for regulator approval after the tech giant made new concessions on user data. Google has promised it will not use Fitbit data to personalize adverts for 10 years.
  8. A number of people on Clubhouse, the audio-only chat app used by tech founders and investors, revealed a chatroom conversation erupted with anti-Semitic opinions on Monday evening. Users present in the chatroom said it spiralled into a tirade against Jewish people using anti-Semitic tropes.
  9. Uber's push to expand its food delivery empire just hit another roadblock as the DOJ scrutinizes its plan to buy Postmates. The DOJ put in a "second request," which signals it's "concerned about the deal" according to former DOJ antitrust lawyer Sam Weinstein.
  10. Coinbase CEO Brian Armstong drew both scorn and praise after forbidding employees to engage in activism at work. Coinbase CEO Brian Armstrong wrote in a blog post over the weekend that corporate activism was a "distraction" from his company's mission of increasing global access to cryptocurrencies like Bitcoin.

Have an Amazon Alexa device? Now you can hear 10 Things in Tech each morning. Just search for "Business Insider" in your Alexa's flash briefing settings.

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Meet this year's Rising Stars of Wall Street

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Here's our list of the next crop of Wall Street leaders...
Get inside the companies that matter to you.

Meet the 25 Rising Stars of Wall Street from firms like Goldman Sachs, BlackRock, and Apollo

As Wall Street navigates a health pandemic that's changed the way we work and dramatically changed the economic landscape, we take a look at the players rising despite the challenges and grasping opportunities as they see them.

From launching game-changing groups within global financial institutions, to having a hand in restructuring entertainment giants like AMC, these 25 people stood out as the leaders for tomorrow.

In addition to being at the top of their class, these finalists are also trailblazing in new areas like data science and machine learning, executing on sustainability goals, and paving the way for a more diverse and equitable workforce by speaking out and taking part in recruiting efforts.

We've included people with a variety of roles and experiences from companies including Bridgewater Associates, BlackRock, Goldman Sachs, Fidelity, and the Carlyle Group.

Here's our list of the next crop of Wall Street leaders.
Read Now →
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Meet the 'Tax Domme,' the sex worker who prepares other sex worker's income taxes

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Can a porn star deduct her breast implants from her taxes? Do ankle restraints and chastity belts count as write-offs? Just ask Lori St. Kitts.
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Meet the 'Tax Domme,' the sex worker who prepares other sex worker's income taxes
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Meet the 'Tax Domme,' the sex worker who prepares other sex worker's income taxes

Can a porn star deduct her breast implants from her taxes? Do ankle restraints and chastity belts count as write-offs? Just ask Lori St. Kitts.

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The rise of White House COVID-19 adviser Dr. Scott Atlas, a lockdown skeptic who increasingly has Trump's ear and is worrying experts like Fauci

The rise of White House COVID-19 adviser Dr. Scott Atlas, a lockdown skeptic who increasingly has Trump's ear and is worrying experts like Fauci

Anthony Fauci called Atlas an "outlier" in his coronavirus views, and the Director of the CDC was overheard saying "everything" Atlas says "is false."

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Volvo's Polestar EV brand will add this sleek new model to its Tesla-challenging lineup — see the 'Precept'

Volvo's Polestar EV brand will add this sleek new model to its Tesla-challenging lineup — see the 'Precept'

Polestar is advertising the electric Precept as a green future in more than just its EV status, with an interior made from recycled materials.

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Edelman's partnership with Cision was once positioned as the 'first of its kind,' but after its first year, the deal is no longer exclusive
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Edelman's partnership with Cision was once positioned as the 'first of its kind,' but after its first year, the deal is no longer exclusive

The idea was to give Edelman exclusive data and the ability to develop new products that could help tie its PR work to actual business results.

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Why toilet-paper demand spiked 845%, and how companies kept up with it

Why toilet-paper demand spiked 845%, and how companies kept up with it

The run on toilet paper emptied shelves across the US. The culprit: coronavirus panic buying and manufacturing split between consumer and commercial.

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We're hosting a live event tomorrow! Get a sneak preview of the first presidential debate with Business Insider's DC bureau.

We're hosting a live event tomorrow! Get a sneak preview of the first presidential debate with Business Insider's DC bureau.

They'll discuss the first presidential debate, the inner workings of the Trump and Biden campaigns, and the expected battle over the election results.

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PRESENTING: The highest-paying remote jobs you can do from anywhere in world, and they're all hiring right now
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PRESENTING: The highest-paying remote jobs you can do from anywhere in world, and they're all hiring right now

The remote-jobs platform FlexJobs revealed its list of the highest-paying jobs you can do from home.

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These are the key commercial real-estate deals and trends to watch

These are the key commercial real-estate deals and trends to watch

Latest real estate news and analysis on new developments, construction, sales, rents, leasing and transactions.

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Nikola founder Trevor Milton bought semitruck designs instead of making them 'in his basement,' report says

Nikola founder Trevor Milton bought semitruck designs instead of making them 'in his basement,' report says

The Nikola One semitruck is part of a $2 billion lawsuit with Tesla, in which Nikola said Tesla's design was "substantially" similar to its own.

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Restaurant owners are prompting a run on outdoor heaters as they prepare for a long winter of outdoor dining in cities like New York. Here are the models they're after and how they're shifting the landscape.
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