Here’s what you need to know before markets open.
1. Global stocks drop after Fed’s upbeat economic outlook dents chances of more stimulus. Global stocks slid on Thursday, while the dollar edged up, after the US Federal Reserve gave no indication that any new stimulus measures would be forthcoming, as the economy continues to recover from the effects of the coronavirus pandemic
2. Tech tools developer JFrog leaps 62% after raising about half a billion in upsized IPO. American-Israeli technology provider JFrog soared 62% in its Nasdaq debut on Wednesday, after its upsized IPO raised $509 million.
3. Billionaire Richard Branson to raise $400 million for new SPAC as it looks to expand its Virgin empire. Billionaire Richard Branson, who is founder of the Virgin Group has joined the “blank-check” frenzy and is looking to raise $400 million to fund a possible takeover.
4. The co-investing chief of SkyBridge explains how he finds opportunities in places where no one is looking – and shares the 3 hedge fund titans he’s plowing money into ahead of market-wide ‘muted returns’. Troy Gayeski believes that 99% of life is luck.
5. A Wall Street firm says investors should buy these 15 cheap, high-earning stocks now to beat the market in 2021 as more expensive companies fall behind. As the US economy gets up off the mat and the stock market grows more volatile, investors are going to want to change their priorities.
6. Legendary options trader Tony Saliba famously put together 70 straight months of profits greater than $100,000. Here’s an inside look at the strategy that propelled him to millionaire status before age 25. Tony Saliba, a legendary options trader and author of “Managing Expectations,” didn’t have the ideal start in financial markets that most dream about – far from it.
7. Trump is trying to rig the FCC to pass his executive order cracking down on Facebook and Twitter. Donald Trump is trying to replace an FCC member who displeased him by questioning his executive order on social media.
8. OPEC+ panel warns of virus impact, sees signs of decline in oil overhang. An OPEC+ technical panel warned that a rise in coronavirus cases in some countries may curb oil demand despite signs of economic recovery and initial indications of a decline in oil stocks, according to an internal document seen by Reuters on Thursday.
9. Earnings coming in. Playtech Limited and Hilton Food Group Q2 20 earnings are coming in.
10. On the economic front. US Housing Starts Change and US Continuing Jobless Claims are coming in.
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