10 things you need to know before the opening bell

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A currency trader watches monitors at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Thursday, July 16, 2020. Shares fell back in Asia on Thursday after markets worldwide rallied on rising hopes for a COVID-19 vaccine. (AP Photo/Ahn Young-joon)

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

1. Gold hits another record high.The price of the precious metal climbed as high as $2,048 per ounce Wednesday, driven higher by continued fears over the dollar, and, according to some analysts, the huge explosion which hit Beirut, Lebanon Tuesday.

2. Young investors are flooding into bitcoin in the pandemic, while the older generation can’t get enough of gold, a team of JPMorgan analysts said. Retail investors are split down the middle by generation over their favorite alternative assets, according to a note from JPMorgan this week.

3. Warren Buffett plows another $337 million into Bank of America, boosting his stake to nearly 12%. Warren Buffett continued his Bank of America buying spree this week, spending more than $300 million on the banking titan’s shares between July 31 and August 4, Securities and Exchange Commission filings show.

4. Disney stock jumps after Disney Plus hits 60 million subscribers. Disney stock climbed as much as 6.4% in pre-market trading on Wednesday as investors cheered strong growth at Disney Plus last quarter and shrugged off the brutal impact of the coronavirus pandemic on other parts of its business.

5. MORGAN STANLEY: The government’s recession response has the stock market heading for a massive upheaval. Here’s your best strategy to capitalize on the shift. Inflation has been, and continues to be — perhaps surprisingly — largely left off the list of investor concerns since the US government rushed to provide economic stimulus following the COVID-19 outbreak.

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6. 100 deals and $1 million in profit a year: Here’s how Mike Simmons made a simple change to his real-estate investing strategy that took him from small-time house flipper to full-fledged mogul. Mike Simmons, a successful real-estate investor and author of “Level Jumping,” always knew the traditional 9-to-5 slog wasn’t for him.

7. Jim Cramer says a wave of ‘clueless buyers’ is helping to fuel the stock market’s ‘stupidly bullish’ sentiment right now. Cramer cited the example of BP, which saw shares surge on Tuesday despite reporting catastrophic earnings and cutting its dividend.

8. Stocks are mostly up. Asian stocks were mostly higher, European stocks are up, and US futures are pointing to an increase of 0.4% to 0.8%. 

9. Earnings coming in: Allianz and Roku 2Q 20 earnings are expected. 

10. On the economic front: US EIA Crude Oil Stocks change and US Markit Services PMI are due. 

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Source:: Business Insider

      

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