10 things you need to know before the opening bell

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

1. Bitcoin soars to new highs and oil jumps as outlook brightens, with US stocks set to slip as markets await fresh stimulus. Stock markets have rallied in February but paused on Tuesday as other assets took the spotlight.

2. Bitcoin rockets to record high of $48,000 after Elon Musk’s Tesla buys up $1.5 billion – with one backer saying the price could hit $100,000 this year. More details of bitcoin’s remarkable rise after Tesla backed the cryptocurrency.

3. Goldman Sachs boosts US GDP forecast to 6.8% in 2021 and now expects $1.5 trillion in COVID-19 stimulus. The bank’s economists now expect any package to be $400 billion bigger than they previously thought.

4. Ethereum shoots to new all-time high past $1,800 for the first time after CME futures launch. It’s not just bitcoin breaking records, with futures trading boosting ethereum.

5. Investors should look to bonds and emerging-market stocks instead of holding cash as inflation climbs, UBS says. The Swiss bank’s analysts weigh into the great inflation debate.

6. Some big earnings are expected. Twitter, Fox Corporation and DuPont are all due to report.

7. On the data docket. Another quiet day, with job openings figures and the API weekly crude oil stock change.

8. Credit Suisse just updated its highest-conviction stock picks for February. The firm says buy these 16 stocks set to outperform despite the market’s contrarian view.

9. A wealth management research chief sees the best single year of GDP growth since 2000. He shares 6 stock-market sectors to buy as the US reopens.

10. UBS says bitcoin is a bubble and too volatile to diversify a portfolio. Here’s why the bank says the cryptocurrency could end up ‘worthless.’

Read the original article on Business Insider

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