10 things before the opening bell

Welcome to 10 Things Before the Opening Bell.

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Let’s jump in. 

1. The Fed gears up for its final monetary policy decision of the year. All eyes will be on the two-day meeting of the Federal Open Market Committee kicking off today. Top of mind will be November’s white-hot inflation reading, which showed prices rising at the fastest pace in almost 40 years. The pace of tapering asset purchases and the timing of interest rate increases are also on the docket. 

Among the Fed’s top critics during the recent surge in inflation has been economist Mohamed El-Erian. He said policy makers must “quickly regain control” after missing the mark on inflation and has previously said the central bank’s prediction of “transitory” inflation is the worst call in its history. 

Bank of America meanwhile is predicting the Fed could raise rates as soon as this week’s meeting, and has warned investors to sell stocks before higher rates spark a dot-com style blowup.

Here is a rundown of other economic data due this week:

• Producer price index data will be released today. Combined with CPI, the number will give the Fed a full picture of inflation at this week’s meeting. 
• Retail sales data will be published on Wednesday.
• Jobless claims data is due Thursday. The previous reading was the lowest since 1969.

2. US stocks are scrabbling for a toehold, with the Fed in full focus. More of yesterday’s pain for the S&P 500 and Dow is on the cards, as Omicron’s spread makes investors jumpy. Here are the latest moves on the market.

3. Jefferies analysts explained how to pick stocks amid historic inflation. Inflation is at its highest in nearly 40 years, and Jefferies says sources of inflation are shifting. These are the 38 stocks the firm recommends. 

4. Earnings on deck: Pepco Group, Perimeter Solutions, and Pharma Foods International, all reporting.

5. Lucid stock jumped after being added to the Nasdaq 100. Airbnb and Palo Alto Networks also joined the major tech index, while Fox and Cerner have been cut. Here are the six stocks being added to and removed from the Nasdaq 100 this month.

6. JPMorgan predicts Apple’s budget 5G phone to catapult the stock past a $3 trillion valuation. In response to news that the tech giant will launch its cheaper phone model in early 2022, the bank raised its price target on Apple to $210. The bank sees Apple making a few key moves in the new year.

7. Larry Ellison has made a $50 billion gain on Oracle and Tesla this year. The Oracle chairman owns about $135 billion worth of the two companies’ shares — and now he’s the fifth richest person in the world. 

8. As of Monday, 90% of all bitcoins have now been mined. That means nearly 19 million coins out of 21 million are now out on the open market. But analysts don’t expect the final 10% to be fully mined until February 2140.

9. The cheapest way to mine ether: A miner who’s tried just about every option shares his process for mining and the tools you should get your hands on. Here are his tips on landing mining hardware that’s constantly sold out.

10. This couple is on track to retire in their 30s. “You can reach big goals if your salary is not super high or if you have tons of debt,” says Ali Lupo. The couple shared their strategy for achieving financial freedom — including their house-hacking tactics.

Compiled by Phil Rosen. Feedback? Email prosen@insider.com or tweet @philrosenn.

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