10 things you need to know before the opening bell
Richard Drew / AP Photo
Here’s what you need to know before the markets open.
1. The Bumble dating app is gearing up for an IPO worth between $ 6 billion and $ 8 billion. Bumble, the location-based dating and networking app that lets women take the first step, is set to go public in early 2021, according to a Bloomberg report.
2. Hong Kong’s richest man owns $ 11 billion stake in Zoom, one-third of his total wealth. Hong Kong’s richest man Li Ka-shing currently owns $ 11 billion stake in video conferencing app Focus on video communications which constitutes a third of his fortune, according to Bloomberg.
3. Investors are bracing for choppy markets, but volatility typically eases ahead of the election, according to a strategist. The upcoming U.S. election has been cited as a key factor causing market volatility this month, but one strategist says September will be quieter than many investors think.
4. Why Warren Buffett’s Berkshire Hathaway Bet $ 7 Billion on 5 Japanese Stocks. Warren Buffett’s Berkshire Hathaway recently disclosed that it owns 5% of each of the five largest trading companies in Japan or “sogo shosha”: Itochu, Marubéni, Mitsubishi, Mitsui, and Sumitomo. The positions, which Berkshire has built over the past 12 months, were worth a $ 6.9 billion combined from the close of Wednesday.
5. GOLDMAN SACHS: Female portfolio managers are outperforming their male counterparts so far in 2020. These are the 25 stocks they own the most compared to men. So far this year, female portfolio managers are outperforming their male counterparts, according to a note from Goldman Sachs.
6. David Baron’s fund has returned 93% to investors in the past 12 months thanks to a Tesla bet 5 years ago. He told us why he thinks the electric car giant still has a long way to go, despite its huge rally. For years, Tesla’s stock didn’t do much except spin its wheels.
7. Apple, Amazon and Google are increasing their developer and advertising client fees to pass on the costs of paying new digital taxes in Europe. Amazon, Apple and Google will pass the costs of the new European taxes on their revenues to small developers and customers.
8. Inventories are mostly up. European equities are up sharply between 1.8% and 2.3%. Asian stocks closed slightly lower. The futures contracts underlying the Dow 30, S&P 500 and Nasdaq 100 show an increase of between 0.6% and 1%.
ten. On the economic plan. EIA crude oil stocks are changing, the Fed’s Beige Book and speeches from FOMC members Mester and Kashkari are expected.
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