10 things things you need to know before the opening bell (SPY, SPX, QQQ, DIA, PZZA, CRM)
Here is what you need to know.
Farm bankruptcies are surging as Trump’s trade war drags on.The strain of low commodity prices on farmers and ranchers has been compounded by tariffs as at least 84 farm operations in the upper Midwest have filed for bankruptcy in the 12 months through June — more than twice the level seen in the same period in 2014.
A top US regulator pours more cold water on a bitcoin ETF. “What investors expect is that trading in that commodity that’s underlying the ETF is free from the risk or significant risk of manipulation,” Jay Clayton, the chairman of the US Securities and Exchange Commission, said at Coindesk’s Consensus conference in New York on Tuesday, according to CNBC. “Those kinds of safeguards don’t exist in many of the markets where digital currencies trade.”
Salesforce delivers a ‘beat and raise.’Shares gained more than 5% in after-hours trading Tuesday after the company beat on both the top and bottom lines in the third quarter and raised its revenue guidance for the fourth quarter.
Stock markets around the world are gaining ground. Hong Kong’s Hang Seng (+1.33%) led the gains in Asia, and Germany’s DAX (+0.24%) is out front in Europe after Larry Kudlow, President Donald Trump’s top economic adviser, said there was a “good possibility” the US and China could reach a trade agreement at the G20 summit in Argentina this weekend. The S&P 500 is set to open up 0.3% near 2,690.
Earnings keep coming. Burlington Stores, Dick’s Sporting Goods, and Tiffany all report ahead of the opening bell.
US economic data flows. The second estimate of third-quarter gross domestic product will be released at 8:30 a.m. ET and new-home sales will cross the wires at 10 a.m. ET. The US 10-year yield is unchanged at 3.05%.