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10 things you need to know before the opening bell

Published by Business Insider on Tue, 23 Feb 2021


<p><img src="https://static4.businessinsider.com/image/6034e7fbd9208800185916eb-2400/GettyImages-668600179.jpg" border="0" alt="Wall Street." data-mce-source="Matteo Colombo/Getty Images" data-mce-caption="Big Tech recovers after a rough day Wednesday on Wall Street." data-link="https://www.gettyimages.com/detail/photo/new-york-stock-exchange-wall-st-new-york-usa-royalty-free-image/668600179'adppopup=true"></p><p></p><bi-shortcode id="summary-shortcode" data-type="summary-shortcode" class="mceNonEditable" contenteditable="false">Summary List Placement</bi-shortcode><p><strong><em><a href="https://newsletter.businessinsider.com/join/4np/10-things-opening-bell&amp;hash=8122c716833601fc1471f79af063b104'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">Welcome to 10 Things Before the Opening Bell. Sign up here to get this email in your inbox every morning.</a></em></strong></p><p><strong><a href="http://newsletter.businessinsider.com/join/4np/insider-investing'nr_email_referer=1&amp;utm_sou%5B" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url'q=http://newsletter.businessinsider.com/join/4np/insider-investing'nr_email_referer%3D1%26utm_sou%255B&amp;source=gmail&amp;ust=1614165371872000&amp;usg=AFQjCNHvCYGalQ8LHnf751lWMOt5nHO-4g">Sign up for Insider Investing</a>&nbsp;for your weekly markets analysis.</strong></p><p>Here's what you need to know before markets open.</p><p>1. <strong>US tech rout set to continue, after rising bond yields drive sharp sell-off, while bitcoin plunges again. </strong><a href="https://markets.businessinsider.com/currencies/news/stock-market-today-us-futures-bond-yields-tech-bitcoin-2021-2-1030111741">Nasdaq futures were down sharply</a> after the index plunged 2.46% on Monday.</p><p>2. <strong>Elon Musk's wealth tumbles by $15 billion after Tesla shares dropped 9% in one day.&nbsp;</strong>The tech sell-off hit Tesla, with <a href="https://markets.businessinsider.com/currencies/news/elon-musk-wealth-tumbles-15-billion-tesla-stock-dropped-9-2021-2-1030111505">shares falling their most since September</a>&nbsp;on Monday.</p><p>3. <strong>UK unemployment rate hits 4-year high in final quarter of 2020 but data shows 'tentative' signs of stabilizing.</strong> The UK's furlough scheme <a href="https://markets.businessinsider.com/news/stocks/uk-unemployment-rate-highest-level-since-2016-payrolls-rise-2021-2-1030111423">has limited joblessness.</a></p><p>4. <strong>HSBC's profits plunge 45% as low interest rates and bad loans take their toll. </strong>The bank <a href="https://markets.businessinsider.com/news/stocks/hsbc-q4-earnings-profits-plunge-interest-rates-bad-loans-2021-2-1030111526">earned $12.8 billion in Asia, but lost $4.2 billion in Europe.</a></p><p>5. <strong>Churchill Capital Corp IV drops 35% after Lucid Motors strikes SPAC deal to go public with a $24 billion valuation. </strong>Churchill's shares have rallied in recent sessions in anticipation of the deal, <a href="https://markets.businessinsider.com/news/stocks/churchill-capital-stock-price-lucid-confirms-spac-deal-2021-2-1030111769">but fell sharply on Tuesday.</a></p><p>6. <strong>Earnings expected:</strong> Home Depot revealed a jump in sales, while <a href="https://markets.businessinsider.com/earnings-calendar">Square is set to report.</a></p><p>7. <strong>On the economic calendar:</strong> The market's attention will be on <a href="https://markets.businessinsider.com/economic-calendar">Federal Reserve chair Jay Powell testifying to Congress.</a></p><p>8.&nbsp;<strong>The SPAC explosion has Wall Street scrambling to get in on the action.</strong>&nbsp;Goldman Sachs shares&nbsp;<a href="https://www.businessinsider.com/spac-ipo-investing-strategy-hedge-funds-top-picks-goldman-sachs-2021-2'r=opening-bell" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url'q=https://www.businessinsider.com/spac-ipo-investing-strategy-hedge-funds-top-picks-goldman-sachs-2021-2'r%3Dopening-bell&amp;source=gmail&amp;ust=1614165366875000&amp;usg=AFQjCNH6iEQxsMxWG3ORQjkGeYegEA3X4Q">the top 15 SPACs that hedge funds are betting on right now</a>.</p><p>9. <strong>A star fund manager specializing in Chinese small-cap stocks lays out the 3 key pillars driving the country's 'vicious cycle of innovation.'</strong>&nbsp;Tiffany Hsiao also shares&nbsp;<a href="https://www.businessinsider.com/investing-in-china-sectors-opportunities-innovation-boom-tiffany-hsiao-pm-2021-2'r=opening-bell" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url'q=https://www.businessinsider.com/investing-in-china-sectors-opportunities-innovation-boom-tiffany-hsiao-pm-2021-2'r%3Dopening-bell&amp;source=gmail&amp;ust=1614165366875000&amp;usg=AFQjCNFOynaE8x1WiitX53ohJnF1dGVxDg">the 3 sectors where she's finding long-term opportunities</a>.</p><p>10. <strong>UBS says sustainable investment strategies will play a bigger role for years to come.</strong>&nbsp;The firm details&nbsp;<a href="https://www.businessinsider.com/investing-advice-themes-for-esg-amid-large-growth-prospect-ubs-2021-2'r=opening-bell" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url'q=https://www.businessinsider.com/investing-advice-themes-for-esg-amid-large-growth-prospect-ubs-2021-2'r%3Dopening-bell&amp;source=gmail&amp;ust=1614165366875000&amp;usg=AFQjCNEEKf1CdYp6iiGPz4Z1gCQrkvlsZQ">3 growing ESG themes that offer long-term value</a>.</p><p><a href="https://markets.businessinsider.com/news/stocks/opening-bell-february-23-2021-2-1030111997#comments">Join the conversation about this story &#187;</a></p> <p>NOW WATCH: <a href="https://www.businessinsider.com/why-gucci-clothes-racist-blackface-sambo-2019-2">Why these Gucci clothes are racist</a></p>
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