10 things before the opening bell

Bitcoin etf banner

Welcome to 10 Things Before the Opening Bell.

If this was forwarded to you, sign up here. Plus, download Insider’s app for news on the go – click here for iOS and here for Android.

Let’s get into it.

1. US stocks are steady, caught in a tug-of-war between inflation fears and earnings optimism. Deutsche Bank says 50 out of 57 US companies have beaten estimates in their quarterly reports so far. Meanwhile, oil prices are rising. See the latest moves on the market.

2. The first day of trading for ProShares’ bitcoin futures ETF saw huge trader interest. More than 24 million shares changed hands in total, with roughly $US1 ($AU1) billion of turnover. Read all about the landmark debut.

3. Morningstar analysts shared a bunch of stocks they think are undervalued heading into Q4. The firm says certain sectors like energy and healthcare are set to outperform. Check out all 33 of their picks.

4. Earnings on deck: Tesla, Verizon, and IBM Corp., all reporting.

5. Investor bullishness is lowest in a year despite near-record highs in the stock market. Investors remain skeptical due to concerns surrounding rising inflation and supply chain disruptions, said Bank of America. Its survey found that most investors expect to see a Fed interest rate increase next year.

6. The US Treasury thinks cryptocurrencies pose a threat to effectively enforcing sanctions. “Malign actors” could use digital assets to hide cross-border transactions, which can reduce the efficacy of American sanctions. They say the government must adapt and modernize to try and counteract changes in global financing.

7. Stock markets are addicted to stimulus, said Guggenheim’s Scott Minerd. Nonstop accommodation from central banks have hooked markets, and now they have no exit strategy, the CIO said. He says US stocks could plunge 15% by the end of October.

8. Coinbase inked a major deal with the NBA on the eve of the new season. The crypto-trading platform signed a multiyear sponsorship deal that includes the NBA, WNBA, NBA G League, NBA 2K, and USA Basketball. Get the details here.

9. We spoke to ProShares’ global investment strategist about his firm’s new ETF launch. He told us why futures are a powerful way to get exposure to bitcoin. Read on for full forward-looking analysis from other crypto analysts.

10. Meme stock watch list: Redditors are buzzing about Tesla, Cloudflare and Marathon Digital. Here are the top 16 meme stocks on Reddit right now.

Compiled by Phil Rosen. Feedback? Email [email protected] or tweet @philrosenn.

Sign up for more Insider newsletters here.