10 things you need to know before the opening bell

Traders work on the floor of the New York Stock exchange

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1. Global stocks tumble as rising bond yields worry investors. See what markets are doing today.

2. A $US1 ($1) million price target for bitcoin is ‘very reasonable,’ Kraken’s CEO said. The digital asset is going to the moon, Mars, and eventually will be the world’s currency, according to Jesse Powell.

3. Cathie Wood says digital wallets will ‘gut’ traditional banks. She expects the price of bitcoin to increase by between $US40,000 ($51,351) to $US400,000 ($513,512).

4. UBS more than doubles its Tesla price target. Analysts said the automaker will be the most profitable player in the EV space for years to come, even as competition heats up.

5. 78% of institutional investors are not planning on investing in crypto. But 58% of investors surveyed by JPMorgan said cryptocurrencies are “here to stay.”

6. Earnings expected. Broadcom, Costco, Merck, Kroger, and Slack are highlights.

7. On the data docket. Fed Chair Jerome Powell’s speech, the OPEC meeting, US jobless claims, and non-farm productivity are due.

8. Famed investor Carson Block just unveiled a new short position on XLFleet. He breaks down his decision to bet against it, and says it’s the latest ‘garbage’ company to use the SPAC bubble to go public.

9. Michael Oh has beaten 99% of his peers over the last 10 years. He told us the 4 pillars of his investing strategy, and shared 3 stocks he thinks will see explosive growth over the next 5-10 years.

10. Morgan Stanley explains why the hardware industry has historically been the best performer after tech recessions. The firm also shares 3 hardware stocks to buy as the economy recovers.