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Here’s what you need to know before markets open.
2. The economic hit from COVID-19 will be felt ‘for a long time’ even if a vaccine is ready in 2020, a top economist warned. “The earliest people are going to feel safe going into crowded restaurants is probably going to be by the middle of next year.”
3. Fiat Chrysler and Waymo just announced an exclusive deal for advanced self-driving technology. Waymo will provide its autonomous “Driver” technology to FCA’s entire vehicle brand portfolio.
4. Bill Ackman’s blank-check acquisition company will begin trading on Wednesday after raising up to $4 billion. Ackman hasn’t revealed which companies he’s aiming to buy, though he previously said he’s looking for “high-quality, venture-backed businesses.”
5. Morgan Stanley warns tech stocks are unusually vulnerable to earnings disasters over the next few weeks – and shares its strategy for profiting regardless of the outcomes. Some tech companies could be hit hard by an earnings miss.
7. JPMorgan says the most unloved group of stocks at the coronavirus crisis peak is now more appealing than ever before. Here are 3 trades to buy into while they’re still super-cheap. The most overlooked stocks have never been cheaper relative to the rest of the market, JPMorgan’s quant guru finds.
8. Global stocks are mixed. In Europe, Germany’s DAX fell by 0.4%, the British FTSE of one hundred fell by 0.8% and the Euro Stoxx 50 by 0.8%. In Asia, China’s Shanghai Composite rose 0.4%, Hong Kong’s Hang Seng by 2.2% and Japan’s Nikkei by 0.6% at the close. In the U.S., underlying futures contracts for the Dow Jones Industrial Average, S-P 500 and Nasdaq rose 0.2%.
9. Expected benefits. Microsoft, Tesla, Christian Dior and Biogen are the highlights.
10. In the knowledge file. MBA mortgage applications and adjustments to energy information administration’s crude oil inventories must be submitted.