10 things before the opening bell

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Welcome to 10 Things Before the Opening Bell.

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Let’s get into it.

1. The first-ever bitcoin ETF will launch on the New York Stock Exchange today. ProShares will trade its bitcoin futures ETF under the “BITO” ticker, marking another milestone for the digital asset market. Here’s what you need to know.

2. Dip-buying by day traders is helping to stave off a stock collapse. Morgan Stanley says retail-investor interest is dragging reluctant institutions along for the ride. The firm says something has to give in the next few months.

3. Investors are irrationally fearful of pullbacks, said co-investment chief of Truist Bank. They’re also “excessively pessimistic” about cyclical stocks. He shared why he recommends buying stock dips – and gave his outlook for every S&P 500 sector.

4. A big day for earnings: Netflix, Johnson & Johnson, and Procter & Gamble, all reporting.

5. The Evergrande crisis is continuing to ripple through the Chinese economy. UBS and Barclays have a new report assessing the fallout. Read more about the chain reaction slowing growth in the nation.

6. Goldman Sachs: A $14 trillion cash pile will help US stock allocations hit new highs in 2022. Investor allocations to stocks hit 52% this year, passing the level seen in the dot-com bubble. The firm unpacks the drivers of the record stockpile.

7. The S&P 500 just reclaimed a key technical level that bodes well for a year-end rally, according to Fundstrat. Because the index closed above its 50-day moving average Friday, the firm sees stocks continuing to rise. It shares the next key indicator to monitor.

8. Mohamed El-Erian says to expect volatility once the Fed pulls back on stimulus. The famed economist sees the shift bringing an end to an asset-supporting “liquidity wave.” Read El-Erian’s full comments on markets and the economy.

9. Sure, you can worry about inflation – but certain sectors will still outperform. A bullish portfolio manager at Federated Hermes explained that stocks can still rise even while inflation gains steam. He shared three sectors that are attractive, two that have opportunities, and one to avoid.

10. How to stake altcoins to earn interest as high as 77%. Crypto investor Ken Mack has a 7-figure portfolio. He breaks down which networks he uses to maximize returns and create passive income.

Compiled by Phil Rosen. Feedback? Email prosen@insider.com or tweet @philrosenn.

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