10 things you need to know before the opening bell (SPY, SPX, QQQ, DIA, AAPL)

Trump Hurricane Florence

Here is what you need to know.

Hurricane Florence is due to make landfall on Saturday. The category 4 hurricane, which is now expected to make landfall in Myrtle Beach, South Carolina, could produce 40 inches of rain and a 13-foot storm surge.

Insurance and construction stocks have taken a beating ahead of Hurricane Florence. Over the past three trading sessions, Travelers has fallen 3.5% and Summit Materials lost 9.4% as traders position themselves ahead of Florence’s landfall.

Trump’s trade war has Chinese stocks taking a beating while the US market soars. The Shanghai Composite has lost about 20% of its value in the six months since President Donald Trump kicked off his trade war with China while the Nasdaq has gained more than 15%.

New York overtakes London as world’s top financial center. New York topped the list as the world’s most attractive financial center, according to the Z/Yen global financial centers index. It was followed by London and Hong Kong.

Tech employees may be the big winners of the ETF explosion. Tech employees — who often times receive a large portion of their compensation in stock options — are the big winners of the exchange-traded fund market’s $5 trillion explosion, according to a new study from Vincent Deluard of INTL FCStone.

Ethereum tumbles to a 16-month low. The cryptocurrency fell more than 8% early Wednesday to $169.12 a coin, and has lost more than 30% of its value over the past seven days.

Apple’s iPhone event is here. The tech giant is expected to unveil three new iPhones and a slew of other products that may include a new Apple Watch and refreshed Air Pods at an event in Cupertino, California on Wednesday.

Stock markets around the world are mixed. China’s Shanghai Composite (-0.33%) lagged in Asia and France’s CAC (+0.53%) leads in Europe. The S&P 500 is set to open little changed near 2,891.

Earnings reports trickle out. Pivotal Software will report after markets close.

US economic data flows. PPI will be released at 8:30 a.m. ET and the Fed’s Beige Book will cross the wires at 2 p.m. ET. The US 10-year yield is down 2 basis points at 2.96%.

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Source:: Business Insider


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