- Reuters/Jim Urquhart
Here is what you need to know.
Traders are betting on a stock market shock. The cost of betting on a quiet market is lower than it’s been at any point since October 2015.
Global manufacturing is looking pretty good. Global manufacturing grew for a 17th straight month in July, up 0.1 points to 52.7, according to the JPMorgan-IHS Markit manufacturing Purchasing Manager Index.
Bitcoin could split again. The cryptocurrency split into bitcoin and bitcoin cash on Tuesday, but it could split again in a few months, according to Charles Morris, a chief investment officer of NextBlock Global. He told Business Insider, “Hardliners who don’t want to see the size of blocks increase could spark another fork down the line.”
Gold holds near 7-week highs. The precious metal trades down 0.17% near $1,267 after hitting its best level since the middle of June on Tuesday.
Apple hits a record high after hinting at strong sales. Shares rallied to a record, up more than 5%, in after-hours trading on Tuesday after the tech giant beat on both the top and bottom lines and said it expected fourth-quarter revenue of $49 billion to $52 billion, well ahead of the $49.21 billion that Wall Street was anticipating.
Jeff Bezos has dropped to No. 3 on the world’s-richest-person list. As of Tuesday afternoon, Zara founder Amancio Ortega had a net worth of $85.5 billion, moving him ahead of Bezos ($84.8 billion), according to Forbes.
David Einhorn says Tesla has enough cash for 3 quarters. On a call for his fund, Greenlight Capital, the billionaire said Tesla was overvalued and not adequately capitalized, Reuters reports.
Stock markets around the world are mixed. Japan’s Nikkei (+0.47%) was out front in Asia, and Britain’s FTSE (-0.29%) trails in Europe. The S&P 500 is set to open little changed near 2,477.
Earnings reporting is heavy. Groupon, Molson Coors, and Time Warner are among the names reporting ahead of the opening bell, while Cheesecake Factory, Fitbit, and Tesla release their quarterly results after markets close.
US economic data trickles out. ADP Employment Change will cross the wires at 8:15 a.m. ET. The US 10-year yield is up 2 basis points at 2.27%.