Jonathan Garber

<ol><li> <a href="https://www.businessinsider.com/canada-arrests-huawei-cfo-at-us-authorities-request-report-2018-12?utm_source=intl&amp;utm_medium=ingest">Canada arrested Huawei's CFO, and the US is seeking to extradite her</a> . Meng Wanzhou, CFO of the Chinese technology company Huawei, was arrested on suspicion of violating the US's trade sanctions on Iran, adding a new chapter to the US-China trade war. </li><li> <a href="https://www.businessinsider.com/stock-market-news-europe-and-asia-crash-as-trade-war-fears-continue-2018-12?utm_source=intl&amp;utm_medium=ingest">Stocks are getting rocked</a> . Hong Kong's Hang Seng (-2.47%) led the losses in Asia and Britain's FTSE (-2.6%) trails in Europe. The S&amp;P 500 is set to open down 1.66% near 2,655. </li><li> Bonds are rallying. Buying has pushed the 10-year yield down more than 2 basis points to 2.89%, but the yield curve is slightly steeper with the 2-10-yr spread up to 13 basis points. </li><li> <a href="https://markets.businessinsider.com/commodities/oil-price?type=wti?utm_source=intl&amp;utm_medium=ingest">Oil craters after Saudi Arabia proposes a smaller than expected production cut</a> . West Texas Intermediate crude oil was down more than 3% at $51.25 a barrel after Saudi energy minister Khalid Al-Falih said cutting production by about 1 million barrels a day should be "adequate," Bloomberg reports. OPEC has been considering cuts of up to 1.5 million bpd. </li><li> <a href="https://www.businessinsider.com/2019-market-forecast-one-thing-that-could-save-investors-from-disaster-how-it-could-happen-2018-12?utm_source=intl&amp;utm_medium=ingest">There's a 'deus ex machina' that could save the markets from disaster</a> . The strong US dollar needs to weaken in order to save the stock market, and there are four ways that can happen, according to Vincent Deluard, macro strategist at FCStone. </li><li> <a href="http://uk.businessinsider.com/r-exclusive-tesla-smarting-from-trade-war-seeks-bids-for-china-gigafactory-construction-2018-12?r=US&amp;IR=T?utm_source=intl&amp;utm_medium=ingest">There are more details in Tesla's bid for a Gigafactory in China</a> . The state-owned Shanghai Construction Group is doing the bidding, and at least one contractor has started buying materials for the plant's foundations, Reuters reports, citing sources and documents it reviewed. </li><li> <a href="https://www.businessinsider.com/china-marriott-records-hack-500-million-people-2018-12?r=UK&amp;IR=T?utm_source=intl&amp;utm_medium=ingest">Clues suggest China was behind the huge Marriott hack</a> . Tools, techniques, and procedures that have previously been used in attacks by Chinese hackers were discovered by investigators looking into the breach of up to 500 million customers in Marriott's Starwood reservation system, Reuters reports, citing three people familiar with the matter. </li><li> <a href="https://markets.businessinsider.com/news/stocks/apple-stock-price-iphone-purchases-not-2018-12-1027785992?utm_source=intl&amp;utm_medium=ingest">There's a simple reason people aren't buying iPhones like they used to</a> . Apple "continues to try to push toward these higher-price devices, and we think that is continuing to cause a slowdown in the replacement cycle," Angelo Zino, senior equity analyst at CFRA, told Business Insider, adding he doesn't see that as a broader warning for the state of the US consumer. </li><li> <a href="https://markets.businessinsider.com/earnings-calendar?utm_source=intl&amp;utm_medium=ingest">Earnings report picks up a bit</a> . Kroger reports ahead of the opening bell while American Outdoor Brands, Broadcom, Lululemon, and Ulta Beauty are set to release their quarterly results after markets close. </li><li> <a href="https://markets.businessinsider.com/economic-calendar?utm_source=intl&amp;utm_medium=ingest#date=12/06/2018&amp;name=&amp;countries=us&amp;eventtypes=&amp;tab=1,2,3">US economic data is heavy</a> . ADP Employment Change will cross the wires at 8:15 a.m. ET and initial claims is released at 8:30 a.m. ET. Then at 9:45 a.m. ET, Markit services PMI will be released before data concludes at 10 a.m. ET with ISM non-manufacturing, factory orders, and durable goods orders. </li></ol>

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Here is what you need to know.

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

<ol><li> Here comes the jobs report. The US economy is expected to have added 198,000 jobs in November as the unemployment rate held at 3.7%, according to economists surveyed by Bloomberg. </li><li> <a href="https://www.wsj.com/articles/restrained-inflation-reduces-urgency-for-quarterly-rate-increase-pattern-1544127856?mod=hp_lead_pos1">The Fed could tweak its approach to future rate hikes</a> . Fed officials are considering a "wait-and-see approach" to future rate hikes as they want to assess the strength of the US economy, according to the Wall Street Journal’s Nick Timiraos. </li><li> <a href="https://www.businessinsider.com/bitcoin-and-other-cryptocurrencies-plunged-again-2018-12?utm_source=intl&amp;utm_medium=ingest">Bitcoin hits a fresh 15-month low</a> . The largest cryptocurrency by market cap fell as much as 8.26% to $3,300 a coin late Thursday, hitting its lowest level since September 2017. </li><li> <a href="https://www.businessinsider.com/biotech-moderna-prices-initial-public-offering-2018-12?utm_source=intl&amp;utm_medium=ingest">The biggest IPO in biotech history just priced</a> . Moderna Therapeutics, which develops medical treatments based on messenger RNA, priced its initial public offering at $23 a share, giving it a valuation of about $7.5 billion. </li><li> <a href="https://markets.businessinsider.com/news/stocks/semiconductor-stocks-are-at-the-epicenter-of-stock-market-sell-off-2018-12-1027788360?utm_source=intl&amp;utm_medium=ingest">A formerly dominant and often overlooked sector is at the epicenter of the stock-market meltdown</a> . The Philadelphia Semiconductor had gained 118% since the start of 2016, but has fallen 18% from its March highs, with former stock-market darlings AMD and Nvidia seeing much bigger losses. </li><li> <a href="https://www.businessinsider.com/bank-stocks-bear-market-sell-off-down-the-most-in-18-months-2018-12?utm_source=intl&amp;utm_medium=ingest">Bank stocks briefly enter bear-market territory</a> . The KBW Bank Index briefly entered bear-market territory on Thursday — down 20% from its March peak — as trade tensions and a flattening yield curve weighed. </li><li> <a href="https://www.businessinsider.com/tesla-to-pay-march-convertible-debt-cash-stock-report-2018-12?utm_source=intl&amp;utm_medium=ingest">Tesla is reportedly planning to pay off its next chunk of convertible debt in an odd way</a> . The electric-car maker will pay holders of convertible notes with a 50/50 mix of equity and cash, Bloomberg reports. </li><li> <a href="https://markets.businessinsider.com/indices?utm_source=intl&amp;utm_medium=ingest">Stock markets around the world are mixed</a> . Japan's Nikkei (+0.82%) led the gains in Asia and Britain's FTSE (+1.61%) is out front in Europe. The S&amp;P 500 is set to open down 0.58% near 2,680. </li><li> <a href="https://markets.businessinsider.com/earnings-calendar?utm_source=intl&amp;utm_medium=ingest#date=12/07/2018&amp;name=&amp;countries=&amp;eventtypes=99&amp;tab=ALL">Earnings reports trickle out</a> . Big Lots and Vail Resorts report ahead of the opening bell. </li><li> <a href="https://markets.businessinsider.com/economic-calendar?utm_source=intl&amp;utm_medium=ingest#date=12/07/2018&amp;name=&amp;countries=us&amp;eventtypes=&amp;tab=1,2,3">US economic data keeps coming</a> . Aside from the jobs report, wholesale inventories and University of Michigan consumer confidence will both be released at 10 a.m. ET and consumer credit will cross the wires at 3 p.m. ET. The US 10-year yield is down one basis point at 2.89%. </li></ol>

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

<a href="https://markets.businessinsider.com/stocks/apha-stock?utm_source=intl&amp;utm_medium=ingest" id="22635f28-84d9-3f36-a7e3-c2a4896d41c7"> Aphria </a> fell further Thursday morning, down more than 12%, after the company said it had named a committee to review its acquisition of the medical-cannabis company LATAM Holdings, an agreement the short-seller Quintessential Capital Management said was "largely worthless" and benefitted only insiders. After the latest declines, shares had fallen more than 40% since the report was released Monday.

"The Company's Board reiterated its confidence in the process leading to the Acquisition, as well as in its Latin American operations and strategy," an Aphria press release said.

"However, in the face of inaccurate and misleading accusations by certain short-sellers, whose sole interest is in profiting from a decline in the Company's shares, it is undertaking a comprehensive review, led by a Special Committee of independent directors of these, and any other, allegations in the interest of protecting Aphria shareholders."

In a scathing report out Tuesday from Quintessential's Hindenburg Research, the firm called Aphria a "shell game with a cannabis business on the side." It alleged that Aphria's LATAM acquisition allowed insiders to divert as much as $700 million, or nearly half of Aphria's total net assets, through the deal.

Aphria initially pushed back against the report, saying the allegations were "a <a href="https://www.newswire.ca/news-releases/aphria-statement-regarding-short-seller-report-701810951.html" id="f86f14ef-3fa9-381d-ad92-91371aa48044"> malicious and self-serving attempt </a> " to manipulate Aphria's stock price.

"We are committed to protecting our shareholders and restoring market confidence by confirming all the facts through an independent process to rebut innuendo and deception," Aphria CEO Vic Neufeld said in Thursday's press release.

"Until then, it is business as usual at Aphria, as we continue taking significant steps to solidify our position as a premier global cannabis company."

Aphria, one of Canada's largest marijuana producers, <a href="https://markets.businessinsider.com/news/stocks/weed-stocks-aphria-begins-trading-new-york-stock-exchange-2018-11-1027685286?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=intl&amp;utm_medium=ingest" id="f9f9be25-1495-3033-aeab-2fe06b92b761"> listed on the New York Stock Exchange </a> in November, transferring from Canadian markets.

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The cannabis producer Aphria is plunging after announcing a committee will review its new acquisition that a short seller called 'largely worthless' (APHA)

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Traders were rushing into Treasurys early Thursday as <a id="b4212b62-a459-3b15-a02f-c286e689d152" href="https://markets.businessinsider.com/news/stocks/stock-market-news-dow-down-400-wipes-out-2018-gains-2018-12-1027787357?utm_source=intl&amp;utm_medium=ingest"> US equity markets wiped out their gains for the year </a> following news of the <a id="50a49308-a138-38b8-aa61-502a6d8a6c38" href="https://www.businessinsider.com/canada-arrests-huawei-cfo-at-us-authorities-request-report-2018-12?utm_source=intl&amp;utm_medium=ingest"> arrest of Meng Wanzhou </a> , CFO of the Chinese tech and telecoms giant Huawei. Meng's arrest has stoked fears that the trade-war truce between the US and China could be in jeopardy.

Thursday's flight into Treasurys has yields lower across the curve, with heavy buying pushing yields up front down more than eight basis points apiece. The benchmark 10-year yield fell more than six basis points to below 2.85%, and was trading at its lowest level in more than two months. Here's a look at the scoreboard as of 10:05 a.m. ET:

Thursday's stampede into Treasurys has caused some steepening along the yield curve, with the spread between two- and 10-year yields ticking up two bps to 14 bps. On Tuesday, the 3-5-year spread <a id="03628c37-38d0-323a-aa1f-bc0aa2fc4756" href="https://www.businessinsider.com/yield-curve-inversion-us-recession-signal-bond-market-red-flag-2018-12?utm_source=intl&amp;utm_medium=ingest"> inverted for the first time since the financial crisis </a> , stoking recession fears.

"The yield curve has inverted prior to each U.S. recession over the past 50 years," Jonathan Golub, chief US equity strategist at Credit Suisse, said in a note sent out to clients on Thursday.

"Unfortunately, the lead time between inversion and the onset of the subsequent economic contraction (14–34 months) has been quite inconsistent, making this a less useful signal."

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Traders rush into Treasurys

The cannabis producer <a href="https://markets.businessinsider.com/stocks/cron-stock?utm_source=intl&amp;utm_medium=ingest" id="933f57e6-6f19-328d-a2d4-1bfa16bb8e4f"> Cronos </a> was soaring early Tuesday, up more than 10%, after confirming it had held talks with Altria, the maker of Marlboro cigarettes, about Altria making an investment in the company.

"No agreement has been reached with respect to any such transaction and there can be no assurance such discussions will lead to an investment or other transaction involving the companies," a <a href="https://thecronosgroup.com/cronos-group-confirms-discussions-regarding-potential-investment-by-altria-group/" id="d2dee8fe-48ce-322d-aeb8-73e237c56adb"> Cronos press release </a> sent out Tuesday said.

Cronos shares gained as much as 29% on Monday after Reuters reported that <a href="https://www.businessinsider.com/altria-in-talks-to-buy-cronos-2018-12?utm_source=intl&amp;utm_medium=ingest" id="64ee1748-b001-327d-a3de-d410cbfb8980"> Altria was interested in a stake </a> in the company. The stock closed Monday's session up about 11% at $10.17 a share.

If a deal were to come to fruition, it wouldn't be the first time a cigarette company has moved into the cannabis space. In June, the venture arm of the UK-based Imperial Brands <a href="https://www.businessinsider.com/imperial-brands-snoop-dogg-vc-invests-in-medical-cannabis-biotech-2018-6?utm_source=intl&amp;utm_medium=ingest" id="0ce9a322-a210-3e19-a51a-17a02d63a813"> invested in Oxford Cannabinoid Technologies </a> , a biotech company working on research into active compounds in the cannabis plant known as cannabinoids.

Cronos was up 31.38% this year before Tuesday's gains.

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A woman holds marijuana for sale at the MedMen store in West Hollywood. REUTERS/Lucy Nicholson

The cannabis producer Cronos spikes after confirming it has held talks with the Marlboro maker Altria (CRON)

The cannabis producer <a id="933f57e6-6f19-328d-a2d4-1bfa16bb8e4f" href="https://markets.businessinsider.com/stocks/cron-stock?utm_source=intl&amp;utm_medium=ingest"> Cronos </a> was soaring early Tuesday, up more than 10%, after confirming it had held talks with Altria, the maker of Marlboro cigarettes, about Altria making an investment in the company.

"No agreement has been reached with respect to any such transaction and there can be no assurance such discussions will lead to an investment or other transaction involving the companies," a <a id="d2dee8fe-48ce-322d-aeb8-73e237c56adb" href="https://thecronosgroup.com/cronos-group-confirms-discussions-regarding-potential-investment-by-altria-group/"> Cronos press release </a> sent out Tuesday said.

Cronos shares gained as much as 29% on Monday after Reuters reported that <a id="64ee1748-b001-327d-a3de-d410cbfb8980" href="https://www.businessinsider.com/altria-in-talks-to-buy-cronos-2018-12?utm_source=intl&amp;utm_medium=ingest"> Altria was interested in a stake </a> in the company. The stock closed Monday's session up about 11% at $10.17 a share.

If a deal were to come to fruition, it wouldn't be the first time a cigarette company has moved into the cannabis space. In June, the venture arm of the UK-based Imperial Brands <a id="0ce9a322-a210-3e19-a51a-17a02d63a813" href="https://www.businessinsider.com/imperial-brands-snoop-dogg-vc-invests-in-medical-cannabis-biotech-2018-6?utm_source=intl&amp;utm_medium=ingest"> invested in Oxford Cannabinoid Technologies </a> , a biotech company working on research into active compounds in the cannabis plant known as cannabinoids.

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The <a id="3d71916e-29d7-3a50-a968-0d6633d46f50" href="https://markets.businessinsider.com/news/stocks/stock-market-closes-at-record-high-bull-run-intact-2018-8-1027484390?utm_source=intl&amp;utm_medium=ingest"> longest bull run in US stock-market history </a> is on its last legs, according to one Wall Street bank.

"In our view, the bullish cycle that began in 2009 is ending," Societe Generale's technical team, led by Stéphanie Aymès, said in a note sent out to clients on Monday.

"Precisely, the famous wave 5, i.e. the last wave of the cycle according to Elliott Wave Principles, has met its key objectives on the S&amp;P500 and Nasdaq. The occurrence of bearish divergences on long-dated indicators and possibly the beginnings of bearish reversal patterns (Head and Shoulders) suggest that the US equity indices may be topping out and that a distribution phase is commencing."

The Elliott Wave Principles identify up-and-down trends in the market, using the assumption that human behavior moves markets in identifiable cycles, especially as traders act like a herd. What goes up eventually comes down. A complete cycle has eight waves — the first five (numbered one through five) are the impulsive waves, while the last three (labeled A, B, and C) are the corrective waves.

The S&amp;P 500 has seen nearly 10 years of gains after bottoming out in March 2009. Along the way it has experienced <a id="4d71b1d1-78e8-34b9-abba-7a88dc28320e" href="https://www.yardeni.com/pub/sp500corrbear.pdf"> six corrections </a> — or declines of at least 10%, and a few more close calls — but what is about to transpire has the looks of something bigger.

According to Soc Gen, the recent halting of bullish momentum just shy of the initial target for the fifth and final wave of the cycle (just shy of 3,000) resembles what happened just before the sharp sell-offs in the first quarters of 2016 and 2018. The selling that ensued erased 25%-30% of the previous up move, and that is likely what will happen here. When support breaks down, expect a "deep and prolonged correction," the bank said, without giving a specific target.

Soc Gen's call goes against the grain of what most of the other Wall Street banks are saying. Strategists surveyed by Bloomberg are expecting the S&amp;P 500 to close out next year at 3,052 — about 9% above where it ended on Monday. That's not to say that everyone is on board with the idea of a higher stock market in 2019.

Read more: <a id="3f5f2dd7-35f5-3c97-ad60-9e2eeda8c468" href="https://www.businessinsider.com/stock-market-2019-forecasts-sp-500-year-end-targets-from-wall-street-strategists-2018-11?utm_source=intl&amp;utm_medium=ingest"> 'It ends next year': What Wall Street's biggest firms are forecasting for the stock market in 2019, and where they say you should put your money </a>

Morgan Stanley strategist Michael Wilson, who has been warning of a " <a id="cb539aa2-e60c-30b2-a693-95daaa639ded" href="https://markets.businessinsider.com/news/stocks/stock-market-dead-cat-bounce-over-morgan-stanley-2018-10-1027643149?utm_source=intl&amp;utm_medium=ingest"> rolling bear market </a> " all year, believes the majority of the declines have already occurred, with the market having fallen as much as 11.47% from its September peak.

"The Rolling Bear market is now better understood by the consensus; and more importantly, it is better priced, with forward P/Es falling 18% from peak to trough," he wrote in a recent note. "In short, while 90% of the price damage has been done by this bear, we've likely only served 50% of the time."

Wilson says that there is more than a 50% chance of a modest earnings recession in 2019 but that the market should look past that as the Fed pauses its rate-hike cycle in the middle of next year. He has a 2019 year-end S&amp;P 500 target of 2,750 — just below its current level.

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The longest bull run in stock-market history is on its last legs — and a 'deep and prolonged correction' is coming

<ol><li> <a href="https://www.businessinsider.com/trump-china-trade-war-tariffs-90-days-2018-12?utm_source=intl&amp;utm_medium=ingest">Trump and Xi declare trade truce</a> . In a meeting at the G20 summit in Buenos Aires, Argentina, on Saturday, President Donald Trump agreed to postpone new economic tariffs on Chinese imports by 90 days and Chinese President Xi Jinping said China would buy a "not yet agreed upon" amount of US agriculture, energy, and industrial products and label Fentanyl a controlled substance, the Associated Press reports. </li><li> <a href="https://www.businessinsider.com/trump-china-trade-war-global-stock-markets-surge-on-tentative-deal-2018-12?utm_source=intl&amp;utm_medium=ingest">Global markets are ripping higher</a> . Markets across China gained at least 2.5%, and Germany's DAX is higher by 2.38% after Trump and Xi agreed to a 90-day trade truce. The S&amp;P 500 is set to open up 1.55% near 2,803. </li><li> <a href="https://markets.businessinsider.com/commodities/oil-price?type=wti?utm_source=intl&amp;utm_medium=ingest">Oil is soaring</a> . West Texas Intermediate crude oil trades up 4.4% at $52.95 a barrel, its highest in 10 days. </li><li> <a href="https://www.businessinsider.com/trump-trade-war-eu-car-tariff-threats-could-cost-75-billion-2018-11?r=UK&amp;IR=T?utm_source=intl&amp;utm_medium=ingest">Trump's auto tariffs could take a $75 billion bite out of Europe's economy</a> . A 25% tariff on European autos coming into the US would shave $75 billion from growth in the eurozone next year, lowering its gross domestic production by 0.4 percentage points to 1.2%, a Barclays team led by Francois Cabau wrote in a recent note sent out to clients. </li><li> <a href="https://www.businessinsider.com/qatar-set-to-leave-opec-in-january-as-middle-east-spat-worsens-2018-12?utm_source=intl&amp;utm_medium=ingest">Qatar is quitting OPEC</a> . Qatar says it will leave the cartel of oil producers on January 1 amid plans to raise its natural-gas production and as Saudi Arabia has cut trade and transport ties while it boycotts the country over accusations that it supports terrorism and Iran. </li><li> <a href="https://www.businessinsider.com/trump-us-only-nation-not-to-sign-climate-change-agreement-g20-2018-12?utm_source=intl&amp;utm_medium=ingest">The US stands alone on climate change</a> . The US was the only nation at the G20 not to reaffirm its commitment to the Paris climate accord, according to the AP. </li><li> <a href="https://www.businessinsider.com/nasdaq-new-york-stock-exchange-to-close-in-honor-of-george-hw-bush-2018-12?utm_source=intl&amp;utm_medium=ingest">US markets are closed Wednesday in honor of George HW Bush</a> . "We remember President Bush admiringly as a veteran who fought totalitarianism, a statesman who advocated for freedom, a leader who served his country, and an unabashedly dedicated family man," said Stacey Cunningham, the NYSE Group president, according to the AP. "He will be remembered for his decades of service to the nation and the world, and it is appropriate that the New York Stock Exchange closes on Wednesday, the National Day of Mourning, to honor President Bush's enduring legacy." </li><li> <a href="https://www.businessinsider.com/stock-market-2019-forecasts-sp-500-year-end-targets-from-wall-street-strategists-2018-11?utm_source=intl&amp;utm_medium=ingest">Wall Street banks release their 2019 forecasts</a> . Business Insider rounded up Wall Street's forecasts and investing advice for navigating the markets in 2019 — here's what the pros are saying. </li><li> <a href="https://markets.businessinsider.com/earnings-calendar?utm_source=intl&amp;utm_medium=ingest#date=12/03/2018&amp;name=&amp;countries=&amp;eventtypes=99&amp;tab=ALL">Earnings reports trickle out</a> . The luxury-furniture maker RH reports after the closing bell. </li><li> <a href="https://markets.businessinsider.com/economic-calendar?utm_source=intl&amp;utm_medium=ingest#date=12/03/2018&amp;name=&amp;countries=us&amp;eventtypes=&amp;tab=1,2,3">US economic data keeps coming</a> . Markit manufacturing and ISM Manufacturing will cross the wires at 9:45 a.m. ET and 10 a.m. ET. US auto sales will be released throughout the day. The US 10-year yield is up 4 basis points at 3.03%. </li></ol>

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<a id="4925eb7d-a4fc-376d-a19d-71cccc7c5592" href="https://markets.businessinsider.com/currencies/btc-usd?utm_source=intl&amp;utm_medium=ingest"> Bitcoin </a> was hammered back below the $4,000 level early Friday.

The biggest cryptocurrency by market value fell as much as 7.55% to a low of $3,867. It was lower for a second straight session, and has all but wiped out Wednesday's gain of more than 10% — its <a id="5c36a483-b717-369c-a690-442e0b62ad84" href="https://www.businessinsider.com/author/ethel-jiang?utm_source=intl&amp;utm_medium=ingest"> biggest daily advance since April </a> .

Bitcoin peers <a id="4f7413dc-22a4-37cd-ac18-d6c953c2138a" href="https://markets.businessinsider.com/currencies/xrp-usd?utm_source=intl&amp;utm_medium=ingest"> XRP </a> (-5.56%), <a id="777fa42a-8b16-3b16-aff7-b53fb5f98f03" href="https://markets.businessinsider.com/currencies/eth-usd?utm_source=intl&amp;utm_medium=ingest"> ethereum </a> (-3.2%), <a id="bc77106b-c010-37b3-a6a6-b7245a17e107" href="https://markets.businessinsider.com/currencies/bcc-usd?utm_source=intl&amp;utm_medium=ingest"> bitcoin cash </a> (-3.8%), and <a id="0ef011b5-3087-3a43-a4c3-aea14260b838" href="https://markets.businessinsider.com/currencies/ltc-usd?utm_source=intl&amp;utm_medium=ingest"> litecoin </a> (-5.97%) were also lower.

"The crypto markets have largely been mirroring what we've been seeing from equities lately," said Mati Greenspan, senior market analyst at <a id="aaf07354-d998-37df-a912-4554c88c781c" href="https://www.etoro.com/"> eToro </a> . "It seems that investors are simply more averse to risk than they have been over the last few years. This is likely the result of monetary tightening by global central banks."

It has been a difficult year for bitcoin investors, who last year saw prices skyrocket by more than 2,000% to nearly $20,000 a coin. Bitcoin topped out in December and have been in a downward spiral ever since.

Prices had been stuck in a range between $6,000 and $8,000 since the middle of May, but the cryptocurrencty came under significant pressure in the middle of November. That's when technical selling pushed bitcoin's price down to a low of $3,522, its weakest since September 2017 and down more than 80% from its peak.

"For bitcoin, we've now seen a bounce off the first support level of $3,500," Greenspan said. "We could end up testing this level again over the weekend."

He added: "The key level of support resides at $3,000 per coin. This psychological level played a significant role in the bull run of 2017 and so will be watched closely in the coming days."

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Bitcoin plunges back below $4,000

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<ol><li> <a href="https://www.businessinsider.com/trump-says-g20-will-be-productive-after-claims-hed-rather-stay-home-2018-11?utm_source=intl&amp;utm_medium=ingest">Trump says he will be 'very productive' at the G20 summit</a> . President Donald Trump arrived in Argentina on Thursday, and tweeted that he has"a very busy two days planned," with the main event being trade negotiations with Chinese President Xi Jinping. </li><li> <a href="https://www.businessinsider.com/g20-summit-stock-market-trade-war-trading-strategies-from-goldman-sachs-2018-11?utm_source=intl&amp;utm_medium=ingest">Goldman Sachs has some low risk, high reward trading strategies to help investors profit from the G20</a> . The bank's derivatives strategy team studied the seven periods of volatility surrounding various trade-war headlines this year and identified 21 stocks and four sectors where investors can make realtively low-risk bets by buying calls. </li><li> <a href="https://www.businessinsider.com.au/china-economy-manufacturing-pmi-trade-trump-xi-2018-11?utm_source=intl&amp;utm_medium=ingest">China's manufacturing sector hits stall speed</a> . The government's purcashing managers index printed 50.0 in November, its weakest reading since July 2016, and is at a level that shows the sector is neither expanding nor contracting, according to data released Friday by China's National Bureau of Statistics. </li><li> <a href="https://www.businessinsider.com/sec-floyd-mayweather-jr-dj-khaled-illegally-touted-icos-2018-11?utm_source=intl&amp;utm_medium=ingest">Floyd Mayweather Jr. and DJ Khaled will each pay big fines after illegally touting ICOs</a> . The boxing champ Floyd Mayweather Jr. and the record producer DJ Khaled will each pay fines of more than $100,000 to settle charges that they promoted initially coin offerings without disclosing they were paid for it, the US Securities and Exchange Commission said on Thursday. </li><li> <a href="https://www.businessinsider.com/marriott-data-breach-500-million-guests-affected-2018-11?utm_source=intl&amp;utm_medium=ingest">Marriott says 500 million customers had their data hacked</a> . The hotel chain announced Friday that 500 million customers who stayed at hotels including W, Sheraton, and Westin as far back as 2014 had their information accessed, including an unspecified number who had their credit card details taken. </li><li> <a href="https://www.businessinsider.com/sheryl-sandberg-george-soros-research-after-facebook-criticism-2018-11?utm_source=intl&amp;utm_medium=ingest">Sheryl Sandburg reportedly wanted to know if George Soros was shorting Facebook's stock</a> . Sandburg, Facebook's COO, reportedly requested opposition research on the billionaire and wanted to know if he was shorting her company's stock, after he publicly critcized the social-media network. </li><li> <a href="https://www.businessinsider.com/nintendo-switch-sales-below-expectations-despite-black-friday-boost-2018-11?utm_source=intl&amp;utm_medium=ingest">Nintendo Switch sales are on track to miss Wall Street targets despite a record-setting Black Friday weekend</a> . The Nintendo Switch saw sales jump 115% year-over-year on Black Friday weekend, but the video-game maker is on track to sell 35 million units by March 2019, shy of the 38 million units that analysts surveyed by Bloomberg are hoping for. </li><li> <a href="https://www.businessinsider.com/nio-us-ceo-padmasree-warrior-resigns-2018-11?r=UK&amp;IR=T?utm_source=intl&amp;utm_medium=ingest">The Tesla of China loses its US CEO</a> . Padmasree Warrior, the US CEO of the Chinese electric-car maker Nio, will leave the company in December for "personal interests," according to a filing out Friday. </li><li> <a href="https://markets.businessinsider.com/indices?utm_source=intl&amp;utm_medium=ingest">Stock markets around the world trade mixed</a> . China's Shanghai Composite (+0.81%) led the advance in Asia and Britain's FTSE (-0.7%) trails in Europe. The S&amp;P 500 is set to open lower by 0.26% near 2,731. </li><li> <a href="https://markets.businessinsider.com/economic-calendar?utm_source=intl&amp;utm_medium=ingest#date=11/30/2018&amp;name=&amp;countries=us&amp;eventtypes=&amp;tab=1,2,3">US economic data trickles out</a> . Chicago PMI will be released at 9:45 a.m. ET. The US 10-year yield is down 2 basis points at 3.01%. </li></ol>

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<a id="573b973a-7e64-38bb-a8bf-7b3f096f10d6" href="https://markets.businessinsider.com/stocks/twtr-stock?utm_source=intl&amp;utm_medium=ingest"> Twitter </a> shares fell as much as 8.53% early Thursday amid a lack of news and headlines, to their lowest level in more than a month, and one veteran New York Stock Exchange floor trader trader says to find the reason all you need to do is look at the charts.

"It’s completely technical," said Kenny Polcari, managing director at O'Neil Securities.

"Over the last couple days Twitter failed at $32.16/32.20 where it hit a downward trend resistance line. It had to fill the gap which is exactly what it has done." Polcari says shares could trade as low as $29.77 — they fell to $29.87 earlier on Thursday.

The only news surrounding Twitter shares on Thursday was Baird analyst Colin Sebastian maintaining his "neutral" rating and $35 target.

Twitter shares have been under pressure since July amid the fallout from Russian interference in the 2016 presidential election. The stock has shed more than 28% since its <a id="77aab306-e76e-3f16-a848-f4754f614ac4" href="https://www.businessinsider.com/twitter-q2-2018-earnings-report?utm_source=intl&amp;utm_medium=ingest"> second-quarter earnings report </a> out in July warned of a decline in the number of new users.

At the time, the company pinned the decline on new European privacy rules, its decision not to move to paid SMS carrier relationships, and on its efforts to clean up the platform.

But before Twitter's warning, its stock had been one of the top performers on the Nasdaq, trading up 80%, after posting a <a id="d4d1f7ac-33ff-30ce-a831-d9bf5bc608c0" href="https://www.businessinsider.com/twitter-q1-earnings-2018-4?utm_source=intl&amp;utm_medium=ingest"> profit in two consecutive quarters </a> .

Twitter was up more than 29% this year.

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Twitter's mysterious drop is 'completely technical,' trader says (TWTR)

<a id="1b8436e1-d880-3a60-a654-3472cc9dcbcc" href="https://markets.businessinsider.com/stocks/anf-stock?utm_source=intl&amp;utm_medium=ingest"> Abercrombie &amp; Fitch </a> surged more than 25% early Thursday after reporting strong third-quarter results.

The teen retailer earned an adjusted $0.33 a share on revenue on revenue of $861.2 million, easily beating the $0.21 and $853 million that analysts surveyed by Bloomberg were expecting. Same-store sales jumped 3% versus a year ago, outpacing the 1.7% gain that Wall Street was looking for. Abercrombie said that both its flagship business and its Hollister brand had solid quarters.

"We are pleased with our third quarter performance, our fifth consecutive quarter of positive comparable sales, with growth across both of our brands," CEO Fran Horowitz said in the <a id="5bf3497f-731b-38dd-a6fc-c1e92dff457a" href="http://corporate.abercrombie.com/press-room/press-releases"> earnings release </a> .

"Our strong U.S omnichannel business, and 16% global digital sales growth, confirm that our playbooks are working."

Looking ahead, Abercrombie maintained its fiscal year 2018 same-store sales forecast of between 2% and 4%, and said that it expects to close 40 stores by year-end — down from its previous estimate of up to 60.

Abercrombie was down 3.28% this year through Wednesday, trading at $17.12 a share.

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Abercrombie & Fitch is going nuts after crushing earnings

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The investment holding company <a id="8834844b-af4b-3763-adcb-999fadfbd82f" href="https://markets.businessinsider.com/stocks/dpw-stock?utm_source=intl&amp;utm_medium=ingest"> DPW Holdings </a> was soaring ahead of Tuesday's opening bell, its shares up more than 25% at $0.29, after <a id="815b22ea-d895-3d39-a110-718ecb6412e7" href="http://ir.dpwholdings.com/phoenix.zhtml?c=113943&amp;p=irol-newsArticle&amp;ID=2378274"> the company said it was spinning off its crypto-mining business </a> , Super Crypto Mining.

DPW said it planned to pay a special dividend of at least 80% of Super Crypto's common stock to DPW shareholders, allowing them the opportunity to own a "pure play" crypto company.

"We are confident crypto-mining and the cryptocurrency marketplace will flourish in the long term and think there is significant value in Super Crypto and its various initiatives which require the ability to finance their growth independently," DPW's CEO and chairman, Milton "Todd" Ault III, said in a press release.

"Regardless of the current downturn in the cryptocurrency space, we believe the assets of Super Crypto will be able to serve as the foundation of an independent company with the ability to raise its own capital."

It has been a tough year for digital-currency investors, who saw prices explode in 2017 as cryptomania swept over the world. Bitcoin, for example, began 2017 worth less than $1,000 a coin before soaring more than 2,000% to a high of $19,511.

This year has been a different story, however, with the cryptocurrency's value having plunged by more than 70% to less than $3,700.

"This transaction positions Super Crypto Mining for a bitcoin recovery," Ault added.

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An investment company is going bananas after saying it's spinning off its crypto-mining business to position for a 'bitcoin recovery' (DPW)

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<ul><li> <a href="https://www.businessinsider.com/250000-home-listings-us-cities-los-angeles-new-york-seattle-2018-7?utm_source=intl&amp;utm_medium=ingest">What a $250,000 home looks like in the biggest city in every state</a> </li><li> <a href="https://www.businessinsider.com/prince-harry-meghan-markle-prince-william-kate-and-11-other-royals-all-live-in-the-same-palace-2018-5?utm_source=intl&amp;utm_medium=ingest">Prince Harry and Meghan Markle are moving out of their London palace home — here are the 13 other royals they leave behind</a> </li><li> <a href="https://www.businessinsider.com/stock-market-news-opening-bell-november-23-2018-2018-11?utm_source=intl&amp;utm_medium=ingest">10 things you need to know before the opening bell</a> </li></ul>

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

<a id="e2e65941-92f6-33d0-aa0e-003723434d2b" href="https://markets.businessinsider.com/stocks/pzza-stock?utm_source=markets&amp;utm_medium=ingest?utm_source=intl&amp;utm_medium=ingest"> Papa John's </a> was plunging Tuesday afternoon after a report suggested the private-equity firm Trian Fund Management was no longer interested in a deal.

Shares fell more than 12% after <a id="7d8ceabf-aa5e-3651-a370-b57a83aca7fc" href="https://www.wsj.com/articles/trian-fund-management-no-longer-looking-at-papa-johns-1543346492?mod=hp_lista_pos2"> The Wall Street Journal </a> , citing people familiar with the matter, reported that Trian had pulled out of the bidding for the pizza chain and that no bidders were interested in buying the entire company. The Journal did say that several private-equity firms were interested in partial stakes. Bain Capital, CVC Capital Partners, KKR &amp; Co., and Roark Capital are among the other firms that have been <a id="80a38b56-b657-327c-ac58-0de4cbd7ceb4" href="https://markets.businessinsider.com/news/stocks/papa-johns-stock-price-equity-firms-fighting-for-the-pizza-chain-2018-10-1027673097?utm_source=intl&amp;utm_medium=ingest"> linked to the pizza chain </a> .

Problems at Papa John's date back to late last year, when the company's founder, <a id="33d2e7ed-028f-3690-a7fa-f21d196873a5" href="https://www.businessinsider.com/papa-john-slams-nfl-following-national-anthem-protests-2017-11?utm_source=markets&amp;utm_medium=ingest?utm_source=intl&amp;utm_medium=ingest"> John Schnatter, accused the NFL </a> of "poor leadership" and blamed player protests for a slump in pizza sales. <a id="bb2fc5fc-48e6-3e47-a59d-fef0455b2174" href="https://www.businessinsider.com/papa-johns-founder-steps-down-as-ceo-2017-12?utm_source=markets&amp;utm_medium=ingest?utm_source=intl&amp;utm_medium=ingest"> He resigned as CEO </a> in December after facing backlash for his criticism of the league.

Schnatter went on to <a id="e36d4763-b53d-332c-a324-9305434b897d" href="https://markets.businessinsider.com/news/stocks/papa-johns-john-schnatter-resigns-as-chairman-n-word-conference-call-2018-7-1027360596?utm_source=markets&amp;utm_medium=ingest?utm_source=intl&amp;utm_medium=ingest"> resign as chairman </a> in May after it was discovered that he used a racial slur during a company conference call. That contributed to a difficult year for the stock, which fell as much as 35% from May to early August.

In July, the company's board of directors <a id="936d14e3-7b19-37e8-a5ff-b1f54b12893d" href="https://markets.businessinsider.com/news/stocks/papa-johns-john-schnatter-takeover-poison-pill-2018-7-1027389726?utm_source=intl&amp;utm_medium=ingest"> created a poison pill </a> designed to prevent Schnatter — who still owned a 29% stake in the pizza chain — from taking the company back over.

The stock slid to a four-year low of $38.05 in August before recovering after the pizza chain announced it was reviewing its strategic alternatives, including a sale. It topped out at more than $60 in the middle of November before Tuesday's plunge pushed it back below $50.

Papa John's was down 14% this year.

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Papa John's is plunging after report says private-equity firm is no longer interested (PZZA)

<a id="58c1ebe6-bf26-3f72-a0c9-5039ba5ef55f" href="https://markets.businessinsider.com/stocks/msft-stock?utm_source=intl&amp;utm_medium=ingest"> Microsoft </a> on Monday briefly surpassed <a id="69685348-e77b-3a01-a596-e7267c35b98b" href="https://markets.businessinsider.com/stocks/aapl-stock?utm_source=intl&amp;utm_medium=ingest"> Apple </a> as the most valuable company in the US, with a market capitalization of about $812 billion. Still, Apple was back on top by the stock market's close, with a market value of more than $825 billion. The last time Microsoft was more valuable than Apple was in 2010.

It was a somewhat surprising turn of events, as less than two months ago Microsoft's market value topped out at $887 billion while Apple's reached a peak above $1.12 trillion. In August, Apple became the <a id="4abbe151-c3f6-379e-ac56-0b76a9e4aa17" href="https://markets.businessinsider.com/news/stocks/apple-stock-price-trillion-dollar-market-cap-us-company-2018-8-1027427055?utm_source=intl&amp;utm_medium=ingest"> first US company with a $1 trillion valuation </a> .

But a lot has happened since then, as the stock market suffered through its so-called <a id="fb159830-ef9e-31c6-ad14-150c45ad5c8f" href="https://www.businessinsider.com/stock-market-news-sp-500-worst-month-since-financial-crisis-2018-10?utm_source=intl&amp;utm_medium=ingest"> Red October </a> , one of its worst months since the financial crisis, with the tech-heavy Nasdaq Composite shedding more than 12%.

Read more: <a id="0daf36a8-a712-3bc9-aaa2-9243be265f40" href="https://www.businessinsider.com/microsoft-cto-kevin-scott-ai-silicon-2018-11?utm_source=intl&amp;utm_medium=ingest"> Microsoft's CTO lays out the 2 tech trends he believes will change the world: 'People haven't wrapped their heads around this yet' </a>

Apple has gotten mauled since early October, as the tech sell-off and fears of slowing demand for its iPhones weighed. Shares have tumbled into a bear market, down nearly 24% from their September peak. <a id="9c155a6c-34ac-301e-a05b-bc189647bb07" href="https://markets.businessinsider.com/news/stocks/apple-stock-price-cut-production-of-3-iphone-models-report-says-2018-11-1027740009?utm_source=intl&amp;utm_medium=ingest"> Several suppliers have cut their forecasts </a> , citing a drop in smartphone demand. That caused Goldman Sachs to lower its price target for a third time in November to $182 — about 6% above where shares were trading Monday.

Microsoft has managed to hold up better than other high-flying tech names after its first-quarter results showed it continuing to follow through on the vision of CEO Satya Nadella. When he took over in 2014, Nadella said he wanted to focus on its subscription-based businesses and the cloud.

And while sales of its cloud-computing unit, Azure, grew at their slowest pace in at least two years, they were still up 76% annually, remaining the strongest rival to the dominant Amazon Web Services. Microsoft shares are down 8% from their September close atabout $105 each.

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Microsoft briefly dethrones Apple as the most valuable US company (AAPL, MSFT)

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