Five Things You Need to Know to Start Your Day: Americas

Good morning. Market watchers disagree on whether things are getting frothy yet and whether it even matters. Meanwhile, Apple is losing market share in China, where this year’s economic growth targets failed to dazzle. Here’s what people are talking about. — Sofia Horta e Costa

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Strategists at JPMorgan say yes, with the team’s Marko Kolanovic saying the dramatic rally in US stocks and Bitcoin’s rapid surge above $60,000 is indicative that bubbles are beginning to form in markets. The team at Goldman Sachs counters that the mood is warranted and high valuations for Big Tech are supported by the prospect of high growth. The S&P 500, which slipped slightly yesterday from yet another record, is set to drop again today — as is the Nasdaq 100. Bitcoin is also slightly lower as I type, though some punters are using options to bet the coin will go as high as $80,000 by the end of March. Bitcoin is now worth a record $1.35 trillion, meaning only six of the world’s listed companies are more valuable: Microsoft, Apple, Nvidia, Aramco, Amazon and Alphabet. Bloomberg Opinion’s John Authers has a look at the topic of bubbles.