10 things you need to know before the opening bell

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Here's what you need to know before markets open.

1. Netflix gained $25 billion in market cap after a survey found subscribers plan to stick around after the pandemic. The video-streaming service's stock price soared 12% on Wednesday after a survey indicated it will retain a chunk of the subscribers it added during lockdown.

2. Warren Buffett's favorite market indicator soars to record high, signaling stocks are overvalued and a crash may be coming. The gauge hit a historic 183% on Wednesday, reflecting the recent surge in US stocks and the plunge in second-quarter GDP.

3. The CEO of a $1 billion ETF provider explains how the COVID-19 crisis completely upended investors' most reliable sources of steady returns — and shares where to find income as dividends and bond yields dry up. "Income replacement has really become a huge talking point for investors."

4. David Baron's fund has returned 400% to investors in the past decade using 20 stocks or fewer. He shared with us the 3 stocks he snapped up in 2020 — and the 3 travel and entertainment bets he loves going forward. The Baron Focused Growth Fund has smashed its benchmark by returning 61% to investors this year.

5. Hundreds of flips and dozens of rentals: Here are the 4 real-estate investing strategies HGTV veteran Chris Naugle is leveraging to make sure every deal is a winner. Naugle decided to give real-estate investing a go after watching a 23-minute house-flipping show on HGTV.

6. TikTok CEO Kevin Mayer resigned as the Trump administration is pushing to ban the Chinese-owned app. "It is with a heavy heart that I wanted to let you all know that I have decided to leave the company."

7. Elon Musk is now worth $100 billion, half of Jeff Bezos. Musk's net worth has skyrocketed this year as Tesla's stock price has soared, but he's still only half as wealthy as the Amazon CEO.

8. Stocks are broadly down. Germany's DAX, Britain's FTSE 100, and the Euro Stoxx 50 are down between 0.1% and 0.5%, and US indexes are also set to open in the red.

9. More tech earnings are due. VMware, Workday, and Okta are on the list.

10. It's a busy day on the economics front. Fed chief Jerome Powell's speech at Jackson Hole is the highlight.