What you need to know on Wall Street right now

REUTERS/Danny Moloshok

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The rise of passive investing is the money management world's biggest trend of the last generation.

Earlier this year, Business Insider highlighted data from Vanguard that showed that money parked in funds seeking to meet rather than beat a benchmark index had risen to $4 trillion in 2015 from $11 million 40 years ago.

Analysts at Bernstein led by Inigo Fraser-Jenkins, however, argue forcefully in a new note to clients that the rise of passive investing presents some seriously dangerous real-world barriers to the efficient allocation of capital in the economy.

In related news, one brutal table explains everything that is going on in money management right now.

Elsewhere on Wall Street, the smart money is making big bets on the energy sector, and a wave of activist hedge funds are shaking up Japan.

In more macro news, a "potentially significant market shift" is happening in housing, Saudi Arabia is facing a 'squeeze,' and these 3 trends are a guide to China's future.

There's a lot of news on Tesla and Elon Musk to get through. Here are the highlights:

• Tesla announced a huge upgrade for the Model S and Model X.
• The upgrade made Tesla's Model S the fastest new car you can buy.
• It may not be enough to save electric cars.
• Elon Musk is personally buying over half of SolarCity's $124 million bond offering.

In other news, an MIT trained-engineer and hedge fund trader is trying to get men to finally take care of their skin, and a VC firm redesigned their website to say "F*ck Trump."

Finally, this feature in the Rolls-Royce Phantom blew us away.

Here are the top Wall Street headlines at midday:

Uber has handed a hot finance Wall Street startup a huge boost - Uber has struck a deal with one of the largest independent robo-advisers in the world to help its drivers better manage their money.

Furious Costco customers are still threatening to cancel memberships over a credit card 'fiasco' - When Costco began transitioning from American Express to Visa as its exclusive credit card partner in June, delays and confusion had customers threatening to cancel their memberships.

VIDEO: Top fintech CEOs talk Brexit, blockchain hype, and the LendingClub crisis - Anthemis, a fintech VC and strategic advisory firm with offices in London and New York, recently held its fifth annual "Hacking Finance Retreat," a get together of fintech founders, big institutions, regulators, academics, and more.

'Mistakes will be made:' Here's the memo the CEO of Lloyds sent to staff over extra-marital affair claims - Antonio Horta-Osorio, CEO of Lloyds Bank, told staff of his regret for being the source of "adverse publicity" that could damage the bank's reputation, following media reports of his extra-marital affair.

Nigeria's central bank suspended 9 banks from the FX market - Nigeria's central bank has suspended nine banks from the interbank currency market for failing to remit money owed to the government.

30 iconic American hotel bars everyone should have a drink at - Once a watering hole of last resort filled with business travelers and tourists, the hotel bar is back with a vengeance.