What you need to know on Wall Street right now

Welcome to Finance Insider, Business Insider's summary of the top stories of the past 24 hours.

Wall Street banks kicked off fourth-quarter earnings on Friday, and the tone was pretty optimistic.

Two of the largest banks in the US, JPMorgan and Bank of America, beat analyst expectations, and JPMorgan beat on revenue expectations as well. Wells Fargo meanwhile missed on earnings in its first full quarter since its accounts scandal.

The brightest spot was the firms' - and their CEOs' - commentary on the outlook for 2017. Here's the memo the CEO of JPMorgan's giant investment bank just sent to staff.

Morgan Stanley just named 140 new managing directors. The US bank also laid off a number of senior investment bankers last week and cut bonuses by roughly 15% because of a decline in revenue from dealmaking.

And Deutsche Bank plans to put its home German market and corporate customers at the center of its plans when it spells out more of its future strategy.

Elsewhere on Wall Street, Anthony Scaramucci, the founder of SkyBridge Capital, is headed to the White House.

In markets news, Trump's tweets are driving millennials to make a rookie investing mistake. And inexperienced traders and electronic trading systems helped cause the pound's "flash crash," according to a new report from the Bank of International Settlements.

In the tech sector, the first big tech IPO of 2017 is already showing a worrisome sign. Bets that Fitbit is in trouble are piling up. Snapchat is making its app less confusing as it prepares to IPO.

And Pandora said it is laying off 7% of its workforce.

Business Insider announced Friday that Pedro da Costa is joining as senior correspondent covering markets and finance, with a particular focus on the Federal Reserve. You can follow him on Twitter here.

Lastly, this is the final word on whether you can wear a dress shirt without a tie.

Here are the top Wall Street headlines from the past 24 hours

Americans have never been this conflicted about the economy's direction - The partisan difference in opinion on the US economy has never been this wide in the history of at least one major survey.

Retail sales jump in December on strong car and online shopping - US retail sales rose roughly in line with expectations in December, according to the Commerce Department.

BARCLAYS: "Markets may have taken the wrong lessons from Donald Trump and Brexit" - Barclays believes traders and finance firms have "thrown the baby out with the bathwater" in the wake of Trump and Brexit, and are now overestimating the populist risk in the French election.

There was a 'moment of drama' at the first major gathering of OPEC ministers since the agreement to cut production - Gulf Cooperation Council oil ministers expressed confidence that sovereign producers would live up to their commitments to cut output at the Global Energy Forum in Abu Dhabi on Thursday - the first major gathering of key OPEC oil ministers since the November agreement to cut production.

Asset manager BlackRock's quarterly profit falls 1.2% - BlackRock, the world's biggest asset manager, reported a 1.2%fall in quarterly profit on Friday as investors rushed into low-cost funds.

It's time to start positioning your portfolio for rising interest rates - As Trumponomics get closer in the side mirror for the United States, fixed income investors would be wise to focus on allocations.

Goldman Sachs says millennials didn't inherit a spending habit companies have capitalized on for years - Millennials tend to do a lot of things differently than their parents. They'd rather pay for an Uber than a new outfit. They're cutting cable. And, apparently, they hate napkins.

Lexus just unveiled a gorgeous yacht concept that's perfect for tech tycoons - Lexus is trying its hand at designing more than just cars.

Here's a first look at Mercedes' new 1,000 horsepower hybrid supercar - Mercedes-Benz and its AMG performance division announced on January 12 that it is set to introduce a new 1,000 horsepower hybrid hypercar.

The 10 best islands for honeymooning - A honeymoon should be a trip to remember, but choosing a destination can be tough.