What you need to know on Wall Street today
Reuters / Yuri Gripas
Just when investors thought they were out, President Donald Trump is pulling them back in.
Months after the so-called "Trump trade" fizzled, traders are once again being enticed by the possibility of a pro-business policy overhaul - and piling into the areas of the market that could benefit the most from the president's plans.
In Wall Street news, Northrop Grumman is buying missile and rocket maker Orbital for $7.8 billion. Banks could earn $85 million from the deal.
JPMorgan Chase poached an executive from Amazon to lead its customer experience. And "headwinds could persist" for Wells Fargo, according to UBS.
Equifax officials are reportedly being investigated by the US Justice Department after selling stock before the company revealed a data breach that exposed the personal information of millions of Americans.
Hedge fund giant Citadel is building out a new unit with big hires. A 32-year old portfolio manager from Paul Tudor Jones' hedge fund is setting off on his own. And a 36-year-old who manages $4 billion broke down why Amazon is his most bullish bet.
Retail investors have never been this hopeful that the stock market will continue to grind higher, according to a University of Michigan survey. And Wall Street alum Sallie Krawcheck just raised $34 million for her investing platform.
In markets news, the Federal Reserve is widely expected to announce the start of a reduction in its $4.4 trillion balance sheet at the conclusion of its meeting on Wednesday. It's a move that the Fed hopes will go smoothly but that has the potential to rattle financial markets long accustomed to the Fed's monetary largesse.
A biotech stock doubled after it got positive results on a drug to tackle the leading cause of infectious death in the US. And 23andMe is getting serious about drug development - and it could signal a fresh approach to finding new medicines.
In tech, Netflix lost the biggest Emmy to Hulu - but its customers couldn't care less. Slack has been valued at $5.1 billion after new funding led by SoftBank.
Tesla's Gigafactory is ramping up, according to Baird, handing the carmaker a huge advantage. Lastly, Porsche's stunning Tesla rival will arrive in 2019 and cost $85,000.
- Colon cancer rates are rising in young people. If you have two symptoms you should get a colonoscopy, a GI oncologist says.
- I spent $2,000 for 7 nights in a 179-square-foot room on one of the world's largest cruise ships. Take a look inside my cabin.
- An Ambani disruption in OTT: At just ₹1 per day, you can now enjoy ad-free content on JioCinema
- Indian heart beats inside Pakistani woman, 19-year-old from Karachi undergoes heart transplant in Chennai
- Rupee falls 7 paise to settle at 83.35 against US dollar
- Vegetable prices to remain high until June due to above-normal temperature
- RBI action on Kotak Mahindra Bank may restrain credit growth, profitability: S&P
- 'Vote and have free butter dosa': Bengaluru eateries do their bit to increase voter turnout
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market