Bill Ackman, Goldman Sachs and China: WHAT YOU NEED TO KNOW ON WALL STREET

Courtesy of Adam Jeffery/CNBC

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The US economy added 160,000 jobs in April, fewer than expected, as the unemployment rate held steady at 5.0%.

The good news is that more people are quitting their jobs, and that this is the jobs report we've been waiting to see.

There is a lot going on in markets Friday morning. Here are the highlights:

• Herbalife, Bill Ackman's famous short, is surging.
• Yelp exploded out of the gate after smashing Wall Street expectations.
• Drugmaker Endo is crashing because it's having to slash its prices.
• Square is having its worst day ever.

In other news, hedge funds are facing their own Uber moment, and the business dragging Wall Street down may finally have hit a bottom.

Donald Trump is floating an insane idea that would tank the American economy.

The steroid era of startups is over - here's what eight top VCs think will happen next.

And a report that analyzed every minimum-wage hike since 1938 should put a bunch of nonsense ideas to rest.

Here are the top Wall Street headlines at midday:

Wall Street's money machine is spluttering back to life - The good times are rolling again.

Goldman Sachs is firing traders again - Goldman Sachs on Thursday made job cuts in its securities business, according to people familiar with the matter.

Here's how China managed to lose $500 billion in reserves in one year - China lost $500 billion in foreign-exchange reserves in 2015. $500 billion!

A new wave of 'tourists' is terrible for the market - Investors are turning into tourists, and just like the worst of tourists, they're stomping over the locals.

Something odd is happening in China, and it echoes major financial crises of the last 20 years - It's no secret that the Chinese economy has been slowing down.

Africa's largest oil producer just took another huge blow to its battered economy - The flow of foreign capital into Nigeria is drying up - and it's a huge blow to its economy.

Deutsche Bank is being investigated for suspected market manipulation - Deutsche Bank is under investigation in Italy for suspected market manipulation relating to the sale of Italian government bonds in 2011.

This beautiful new plane has a feature that's unlike anything we've ever seen - Let's be honest. Flying - for most people - means being crammed into a pressurized metal tube with small port holes.