What you need to know on Wall Street right now
2016 has been one for the history books.
On Wall Street, the year started off with record low levels of activity - in fact, the first quarter was the worst for equity, debt, loan, and advisory revenues since 2009 - and took months to get back on track. Now the year is capping off with bank stocks on a tear since the November 8 election of Donald Trump as president.
So where will we go from here? Business Insider spoke with a number of dealmakers about the biggest trends to expect in 2017 - here's what they had to say.
Here's how the Fed's decision to raise interest rates could impact your life. The US dollar has been on a tear, and that "will ultimately undermine economic prosperity globally." The market's reaction to Donald Trump's election is "pretty much the mirror image of what he might do." And the Trump rally will continue in 2017, according to Pimco.
The official GOP biography of Trump's pick for Treasury secretary completely leaves out his 17 years at Goldman Sachs.
There has been a board shake-up at Chipotle, and Bill Ackman is happy about it. The $300 generic EpiPen is here. Trivago's IPO fell below expectations. And a small hedge fund that says its reports have led to CEO outings has a new big short.
Amazon is secretly building an "Uber for trucking" app, setting its sights on a massive $800 billion market. Drew Houston turned a lost USB drive into a $10 billion business and learned a lot about life along the way. And Facebook admitted, for the fourth time, that it messed up its measurement metrics.
Lastly, JPMorgan published a list of books you should read, albums you should listen to and places you should visit in 2017.
Here are the top Wall Street headlines at midday
DIMON: If you put "some of my liberal democratic friends" in charge of Singapore, "it would still be a backwater" - JPMorgan CEO Jamie Dimon is a fan of Singapore.
Donald Trump has China's currency all wrong - The Chinese yuan has been in a controlled decline since the beginning of 2014, falling 15% to 6.9610 per US dollar, as the People's Bank of China uses its not so invisible hand to navigate its economy through a bumpy period.
Deutsche Bank to pay $37 million to settle charges it misled dark pool investors - A unit of Deutsche Bank will pay $37 million to settle federal and state charges alleging the bank misled its dark pool clients about its order routing services, New York Attorney General Eric Schneiderman said Friday.
Yield-starved investors should be looking at REITs - The low-growth, low-yield global environment of the past few years made it increasingly difficult for investors to find attractive income opportunities.
Wells Fargo says account openings fall in November - Wells Fargo & Co reported another decline in monthly consumer account openings, indicating that the bank is having trouble rebuilding its reputation after a sales scandal.
JPMORGAN: The biggest risk to stocks is from rising rates, but these 19 will be resilient - The Federal Reserve did the expected this week and raised its benchmark interest rate.
- Facebook and Microsoft aren’t the only ones creating a metaverse — here are five popular coins looking to create digital worlds
- Mukesh Ambani-led Reliance Jio hikes prices of its plans by 21%
- Facebook, Microsoft and others look towards the $1 trillion dollar ‘metaverse’ opportunity — but that contradicts the base philosophy behind Web 3.0
- Meet Parag Agrawal, the IIT Bombay grad who is taking over from Jack Dorsey at Twitter
- Bankrupt Sintex Industries' stock doubles after RIL showed interest to acquire it
- Omicron COVID-19: Kerala orders 7 days quarantine for arrivals from high risk countries
- In India, less than one in every 10,000 jabs have led to serious adverse reactions — not necessarily due to the vaccine
- After taking us on a nostalgia trip by featuring 90s stars like Rahul Dravid and Jackie Shroff in its ads, CRED is back at it again, this time with Chacha Chaudhary and Suppandi