What you need to know on Wall Street right now
Hurricane Irma made landfall at Cudjoe Key in the Florida Keys at 9:10 a.m. ET on Sunday, marking the first time in recorded history that two Category 4 storms have made landfall in the US in the same year.
Irma ravaged the west coast of Florida and sent storm-surge flooding, tornadoes, and hurricane-force wind gusts across the state. On Monday morning, Irma was downgraded to a tropical storm, according the National Hurricane Center. But the NHC's latest update says the storm is still producing hurricane-strength gusts of wind and life-threatening storm surges. Here's the latest:
- Dramatic photos show the trail of destruction Hurricane Irma is carving through Florida
- Hurricane Irma knocks out power to 5.8 million Florida homes and businesses
- Tesla gave some Florida vehicles a range bump so owners could escape Hurricane Irma
- Insurance stocks are rising as Hurricane Irma damage is likely to be less than expected
It's been 16 years since the attacks of September 11, 2001. But for millions of Americans, haunting memories of that day are still fresh, and many lives were changed forever. Here are 23 haunting photos from the September 11 attacks that Americans will never forget. And here is market legend Art Cashin's note from the first day US markets opened after 9/11.
There's lots of Wall Street news, so here goes:
- Goldman Sachs' head of HR is leaving
- Citigroup is bracing for trading revenues to take a plunge
- Goldman Sachs is planning a UK savings account for the masses - not just the super rich
- London remains the world's top finance centre despite Brexit
- Folger Hill, a hedge fund started by Steve Cohen's former COO, is going through a shakeup
- HSBC has promoted 2 new heads to run its Wall Street equity capital markets business
- A portfolio manager has returned to $42 billion hedge fund firm D.E. Shaw "at a time of strategic growth"
- Wall Street's "compensation season" is approaching, and it's not looking good
In markets news, there are two big reasons the stock market is safe from a correction, according to Goldman Sachs. Central banks are still more important than economics or politics for asset prices, according to JPMorgan.
The creator of Wall Street's "fear gauge" says people don't understand it as well as they should. Additionally, Equifax is getting crushed - and traders are betting it's going to get so much worse.
In healthcare, a new study undermines Big Pharma's justification for charging high drug prices. And the CEO of biotech Axovant, who sold his last company for $14 billion, told us why he wants to do things differently this time.
- UBS: Here's how Kroger can survive Amazon's push into groceries
- We compared Whole Food prices today to what they were two years ago - and what we found shocked us
- TOP ANALYST: Starbucks could be making a huge mistake when it comes to digital rewards
- Nordstrom is testing a tiny new store that doesn't sell clothes
In tech news, Amazon has triggered a $5 billion bidding war - here are the cities that are in competition for its new HQ. A self-driving-car startup filled with ex-Apple engineers is talking to Softbank about a funding round that could value it at $3 billion. And Silicon Valley's blind spots are costing venture capitalists huge opportunities.
Lastly, go inside Queen Charlotte's Ball, the glamorous, Champagne-filled event for affluent debutantes from around the world.
- Towards a Greener Footprint: Prioritising Carbon-Neutrality Makes Good Businesses Sense! Are Indian Firms Making the Transition?
- Netflix confirms an ad supported tier is coming to its streaming service by year end
- Accenture, Cognizant could see revenue growth but a strong US dollar could spoil the party
- Kharif sowing is off to a weak start with extended dry spells and floods
- Best ladder for home use in India