What you need to know on Wall Street today
Big names in the banking sector are not having a good Wednesday.
Both JPMorgan and Bank of America have seen their share prices drop in early trading on Wednesday. The shares started to fall after top execs warned that second quarter trading revenues are trending lower. In related news, Goldman Sachs' new online lending business is changing the bank's culture, and the US investment bank has been accused of "funding immorality" in a Venezuela debt deal.
One of the most anticipated hedge fund launches of the year continues to rake in fresh money, despite a rough start in terms of performance. And one of the most exclusive and raucous Wall Street shindigs could be coming to an end.
In markets news, tech stocks are facing a roadblock, and the market can't afford for them to stumble. Stocks just got a majorly bullish signal. And an Amazon engineer is letting thousands of Twitch users play the stock market with $50,000 of his own money.
In economics news, America's largest group of unions thinks it knows why US wages aren't rising. The Fed could deliver a September surprise to the markets. Homebuyers in the market this spring are being slammed by a "double whammy."
Top Trump adviser and former Goldman Sachs executive Gary Cohn reportedly wants to lead the Federal Reserve. Trump is putting a massive deal at risk when he messes with Germany. And a failure of Trump's tax cuts is the biggest "black swan" risk in global markets, according to Societe Generale.
In deal news, the owner of T-Mobile US thinks the M&A market "looks good" under Trump.
In retail, Michael Kors tumbled after its sales forecast disappointed. About a quarter of US malls will most likely close within the next five years, according to a new prediction from Credit Suisse. And Manhattan retail rents are falling.
A healthcare firm that wants to create "an exam room that knows you" just landed a $5 billion valuation. A startup backed by Bill Gates that's building an early cancer detection test just pulled off a big deal. Pharma CEOs are bracing for a presidential action on drug pricing.
Lastly, this Rolls-Royce might be the most expensive new car ever built.