What you need to know on Wall Street today
Ricardo Sorto knew exactly what he wanted to do early in high school. His passion for cars made the decision to become a mechanic a no-brainer. A volatile US job market had something entirely different in mind.
When he finished high school in 2011, Sorto was already doing unpaid work fixing school buses after class. But once he scored a job at a local branch of the auto-repair chain Just Tires, he found himself in a hypercompetitive environment with too many applicants and too few jobs.
It led to low wages and a stressful workplace. So, rather than scraping by at $8 an hour, Sorto took a paid internship at the tech-support center of the Arlington, Virginia, public-school system. He delivered computers to public schools and installed software.
We've been worried about technology stealing jobs for 200 years but one solution is plain to see. Pivoting quickly and training for a new profession is exactly what workers have been told to do for decades as they've feared being replaced by machines or lower-wage overseas rivals or displaced in a lousy economy. And it can work.
We talked to a key player in China and the EU's 'third industrial revolution' about the economy of tomorrow. And companies have forgotten how to pay workers fairly - and workers have forgotten what they deserve
In markets news, China just had a "Black Monday." And fear surrounding one of the stock market's biggest drivers is overblown, according to Goldman Sachs.
Tesla bulls look at Elon Musk and think of Steve Jobs, according to hedge fund manager David Einhorn. But Tesla is not Apple. In related news, Elon Musk predicted the three biggest changes hitting the auto industry in 20 years.
Amazon dealt yet another huge blow to Blue Apron. And Bobby Flay's Burger Palace is going public, as is an Ashton Kutcher-backed media company.
In finance news, Citigroup is staffing up for a new center that will unleash robotics throughout the bank. anD Credit Suisse is working on another strategic plan.
BlackRock reported a massive influx of cash into its low-cost funds. BlackRock chief Larry Fink said it will be hard for the United States to reach the 3% annual growth target set by President Donald Trump. BNY Mellon named a new CEO. KKR, the legendary buyout shop made famous by "Barbarians at the Gate" just anointed its next generation. And Nelson Peltz is launching a bid for a board seat at consumer goods giant Procter & Gamble.
Business Insider's Undividing America series continues. Here's the latest:
- A mother and daughter stopped speaking after Trump was elected - here's their emotional first conversation six months later
- How a Jewish deli run by Muslims became the symbol of a changing neighborhood
- Tech billionaire Steve Ballmer spent $10 million to disprove a "rancorous" belief about Democrats and Republicans
- These governors won over unlikely voters and have some lessons for Washington
- ABC aired a show that could have brought America together, but no one noticed until Trump was president
Lastly, in tech news:
- Traders are loading up on bets against Netflix ahead of earnings
- Snap just made it easier for brands of all sizes to create ads on the platform
- One Wall Street bank doesn't care that the next iPhone will be delayed
- Amazon might launch its own WhatsApp competitor that lets you order food and split bills
- How Box's founders got Mark Cuban to invest in their startup while they were still in college - without ever meeting him
And this $150 million estate is now the most expensive home for sale in the Hamptons - take a look.