What you need to know on Wall Street today

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Morgan Stanley Chairman and CEO Gorman speaks during the Institute of International Finance Annual Meeting in Washington

What's going on in the fixed income, currencies, and commodities business? It's the question that has dominated earnings calls for Morgan Stanley and Goldman Sachs this week, but for very different reasons.

Morgan Stanley reported earnings of $1 a share on revenue of $9.7 billion in the first three months of 2017 on Wednesday, beating analyst estimates by a lot. That performance was driven by a big rebound in fixed-income sales and trading revenue. In contrast, Goldman Sachs underperformed in FICC in the first quarter.

The results mean that Morgan Stanley's first quarter fixed income revenues ($1.714 billion) were ahead of Goldman Sachs' fixed income revenues ($1.685 billion). Goldman Sachs is also licking its wounds in equities.

In other news, BlackRock, the world's biggest asset manager, reported a 31% rise in quarterly profit helped by higher investment advisory fees and securities lending revenue. Also, it turns out you can pretty much thank Larry Fink for Maroon 5. Who knew?

The world's largest hedge fund manager is losing faith in the Trump bump. It's not the only one, and a growing number of investors are now worried about the US stock market.

Here are the stocks millennials love more than people over 30 do, according to trading app Robinhood. And tons of people set up trading accounts just to buy Snapchat, according to TD Ameritrade.

Bond exchange-traded funds have exploded in size in the last few years. The big-ticket trades in them are getting bigger too, according to new research.

Wall Street critic Elizabeth Warren took a picture with the famous "Fearless Girl" statue on Wall Street.

In tech, IBM revenue has fallen for 20 quarters - but it used to run its business very differently. In related news, Warren Buffett's bet on IBM is down more than $787 million.

Intel could be down $400 million when Cloudera goes public. Verizon's CEO just said he's open to merger talks with Comcast, Disney, or CBS. And a banker-turned-Googler explained the 2 biggest differences between working in tech and finance.

Theranos just agreed to refund 175,000 people in Arizona who took its tests. And we just got a better idea of how much drug companies rely on price hikes, and it doesn't look good.

Emirates is cutting flights to the US because of Trump's travel policies.

Lastly, here are the 18 countries with the most millionaires.

Here are the top Wall Street headlines from the past 24 hours.

The tool company Trump just visited has an unsettling relationship with its blue collar franchisees - Did anyone in the White House vet this? Donald Trump just visited the headquarters of Snap-on Inc., a Kenosha, Wisconsin maker of tools sold to auto repair shops and mechanics.

SCOTT GALLOWAY: Investing in Snap is something "no one responsible should ever do" - Scott Galloway is a marketing professor at the NYU Stern School of Business and the founder of business intelligence firm L2. Galloway stopped by Business Insider to talk about the biggest names in tech.

Yahoo beats earnings expectations, stock goes nowhere - Yahoo's Q1 earnings report, likely the last one before the Verizon acquisition closes, is a beat.

CREDIT SUISSE: JCPenney is finally responding to the death of brick-and-mortar retail - Things have not been easy for brick-and-mortar retailers.

BlackRock CEO Larry Fink shares the 2 leaders who most inspire him - and neither comes from finance - As the chairman and CEO of BlackRock, Larry Fink is responsible for a massive $5.1 trillion in assets under management, making him one of the most influential people in global finance.

2 small firms are going to make a killing on Cardinal Health's $6.1 billion deal - Two of the usual suspects played a role in setting up Cardinal Health's $6.1 billion acquisition of Medtronic's medical supplies business. But two smaller firms also got in on the action.

JEFFERIES: Investors are loving Nintendo Switch's new games - Shares of Nintendo are up 5.4% this week after the company revealed an extended list of upcoming game releases for its new Switch console.