What you need to know on Wall Street today
Welcome to Finance Insider, Business Insider's summary of the top stories of the past 24 hours.
Investors are starting to brace for yet another debt-ceiling debacle.
Evidence of that can be found in the market for Treasury bills, a highly sensitive market that reflects the premium investors want for lending to the US government. Amid concern that the government will run out of funding mid-October, yields on Treasury bills due that month are spiking.
On Friday, Fed chair Janet Yellen is set to deliver a speech on financial stability at the Fed's annual economic symposium in Jackson Hole, Wyoming. Here's how the remote Western resort of Jackson Hole became a go-to gathering for central bankers. And Yellen's omission of one key concept in her speech could make waves on Wall Street.
In other news, hedge funds can't stop betting on the stock market's secret weapon. Corporate raider Bill Ackman threatened his most recent target with negative media coverage. And Wall Street alum Sallie Krawcheck just raised $32 million for her investing platform.
We talked to the president of the Nasdaq Stock Exchange about IPOs, IEX, and how to revitalize the market.
In deal news, Fiat Chrysler found a magic formula with Ferrari - and could use it on Maserati next. And Daimler is reportedly considering splitting up its Mercedes divisions.
In tech news:
- There's one app millennials can't live without, and it's great news for Jeff Bezos
- Facebook is putting a top exec in charge of all hardware and readying an "Aloha" video chat device
- The Amazon-Whole Foods deal has received the green light from the FTC
- Snap's lead IPO underwriter lowers its price target - again
- We talked to the most bullish Apple analyst on Wall Street about the iPhone 8, AR, and China
- Mark Cuban is trying to fix social media's biggest problems by backing a company mixing bitcoin technology with messaging
Lastly, a California millionaire built a massive "13th-century Italian castle" in the middle of wine country - take a look inside.
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