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. Sign up here to get the best of Business Insider delivered direct to your inbox.
The Senate passed its fiscal-year 2018 budget resolution Thursday, opening the door for the passage of Republican leadership's massive package to overhaul the tax code. Here's what you need to know:
- The Senate passes its budget, clearing a huge hurdle for Trump's tax plan
- Republicans could now unexpectedly try to "steamroll" Trump's massive tax plan through Congress
- Rand Paul says he supports 'biggest, boldest cuts possible' to taxes after Trump calls him out on Twitter
- Traders are brimming with confidence on the latest tax reform progress
- Republicans are considering a proposal that would radically change the way you save for retirement
In finance news, Wall Street has been embroiled in a civil war between traders and exchanges over the rising cost of market data. A recent hire by the Securities and Exchange Commission is being viewed as a win by the traders.
We talked to the chief investment strategist at $6 trillion fund giant BlackRock about stocks, bitcoin, and the Fed. Billionaire hedge fund manager Dan Loeb's Third Point is crushing the competition. The first artificial intelligence-powered exchange-traded fund just launched, and it's already beating the market.
And Hong Kong's stock exchange is to shut after more than 30 years as automated trading takes over.
In deal news, SoftBank plans to invest roughly $880 billion in tech through more Vision Funds. Stitch Fix just filed for an IPO.
And the founder of a fresh hedge fund launch pitched the Madison Square Garden Company to a high-profile Wall Street investor conference on Thursday, touting the growing number of billionaires - who may in turn buy more sports teams - as a bullish sign for MSG.
The September jobs report showed a stunning drop in net nonfarm payrolls by 33,000, the first time the US economy shed jobs since 2010. State-level data released on Friday made clear that most of the job losses occurred in Florida.
In markets news and views:
- Snap hit with more layoffs, plans to slow hiring in 2018
- General Electric's disastrous earnings report caught traders off guard
- MongoDB soared 33% on its first day of trading - the CEO told us how they plan to beat Oracle and Amazon
- Nike has lost its crown as king of the sneaker market - and a sneaker mogul has a simple explanation for why
- JPMORGAN: Tesla could have to raise the price of the Model 3
- Biotech giant Celgene is abandoning a drug it bought for $710 million - and the stock is dropping
- PayPal is spiking after a solid earnings beat
- I spent $2,000 for 7 nights in a 179-square-foot room on one of the world's largest cruise ships. Take a look inside my cabin.
- Saudi Arabia wants China to help fund its struggling $500 billion Neom megaproject. Investors may not be too excited.
- Colon cancer rates are rising in young people. If you have two symptoms you should get a colonoscopy, a GI oncologist says.
- Catan adds climate change to the latest edition of the world-famous board game
- Tired of blatant misinformation in the media? This video game can help you and your family fight fake news!
- Tired of blatant misinformation in the media? This video game can help you and your family fight fake news!
- JNK India IPO allotment – How to check allotment, GMP, listing date and more
- Indian Army unveils selfie point at Hombotingla Pass ahead of 25th anniversary of Kargil Vijay Diwas
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market