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What you need to know on Wall Street today
Finance Insider is Business Insider's midday summary of the top stories of the past 24 hours.
JPMorgan CEO Jamie Dimon.
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Bank stocks just did something not seen in 14 months. And it isn't pretty.
The KBW Bank Index underperformed the S&P 500 for the fifth straight day on Wednesday, the longest such streak since March 2016, according to data compiled by Barclays. If it trails again on Thursday, it would mark the longest patch of underperformance in five years. Beyond that is uncharted territory, as the KBW has never lagged the broader benchmark for seven straight days.
Elsewhere on Wall Street, regulators just got a powerful reminder of one of the first rules of finance. Morgan Stanley is moving wealth advisers to win new business. And a startup aiming to modernize the bond market has won backing from top Wall Street execs.
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HSBC is getting into robo-advice. Wells Fargo's cutthroat culture was reportedly simmering for decades. And the EU has agreed on a recapitalization plan for the world's oldest bank, Monte dei Paschi di Siena.
In markets news, millennials are still spooked by the 2008 financial crisis. Five key policy areas will test markets over the next five years, according to Pimco. And these 14 underappreciated stocks are set to take off, according to Goldman Sachs.
Traders are making a big change to how they use the world's hottest investment product. And there's one thing that could make Wall Street lose "confidence in the Trump administration."
Bitcoin is taking off after China's biggest exchanges started allowing withdrawals. In related news, there's an easy way to bet on bitcoin — but it'll cost you.
In economic news, mnitial jobless claims jumped more than expected, with a catch. ADP private payrolls surged more than expected.
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Fed officials keep patting themselves on the back for a huge policy shift — but it hasn't even started yet.
There's an important social reason incomes aren't rising in America. One of Trump's biggest plans to stimulate the economy won't be great for most Americans. And S&P cut Illinois' debt rating and warned it's at risk of entering a "negative credit spiral."
Trump's budget chief says the day of the CBO has come and gone after its devastating score of the GOP healthcare bill. In related news, Trump's health secretary pushed big pharma's agenda in Australia after loading up on drug company stocks.
There's an "explosion of innovation" in new cancer therapies — but it has one big drawback. And drugmaker Mylan has been accused of overcharging the US government by about $1.27 billion for EpiPens.
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In tech, Uber said it lost $700 million in Q1 and it's looking for a public company CFO. After investing in Twitter, Steve Ballmer gave up investing. And a company owned by Microsoft's cofounder just unveiled the biggest plane in the world.
ery major automaker except GM has beat so far. Carmakers are playing a dangerous game when it comes to auto sales. Tesla's wild success may be creating a huge problem for GM.
Lastly, here are the 10 most beautiful cars on sale today.
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