What you need to know on Wall Street today

caption
FILE PHOTO – Berkshire Hathaway CEO Warren Buffett plays bridge during the Berkshire annual meeting weekend in Omaha
source
Thomson Reuters

Welcome to Finance Insider, Business Insider’s summary of the top stories of the past 24 hours.

Dan Loeb’s Third Point hedge fund is betting big on BlackRock, the world’s largest asset manager.

In a client letter dated July 26, explaining its stock investment, Third Point said, “We think BlackRock is a misunderstood franchise that is just beginning to inflect.”

Elsewhere on Wall Street, Citigroup said the same word more than 20 times in the same presentation – and it’s the key to the bank’s strategy. In related news, the US bank just named a new head of a $390 billion unit.

Ken Moelis, CEO of Moelis & Company, is trying to get a message out to Wall Street: We’re hiring. Jefferies just hired a former Goldman Sachs partner for a big derivatives role. Warren Buffett’s Berkshire Hathaway is setting its sights on a new target. And Betterment’s 270,000 users can now message financial advisers through the app.

In markets news, the best-performing stock in the Dow this year is rallying on blockbuster earnings. An obscure market indicator could be very useful for investors. And here’s what keeps bond fund managers at PGIM up at night.

On Wednesday, the Fed concludes its two-day policy meeting, and Bloomberg’s World Interest Rate Probability data shows a 0% chance the Fed hikes rates. The market’s focus will be on any more news about when the Fed plans to start shrinking its $4.5 trillion balance sheet, and how the statement acknowledges further declines in inflation. Here’s what you need to know:

Facebook will report earnings after the bell. Here’s what you need to know:

And in other tech news:

And in non-tech company news:

United Airlines is giving passengers one final chance to fly on a jumbo jet in America. Delta just unveiled a new plane that features totally private first class suites. And a Scandinavian airline will offer $99 round-trip flights to Europe.