- Lucas Jackson/Reuters
Welcome to Finance Insider, Business Insider’s summary of the top stories of the past 24 hours.
If stock traders truly believed the Federal Reserve’s assertion that the economy is strong enough to withstand higher interest rates, they would be fleeing from stocks offering high yields. It’s doing the opposite.
In other words, the stock market is sending a crucial message to Janet Yellen.
Elsewhere in markets news, ETFs are being unfairly blamed for one of the market’s biggest problems. The tech stock Illuminati are getting too much credit. And there are “cracks emerging” in the calmest market in years.
Things could get messy if oil drops below $40, according to UBS. And US Federal Reserve Chair Janet Yellen said that she does not believe that there will be a run on the banking system at least as long as she lives.
In Wall Street news, the hedge funder who had long hoped to work for Trump finally got a job. An activist investor called out 50 stocks, and then most of them tanked. Britain’s financial regulator hits the “nuclear button” in its crackdown on the £7 trillion asset management industry.
And potential jurors in Martin Shkreli’s trial have called him “evil” and a “snake” – and it’s becoming a problem
In deal news, Blue Apron slashed its IPO range. The deal is supposed to price tonight, and start trading on Thursday.
In healthcare news:
- The Senate healthcare bill just got hit with a slew of brutal reviews The Senate healthcare bill could result in a “nightmare scenario” for drugs WARREN BUFFETT: The Republican healthcare bill should be called the “Relief for the Rich Act” ‘Trump doesn’t bring us any votes’: Trump appears to be losing influence on healthcare
And in tech news:
- Marissa Mayer defends Uber founder Travis Kalanick as a ‘phenomenal leader’ who just didn’t know what was going on Facebook easily coasted to 2 billion users, but the joy ride may be coming to an end MACQUARIE: Google’s ability to make search better for everyone has been choked by the EC fine
Lastly, the new king of New York power lunching has arrived – here’s what it’s like to eat there.