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.
Morgan Stanley is urging its super-rich clients to pull out of one of the market’s hottest corners, and it’s a warning shot to the US economy
The consumer-discretionary sector is the stock market’s best performer of the last decade – but now it’s time to consider taking profits, says Morgan Stanley Wealth Management.
The sector’s chart-topping performance on the S&P 500 is just one reason for the recommendation offered by Lisa Shalett, the head of investment and portfolio strategies, in a note on Monday.
Companies in the sector range from automakers to apparel makers and casinos, which make goods and services that consumers splurge on. Consumer spending contributes to more than two-thirds of the economy’s growth.
And so, Shalett’s sector call further makes the case that the backbone of the $US20 trillion-plus US economy could be headed for a slowdown.
A $US1.5 billion investment firm is taking a fresh approach to launching a crypto index
A $US1.5 billion money manager is looking to unleash the crypto markets onto pension funds and endowments with a new kind of index aimed at institutional investors.
Morgan Creek, the investment firm led by Mark Yusko, on Tuesday announced an index called the Morgan Creek Bitwise Digital Asset Index in partnership with the California startup Bitwise Asset Management.
Crypto indexes have been popping up at a fast clip this year as crypto firms eye big institutional pockets. Elsewhere in the market, Bloomberg partnered with Mike Novogratz’s Galaxy Digital on an index. Coinbase also announced the launch of a fund to allow investors to put money into a basket or index of four of the largest cryptocurrencies.
Google responds to Trump’s claim that the company is ‘suppressing the voices of conservatives and hiding information’
Google has responded to two tweets President Donald Trump sent early Tuesday accusing the company of intentionally “silencing the voices of conservatives and hiding information and news that is good” with its search results.
“Search is not used to set a political agenda, and we don’t bias our results toward any political ideology,” Google told Business Insider in a statement, adding that it prioritised relevancy and quality.
Trump, appearing to cite a figure from an unscientific study carried out by a conservative opinion blog, claimed that 96% of Google’s search results of his name were “from National Left-Wing Media,” calling it a “very serious situation” that “will be addressed.” He did not explain how the government might act on the issue.
In markets news
- The stock market’s record-breaking run is masking a dangerous trend brewing under the surface, Morgan Stanley says
- Amazon has helped change the way retailers set their prices – here’s how it will affect everyone from shoppers to the Fed
Business Insider Emails & Alerts
Site highlights each day to your inbox.