Here’s what’s been happening on Wall Street overnight

Photo: John Moore/ Getty Images


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.

Paul Singer, the founder of $US34 billion hedge fund Elliott Management, is out with his most recent client letter, and it’s full of gloomy prognostications.

In the letter – viewed by Business Insider – he once again beats the drum about an impending market crash. But he also takes aim at cryptocurrencies, calling them “one of the most brilliant scams in history” in a brutal takedown.

Elsewhere, UBS economists say the risk of the US slipping into a recession is “material and rising.” On the bright side, $US6.3 trillion manager BlackRock just boosted its outlook on US stocks.

Banks are mulling a creative way to enforce gun control – even if the government doesn’t make a single change.

Walmart’s online sales growth has sharply slowed – and it highlights a key weakness in its battle with Amazon. One graph tells you everything you need to know about Facebook’s problem with falling use.

Here’s what else is happening today:


Uber’s CEO already told Goldman Sachs the real plan: It’s not to replace taxis, it’s to replace your car. A hot startup could be the perfect model for the JPMorgan-Amazon-Berkshire Hathaway healthcare initiative.

The official numbers are in, and “Black Panther” soared past the latest “Star Wars” for a historic $US242 million opening weekend. The film’s February box-office success is a rarity for the movie business – but industry insiders say that’s about to change.

Lastly, these are the sneaky ways apps like Instagram, Facebook, and Tinder lure you in and get you “addicted.”

NOW WATCH: Money & Markets videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.