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

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.

One recommendation keeps coming up on Wall Street as a best idea: buy commodities.

Strategists from Goldman Sachs to Citigroup are all making a number of key assumptions. This phase of super-low interest rates is likely behind us because the global economy is growing. And in the US, with a jolt of fiscal stimulus, inflation and demand are finally starting to pick up.

Macquarie’s Tom Price said in a recent note these views, which solidified over the past month, mark “a fundamental change in market psychology.”

You can read more about Wall Street’s new favourite trade here.

In other news, Kylie Jenner’s tweet about dumping Snapchat made one group of investors $US163 million. And Evan Spiegel wasn’t the only one at Snap who got a huge bonus last year – fellow exec Imran Khan got $US100 million.

Hedge fund legend Jim Chanos explained the most important asset class in the world. And Goldman Sachs is telling its multimillionaire clients not to worry about valuations or inflation.

In corporate news, General Mills is buying pet food maker Blue Buffalo for $US8 billion. And there’s a clear playbook for how Amazon could upend the healthcare business – along with an obvious victim.

Lastly, Wall Street billionaire Steve Schwarzman gave a record-setting gift to his public high school – and it highlights the dire situation American schools face.

Business Insider Emails & Alerts

Site highlights each day to your inbox.

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