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

Jeff Bezos. Photo: David Ryder/ Getty Images.


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Whenever Jeff Bezos, Warren Buffett, or Jamie Dimon do just about anything, they have our curiosity. When all three of them join forces to do something together? Now they have got our attention.

Amazon, Berkshire Hathaway, and JPMorgan Chase announced Tuesday they’re are creating a new business to take on the “hungry tapeworm” that is healthcare costs in the US. The new company will focus on technology solutions that will provide “simplified, high-quality and transparent healthcare at a reasonable cost” to US-based employees and their families.

There aren’t many specifics available yet, but here’s what we know about the venture so far.

The new healthcare push by the Buffett-Dimon-Bezos triumvirate has Wall Street in a tizzy. The news sent healthcare stocks plummeting on Tuesday morning, especially health insurers and members of the pharmaceutical supply chain. It served as another powerful reminder of the risks of getting Amazon’d.

Stocks are getting crushed Tuesday in general during their worst day since Brexit. Here’s what else is happening in the markets:

Verizon is reportedly following AT&T’s lead and cancelling plans to sell Huawei’s latest phone amid fears of Chinese spying. The Department of Justice is reportedly investigating the Apple software update that slowed down older iPhones.

The founder of hedge fund Folger Hill tells clients his firm has fallen short. Saudi Arabia’s stock exchange is ‘more aggressively’ vying for the sole listing of oil behemoth Aramco.

Banks could earn $US100 million from Keurig-Dr. Pepper – here are the dealmakers who orchestrated the $US18.7 billion merger.

And in crypto news:

Lastly, here are 15 major companies that treat employees well, value their customers, and put their communities first.

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