What you need to know on Wall Street today

Welcome to Finance Insider, Business Insider’s summary of the top stories of the past 24 hours.

A favourite talking point for months of President Donald Trump, who often says the story of his campaign’s possible collusion with Russia is a “hoax,” unravelled on Tuesday. And his son was the one pulling the thread.

The “explosive” Donald Trump Jr. emails could torpedo Republicans’ plans, according to policy analysts. Citi thinks people should start to think about the I-word when it comes to Donald Trump’s presidency: impeachment.

In economics news, Gary Cohn is reportedly the top pick to take over for Janet Yellen as Federal Reserve chair. The Canadian dollar shot to a near 11-month high against the greenback on Wednesday and stocks gave up early gains after the Bank of Canada’s first interest rate hike in seven years and on anticipation of more to come.

And Janet Yellen may have just misled Congress on a key ethical issue for the Fed, according to Business Insider’s Pedro da Costa.

In Wall Street news, the founder of a $US5 billion hedge fund just kicked off a summer music tour. A Wall Street banker described the time Donald Trump offered to seal a deal with a $US1 million coin flip.

Royal Bank of Scotland on Wednesday announced that it has reached a $US5.5 billion settlement with the US Federal Housing Finance Agency (FHFA) over the misselling of $US32 billion of mortgage-backed securities in the run-up to the 2008 financial crisis. Wells Fargo is pulling back on auto lending. And JPMorgan launched a new tool to help fill 7,500 finance jobs in New York City.

In markets news, investors aren’t taking enough risk in the stock market, according to Blackrock. The most popular measure of the stock market’s value “deserves to be trashed.” Traders are woefully unprepared for one of Tesla’s biggest events of the year. And here’s JPMorgan’s ultimate guide to the markets and the economy.

In tech, Uber’s business is still growing despite months of bad news, scandals and turmoil. Theranos is considering renting out its headquarters. Twitter has a new CFO, and he costs more than $US22 million.

And Google launched an in-house AI fund to help startups turn sci-fi into “nonfiction.”

In autos, the Tesla Model 3 looks a lot like cheaper cars — and that’s a huge advantage. And Ferrari is about to go through a “seismic shift.”

Lastly, go inside the beautiful mountain lodge where the biggest names in tech and media are staying for Allen & Co.’s annual “summer camp for billionaires.”