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.

President Donald Trump is expected to name well-known Wall Streeter Anthony Scaramucci as the new White House communications director, according to multiple reports. Sean Spicer, the White House’s embattled press secretary, announced his resignation on Friday, reportedly after telling President Donald Trump that he strongly disagreed with the selection of Scaramucci.

Elsewhere, Goldman Sachs could be about to tighten its stranglehold on global markets.

If you want to make money in the stock market, you’d better nail earnings season. Or else. The reason is simple: Quarterly results are exerting unprecedented influence over stock returns and, by extension, portfolio performance.

The quietest market in decades is masking big money-making opportunities, according to Larry Adam, the chief investment officer for the Americas at Deutsche Bank Wealth Management.

The robots are coming for Wall Street’s jobs, and McKinsey & Co has an idea of exactly what jobs they are coming for. And a top trader at Deutsche Bank has reportedly left after a bet went wrong to the tune of $US60 million.

China’s former “King of IPOs” has been found guilty of corruption. And the world’s most brilliant China mind has a warning about “Chinese medicine.”

Betterment just landed an $US800 million valuation. An internal battle is reportedly being waged at $US240 billion money manager Guggenheim. And Wall Street is making huge bets on healthcare companies you’ve never heard of.

Legendary investor T. Boone Pickens said that after 89 years of life, he no longer feels like he’ll live forever. And that’s not a bad thing. And Big Oil is gearing up for another crazy round of cost cuts.

General Electric’s second quarter revenue dropped 12%, sending its shares lower.

Apple is lagging the market as iPhone 8 woes mount. Netflix is an emerging juggernaut. The FTC is looking into allegations Amazon misled customers about its pricing discounts. Microsoft reported a big beat on earnings.

Jeff Bezos and Mark Zuckerberg have each seen their fortunes swell by more than $US20 billion this year.

And Google’s been running a secret test to detect bogus ads — and its findings should make the industry nervous.

Elon Musk sent another cryptic tweet about his plan to build a Hyperloop that could travel between NY and DC in 29 minutes.

Lastly, the Lexus LC 500h is a mega-Prius that takes hybrid tech to a new level.

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