Welcome to Finance Insider, Business Insider’s summary of the top stories of the past 24 hours.
The GOP’s attempt to overhaul healthcare is dead.
McCain joined two other Republican senators, Susan Collins of Maine and Lisa Murkowski of Alaska, as well as all 48 Democratic senators, in voting against the bill. The vote quashed Majority Leader Mitch McConnell’s plan to upend the US healthcare system after 20 hours of debate. Ultimately, the vote was 49-51.
In other news, the Federal Reserve’s plan to shrink its balance sheet could have unforeseen consequences, writes Business Insider’s Pedro da Costa.
Consumer spending has propelled economic growth in the 2nd quarter — but by less than expected. A preliminary report from the Commerce Department showed that GDP increased by 2.6%, signalling that the growth slowdown in the first three months of this year was temporary. Economic forecasts had est mated a 2.7% pace.
Scaramucci, who is Trump’s new communications head, unloaded about his colleagues to a New Yorker reporter in an expletive-laden rant. His recent public financial disclosure shows that he has invested money in the Mets, the film company that produced ‘American Psycho,’ a nutrition company that regulators alleged made false claims, and a glitzy Manhattan steakhouse.
Many people still prefer to work with men over women, according to a MSN poll for Business Insider. About one in five respondents — both men and women — said they prefer to work with men, far more than expressed a preference for working with women. Women are facing an uphill battle in achieving equality at work.
In tech news, Tesla is ticking higher ahead of the big Model 3 launch. Elon Musk is about to accomplish a goal that was ten years in the making. Macquarie says Twitter won’t ever grow its audience. And Snap’s struggling stock is facing its biggest challenge yet, as its post-IPO stock lockup is set to expire.