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.

The US economy grew faster than initially thought in the first quarter, according to the Commerce Department.

Gross domestic product, the value of everything produced in America, increased by 1.4%, the Bureau of Economic Analysis’ third estimate, released Thursday, showed. Consumer spending, the largest part of the economy, and exports were revised higher, though the broader picture of economic growth remained the same.

Tech companies in the S&P 500 dropped as much as 2.1% on Thursday amid renewed selling in the mega-caps that have led the market higher this year. FANG stocks — Facebook, Apple, Netflix and Google — each slipped more than 1.4%, while the tech-heavy Nasdaq 100 index fell 1.8% to its lowest level since mid-May.

There’s a ton of deal news to get through, so let’s dive right in:

The Federal Reserve approved plans from the 34 largest US banks to use extra capital for stock buybacks, dividends and other purposes beyond a cushion against possible catastrophe. The banks are set to hand $US130 billion to investors, and their stocks are soaring.

In Wall Street news, a top trader at $US12.6 billion hedge fund Brevan Howard is going it alone, and a 33-year old hedge fund manager is hoping to raise at least $US200 million for a new fund. Martin Shkreli’s lawyer used Lady Gaga lyrics to defend his client.

Traders are bracing for the loss of a crucial stock market driver. Millennials are flocking towards some of the most speculative ways to invest. Bitcoin’s “bubble” is unlike anything we’ve ever seen before. And a popular cryptocurrency could be using more than a country’s worth of electricity.

We spoke to the CEO of Betterment, an investing startup taking in $US12 million a day, about the future of finance, millennials, and happiness.

Foreclosures at one of the most expensive buildings in New York are an ominous sign for the luxury market. America is hooked on credit cards — and it’s pretty clear why.

Japan can help us better understand one of the biggest puzzles facing the US economy. The richest US families own a startling proportion of America’s wealth. And these three charts explain the economic side effects of the student loan crisis.

Lastly, there are four big mistakes guys make with their business attire, according to a menswear expert.

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