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

Getty ImagesDaniel Ek, CEO of Swedish music streaming service Spotify.

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If you hadn’t figured this out already, the streaming music business is a terrible one to be in.

That’s the chief takeaway from the financial paperwork Spotify filed Wednesday in advance of becoming a public company. Despite dominating the subscription music market, the company generates relatively little money per user, has to give away nearly all the money it generates to the big recording companies, and continues to rack up losses.

In short, Spotify just proved that the streaming music business is a like a black hole – and investors might not see it until it’s too late. Elsewhere in Spotify news:

In other news, Jerome Powell, the new Federal Reserve chairman, pushed back against any possible changes to the central bank’s 2% inflation-targeting framework. Initial jobless claims– first-time filings for unemployment benefits – fell to a 48-year low of 210,000 last week. And President Donald Trump could announce new tariffs on imports of steel and aluminium as soon as Thursday, a move that could trigger significant economic repercussions.

In finance news, Deutsche Bank’s head of stock trading told us how markets went haywire, why volatility is here to stay, and what investors are actually concerned about.

Bank of America has reportedly fired 2 staffers who interfered with a sexual misconduct investigation. The global head of investor relations at $US28 billion investor Angelo Gordon has left over misconduct. Hedge fund billionaire David Einhorn’s bad start to the year has gotten worse.

In other news:

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