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

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Wall Street broadly expected 2018 to be a strong year for dealmaking, as US tax reform and widespread global economic growth paved the way for a string mergers and acquisitions.

But what’s unfolded has perhaps surpassed even the most bullish expectations. To date, 2018 is the most active year for dealmaking on record, according to data from Bloomberg, with nearly $US1.7 trillion worth of deals announced across the globe.

That pace puts the market on track for $US5 trillion in deals, which would blow away pre-financial crisis level highs when mergers topped $US4.6 trillion in value in 2007.

“All of the forces that have led to the really strong M&A market this year are likely to be in tact for the foreseeable future,” said Navid Mahmoodzadegan, copresident of Moelis & Co.

Here’s our story.

In related news, meet the rising stars in Silicon Valley tech who find hot startup deals and manage millions of dollars.

Elsewhere in dealmaking news, ex-Trump aide Dina Powell will join Goldman Sachs’ most powerful division when she returns to the bank. Goldman Sachs has also hired a senior chemicals banker from Barclays. And here’s an inside look at the team leading Coinbase’s acquisition spree and its plans to become the Google of crypto.

In investing news, we’ve seen the numbers for Steve Cohen’s big hedge fund comeback, and they’re solid but not spectacular. And in trading,Virtu is getting hammered despite gangbuster earnings.

The US added fewer jobs than expected in April, but the unemployment rate fell to a 17-year low, according to the Bureau of Labour Statistics’ monthly jobs report released on Friday. And hidden gauge of the jobs market is approaching historic lows – and it reveals the most underrated story of the US economy.

Elsewhere in markets news:

In VC news:

Lastly, Elon Musk called out Tesla sceptics in a tweetstorm two days after his confrontational earnings call. Business Insider’s Matt DeBord writes that Musk is acting more like a desperate man than a visionary. And Linette Lopez writes that Musk doesn’t care about you.

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