What you need to know on Wall Street today

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The next four days will be crucial for the GOP tax plan.

The House Republican bill to reform the tax code meets its first real test Monday, with House Ways and Means Chair Kevin Brady bringing his bill to the committee for the start of a multi-day markup.

Broadcom has offered to buy Qualcomm in what would be the largest tech deal ever. And banks could earn a huge payday — $US280 million — from Broadcom’s mega-bid.

There’s a mystery facing the new Fed chair nominee Jerome Powell — and a false step could hurt the economy. And in other news, New York Fed President William Dudley is planning to retire early.

In hedge fund news, Bank of America Merrill Lynch has signed on with a quant firm — and it shows where Wall Street is headed.

In markets:

New York City Mayor Bill de Blasio wrote for Business Insider today, saying that Trump’s tax plan would be like asking New Yorkers to take out $US1,000 to give it to a hedge-fund manager.

And a crucial line in Trump’s new tax plan will make it a lot harder to buy a $US1 million home.

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