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. Sign up here to get the best of Business Insider delivered direct to your inbox.

“Markets are in a kind of dreamland.”

That’s according to Elliott Management, which manages $US34 billion and is one of the world’s largest hedge funds. The firm, led by billionaire GOP donor and hedge fund manager Paul Singer, says markets are at high risk, according to a third-quarter client letter seen by Business Insider. He also expressed concern about the global economy.

In related news, a GOP lawmaker says he’s sticking it to hedge funds with a new tax rule — he’s not. And the Feds are investigating billionaire Carl Icahn’s role advising the Trump administration.

In other news, Wall Street trading giant Virtu cut staff by half and laid in to a $US1.4 billion acquisition — now it can’t wait for market chaos.

Stocks are sliding amid worries that the GOP tax plan may be delayed. And rising tensions between Saudi Arabia and Iran are rattling regional markets.

In business news, Panera’s CEO is stepping down to address a huge problem he believes is crippling the US economy.

And in tech news, the Chinese company behind the biggest game in the world wants to work with Snapchat on games. Roku is soaring the day after its bombshell first-ever earnings report as a public company. And SoftBank’s massive investment in Uber isn’t in jeopardy despite prolonged negotiations over the terms of the deal, according to Uber CEO Dara Khosrowshahi.

Lastly, meet some of the Wall Streeters who ran the New York City Marathon.

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.