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

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Some of Wall Street’s biggest firms are already waving red flags on the stock market’s newest sector

The new communication-services sector implemented Friday is already getting sour reviews from some analysts at major Wall Street firms.

S&P Dow Jones Indices and MSCI first announced last November that they would discard the old telecom sector for a new one that melds communication and media companies. This was to catch up with the dealmaking that had created companies like Verizon that provide both.

Many investors who make sector-level decisions had already incorporated these business-model changes into their strategies. Also, many exchange-traded funds already allowed investors to buy in to some of the themes the reorganization aimed to capture.

But for anyone still making adjustments, analysts at major firms are urging caution. Here’s what they’re saying.

Amazon just raised its minimum wage to $US15 – and it’s a brilliant strategic move in the ‘war for talent’

Amazon just signalled that it’s preparing for retail’s so-called “war for talent.”

The retailer announced on Tuesday that it would be raising its minimum wage for all employees to $US15 an hour effective November 1.

While CEO Jeff Bezos implied in a statement about the wage hikethat the change is coming in response to recent attacks from politicians and activists over the company’s treatment of workers, analysts say that there is likely some economic motivation behind the decision.

The new CEO of Goldman Sachs says people used to ‘cower in a corner’ when he got in the elevator – until they learned he’s a DJ on the side

For new Goldman Sachs CEO David Solomon, moonlighting as a DJ has had some added benefits, besides making the Billboard charts.

Solomon said that for years as a senior banker, he’d walk into the elevator at Goldman and would be met with blank stares. “I’d say hi and most people would look at their feet and cower in the corner,” he said on Tuesday as part of a panel for Fortune’s Most Powerful Women Summit in Laguna Niguel, California.

But that all changed when word spread that Solomon hit the turntables at clubs around Manhattan, Brooklyn and the Hamptons under the name D-Sol.

“When people started seeing I had this hobby and was into music, a 24 year-old analyst would say ‘Hey David, I saw your post on this and I heard your track,'” he said. “They want to connect with you, talk about how they got to the firm. It’s about being human and opening yourself up. We all used to keep our private lives so separated from what we were doing in business and that’s changed.”

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