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.
The Senate passed its fiscal-year 2018 budget resolution Thursday, opening the door for the passage of Republican leadership’s massive package to overhaul the tax code. Here’s what you need to know:
- The Senate passes its budget, clearing a huge hurdle for Trump’s tax plan
- Republicans could now unexpectedly try to “steamroll” Trump’s massive tax plan through Congress
- Rand Paul says he supports ‘biggest, boldest cuts possible’ to taxes after Trump calls him out on Twitter
- Traders are brimming with confidence on the latest tax reform progress
- Republicans are considering a proposal that would radically change the way you save for retirement
In finance news, Wall Street has been embroiled in a civil war between traders and exchanges over the rising cost of market data. A recent hire by the Securities and Exchange Commission is being viewed as a win by the traders.
We talked to the chief investment strategist at $US6 trillion fund giant BlackRock about stocks, bitcoin, and the Fed. Billionaire hedge fund manager Dan Loeb’s Third Point is crushing the competition. The first artificial intelligence-powered exchange-traded fund just launched, and it’s already beating the market.
And Hong Kong’s stock exchange is to shut after more than 30 years as automated trading takes over.
And the founder of a fresh hedge fund launch pitched the Madison Square Garden Company to a high-profile Wall Street investor conference on Thursday, touting the growing number of billionaires — who may in turn buy more sports teams — as a bullish sign for MSG.
The September jobs report showed a stunning drop in net nonfarm payrolls by 33,000, the first time the US economy shed jobs since 2010. State-level data released on Friday made clear that most of the job losses occurred in Florida.
In markets news and views:
- Snap hit with more layoffs, plans to slow hiring in 2018
- General Electric’s disastrous earnings report caught traders off guard
- MongoDB soared 33% on its first day of trading — the CEO told us how they plan to beat Oracle and Amazon
- Nike has lost its crown as king of the sneaker market – and a sneaker mogul has a simple explanation for why
- JPMORGAN: Tesla could have to raise the price of the Model 3
- Biotech giant Celgene is abandoning a drug it bought for $US710 million — and the stock is dropping
- PayPal is spiking after a solid earnings beat
Lastly, Bombardier’s next generation $US73 million Global 7000 private jet just made its air show debut.
Business Insider Emails & Alerts
Site highlights each day to your inbox.