What you need to know on Wall Street today

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2017 could go down as one of the most boring years ever for the stock market.

Sure, the S&P 500 has closed at record highs 66 times this year, the most since the mid 1990s.

But volatility has remained historically low. And on Monday, the S&P 500 completed its longest streak ever without a 3% intraday drawdown. At the close, it overtook the previous record of 241 days set in 1996.

According to Bank of America Merrill Lynch, t
he stock market is now vulnerable to an “overdue fragility event.

There’s a bunch of hedge fund news today, so let’s jump right in.

Elsewhere in Wall Street news, there has been a shake-up at the top of Credit Suisse’s US equities business.

In politics, the biggest roadblock for Trump’s tax plan could be Trump himself. The tax plan could give a bigger boost to foreign investors than America’s middle class, according to a new analysis. And two charts show why ripping up NAFTA wouldn’t solve Trump’s big issues with the deal.

And severe weather has cost the US government $US350 billion since 2007 — and climate change could make it much worse.

In markets news and views:

Lastly, Aston Martin is building luxury condominiums that will cost up to $US50 million each — see inside.

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