What you need to know on Wall Street today

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What keeps you up at night?

It’s a question you’d expect to draw a wide range of responses when posed to investors responsible for tens of billions of dollars. After all, it’s not exactly as if there’s a shortage of anxiety-inspiring headlines floating around each day.

But as Business Insider found out through a series of interviews, there’s one worry to rule them all: the Federal Reserve’s reversal of the unprecedented monetary stimulus that helped drag the US out of the latest financial crisis.

In related news, the US economy in September lost more jobs than it created for the first time in seven years.

Amid the damage caused by Hurricanes Harvey and Irma, nonfarm payrolls fell by 33,000, the Labour Department said Friday in its monthly report. Most of the losses occurred in the leisure-and-hospitality sector, where most employees can’t work remotely and are paid only if they show up. That sector shed 111,000 jobs, the most dating back to at least 1939.

Gary Cohn, the National Economic Council director and top economic adviser to President Donald Trump, said the White House was “excited” with the latest jobs report.

In Wall Street news, JPMorgan created a new position to unleash emerging technology onto its investment bank.

A hedge fund connected to a legendary New York real estate family is returning money to investors amid dismal performance. Fidelity’s star tech fund manager has left the company. A handful of Wall Street titans are upending corporate boardrooms across the world.

In this week’s episode of The Bottom Line, we talked to David Hunt, the CEO of $US1 trillion fund giant PGIM, about markets and money management.

State Street, the financial services firm behind Wall Street’s “Fearless Girl” statue, agreed to pay $US5 million to settle federal allegations that it paid female executives less than their male counterparts.

In other news, Costco just crushed earnings — but its stock is cratering over retail apocalypse fears, and Sears’ CEO just gave the company another $US100 million lifeline.

And in tech, Apple gave Uber’s app “unprecedented” access to a secret back door that can record iPhone screens. And JPMorgan’s marketing chief says Amazon is a real challenger to Facebook and Google in digital advertising.

Lastly, there’s a private Craigslist inside Bloomberg terminals where Wall Streeters are selling everything from Ferraris to Italian castles.

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