What you need to know on Wall Street today

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Just when investors thought they were out, President Donald Trump is pulling them back in.

Months after the so-called “Trump trade” fizzled, traders are once again being enticed by the possibility of a pro-business policy overhaul — and piling into the areas of the market that could benefit the most from the president’s plans.

In Wall Street news, Northrop Grumman is buying missile and rocket maker Orbital for $US7.8 billion. Banks could earn $US85 million from the deal.

JPMorgan Chase poached an executive from Amazon to lead its customer experience. And “headwinds could persist” for Wells Fargo, according to UBS.

Equifax officials are reportedly being investigated by the US Justice Department after selling stock before the company revealed a data breach that exposed the personal information of millions of Americans.

Hedge fund giant Citadel is building out a new unit with big hires. A 32-year old portfolio manager from Paul Tudor Jones’ hedge fund is setting off on his own. And a 36-year-old who manages $US4 billion broke down why Amazon is his most bullish bet.

Retail investors have never been this hopeful that the stock market will continue to grind higher, according to a University of Michigan survey. And Wall Street alum Sallie Krawcheck just raised $US34 million for her investing platform.

In markets news, the Federal Reserve is widely expected to announce the start of a reduction in its $US4.4 trillion balance sheet at the conclusion of its meeting on Wednesday. It’s a move that the Fed hopes will go smoothly but that has the potential to rattle financial markets long accustomed to the Fed’s monetary largesse.

A biotech stock doubled after it got positive results on a drug to tackle the leading cause of infectious death in the US. And 23andMe is getting serious about drug development — and it could signal a fresh approach to finding new medicines.

In tech, Netflix lost the biggest Emmy to Hulu — but its customers couldn’t care less. Slack has been valued at $US5.1 billion after new funding led by SoftBank.

Tesla’s Gigafactory is ramping up, according to Baird, handing the carmaker a huge advantage. Lastly, Porsche’s stunning Tesla rival will arrive in 2019 and cost $US85,000.

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