Welcome to Finance Insider, Business Insider’s summary of the top stories of the past 24 hours.
First quarter earnings season kicked off on Wall Street on Thursday, with JPMorgan, Citigroup and Wells Fargo all reporting. Here’s what you need to know:
- JPMorgan beats, investment bank has a record quarter.
- Citigroup beats on earnings as fixed income revenues rise to a three-year high.
- Wells Fargo beats on earnings as lending falls.
- Bond traders are crushing it.
- Jamie Dimon says there’s something shameful going on with the mortgage market.
Elsewhere in Wall Street news, Bridgewater founder Ray Dalio says going broke in 1982 was the “best thing that ever happened” to him. Wall Street legend Howard Marks said one phone call changed his life.
Meanwhile, Lee Cooperman’s Omega Advisors expects the rampant bull market to slow down. “It is time for the US equity market to rest,” Cooperman and Steve Einhorn, Omega’s vice chairman, wrote in a letter to investors last week.
In President Trump news:
- Trump’s Wall Street faction is starting to win him over
- TRUMP: The dollar is “getting too strong” partly because people have confidence in me
- Here’s why the dollar could defy Trump and keep marching higher
- “NOT TOAST”: Trump says Yellen may stay on as Fed chair after her term expires in 2018
- BUDGET CHIEF: Trump’s promise to eliminate America’s $US20 trillion problem was “hyperbole”
A new video shows the moments before police dragged a man off a United flight. The man is gearing up for a legal battle after saying he had a concussion and lost teeth.
Snapchat has set its first earnings call for May, and investors only care about users, users, users. In related news, Snap slipped below $US20 after Instagram said its Snapchat clone has more users.
Elon Musk just fired back at the investors who want Tesla to shake up its board. Analysts are speculating about Apple buying Disney. Netflix has a potential “billion dollar” opportunity that it’s just starting to explore.
The founders of Warby Parker revealed how they run a billion-dollar glasses brand with two CEOs, and why Amazon won’t crush them.
One company symbolises everything sickening about the opioid crisis.
Lastly, here are seven watches that are so classic, they will never go out of style.
Here are the top Wall Street headlines from the past 24 hours.
Wall Street should bet on Trump killing Chinese deals – In his first US-China summit, President Donald Trump took a significant step toward making good on campaign promises aimed at resetting a broken relationship between the world’s two largest economies.
Yext stock jumps 27% after IPO – Yext, a 10-year-old enterprise tech business that manages “digital knowledge,” started trading this morning on the New York Stock Exchange at $US14 per share, up by more than 27 per cent from its IPO price of $US11 per share.
KPMG fired 6 people over “unethical” leaks of confidential information – KPMG has fired six employees including its top US auditor for “unethical behaviour” relating to leaked information which gave them advance warning of which audits an accounting watchdog would inspect.
A startup just raised another $US90 million to help people save money on prescriptions – Blink Health, a company that provides discounts to prescription drugs, just raised another $US90 million.
The 3 ways Amazon’s Alexa could snag $US10 billion in revenue by 2020 – People love Amazon’s Echo speaker, and the digital assistant Alexa who lives inside it — especially Amazon CEO Jeff Bezos.
If you want an “extremely black” luxury car, Maserati has you covered – On Wednesday, Maserati unveiled a new option for buyers of its Ghibli sedan: the “Nerissimo Edition,” which translates as “extremely back.”