What you need to know on Wall Street today

Welcome to Finance Insider, Business Insider’s summary of the top stories of the past 24 hours.

President Donald Trump is set to release his massive tax plan on Wednesday that includes slashing the corporate tax rate. Under Trump’s plan, business taxes in the US would be among the lowest in the developed world. You can stay up to date with the latest on the tax plan here.

Congress is getting closer to a deal to stop a government shutdown — but details are still murky. And the Mexican peso is getting smashed following reports the White House is getting ready to pull out of

Credit Suisse on Wednesday said it would raise around CHF4 billion (£3.1 billion, $US4 billion) by offering new shares to investors. It is halting plans to list part of its Swiss unit on the stock exchange.

Companies “have a moral obligation” to do more for society, according to JPMorgan chief Jamie Dimon.

A Wall Street boutique is crushing it, and now it’s ready to go out and make some big hires. A fast-growing trading startup has made a “game changer” hire.

A new hedge fund started by a Steve Cohen protégé is off to a strong start. And billionaire hedge funder Howard Marks just listed his “Versailles in the Sky” condo for a discounted $US27.5 million.

A fund manager with $US13.6 billion in assets shares his simple strategy for picking stocks. “Sell in May and go away” is an old saying that should probably be ignored. And here’s how to make a killing this earnings season, according to Goldman Sachs.

No-fee stock trading app Robinhood is now officially worth $US1.3 billion. A radical finance firm has an app that will show you the social impact of all of your purchases. And this analytics firm uses one trillion Facebook and Twitter posts to predict stock movements.

Deckers Outdoor, the maker of the popular UGG brand, has announced it is reviewing “strategic alternatives” that include the sale of the firm.

Chipotle’s sales grew for the first time since the E. coli crisis. The company is beginning the long road to recovery, according to Credit Suisse.

Consumer Reports has demoted the Tesla Model S from its top luxury-car rating. Twitter’s revenue declined for the first time last quarter, but it still managed to beat expectations across the board. And here’s what to pay attention to when Google reports Q1 results.

Lastly, a banker-turned-Googler explains how a finance background makes you the ideal candidate for tech jobs.

Here are the top Wall Street headlines from the past 24 hours.

Hedge fund honcho Simon Lorne talks Trump, Brexit and “Billions” Hedge fund critics are becoming increasingly vocal about the $US3 trillion industry, arguing that it produces mediocre returns for clients while enriching managers with exorbitant fees.

A Wall Street trader is calling the bottom in retail Ian Winer, the head of equities at Wedbush Securities, is making a bold call: buy retail stocks.

US Steel is tanking 25% after reporting an unexpected loss US Steel is diving after reporting a loss for the first quarter of 2017 on Tuesday.

CREDIT SUISSE: McDonald’s has unlocked “pent-up earnings power” – McDonald’s had a killer first quarter, and that has much of Wall Street bullish on the company’s stock.

Fiat Chrysler beats expectations for first-quarter earnings Fiat Chrysler Automobiles is continuing its run of good financial results.

Anthem crushes earnings and raises guidance – No. 2 US health insurer Anthem reported a much better-than-expected profit and revenue, helped by increased membership in its government business, which sells Medicaid and Medicare plans and higher premium rates.

Pepsi beats as revenue from “guilt-free” products explodes 45% – PepsiCo reported higher-than-expected quarterly revenue and profit as the company benefited from demand for its healthier drinks and snacks and kept a tight leash on costs.

United Technologies profit jumps 17.8% – United Technologies Corp, the maker of Otis Elevators, Pratt & Whitney aircraft engines and Carrier air conditioners, beat analyst expectations with a 17.8% rise in first-quarter profit, helped by higher sales in all four of its business units.

The boss of one of the world’s biggest exchange groups said EU markets rules are the ‘worst piece of legislation’ he’s ever seen – Jeffrey Sprecher, the founder, chairman, and CEO of Intercontinental Exchange said that implementing MiFID II — which comes into force at the beginning of 2018 — is “daft,” especially when put in the context of Britain’s impending departure from the European Union.

NOW WATCH: Bridgewater’s Ray Dalio on when a downturn might come

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