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.

Sol Kumin launched his New York-based hedge fund in 2015 to much fanfare. Kumin, who had recruited some of Steve Cohen’s top traders while working at the billionaire’s high-profile fund, SAC Capital, is known for his boisterous personality and salesmanship. But Kumin’s fund, Folger Hill Asset Management, has faced setbacks.

Now, the man who recruited Steve Cohen’s top traders is counting on another big sale.

There’s a bunch of economic news out. Here’s what you need to know:

In other news, the smallest companies in the US stock market have gotten the biggest boost from President Donald Trump’s proposed corporate tax cut, and investors see no end in sight for the rally.

The stock market is set up for disappointment, according to Erik Weisman is chief economist at MFS Investment Management. Money is pouring into the world’s hottest investment product at nearly a record-setting pace. And for a minute, Sean Spicer threw the future of America’s retirement plans into some doubt

In banking news:

In autos, used car retailer Carvana’s shares plunged on their debut. And General Motors reported better-than-expected first-quarter net income driven by strong sales of its profitable large pickup trucks and crossovers in the United States.

There’s a ton of news in the tech sector. Here goes:

Lastly, here’s what it’s like to attend the TED talks, where attendees pay $US10,000 to learn the next big ideas.

NOW WATCH: Billionaire investor Ray Dalio says ‘you can know’ market returns will be just 3% to 4%. Here’s why he’s so sure

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