Welcome to Finance Insider, Business Insider’s summary of the top stories of the past 24 hours.
The wave of Wall Street deregulation is upon us.
With the stroke of a pen, President Trump has potentially started the unwinding of many of the hallmark financial regulations of the Obama administration. This afternoon, the president ordered a review of the 2010 financial regulatory law Dodd-Frank and directed the Secretary of Labour to review the fiduciary rule, a regulation set to go into effect in April.
Massachusetts Senator Elizabeth Warren took aim at the two executive orders, saying: “Wall Street bankers and lobbyists … may be toasting each other with champagne
Earlier in the day, Trump had his first business advisory council. Uber CEO Travis Kalanick had quit Trump’s business council a day earlier. Elon Musk said on Thursday meanwhile that he’s staying on in the wake of criticism.
“We’re bringing back jobs, we’re bringing down your taxes, we’re getting rid of your regulations, and there are some really exciting times ahead,” Trump told the group.
Snapchat’s parent company Snap Inc. on Thursday set in motion what could be the biggest tech flotation in years. Snapchat is pretty confusing, so here’s how the company is teaching older investors how to use it. And here’s everything else you need to know about Snap from the IPO filing.
In corporate news:
- Amazon dropped on revenue miss
- GoPro tanked after big misses on revenue and guidance
- The maker of Ugg boots crashed after missing on earnings, revenue, and guidance
- Macy’s has reportedly been approached about a takeover by Canadian retailer Hudson’s Bay
- Deutsche Bank is reportedly planning job cuts in equities and fixed income
- Ford is learning just how risky it is to cut deals with Trump
Lastly, here’s what “Made in USA” actually means.
Here are the top Wall Street headlines from the past 24 hour
A trader psychologist who consulted on Showtime’s “Billions” reveals the biggest mistake traders make – Denise Shull is a decision coach and performance architect who consulted on Showtime’s BILLIONS for the Wendy Rhodes character, the in-house psychotherapist for Axelrod hedge fund.
This chart should terrify stock pickers everywhere – Passive investing is set to overtake active management in US market share in just four to seven years. That’s according to Moody’s Investor Services, which said in a report released February 2 that passively managed funds will have more in assets than active funds by 2024 at the latest.
Vancouver home sales are crashing – Home sales in Vancouver crashed 39.5% year-over-year in January as only 1,523 homes changed hands, according to the latest data released by the Real Estate Board of Greater Vancouver. The reading marked an 11.1% drop from December.
America’s hottest investment product is about to go global – Passive investments, including exchange-traded funds (ETFs) and index funds, currently account for $6 trillion of global assets.
“Fasten your seat belt”: There’s going to be a dealmaking bonanza in 2017 – It’s amazing how the third best year ever in M&A activity can be viewed as “disappointing.” But that’s just what we’ve been calling 2016.
One part of Manhattan’s housing market is going bananas – Condo and co-op prices in Northern Manhattan jumped 9.5% year-over-year in the fourth quarter to a median price of $575,000, according to a report released by Douglas Elliman and Miller Samuel on Friday.
Ford is sending its high-performance Raptor pickup to China – The Ford Raptor is a pickup for pickup-truck fans who want just a little bit more.
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