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.

US stocks slumped in early trading Thursday amid new reports that President Donald Trump was being investigated for obstruction of justice, while investors also digested unexpectedly hawkish guidance from the Federal Reserve.

The Federal Reserve on Wednesday said it decided to raise interest rates, signalling that it believes the economy is healthy enough to withstand tighter financial conditions. Here’s what you need to know:

On Wall Street, Wells Fargo may be in hot water again. A dad at JPMorgan filed a class-action charge alleging the bank reinforces “the stereotype that raising children is women’s work.” And Deutsche Bank is reorganising its investment bank.

Morgan Stanley is going after a $US500 billion opportunity. Super-rich millennials are defying the way their parents have been investing for decades. And hedge funds are crushing it with a bet on emerging markets.

There’s one company pulling ahead in blockchain tech, according to Morgan Stanley. Meanwhile, bitcoin is tumbling.

In tech news:

In other news, Southwest Airlines is having a flash sale with one-way flights starting at $US39. Elon Musk is working on a major deal to sell Tesla cars in India.

And a German grocery chain with the power to crush Whole Foods and Trader Joe’s has officially invaded America.

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