What you need to know on Wall Street today

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The S&P 500 is up 9% so far this year, and it would like to thank its most trusted allies: high-flying tech stocks.

But the benchmark’s reliance on mega-cap tech has come at a price. Market pessimists have frequently cited the highly-concentrated gains as a negative driver, arguing that while the ride higher is enticing, any unwinding can be swift and brutal.

After all, just 10 companies have accounted for almost half of the benchmark’s return this year. It’s all a misconception, argues JPMorgan, which doesn’t think the concentrated market move is anything out of the ordinary.

On the flip side, Mizuho Securities has had just about enough of this pesky, ultra-resilient stock market. And it’s not backing down from calling a correction.

President Trump is holding a big meeting with tech CEOs to talk about cutting government waste and improving services. The Trump administration still doesn’t know how it’s going to deal with the most pressing economic issue, according to Business Insider’s Bob Bryan. And we just got our first concrete evidence that running for president was good for Trump’s businesses

Talk of a skills gap in the labour market is “an incredible cop out,” writes Business Insider’s Pedro da Costa. Millennial entrepreneurs really do want different things. And thousands of Americans are going to church in dead malls.

On Wall Street, Sen. Elizabeth Warren wants the Federal Reserve to clean house at Wells Fargo, asking for the removal of the 12 members of the board of directors who served while the fake accounts scandal was ongoing.

A Wall Street investor call revealed part of the secret of why drugs are so expensive. And Valeant is jumping after John Paulson joined its board.

More talking in the boardroom is a good thing, says Jared L. Landaw, partner at Barington Capital Group. And a rogue trader who lost £350 million explains why he became so addicted to risk-taking.

Amazon just spent $US13.7 billion to prove once again that it’s the most dangerous company in tech. But at least seven retail companies’ stocks are “un-Amazon-able,” according to Oliver Chen, a senior equity research analyst at Cowen.

Blue Apron plans to raise up to $US587 million as it goes public. And oil and gas driller EQT has inked a deal to buy rival Rice Energy for $US6.7 billion.

Boeing just attacked Airbus’ most dominant plane with $US30 billion in orders. Qatar Airways CEO says the “illegal blockade” won’t change growth plans.

Lastly, these will be the world’s 10 biggest cities in 2030.

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