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 once again dominating the headlines.

He doubled down on his executive order banning travel to the US from six majority-Muslim countries on Monday, and called Mayor Sadiq Khan’s response to the London terrorist attack “pathetic.”

According to Ray Dalio, founder of Bridgewater Associates, Trump’s actions of late are showcasing a tendency to choose the part over the whole. “When faced with the choices between what’s good for the whole and what’s good for the part, and between harmony and conflict, he has a strong tendency to choose the part and conflict,” Dalio wrote on his LinkedIn page.

In related news, former US Treasury Secretary Lawrence Summers has some harsh words for JPMorgan CEO Jamie Dimon.

Markets worldwide are being propped up by a secret weapon of sorts: robust cash holdings that are at their highest in almost three decades. The slowdown in US dealmaking since 2015 is cause for concern, Citi’s equity strategists say.

Qatari stocks got slammed after four Arab nations cut ties.

Sovereign wealth funds are shunning British investments after Brexit. And one chart shows the huge mess Brexit is creating for UK banking.

The chairman of the company behind the EpiPen reportedly flipped everyone off when he was asked about drug pricing. A bunch of states are taking on high drug prices, and it could start hitting drugmaker profits. And Herbalife raised its profit forecast and said it met a key FTC threshold.

Snapchat isn’t adding enough users, and the stock could go lower, according to JPMorgan. Alphabet topped $US1,000 for the first time. Apple and Amazon are joining Foxconn’s bid for Toshiba’s chip business.

And here’s what to expect from Apple’s big annual event today.

Tesla is sliding after Toyota sold its entire stake in the company. Subprime auto numbers don’t look good — but there’s more to the story.

Lastly, Singapore’s casinos can’t collect from the high rollers of China.

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