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.

Donald Trump voters and Hillary Clinton voters are putting their money to work differently post-election.

We’ve noted that consumer confidence has become highly politicized, with Republicans extremely optimistic about the future of the economy and Democrats’ confidence dropping off a cliff.

It appears that has also translated into differing spending habits for each political group.

Inflation hit the Fed’s target for the first time in nearly five years. President Trump’s first comprehensive scorecard on the economy could be ugly. And there’s a simple reason why the Fed should stop raising interest rates, according to Business Insider’s Pedro da Costa.

Elsewhere in economic news, Russia has finally returned to growth. And South Africa’s president fired his respected finance minister — and now the rand is tumbling.

In finance news, Britain said on Friday it had launched an investigation into suspected tax evasion and money-laundering by an unnamed “global financial institution” and some of its employees. And JPMorgan is in talks to buy a Dublin office that can hold 1,000 people.

And a mystery trader known as “50 Cent” has lost $US55 million betting that the markets are going to go crazy.

In tech news, Elon Musk is putting himself in an awkward position with Tesla’s new vehicles. A key Apple supplier saw its profit explode. And Google’s venture capital arm has backed a startup that is developing “biotech superglue.”

The world’s billionaires are flocking to Miami’s luxurious Porsche Design Tower, where they can use an elevator for their cars. Here are the most underrated steaks in NYC. And here’s the best Caribbean island for every type of traveller.

Here are the top Wall Street headlines from the past 24 hours.

THE $US1,000 PHONE: The huge problem Apple must solve before it launches the new iPhone Apple is gearing up to launch what may well be the most hotly anticipated smartphone ever.

TRUMP BOASTS: Manufacturers have never been more confident in the economy – President Donald Trump announced that a new survey from the National Association of Manufacturers showed the highest level of economic confidence from business leaders in the industry.

A major Japanese retailer threatened to leave the US if Trump enforces “made in America” policies – If Trump follows through on his “buy American” promise, he may end up driving some foreign-owned retailers out of the US altogether, if recent remarks by the president of Japanese clothing giant Fast Retailing are any indication.

Nordstrom is thriving amid a death spiral in brick-and-mortar retail Nordstrom may be one of the only companies to survive the death spiral of traditional brick-and-mortar retailers.

Trump’s aggressiveness toward Mexico could be good for everyone but the US – It’s not going be easy. But with President Donald Trump digging in his heels on his misguided antipathy to international trade, Latin American countries may have little choice but to look toward one another for greater commercial integration.

Houses in New York and San Francisco aren’t nearly as expensive as some other parts of the world – New York and San Francisco house prices are cheaper than in some other cities in the world.

This 33-year-old travelled to every country in the world and made $US1.5 million doing it – Johnny Ward is living the dream.

The 8 biggest reveals from Baselworld, the year’s largest watch show – What’s old is new again at the watch industry’s largest worldwide expo in Switzerland.

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.