Welcome to Finance Insider, Business Insider’s summary of the top stories of the past 24 hours.
For months, traders have been wondering what it would take to shake confidence in a record-breaking market that has seemed immune to presidential scandal. Apparently, talk of a potential impeachment of President Trump — after his reported strong-arming and then firing of FBI Director James Comey — has gotten investors’ attention.
Here’s what you need to know:
- US stocks are sliding in global selloff after report of fired FBI director’s Trump memos
- The dollar has erased nearly all its post-election gains
- Gold is surging
- European stocks had a horrible day
- The Japanese yen is climbing
- The market is losing faith Trump will deliver on his economic promises
- “We’re going to walk and chew gum”: Republicans are forging ahead on tax cuts and healthcare amid the Trump bombshells
In Wall Street news, the New York Stock Exchange is slowing down trading for a key market. Morgan Stanley raised $US125 million for a new fund — and it highlights one of the hottest trends in investing.
Buffalo Wild Wings just torched a Bill Ackman protégé. A struggling hedge fund has reportedly suffered about $US1 billion in outflows.
Traders betting against Snap made $US150 million off its earnings disaster. An “asset class du jour” is emerging out of the retail apocalypse. Traders are using a clever trick to make money from the most boring market in years.
And we talked to Robert De Niro talks about how he got inside the head of Bernie Madoff for his new movie.
In company news:
- Target bucks retail-apocalypse woes, spikes on earnings beat
- The world’s largest drugmaker thinks it has 11 billion-dollar drugs in the pipeline — here’s what they treat
- Ford confirmed it is cutting 1,400 jobs in North America and Asia
- CREDIT SUISSE: The WannaCry ransomware attack could give Microsoft’s stock a boost
Lastly, these 22 whiskeys just won the highest honour at an international spirits competition.