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.

A hedge fund led by an investing legend expects “all hell to break loose.”

Billionaire Paul Singer’s Elliott Management, which raised $US5 billion in less than 24 hours earlier this month, says it has been building up its cash reserve to deploy during future market turmoil. The fund added that the US might be in for a recession if the Trump administration doesn’t make changes in taxes, regulation, and healthcare. Elliott also shared five lessons that have shaped how it invests.

Meanwhile, iconic hedge fund manager Seth Klarman said investors are missing huge risks.

The US economy grew by 1.2% in the first quarter, better than initially reported, according to the Commerce Department’s second estimate of gross domestic product.

China says its currency policy is actually doing the US a favour. President Trump’s budget contains some glaringly simple maths errors. And there’s one particular Trump policy that would make US inequality even worse, according to Emmanuel Saez, a leading expert on inequality.

No area of the stock market has been hotter than tech since the election, and it seems investors still haven’t gotten their fill.

Bitcoin could go to $US1 million (or fall to $US0), according to Business Insider’s Henry Blodget.

Under Armour is still paying for a mistake that will take years to fix. Nintendo Switch helped GameStop earn its first sales increase in five quarters. And Costco same-store sales crushed estimates.

Nevada is close to passing a landmark bill to tackle high drug prices. And here’s what Trump’s head of the FDA wants to do about high drug prices.

President Trump reportedly slammed German carmakers and threatened to stop their sales in the US. Trump’s ignorance of the auto industry is terrifying, according to Business Insider’s Matt DeBord.

Morgan Stanley offered a reality check on Tesla vs. Ford. And one of BMW’s most famous cars from the 1990s has returned.

Here are the 12 most expensive dream homes in the Caribbean right now. Lastly, people in the Hamptons are so obsessed with rosé, a winery created a ‘rosé drive-thru.’

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