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.

Jamie Dimon is sounding the alarm.

The chairman and CEO of JPMorgan Chase has taken the opportunity on a number of occasions in recent weeks to highlight problems in America, including its failing education system, stifling bureaucracy, and high levels of incarceration and opioid deaths.

Business Insider travelled on May 5 to speak with Dimon at the Alfred E. Smith Career and Technical Education High School in the South Bronx, New York. We talked about education, the economy, and the Trump administration.

“When I say out loud, “Fifty per cent of inner-city schoolkids do not graduate from high school,” that is a national catastrophe,” Dimon said. “We should be ringing the alarm bells. It’s not fair.”

Here’s the full interview.

The Berkshire Hathaway annual meeting has been called “The Woodstock of Capitalism,” as famed investors Warren Buffett and Charlie Munger have whipped up a festival-like atmosphere. The 2017 edition of the meeting, however, was a bit of a downbeat affair. Here are all of the headlines from the day.

There’s a new front in the brutal battle among America’s stock exchanges. Bats, which is America’s second-largest stock market and is now a part of Chicago Board Options Exchange, is proposing an alternative to the closing auction at the end of the trading day.

David Einhorn may be trapped in a terrible paired trade. Legendary hedge fund manager Paul Singer raised $US5 billion in 24 hours. And Wall Street is expecting the worst of the retail apocalypse this week.

One bullish indicator for stocks just reached a record. And stocks are stuck in a “Seinfeld market.”

Emmanuel Macron won the French presidential election in a landslide on Sunday, setting himself up to be the youngest president in France’s history. Here’s everything you need to know about the
former investment banker.

Luxury retailer Coach announced on Monday that it agreed to buy Kate Spade for $US18.50 a share, for a total transaction value of $US2.4 billion. And Sinclair Broadcast Group confirmed that it had agreed to buy Tribune Media for about $US3.9 billion, or $US43.50 a share. The two big-name deals are set to line the pockets of numerous boutique investment banks.

Elsewhere in deal news, a communications company caught in a bidding war between Verizon and AT&T has seen its stock explode over 500% in three months.

Tesla is making a risky bet with the Model 3 that could push the company over the edge. And Ferrari is taking on Tesla.

We went to the best bar in the world to find out what the drink of the summer will be — here’s the verdict.

Lastly, go inside the “paparazzi-proof” building where penthouses are selling for $US55 million.

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