Welcome to Finance Insider, Business Insider’s summary of the top stories of the past 24 hours.
The equity market is quiet — some might say too quiet. For evidence of that, look no further than the CBOE Volatility Index, or VIX, which serves as a stock market “fear gauge” and on Monday closed at its lowest level since 1993.
It’s a development that’s confounded Wall Street traders and strategists alike for weeks. We spoke to John Manley, who helps oversee about $US230 billion as chief equity strategist for Wells Fargo Funds Management, to get his read on the hottest story in markets right now.
If you missed Business Insider’s interview with JPMorgan CEO Jamie Dimon, here are a couple of highlights:
- DIMON: There is a “national catastrophe” in American education
- DIMON: “Something went wrong, and the leaders collectively are responsible”
- DIMON: Trump’s economic agenda is the right agenda
In related news, JPMorgan has unleashed another 100,000-point rewards offer to Sapphire credit card holders in its latest push to win over millennials.
Goldman Sachs has named a new lineup at the top of its investment banking division. Rothschild & Co., one of the oldest banks in Europe, is making a move on Silicon Valley.
Investors worth trillions are putting pressure on food companies to serve more fake meat. And a top Goldman Sachs analyst explained why investors need to pay attention to Wall Street’s sustainable revolution.
Here’s what David Einhorn just presented at one of the biggest hedge fund conferences of the year. And another hedge fund manager thinks he’s found the perfect way to invest in Tesla. Speaking of Tesla, the car company’s soaring stock price is causing investors to overthink everything, according to Business Insider’s Matt DeBord. Oh, and while Tesla shares have been booming, another automaker has been doing even better.
In related news, this is the best car Audi has ever made.
In company news:
- Traders are doubling down on their bets against Snap
- BUFFETT ON GOOGLE: Imagine having a business where “a cash register rung somewhere out in California” every time someone clicks
- Bumble Bee will plead guilty for fixing canned-tuna prices
- Hertz tanks 15% after missing big on earnings
- American Airlines boosts its forecast for a key revenue metric
- CBOE’s profit tumbles 69.3% as costs jump
- Office Depot beats, but same-store sales whiff
- Valeant explodes after boosting guidance
- Allergan beats, raises its forecast
- A giant drugmaker just set the strictest price-increase caps of the industry
Here are the 24 major cities with the highest salaries in the world. Here are the 29 places you should travel to this summer. And lastly, these are the most important dishes that have ever been served at the best restaurant in the world.