Finance Insider is Business Insider’s summary of the top stories of the past 24 hours.
The Jobs Report missed by a mile.
The Labour Department’s report Friday showed that nonfarm payrolls grew by 38,000 in May, much worse than expected. Here’s what you need to know:
- The US dollar is getting slammed.
- Stocks dropped.
- Traders are rushing into the safety of US Treasurys.
- Donald Trump slammed the “terrible” jobs report.
- Labour force participation fell to its lowest level this year.
- The Verizon strike was a big contributor to the miss.
- Here’s what Wall Street is saying.
In other news, 172,682 Wall Streeters will crowd rooms around the world tomorrow to take their Chartered Financial Analyst exams — and half will fail. Here are 20 horror stories from the CFA exams.
There’s been a shake-up at IEX, the trading venue made famous by ‘Flash Boys’. Two top trading specialists at Barclays have quit to launch a startup. And a throwaway line from Jamie Dimon shows why the fintech hype has gone too far.
Steve Schwarzman, cofounder of private-equity giant Blackstone, was on good form on Thursday. The billionaire investor was speaking at the Bernstein Thirty-Second Annual Strategic Decisions Conference 2016, and said:
- The oil market is making everyone a bozo.
- He has no pity for struggling hedge funds.
- He also went off on post-financial crisis regulation.
Lastly, here’s how you bankrupt a club by age 25 and then claw your way back to the top of New York City nightlife.
Here are the top Wall Street headlines at midday:
A ‘hidden debt scandal’ might crush one of the world’s poorest countries — After about a decade of strong growth, Mozambique has hit a snag.
JACK MA: It’s hard for the US to understand Alibaba – Alibaba Group Holding Ltd, whose accounting practices are under investigation by U.S. regulators, is a difficult company for the United States to understand, Executive Chairman Jack Ma said in an interview to Chinese media on Friday.
The biggest bond market in the world is ‘distorted’ — As money managers look around the world for yield they find there’s not a lot out there.
Hedge funds are betting on you — A new report shows which industries some of the world’s biggest hedge funds are investing in. And the short version is that they’re betting on you, the consumer.
The riskiest part of the debt market is on shaky ground — The high-yield market has bounced back in a big way since the sharp sell-off earlier this year. That doesn’t mean all is well with the market, however.
The world’s richest doctor wants to revolutionise cancer treatment by making it tailor-made — Dr. Patrick Soon-Shiong, the oncologist who has been dubbed the world’s richest doctor, has spent the last decade quietly plotting a big change in the way cancer is treated.
Another car with a ‘Wolf of Wall Street’ connection is for sale — A Jaguar E-Type used in the 2015 Martin Scorsese film “The Wolf of Wall Street” will be sold at a Bonhams collector car auction on June 5.