Wall Street is sinking

Car Sinking

Finance Insider is Business Insider’s midday summary of the top stories of the past 24 hours.
To sign up, scroll to the bottom of this page and click “Get updates in your inbox,” or click here.

Wall Street is sinking.

The big banks had a lousy first quarter. Hedge funds are getting pummelled. Regular institutional investors are flailing.

And they’re all dragging each other down.

In other news, everyone on Wall Street has gotten a little too excited about a ‘game changer’ technology, and UBS just hired a rockstar for Wall Street’s one good fixed-income business.

Here is David Swensen, CIO at Yale, and Jonathan Macey, a professor at the Yale Law School, on why the trading venue IEX must win its battle with the establishment.

Word is Valeant is closing in on its next CEO, and the stock is off like a rocket. Apple’s relationship with China is going south — and investors should be worried. And the first tech IPO of the year already looks like a bummer.

Here are the top Wall Street headlines at midday:

Topless dancers, champagne, and David Bowie: Inside the crash of London’s $2.7 billion unicorn Powa Powa Technologies collapsed in February after blowing through more than $200 million of investor money.

SCHWARZMAN: ‘A new distress cycle is clearly underway’ – Things are looking ugly in some corners of the debt market, and that is wonderful news for some investors.

Oil is heading toward another crash – Some analysts are betting that the recent jump in oil prices will be short-lived.

The idea that millennials have more debt is an ‘urban myth’ It’s easy to fall into the trap of common perception regarding millennials.

Americans despise the market so much, they have dumped $2 trillion of stocks – Based on how Americans have been investing, it appears the average citizen really hates the stock market.

Saudi Aramco’s $125 billion megadeal could be coming to New York The Saudi state-owned oil mammoth, Saudi Aramco, is considering listing as much as 5% of its value on the public market.