What you need to know on Wall Street right now

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The founder of the $3.7 billion hedge fund Tourbillon Capital Partners says there’s one reason his fund isn’t performing very well this year: low interest rates.

“This entire phenomenon is related to global rates and lack of return alternatives,” Jason Karp wrote in an investor letter reviewed by Business Insider.

He also said the areas that have caused negative alpha on the long side recently are exactly where the best opportunities are lurking now.

On Wall Street, it’s already looking like bonuses are going to be weak.

Valeant’s stock took a tumble following new reports it is under criminal investigation. But retail stocks are having a tremendous day.

And check out a day in the life of the top Wall Street strategist Helima Croft.

Here are the top Wall Street headlines at midday:

The first US city where average homes cost over $1 million — San Jose’s homes are historically expensive.

Wage growth is accelerating, and that could change the Fed’s plans — The jobs report was pretty strong in the past two months.

Here’s how likely it is that your job will be taken over by robots in the next 20 years — In a recent note to clients, a Morgan Stanley team led by Elga Bartsch included a chart showing the probability of various jobs becoming automatable.

China’s trade is slowing down and its central bank needs to be careful — It looks like the tide is turning in China.

‘Bad news’ for millions of American borrowers — According to Morgan Stanley economist Ted Wieseman, the increase in Libor has already jacked up interest rates for many Americans’ loans to the point that it would appear another rate hike has happened.

Russia just saw its smallest economic contraction since 2014 — The Federal Statistics Service said that preliminary data indicated that GDP shrank by 0.6% in the second quarter compared to a year earlier.

Readers don’t like being lied to — Citi found that 48% of US internet users felt deceived upon realising an article or video was not a piece of news or commentary, but was in fact a commercial.

Here’s how each country is doing at the Olympics — The 2016 Summer Olympic Games are on, and the medals are flowing.

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