Welcome to Finance Insider, Business Insider’s summary of the top stories of the past 24 hours.
President-elect Donald Trump just finished his first press conference in over 100 days. Here are the highlights:
- Trump says drug companies are “getting away with murder” — and biotech shares are plunging
- Lockheed Martin is sliding after Trump attacks the cost of the F-35
- Stocks tumbled into the red then rebounded during Trump’s press conference
- The Mexican peso is all over the place
- ‘I think it was Russia’: Trump finally concedes Russia responsible for election-related hacking
- Trump team refuses to completely drop business ties: ‘The president-elect should not be expected to destroy the company he built’
In related news, we talked to Wall Street’s top political risk analyst about the refugee crisis, Vox Populi, and Trump’s Twitter account. And Sen. Marco Rubio grilled President-elect Donald Trump’s nominee for secretary of state at his confirmation hearing on Wednesday.
Here’s how we’ll know the bond bull market is dead, according to DoubleLine Capital founder Jeff Gundlach. Gundlach also fired shots at Bill Gross. Here’s his full presentation on expensive stocks, the economy under Trump, and the Federal Reserve.
Oaktree cofounder Howard Marks says a piece of advice from Warren Buffett perfectly sums up the problem with economists, experts, and the media.
Here are the top Wall Street headlines from the past 24 hours
“A massive system-wide problem, not just for those in finance, but more importantly for society at large“ — Investors have been having a great time of it the last 30 years, benefiting from higher than average returns and lower than average volatility in the equity and bond markets.
Trump has criticised General Motors and Toyota — but the companies still seem thrilled about his presidency — During the presidential campaign, Donald Trump took several shots at Ford. Now, while we wait for the 45th president to be inaugurated, the tweeter-in-chief has set his 140-character sights on General Motors and Toyota.
Goldman Sachs just promoted two senior San Francisco bankers — Goldman Sachs has promoted investment bankers Ryan Limaye and Nick Giovanni, naming them coheads of global technology investment banking, according to an internal memo on Tuesday.
Bitcoin is getting demolished — The fall comes after China announced it had begun investigating bitcoin exchanges in Beijing and Shanghai on suspicion of market manipulation, money laundering, unauthorised financing, and other issues.
The five biggest global risks to business in 2017 do not include Brexit, populism or terrorism — The five biggest risks to doing business globally do not include Brexit, populism, or terrorism, according to the World Economic Forum’s benchmark “Global Risks” report for 2017.
One of the biggest market leaders is flashing a warning sign — With the Dow struggling to break 20,000 and Inauguration Day approaching, there are murmurs about the stock market’s near-term performance.
It’s all about the yuan for anyone investing in China — Chinese local interest rates rose substantially late last year, and many bond offerings have been canceled, creating financial strain for some Chinese companies.
Junk bonds can cause pain even if they don’t default — In the high-yield market, it’s no secret that the lower a bond’s quality, the higher its risk of default. Here’s something that isn’t so well understood: low-quality bonds can damage a portfolio even before they default.
Infiniti just unveiled a gorgeous SUV packed with new self-driving tech — Infiniti officially unveiled its luxury SUV concept at the Detroit Auto Show — and it’s a nice glimpse of what we can expect from the automaker in the future.
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