What you need to know on Wall Street right now

Welcome to Finance Insider, Business Insider’s summary of the top stories of the past 24 hours.

President Donald Trump said in a meeting with CEOs on Monday that his administration would prioritise tax cuts for corporations and decreasing regulation in its first days.

Trump, speaking with CEOs including Kevin Plank of Under Armour, Elon Musk of Tesla, and Mark Fields of Ford, promised to “cut regulations by 75%, maybe more.” Trump said regulations regarding worker safety would be “just as strong” and “just as protective of the people,” but that current regulations “make it impossible to get anything built.”

Elsewhere in Trump headlines:

In finance news, two startups are combining to fix a problem with Wall Street stock research. Ken Griffin’s $26 billion firm has made a hire from a struggling hedge fund.

And here are all the people who made managing director at Morgan Stanley.

In tech news, Sprint just bought a big stake in Tidal. The SEC is investigating why it took so long for Yahoo to say it was hacked. And Apple is marching to “war” with a “direct assault” on Qualcomm’s business model, according to Bernstein.

We asked pharma executives the one question they didn’t want to hear about drug pricing. And the giant Aetna-Humana merger has been blocked.

Lastly, this New York apartment was transformed into a modern bachelor pad for a financier.

Here are the top Wall Street headlines from the past 24 hours

McDonald’s can’t keep up with its all-day-breakfast launch – McDonald’s reported fourth-quarter earnings on Monday, beating expectations across the board.

HALLIBURTON: We are seeing weakness everywhere but in North America – Halliburton Co, the world’s No. 2 oilfield services provider, on Monday warned of weakness in markets outside of North America, echoing comments made by larger rival Schlumberger last week.

Why Tesla’s recent stock rally has caught Wall Street off guard – For the past few years, Tesla has presented a pattern appealing to sceptics of the company’s future — and investors who want to short the stock, or who are just Tesla bears.

Drugmakers want to use a campaign featuring poetry and lab coats to clear up their drug pricing problem – The drug industry’s pricing problem has made its way up to the president.

There’s a $95 billion city in Saudi Arabia that has seen its population grow by 70% in one year – The boss of a $95 billion city being built in Saudi Arabia says that it has attracted more white-collar workers, companies and increased its population by 70% over the last year.

This trader is helping Europeans working in the UK leave after the Brexit vote – The prospect of companies axing thousands of jobs in the UK has haunted the national psyche following Britain’s vote to leave the European Union last year.

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