Welcome to Finance Insider, Business Insider’s summary of the top stories of the past 24 hours.
Happy New Year! Wall Street is back to work after a quiet holiday season, and there’s no shortage of news.
President-elect Donald Trump sent out a tweet Tuesday morning threatening to tax General Motors for manufacturing abroad. Trump’s tweet is wide of the mark, according to Matt DeBord.
Ford has spiked plans for a $1.6 billion Mexico plant — and says it will undertake a massive electric-car expansion instead. That news sent the Mexican peso sliding.
In related news, Larry Summers lambasted a policy paper from top Trump advisers, describing it as the “economic equivalent of creationism.” And markets are ignoring the risk of a devastating trade war under Trump
, according to Pedro da Costa of the Peterson Institute for International Economics.
In hedge fund news, Ray Dalio slammed a Wall Street Journal story on Bridgewater, linking it to the “fake and distorted news epidemic.” A 27-year old raised $10 million from venture capitalists for an unusual hedge fund.
And this is what it’s like to be something other than white and male in the hedge fund business.
In deal news, a startup trying to get the human body to fight cancer just filed for an IPO. These tech startups are IPO candidates to watch in 2017. And here’s why the Nasdaq is the best stock exchange to list on, according to Benoist Grossmann at Idinvest Partners.
Sears is borrowing more money from CEO Eddie Lampert’s hedge fund to stay afloat. It turns out Warren Buffett predicted the fall of Eddie Lampert and Sears over 10 years ago.
Here are the top Wall Street headlines from the past week
Short-seller Andrew Left has a new target — Citron Research has a new target for the new year: Nvidia Corporation.
It hasn’t been this hard to buy a house in America since the financial crisis — Housing affordability in the US is at an eight-year low, according to Attom Data Solutions.
A core part of the American dream has changed, and it helps explain why Trump won — President-elect Trump’s election victory shocked the world, as he defied the odds (and the polls) to come out on top.
Climate change is going to be very bad for the global economy — Extreme heat, it turns out, is very bad for the economy. Crops fail. People work less, and are less productive when they do work.
Tesla faces 3 major tests in 2017 — and it has to pass them all — The title of this story is a bit misleading — Tesla faces far more than just three major tests in 2017. But some major tests are more major than others.
The 2 big investing tips for 2017 from a JPMorgan strategy chief — The chief global strategist at JPMorgan Asset Management has given clients two key tips on how to invest in 2017 — and they are pretty simple.
The ECB admits people in Europe are getting poorer — Europe became poorer and more unequal in the last few years, according to a massive household survey conducted by the European Central Bank.
THE $10 BILLION CLUB: Meet the 8 most valuable startups in the US — Over the past several years, we’ve seen a rise in private companies valued at over a billion dollars — the “unicorns.”
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