Welcome to Finance Insider, Business Insider’s summary of the top stories of the past 24 hours.
Wall Street analysts are trying to figure out just what the economy will look like under a President Donald Trump.
And though many questions are still unanswered, they are nearly unanimous on one thing: Trump’s policies will most likely bring about a significant uptick in inflation.
It was one of the dominant trades on Wall Street after Trump’s surprise victory.
Here are the top election related headlines:
- Donald Trump’s shocking victory is defying all of the doomsday markets predictions that preceded it
- The Dow Jones broke through its previous intraday all-time high as soon as the market opened
- Tech stocks are getting clobbered
- Trump is reportedly considering JPMorgan CEO Jamie Dimon for Treasury secretary
- RAY DALIO: “There is much more that we don’t know than we do know”
- BLACK SWAN FUND: Markets have a “volatility blind spot” with Trump
- Stan Druckenmiller is “very optimistic” about the economy
- Treasurys are getting slammed again
- Investors think America may be the only winner under President Trump
- China shouldn’t be too worried about a President Trump
- A small town in Ohio holds clues to Trump’s victory
In other news, Fitbit just got a very fishy takeover offer. A biotech startup that aims to rid our bodies of cells related to ageing just got a big investment. And Adobe is acquiring ad tech company TubeMogul for $540 million.
Yahoo warned investors Verizon might back out of its $4.8 billion deal over the big data breach. And Twitter COO Adam Bain is stepping down and being replaced by CFO Anthony Noto.
Here are the top Wall Street headlines at midday
A 33-year old rockstar Goldman Sachs salesman just landed the most coveted title on Wall Street – Goldman Sachs just named 84 new partners, and for one individual, the lofty rank arrived in double-quick time.
The world’s largest hedge fund reimburses employees half the cost of $1,000 meditation lessons – Around eight years ago, Bridgewater Associates founder Ray Dalio introduced Transcendental Meditation to his 735 employees.
Tesla and SolarCity are dealing with a critical business problem – As Tesla prepares to acquire SolarCity and create an integrated auto-energy-power storage company, SolarCity’s legacy business model is undergoing a change.
China fixes its currency at the lowest level in six years – The People’s Bank of China fixed the yuan at 6.7885, its weakest since September 2010, amid worries President-elect Donald Trump could name China as a currency manipulator.
A pharma giant just made a $100 million move into a disease that’s been called “one of the next epidemic-level chronic diseases” – Bristol-Myers Squibb, the drug company whose stock has been hit hard by a failure in the competitive cancer-immunotherapy space, is going to develop an entirely different kind of drug.
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