Welcome to Finance Insider, Business Insider’s summary of the top stories of the past 24 hours.
Donald Trump’s election marks a long-term turning point for markets.
That’s according to Ray Dalio, founder of the world’s biggest hedge fund firm Bridgewater Associates. “There is a good chance that we are at one of those major reversals that last a decade,” Dalio wrote in a post on Tuesday.
Trumponomics might look a little like Reaganomics, according to Citigroup. Here’s how Trump could control the Federal Reserve, according to a former Fed president. Trump’s team is full of lobbyists, Wall Streeters, and “the kind of people he ran against,” according to Senator Elizabeth Warren.
And Tom Steyer, a hedge fund manager and big-time Democratic donor, told Business Insider he doesn’t regret dropping $75 million on the 2016 campaign.
The US Treasury market is gaining ground for the first time in five days as some buying finally emerges following Donald Trump’s stunning victory in the US presidential election. Oil is soaring. And Warren Buffett is loading up on airlines
On Wall Street, there’s a new player in trading with big ambitions. The Japanese bank is hiring, pushing new products, and rising in the rankings. The aim, according to Jerry Rizzieri, CEO of Mizuho Securities USA, is to make headway in the largest revenue pool in the world.
Nasdaq just crowned one of the most senior women on Wall Street. The head of the SEC will step down at the end of the Obama administration. And giant hedge fund Elliott Associates has some ideas on how to answer one of the questions of our time.
In deal news, Trivago has filed to go public in what could be one of the biggest IPOs of the year, and Reynolds American has reportedly rejected British American Tobacco’s $47 billion takeover offer.
Lastly, here are the 24 best US stocks you can buy right now, according to Bank of America.
Here are the top Wall Street headlines at midday
Trump’s economic plan has caused a massive divergence in the market – The markets have had a very bifurcated response to the election of Donald Trump as the next president of the US.
Morgan Stanley’s top execs made a killing after the election – Senior Morgan Stanley executives collectively earned about $10.5 million over the past week by exercising options and selling shares, with most of them profiting from an election-fuelled rally in bank stocks, according to securities filings.
Stocks just gave up an important advantage they have held over bonds – The recent bond market sell-off lifted Treasury yields to their highest levels in a year. That jump pushed the benchmark 10-year Treasury note’s yield above the dividend yield on the S&P 500 for the first time since last year.
CARNEY: Politicians attacking central banks are engaged in a ‘massive blame deflection exercise’ – The Bank of England’s Governor Mark Carney defended the central bank against accusations from MPs that it, as well as others, are fuelling growing inequality due to their monetary policy actions.
These drugs had the highest price increases in 2015 — according to the government agency that pays for them – We just got a better picture of how much money government agencies are spending on prescription drugs.
Retail sales jump more than expected to a 2-year high – Retail sales rose more than expected in October, according to a Department of Commerce report Tuesday.
Wells Fargo to unveil robo-adviser partnership with SigFig – Wells Fargo & Co is set to announce a partnership with SigFig for clients to use the robo-adviser’s technology and wealth management investment tools.
HOME DEPOT: Hurricane Matthew and the Louisiana flooding made us $100 million – Typically when reporting quarterly earnings, executives for companies cite weather as a negative for their business. Warm weather in the winter hurts cold weather apparel sales, wet weather in the summer hurts paint sales, and so on.