Welcome to Finance Insider, Business Insider’s summary of the top stories of the past 24 hours.
“Information wants to be free,” the technology activist Stewart Brand once said. “Information also wants to be expensive.”
That is proving true on Wall Street, where stock exchanges — in particular the New York Stock Exchange and Nasdaq — both publicly traded and for-profit, stand accused by rivals and some users of unfairly increasing the price of market data.
The Fed held rates steady on Wednesday and said it’s waiting for “some further evidence” before hiking again. The central bank also made a strong case for hiking in December.
In finance news, Credit Suisse made a small but surprising profit, and the SEC is now looking into Wells Fargo. The US bank said Thursday it may pay $1.7 billion more in legal fees than it set aside.
Goldman Sachs just launched a new way for everyday investors to follow the hedge fund crowd. A shake-out in fund management “will set trillions of dollars in motion,” according to McKinsey. And the whistleblower who exposed Bernie Madoff thinks the insurance industry is riddled with fraud.
Elsewhere in corporate news, Valeant is being sued by the backers of “female Viagra” — and its secret pharmacy is at the heart of the complaint.
Elsewhere in tech, Fitbit crashed after missing on sales and cutting its full-year earnings forecast, and Jack Dorsey explained why Square needs Caviar, the company he once tried to sell for $100 million.
In markets news, the bond chief at $5 trillion investment behemoth BlackRock told us the most dangerous place to put your money, and a hedge fund laid out why the market feels so dangerous right now.
The pound is taking off after the government lost a landmark Brexit legal case. Avocado prices just hit a record high, and show no signs of coming down. And stocks just did something that we’ve never seen outside of a financial crisis.
The most important part of the US economy just proved that inflation is here. And the number of people filing for unemployment benefits in the US is at a 16-year low.
Here are the top Wall Street headlines at midday
We’ve seen tech M&A booms before — but something is different this time around – Technology M&A is having another record year and not showing any signs of slowing down.
Traders are seeing a big red flag for oil – Crude oil has fallen about 12% from the most recent peak reached two weeks ago.
‘Weekend in Frankfurt?’ – Paris perfects its pitch for London bankers – In the battle to attract Brexit-wary bankers fleeing London, the man in charge of Paris’ charm offensive thinks he has the pitch that rivals can’t match.
Delta’s new cabin is adding a touch of luxury to economy flying – Delta Air Lines rolled out its new international premium economy service — appropriately named Delta Premium.
Two big movers in the health world just launched a massive new project to change the way we look at cancer – Two cancer companies that were backed by Google Ventures — now called GV — have teamed up for the second time to launch a health database filled with information from 200,000 people.
Goldman, JPMorgan, Morgan Stanley defeat appeal over Facebook IPO – The three banks need not forfeit their estimated $100 million of profit from trading Facebook stock soon after underwriting its May 2012 initial public offering, a federal appeals court said on Thursday.
Two of Europe’s largest airlines are striking back against Emirates, Etihad, and Qatar Airways – Air France-KLM has announced its intention to create a new long-haul international airline to compete against growing competition from the Middle East.
These are the giant US companies that paid the least in taxes last year – Taxes have become one of the linchpin issues of the 2016 presidential election, with the two candidates taking wildly different views of what companies should pay.
19 long-range electric cars you’ll be able to drive by 2021 – These days, if you are in the market for a fully electric, long-range vehicle, your options are pretty limited.
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