What you need to know on Wall Street right now

Finance Insider is Business Insider’s summary of the top stories of the past 24 hours.

It’s finally official.

After months of courting and increasing offers, chemical and agriculture giant Monsanto is being bought by Bayer for a staggering $66 billion, or $128 per share. The deal announcement touted $1.5 billion in annual synergies after year three. Investment banks could make up to $700 million from working on the deal.

The deal, should it go ahead, would provide a welcome boost to Wall Street, which has been suffering from a slowdown in trading and deal work. A new study on the industry from McKinsey points to a long-term problem with investment bank performance and cost structure. It makes for grim reading.

Elsewhere on Wall Street, America’s newest stock exchange is now going after “one of the touchiest subjects” in the industry. Bank of America Merrill Lynch is bullish on the energy sector again. JPMorgan made a big hire in its middle-market push.

And boutique advisory firm Greenhill & Co. is about to go on a hiring spree.

Away from finance, we rode in Uber’s self-driving car — here’s what it was like. And here’s what happens when a self-driving Uber fails.

Apple CEO Tim Cook just hinted at what could be Apple’s next big product. Nutanix, last valued at $2 billion, indicated its stalled IPO might soon be back on. And Moody’s analysts say Sears and Kmart don’t have enough money — or access to money — to stay in business.

Lastly, here are 15 things every guy should have in his closet this fall

Here are the top Wall Street headlines at midday:

The most depressing trend in the US economy is about to end – Productivity growth in America is dead. Or so we’ve been told.

ICAHN: Herbalife should go private – Carl Icahn is asking regulators for the option to up his stake in Herbalife up to 50%.

UBS: There’s ‘clear evidence’ that the stock market has topped out for now The September top for stocks is in, according to UBS analysts.

A ‘tactical game changer’ is taking place in the bond market – US Treasury yields have rallied sharply off their July lows as markets price in the possibility of further Fed tightening by the end of the year.

Here’s why Saudi Arabia might play hardball with OPEC – Recent developments in the OPEC universe have fuelled speculation that oil producers might actually be able to agree on something at the informal talks in Algiers, Algeria, set for September 26-28.

Americans are ditching giant restaurant chains like Cheesecake Factory and Olive Garden – Americans are downsizing their meal (location) choices.

Man United legend Sir Alex Ferguson is backing this 28-year-old to build the ‘world’s most inclusive bank’ A fintech startup offering banking services to the poorest people in society and backed by legendary Manchester United manager Sir Alex Ferguson has transacted over £100 million ($131 million) in the last year alone.

The travel perks on this new credit card are so good that it might just be worth the $450 annual fee – In late August, JPMorgan Chase revealed its newest rewards card, the Chase Sapphire Reserve, and it’s packed with benefits.

Norwegian Air will offer $69 tickets to Europe — but one thing needs to happen first — For several years, Norwegian Air has teased the flying public with promises of $69 tickets to cross the Atlantic.

The 17 best-value MBAs in the world – While a master’s degree in business administration (MBA) can act as a ticket to a high-paying job, the courses do not come cheap.