What you need to know on Wall Street right now

Welcome to Finance Insider, Business Insider’s summary of the top stories of the past 24 hours. Some of you will be receiving this email for the first time, following a reorganization of our newsletters. The email includes the best of BI’s Wall Street coverage, including markets, the people and institutions who move them, and the broader financial services industry.

Wall Street is talking about a second “taper tantrum.”

In 2013, then Federal Reserve Chairman Ben Bernanke announced that the Fed would taper, or gradually reduce, its bond-buying program that pumped money into the financial system. Investors freaked out and dumped bonds.

Fixed income is selling off again, especially in emerging markets, sending yields higher this month.

In related news, the world’s biggest hedge fund is worried the Federal Reserve could mess up everything.

Home prices in China have ballooned to “unsustainable levels,” and there’s an early warning sign that the country is financially overheating.

In corporate news, Sarepta Therapeutics shares spiked by as much as 86% in trading on Monday after the US Food and Drug Administration said it approved a key drug.

The SEC is looking into John McAfee’s mysterious new company, SunEdison’s two yieldcos are exploring strategic options, and here are the six tech companies most likely to be acquired next, according to Morgan Stanley.

US companies are ‘hoarding’ a record $2.5 trillion of cash overseas, and Valeant has started hiking drug prices again. One of Boeing’s most important customers just said something very troubling.

Jimmy Kimmel made a jab at the skyrocketing price of EpiPens while handing out PB&Js at the Emmys.

Lastly, here are all the coolest features on the new Ferrari 488 GTB.

Here are the top Wall Street headlines at midday:

GOLDMAN: One measure suggests stocks could crash 25% – The S&P 500 is looking a little pricey, according to Goldman Sachs’ David Kostin.

Morgan Stanley just upgraded GM Morgan Stanley has turned bullish on General Motors.

It’s looking more likely than ever that the UK will lose its financial passport – The European Union won’t cut a special deal with the City of London if the UK leaves the European single market, Germany’s top central banker warned.

The moment one of the most powerful women in banking noticed how weird Wall Street culture is Often, it takes being outside the bubble to notice what is going on inside.

One of the most ‘compelling’ growth stories on the planet – China’s middle class is booming. And with that explosion of wealth comes the opportunity for the Chinese to try and experience new things, including travelling abroad.

One of the key forces behind the bubbles that led to the financial crisis is back – There are plenty of reasons why the financial crisis occurred.

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