What you need to know on Wall Street today
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Senate Republican leadership released a draft of its long-awaited healthcare bill Thursday, ending weeks of speculation and a secretive process that frustrated Democrats and even some Republicans.
The legislation - called the Better Care Reconciliation Act of 2017 - would roll back much of the Affordable Care Act, the healthcare law better known as Obamacare, including various tax provisions. Healthcare stocks are rallying.
Elsewhere in healthcare, Mylan's shareholders just voted against its executive pay, and there's frightening new data on the effects of a blockbuster drug Wall Street loves to hate.
In deal news:
- Altice USA opens up 5% in the second biggest IPO of the year
- Qatar Airways wants to buy a 10% stake in American Airlines
- Warren Buffett's Berkshire Hathaway gives embattled Canadian lender Home Capital a $1.5 billion lifeline
- Blockchain raises $40 million from Lakestar and Google's venture arm
On Wall Street:
- This complex color-coded chart spells bad news for a lot of Wall Streeters
- Wall Street banks are helping rebuild European soccer clubs
- INSIDE NOMURA: Day in the life of a junior banker
- The first thing you should do when you start at a Wall Street bank
- Morgan Stanley addressed its interns' most pressing career questions, and every young employee can learn from the answers
In markets and economics news:
- $45 BILLION HEDGE FUND BOSS: Protectionism is "a convenient fig leaf for the shortcomings of US business leaders"
- The safety net of the stock bull market is vanishing - but it may not matter
- The next big stock market shift could come from an unexpected source
- One striking chart shows traders don't believe the Fed
- The rise of the iPhone is making the Fed's job harder
- ALBERT EDWARDS: Central bankers are the 'next sacrificial lambs to throw to the wolves' of populist rage
- Wall Street has been brutally wrong when it comes to making one of its most important predictions
- Ethereum had a flash crash - here's what happened
In retail:
- Sears Canada is closing a quarter of its stores
- IT'S US OR THEM: Walmart is telling vendors to stop using Amazon's cloud
- Nike designed a shoe just for dads - and it's flying off the shelves
And lastly, in tech: