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.
Many Americans are hurting. They feel left behind by globalization and automation. They feel "scared" and "insecure."
These have all been recurring themes over the past few weeks, in the run up to and in the aftermath of the shock election of Donald Trump as president. With that in mind, we set out to examine the state of the US consumer - here's what we found.
In deal news, we talked to five top Silicon Valley dealmakers about the biggest trends in the internet business. Snapchat has filed for an IPO that could value the company at $25 billion. And here's why AT&T is buying Time Warner, and why it thinks the government can't stop the sale.
In related news, cellphone addiction, particularly among millennials, may be hurting the labor force and the economy at large, according to a $3.7 billion New York hedge fund.
Jim Chanos and David Einhorn are betting against the same sector. And a massive hedge fund that shut itself to outsiders is crushing it.
Donald Trump's presidency will be "damaging" to the US economy, and America has taken a "wrong turn," according to Bill Gross. Trump is bad news for the world economy, according to Goldman Sachs. Six charts explain why Trump won, according to DoubleLine Funds founder Jeff Gundlach.
Bill Winters, CEO of Standard Chartered, picked out one chart to explain the rise of Trump and Brexit, meanwhile.
Republicans and Democrats have dramatically shifted their views of the US economy since the election. And a new study shows that areas in the US hit hardest by trade have become more politically polarized.
The US Geological Survey said Tuesday that it found what could be the largest deposit of untapped oil ever discovered in America.
Business Insider is continuing its international expansion in Italy, Japan, and Africa.
Lastly, Mercedes' just unveiled its $320,000 Maybach S650 Cabriolet - and it's stunning.
Here are the top Wall Street headlines at midday
Deutsche Bank is shuffling some of its top investment bankers in the US - The firm has promoted Michael Santini to vice chairman of Americas corporate finance and John Anos to cohead of global industrials alongside Richard Sheppard.
Mylan and the DOJ can't seem to get on the same page - Mylan and the Department of Justice don't seem to be on the same page these days.
The Minneapolis Fed has a plan to end 'too big to fail' - Minneapolis Federal Reserve President Neel Kashkari unveiled a plan on Wednesday to prevent future government bailouts by forcing the largest U.S. banks to hold so much capital that they would probably decide to break themselves up.
Star hedge fund managers are getting bigger bonuses this year - Many hedge fund managers have reason to cheer even as their investors grouse about lackluster returns; they are on track to reap a much larger payday for 2016 than for 2015.
HSBC: 'Politics is the new economics' in the markets - It is now indisputable that politics, not economics is the big driver behind fluctuations in the world's currency markets, according to research by forex analysts at HSBC.
Markets are almost certain the Fed is hiking interest rates in December - Investors are pretty confident an interest rate hike is coming from the Federal Reserve next month.
Take a tour of the swankiest new condo building in New York City's Financial District, where penthouses are selling for $30 million - Fifteen years after the terrorist attacks of 9/11, downtown New York City is making a serious comeback.