What you need to know on Wall Street today
Welcome to Finance Insider, Business Insider's summary of the top stories of the past 24 hours.
The Federal Reserve announced Wednesday that it held its benchmark interest rate after a two-day policy meeting, as had widely been expected. Here's what you need to know:
- Fed holds, says growth slowdown is "transitory"
- Six charts illustrate why the Fed is willing to overlook the economy's ugly quarter
- The Fed looks shaky on its most important reason for raising interest rates
In Wall Street news, here's a breakdown of the Republican plan to tear up Wall Street regulations. HSBC had a surprisingly good quarter. SocGen paid £816 million and avoided a potentially embarrassing day in court.
A nonprofit set up by a hedge fund legend is tackling the No.1 question for corporate America. There's an incredibly risky new way to bet on stocks. And we went inside the Wall Street charity day where celebrities and star athletes pretend to be traders.
There's lots of news and views on what's going on in markets. Here's what's moving:
And here's what people are saying:
- PIMCO: China is becoming more cautious with credit - and that's not good for growth
- BLACKROCK: The Fed should make you wary of sovereign debt
- JPMORGAN: Stocks and bonds are fully valued
- BIANCO: "We're more likely to go to Mars" before the 10-year hits 4%
- A chief strategist with insight into 7 million brokerage accounts talks Apple, autos, volatility, and more
- A Wall Street legend explains why it "disturbs" him when people tell him they "play the market"
- The world's biggest fund managers are complaining that making money is hard
- The CEO of Herbalife just called Bill Ackman "fake news"
Warren Buffett's Berkshire Hathaway will host its annual meeting on Saturday. The event has become a huge occasion and is sometimes called "Woodstock for Capitalists" or "Buffettpalooza." Business Insider will cover it, and you can check back on Saturday for a blow-by-blow of the day. Ahead of time, here's what you need to know:
- Investors around the world are getting ready for Warren Buffett's "Woodstock for Capitalism"
- Warren Buffett thinks the "elite" have wasted $100 billion ignoring his best investment advice
- Here's how badly Warren Buffett has crushed the market
- Warren Buffett brilliantly explains how bubbles are formed
There's a lot of news in the tech sector. Here are the headlines:
- Traders are loading up on bets Snap will hit a record high
- Facebook beats across the board with $8 billion revenue and closes in on 2 billion users
- Facebook admitted all the stock it gives employees is a real business cost, and it could make some other companies look bad
- Fitbit spikes after losing less money than expected
Tesla announced earnings after the bell on Wednesday. Here's what you need to know:
- Tesla reports a wider loss than expected, says Model 3 production remains on track
- A top Tesla analyst just warned investors to balance "greed and fear"
- A Wall Street bank eviscerates Tesla
- ELON MUSK: Apple doesn't want to work with Tesla on a car
- Tesla is desperately trying to avoid "misperceptions" about its long-awaited Model 3
- Tesla is building stores all over the world ahead of the Model 3 launch
- SolarCity's solar installations crash nearly 40%
Elsewhere in autos, Ferrari is on a tear. And we got up close and personal with Ford's $400,000 GT supercar.
Lastly, here's how much it costs to get a haircut around the world. And here are the 25 most expensive weekend getaways in the world.