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. Sign up here to get the best of Business Insider delivered direct to your inbox.
The Federal Reserve is expected to raise its benchmark interest rate again on Wednesday. Here's what you need to know:
- Only one thing matters at Wednesday's Fed meeting
- Janet Yellen's farewell at the Fed has become more complicated
- The Fed is about to raise interest rates again - here's how it happens and why it matters
- The shrinking role of unions helps shed light on an economic trend that is puzzling Fed officials
- Check back here for the latest news and analysis on the Fed's decision
Elsewhere in D.C. news, Republicans have a final deal on their tax bill - here's what's in it. And there's one more reason for Republicans to be very nervous about the Senate in 2018, according to Josh Barro.
Back on Wall Street, a top exec at trading giant Virtu is out. The mysterious trader known as "50 Cent" has lost $197 million betting on a stock market meltdown. Robinhood is launching a free options trading product for its users.
And here's what it takes to launch a hedge fund right now, according to the Wall Street pros who know
In markets news, the ghosts of the financial crisis are costing investors a fortune. A wildly popular stock market strategy is hotter than ever.
In deal news, Target has a new $550 million weapon to defeat Walmart and Amazon, and Saudi Aramco has reportedly asked banks to pitch for a role in its IPO.
- Apple's Shazam deal is a sneak attack to hit Spotify where it hurts
- Finisar soars after Apple announces $390 million investment
- RBC: Nvidia can't profit from bitcoin anymore - but the boost from cryptocurrencies is just getting started
- T-Mobile is becoming a cable TV provider
- GOLDMAN SACHS: 4 big tech companies will own 65% of the cloud market
- A Hungarian startup thinks it has the key to cheaper self-driving cars - but a ride in its test car suggests it has a lot of work ahead
- As bitcoin skyrockets, a top Facebook exec is joining the board of Coinbase, the cryptocurrency exchange
- A board member has resigned at Tezos, the tumultuous cryptocurrency startup that raised $232 million
Lastly, we drove a $73,000 Cadillac XTS V-Sport and completely fell for its retro charm and secret power.