What you need to know on Wall Street today
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As the stock market has been whipsawed in recent weeks, bond traders have been nonplussed.
Consider this remarkable feat of restraint: While the Dow Jones industrial average was turning in a swing of more than 700 points on Wednesday - one of its biggest ever - 10-year Treasury yieldsnever budged more than 3 basis points in either direction.
And that is just one example. Treasurys have remained largely range-bound over the past couple of weeks as choppy trading has engulfed equities. And that could be great news for stocks.
JPMorgan CEO Jamie Dimon's annual letter to shareholders was published Thursday. Here are the headlines:
- The same 2 words keep coming up in Jamie Dimon's annual letter
- JPMorgan CEO Jamie Dimon lays out the market's worst-case scenario - and outlines 7 differences from the latest financial crisis
- Jamie Dimon set out how his new venture with Amazon and Berkshire Hathaway plans to tackle some of healthcare's biggest problems
- Jamie Dimon says bureaucracy is 'a disease' - and JPMorgan takes 5 steps to combat it
Elsewhere in finance news, Deutsche Bank's cohead of investment banking is reportedly thinking about leaving. Wells Fargo's combining its corporate and investment bank, and it could lead to layoffs. And investors are reportedly pulling out of Bill Ackman's hedge fund at a "rapid pace."
In deal news, China's heavily indebted conglomerate HNA plans to dump some or all of its $6.3 billion stake in Hilton, and Takeda's CEO set out his case for a potential bid on $48 billion drugmaker Shire.
Lastly, in tech news:- Furious customers say they've been mysteriously locked out of their Amazon accounts - and they have no idea why
- Your Facebook data has probably already been scraped, Mark Zuckerberg says
- Here's why you can't really compare Spotify and Netflix
- Disney may dump Comcast and hand Google a big win in video advertising