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What you need to know on Wall Street today
Hello. Here's what you need to know on Wall Street today.
Jim Cramer had his prophetic TV meltdown exactly 10 years ago today – and debt levels are back now in the same place. US corporate debt may be so high that it's a threat to global stability, and Europe's banks are threadbare, according to the IMF. On a net level, Italy, Portugal, and Spain have actually added non-performing loans to their books rather than worked them off.
In hedge fund news, a hot strategy at Two Sigma Investments, one of the fastest growing funds, has made almost no money this year.
Legendary oil trader Andy Hall is reportedly shutting down his main hedge fund after losing 30% in the first half of this year.
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Billionaire hedge fund manager Steve Cohen is reportedly facing a regulatory hurdle in the UK to managing outside money.
Here's a recap on how Anthony Scaramucci rose to the top of Wall Street, sold his company, tanked his marriage, and traded it all for 10 wild days in the White House. And here's BI's Linette Lopez on Scaramucci's rise, fall, rebound, and spectacular flameout.
Meanwhile, some of Gary Cohn's old friends at Goldman Sachs aren't sure he'd be a good Federal Reserve chair.
We visited Amazon's jobs fair at a warehouse in New Jersey, where people lined up around the block hoping to score a job. But those throngs of applicants are sending a troubling signal about the job market, writes Business Insider's Pedro da Costa.
In tech news, a controversial ex-Goldman Sachs banker is the person who really runs Twitter – and he's gambling the company's future on one risky bet.
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There are four companies that look Amazon-proof. Tesla's surging stock is crushing shortsellers. Elon Musk says people are canceling Tesla Model 3 orders because it's like 'an hour-and-a-half wait for hamburgers.'
Elsewhere:
- It's about to get a lot easier to bet on the backbone of the stock market
- ALBERT EDWARDS: The same problems that created the financial crisis are back
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