What you need to know on Wall Street today

pulse

August 11, 2017 6:54 PM

Hello. Here's 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.

Some of the world's largest hedge funds have lost money this year – or made barely any – even as markets have hit record highs.

The funds are run by firms including Bridgewater Associates, the largest hedge fund firm in the world, and Two Sigma, one of the fastest-growing firms. The weak performance is especially striking, as the S&P 500 has delivered 10.4% through July.

his chart will give stockpickers everywhere nightmares. And John Burbank's Passport Capital, which famously shorted the subprime mortgage crisis, is rapidly shrinking.

Jeff Gundlach's "free money" trade is already paying off. Gold is also spiking.

Snapchat maker Snap Inc. missed Wall Street’s expectations for its second quarter as a public company, sending its stock diving. Here's what you need to know:

What analysts are saying about Snap's disappointing second quarter
A Wall Street analyst's 'hot mic' upstaged Snapchat's CEO and stole the show
Sales of Snapchat's camera glasses are already slowing
Snap cofounders Evan Spiegel and Bobby Murphy have promised not to sell any stock for rest of the year

Wall Street analysts had a brutal assessment of Blue Apron's prospects. Former Uber CEO Travis Kalanick is being sued by early investor Benchmark Capital over fraud allegations. And bitcoin exchange Coinbase confirmed its unicorn status with a $1.6 billion valuation.

Lastly, the future of the Hamptons is uncertain as young, rich buyers ditch mega-mansions and tennis courts.

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