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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.

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 US economy added 261,000 nonfarm payrolls in October, the most in over a year, rebounding afterweakness in Septemberthat was caused by hurricanes that hit Florida and Texas.

  • "The haggling will only intensify" — Wall Street's wary of the Republican tax plan
  • The GOP tax plan has a tiny "bubble tax" that could end up raising taxes on the rich
  • The GOP tax bill would give huge cuts to businesses — and much less for average Americans
  • The investment chief at the world's first tax-reform ETF tells us how to trade Trump's plan
  • DA COSTA: Democrats need to stop whining about the deficit
  • BARRO: A key middle-class tax break in the Republican plan is temporary — and that doesn't make much sense
  • BARRO: A problem with this "small business" tax provision could sink Republican tax reform

In Wall Street news, Jason Karp, the head of $3.4 billion hedge fund firm Tourbillon Capital, is preaching patience. The head of JPMorgan’s nearly $2 trillion funds business issued a stark warning for a large group of Wall Streeters. The emergence of a new kind of fund could "radically alter" the investment industry.

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A men's clothing startup once favored by Wall Streeters was accused of failing to deliver on its promises — and now everything is out of stock.

In deal news, Sprint and T-Mobile are reportedly working to save their merger, and Starbucks is selling one of its tea brands for $384 million.

  • Firing on all cylinders": Apple crushes earnings, beating its own expectations
  • NEW ENERGY": Analysts are bullish about Apple's strong Q4 earnings
  • Apple is $20 a share away from being the first $1 trillion company
  • Apple has a hidden business that's bigger than some airlines
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