What you need to know on Wall Street today

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November 6, 2017 5:45 PM

Hello. Here's what you need to know on Wall Street today.

The House Republican bill to reform the tax code meets its first real test Monday, with House Ways and Means Chair Kevin Brady bringing his bill to the committee for the start of a multi-day markup.

Broadcom has offered to buy Qualcomm in what would be the largest tech deal ever. And banks could earn a huge payday – $280 million – from Broadcom's mega-bid.

There's a mystery facing the new Fed chair nominee Jerome Powell – and a false step could hurt the economy. And New York Fed President William Dudley is planning to retire early.

In hedge fund news, Bank of America Merrill Lynch has signed on with a quant firm – and it shows where Wall Street is headed.

In markets:

stock price is down after its fourth-largest investor was arrested in a Saudi Arabian anti-corruption sweep
Oil climbs after Saudi Arabia detains princes and dozens of former officials
one group of stocks that's destroying the market since the election – all thanks to Trump
AMD and Intel are reportedly teaming up to take on Nvidia
Bitcoin hits all-time high ahead of another potential fork
Bitcoin's 'bubble' is unlike anything we've seen recently

New York City Mayor Bill de Blasio wrote for Business Insider today, saying that Trump's tax plan would be like asking New Yorkers to take out $1,000 out of an ATM and giving it to a hedge-fund manager.

And a crucial line in Trump's new tax plan will make it a lot harder to buy a $1 million home.

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