ADVERTISEMENT

What you need to know on Wall Street today

Finance Insider is Business Insider's midday summary of the top stories of the past 24 hours.

null

In late 2012, Kathleen Boluch needed a new car — a drunk driver had left hers totaled — but she knew it wouldn't be easy to get.

ADVERTISEMENT

Boluch, who lives in Massachusetts, was freelancing and wasn't making much money. She didn't have much in savings. On top of that, she had a credit score below 500, which is considered very risky. It took visits to numerous dealerships in the Boston area before she found one that would let her finance a car.

"I remember they were on the phones and computers trying to find a bank to approve a loan for me," she told Business Insider of the people at the dealership.

Boluch's story is part of a bigger narrative emerging about the auto-loan market — and specifically subprime auto lending. Auto-loan fraud is increasing, according to some estimates. The delinquency rate for subprime auto loans is at its highest level in at least seven years. Wall Street is worried.

ADVERTISEMENT

Markets are beginning to realize a Trump-fueled economic boom may not be coming. One poll shows Trump's stunning impact on the way Republicans feel about the US economy.

Banks are suddenly scaling back lending, and Wall Street isn't yet sure what to make of it. One Wall Street strategist just made a big call that should have everyone worried.

Active managers are taking it on the chin lately, but they may have no one to blame but themselves. We talked to one of the most senior women on Wall Street about big deals, investment mistakes, and career advice. And you can watch this week's episode of Henry Blodget's new markets and economics show right here.

In tech, here are the six things investors are looking for in Apple's upcoming earnings report. Tesla is getting dangerously distracted.

In other news, a startup CEO who watched his 84-year-old mother struggle after leaving the hospital is on a mission to change healthcare from the "inside out." Walmart is reportedly very close to buying men's fashion retailer Bonobos. And execs have a new attitude about networking — and it's killing famous power-lunching spots and golf courses.

ADVERTISEMENT

Lastly, these matchmakers charge guys up to $35,000 to be sent on dates — here are their top spots in New York.

"Asia trades as if North Korea wasn’t a problem": How top bankers think about the Hermit kingdom - North Korea isn't a country investors usually look at, but it has been on people's minds amid rising geopolitical risk.

The CEO of Arconic has stepped down after an ugly battle with hedge fund titan Paul Singer - US specialty metals maker Arconic Inc's chief executive, Klaus Kleinfeld, has resigned, following attempts by activist hedge fund Elliott Management to overthrow the company's directors and top executives.

CREDIT SUISSE: JPMorgan set "a high bar" for banks with its latest earnings report - JPMorgan raised the bar for the financial sector with its first-quarter earnings report. On April 13, the bank reported first-quarter net income of $6.4 billion, or $1.65 a share

ADVERTISEMENT

Ex-Barclays CEO Antony Jenkins: We're "beginning to see some Uber moments" in finance - Former Barclays CEO Antony Jenkins believes the global financial system is beginning to undergo the "Uber moments" he predicted in the sector a year and a half ago.

"Made in USA" is nearly impossible for some companies - Mini motorcycle and go-kart maker Monster Moto made a big bet on US manufacturing by moving assembly to this Louisiana town in 2016 from China.

The FDA shot down a new rheumatoid arthritis drug — and the companies that make the drug are tumbling - The FDA just rejected a new daily pill to treat rheumatoid arthritis.

Snap just got some good news in its battle with Instagram - Snapchat usage is growing faster than Instagram, according to research from investment bank Jefferies, and a surprising amount of that growth is from users over 35 years old.

ADVERTISEMENT

The founder of Shake Shack shares his 3 secrets to success - Danny Meyer is a legend in the culinary world. The founder of Shake Shack, the fast-casual burger maker, was just 27-years old when he opened his first restaurant, Union Square Cafe in Manhattan.

FOLLOW BUSINESS INSIDER AFRICA

Unblock notifications in browser settings.
ADVERTISEMENT

Recommended articles

10 best airports in Africa in 2024

10 best airports in Africa in 2024

10 most expensive cities in Africa in 2024

10 most expensive cities in Africa in 2024

Illegal money changers adapt to Zimbabwe's ZiG currency rollout

Illegal money changers adapt to Zimbabwe's ZiG currency rollout

Zimbabwe's ZiG currency printing contingent on reserve sufficiency

Zimbabwe's ZiG currency printing contingent on reserve sufficiency

The global workforce is set to collapse without Africa

The global workforce is set to collapse without Africa

500 millionaires fall off in Kenya - here’s why

500 millionaires fall off in Kenya - here’s why

Top 10 African countries with the most centi-millionaires in 2024

Top 10 African countries with the most centi-millionaires in 2024

7 most influential Africans in the world 2024 -TIME

7 most influential Africans in the world 2024 -TIME

5 African countries with the least expensive freelancers

5 African countries with the least expensive freelancers

ADVERTISEMENT