What you need to know on Wall Street today

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

Economists had forecast a median increase of 313,000 after an initially reported drop by 33,000 in September. The September figure was revised to a gain of 18,000 in the Bureau of Labor Statistics’ data released Friday.

Here’s the latest on the Trump administration’s efforts to reform the tax code:

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.

And the cofounder and president of asset management giant BlackRock believes artificial intelligence will never fully replace humans in the investment world.

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.

As expected, US President Donald Trump named Jerome Powell, a current Federal Reserve governor and former finance executive, as his choice to replace Janet Yellen as chair of the world’s most powerful central bank. His tenure is unlikely to be a smooth sail, according to Business Insider’s Pedro da Costa. 

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.

Apple announced its earnings for the fourth quarter of 2017 on Thursday, and blew past analysts’ expectations. Here’s what you need to know:

Lastly, here are the 15 finalists for Business Insider’s 2017 Car of the Year.

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