| 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 stock market is heading for its biggest sell-off of the year — here's how to protect yourself A stock market sell-off worse than the February correction is coming, Morgan Stanley's equity strategists forecast. Earlier in July, they advised clients to turn defensive on the market in preparation for a rotation to sectors like utilities. They also downgraded the tech sector , making two decisions that even they acknowledged many clients weren't excited about. But the team led by Michael Wilson showed no sign of backing down on its views in its weekly note on Monday. In fact, the recent sell-off in tech, which led stocks lower Monday, only confirmed that the rotation to more-defensive sectors was gaining traction, Wilson said. Credit Suisse second quarter profit doubles Shares of Credit Suisse Group AG were gaining around 2 percent in the morning trading after the Swiss banking giant reported Tuesday that its second-quarter profit more than doubled from last year, with improved revenues. Looking ahead, the company said the outlook for global economic growth in second half remains positive. However, geopolitical developments and growing tensions surrounding global trade, as well as the impact of monetary policy changes by central banks, are likely to trigger periods of heightened uncertainty through the remainder of 2018. The company said it is on track to achieve 10-11% Group RoTE 2019 target. Tidjane Thiam, Chief Executive Officer of Credit Suisse, said, "For the remainder of 2018, we will continue to focus on growing our wealth management franchise and completing the last two quarters of our restructuring successfully. Looking to 2019 and beyond, we will continue to deliver improved profitability, higher returns and growing shareholder value." A top JPMorgan strategist shares the one word investors need to know to get ahead in the 'extreme' market "The only thing I know is that I know nothing," goes the famous saying, often known as the Socratic paradox. The expression could well be applied to what's going on in financial markets right now. With the US economy going gangbusters and earnings following suit, investors have a lot to be positive about. At the same time, however, the spectre of US President Donald Trump's trade war looms large. "For investors at the moment, the trickiest thing is working out whether to pay any attention to the current data or current earnings," Karen Ward told Business Insider in an interview last week. Ward is the chief market strategist for the UK and Europe at JPMorgan Asset Management, which manages around $1.7 trillion of clients' money. The founder of a restructuring firm accused McKinsey of racketeering — now the consulting giant is fighting back The founder of a rival to McKinsey & Co. accused the firm and its senior executives of running a "criminal enterprise" and hiding conflicts of interests to win client business. Now the consulting firm giant is fighting back. Jay Alix, the founder of the restructuring firm AlixPartners, sued McKinsey in May, claiming that the consulting firm didn't disclose conflicts so it could win valuable assignments advising clients on bankruptcy matters. Alix no longer holds a majority stake in AlixPartners, and his lawsuit was filed in an individual capacity. On Monday, McKinsey filed a motion to dismiss Alix's charges, arguing that "there is not a single fact alleged in the 150-page complaint and accompanying appendix that supports its incendiary headline accusation that McKinsey 'has unlawfully schemed to harm AlixPartners.'" JPMorgan's US M&A chief shares how the role of investment bankers is changing Halfway through the year, 2018 has been the hottest for mergers and acquisitions on record. Global economic expansion, a friendlier corporate tax regime, cheap lending, boardroom confidence, and a sense of urgency thanks to the looming threat of industry-upending tech giants has led to $2.5 trillion in announced deals worldwide through the first two quarters, according to Thomson Reuters data. That's a 61% increase from 2017. But despite the frothy environment, companies aren't getting a free pass to spend frivolously. The market continues to greet deals with scrutiny, and M&A that seems too expensive or doesn't make enough strategic sense has flopped when it crosses the finish line. "The market is much more discerning in terms of evaluating M&A deals — not every deal gets a positive reaction," Anu Aiyengar, the head of M&A in North America for JPMorgan Chase, told Business Insider in a recent interview at the bank's midtown headquarters. "If investors like a deal, the acquirers' stock goes up; if investors don't like the deal terms or don't understand the rationale, the reaction is negative." In markets news | 
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