What you need to know on Wall Street right now

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Applying for a position at Bridgewater Associates can feel more like a psychological assessment than a job interview.

If someone wants to be part of the world's largest hedge fund, they will typically go through around five hours of personality surveys, a verbal logic assessment, and a thorough personal interview.

Business Insider's Rich Feloni spoke to senior current and former Bridgewater staff to find out how the whole process works. 

Morgan Stanley may be about to get the activist-investor treatment, and two Wall Street hedge fund titans are betting on Citigroup. According to Business Insider's Linette Lopez, the trades scream "out of ideas."

Julian Robertson and Chase Coleman both dumped Netflix in the second quarter, and Warren Buffett loaded up on more Apple shares in the period.

Elsewhere in hedge fund news, a hot new fund backed by investing legend Stan Druckenmiller has made a big hire, and another government agency has barred hedge fund honcho Steve Cohen until 2018. 

Paul Tudor Jones is reportedly slashing jobs at his iconic hedge fund.

In markets news, a "trifecta" has set up the stock market for a big move higher, according to Raymond James, while Bank of America says the stock market is about to have a "final melt up."

The Trump campaign says the Affordable Care Act is 'slowly imploding' after Aetna slashed its Obamacare business. And one in five New York companies say they're hiring fewer people because of Obamacare.

We asked some of the smartest minds in finance how Wall Street is going to change — this is what they said. This is how much you can hope to earn on Wall Street. And Lloyd Blankfein has some advice for young people, though it's something he could never do himself.

Lastly, here are 22 clothing items every man should own before he turns 30.

Here are the top Wall Street headlines at midday:

There could be a $60 billion gas deal in the works - US industrial gas supplier Praxair and German peer Linde have held initial talks about a merger to create a market leader with a value of more than $60 billion.

The SEC has questions about a company with no revenue, $1,000 in the bank, and a $35 billion market cap - Here's your bizarre business news of the day.

It has gotten so tough in the oil patch that people have stopped paying their mortgages - There are just three states in the US where mortgage delinquency rates have increased from a year ago.

RUBENSTEIN: The US is 'doing better than any other developed economy in the world' - Billionaire private-equity CEO David Rubenstein of The Carlyle Group is psyched about the US economy.

The language of college campus politics has come to markets - In its latest fund manager survey, Bank of America Merrill Lynch says central banks have created a "safe space" for investors with interest rates that are expected to remain low and stable.

Mark Cuban and Carl Icahn clashed on Twitter over Donald Trump - Billionaires Mark Cuban and Carl Icahn clashed on Twitter on Monday over the economic platforms proposed by Donald Trump and Hillary Clinton.

A 'Venezuela' is happening in capital markets - This may be the darkest thing we've read about the market in a while.

The banking sector isn't the scariest part of the financial system anymore - The two global regulators who oversee the derivatives market are sounding the alarm on the industry responsible for clearing trillions of dollars of in deals, warning that it has a high concentration of risk and a low ability to manage it.

Delta is making an unprecedented change for its business class - Delta's business class area is getting a big facelift.

Dubai is building the world's first hotel with its own rainforest — here's what it's like inside - Architects in Dubai are building the world's first hotel with its own rainforest.