Stock market news today September 4

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.

Jeremy Grantham has predicted every modern financial
bubble — here’s where he says you should be putting your
money

Don’t sweat the small stuff. Stay focused on the big picture.

These are two commonly espoused pearls of wisdom that are
frequently heard and then promptly ignored by investors.

That’s because nobody wants to miss out on whatever market fad is
most profitable at a given time. And no one is more familiar with
this than institutional investors who manage money for other
people.

As people get increasingly caught up in the everyday minutiae,
the pressure on money managers mounts to keep pace with the
market. It’s a dynamic that has played out repeatedly throughout
the 9-1/2-year bull market, which is now
the longest on record.

Amazon becomes the 2nd US company to join the $1 trillion
club

It’s official: Amazon is the
second American company to achieve a valuation of more than $1
trillion.

Shares of the e-commerce giant gained about 2% in trading
Tuesday  to hit an all-time high of $2,050.27. Multiplied by
the current number of shares outstanding — 487,741,189 — that
puts the company’s book value just over the same symbolic
milestone that Apple hit less than one month ago.

One trillion is a difficult number to imagine, regardless of
what’s being counted. And even less so when it’s the value of a
24-year-old company with a plethora of business units in addition
to its core retail focus. For context, the entire US stock market
— the sum of all publicly traded American companies including
Amazon — hit $30
trillion back in January.

A major shakeup is underway at Citigroup as three top Citi execs
are leaving the company, including CFO John Gerspach.

Gerspach, who joined Citi in 1990 and has been CFO for the past
nine years, is retiring in March of next year, according to an
internal memo from CEO Michael Corbat viewed by Business Insider.

Mark Mason, the CFO of the bank’s Institutional Clients Group,
will succeed Gerspach.

Additionally, Jim Cowles, the CEO of the bank’s operations in
Europe, the Middle East, and Africa, is leaving to start a
nonprofit at the end of this year, and Bill Mills, the CEO of
North American operations, will retire at the end of the year,
according to the memo. They worked at Citi for 39 years and 36
years, respectively.

In markets news