Good morning. Donald Trump flexes his grip on the Republican Party. We look at the rise of home equity investment contracts and what they mean for homeowners. Plus, five hot New York restaurants to try out. Listen to the day’s top stories.
Donald Trump’s hand-picked candidate for a congressional seat in Northern Kentucky, Ed Gallrein, defeated the president’s longtime Republican rival Thomas Massie, according to Decision Desk HQ. It’s the clearest sign yet of Trump’s grip in solid Republican states, even as national surveys show the broader electorate souring on his policies.
Chinese President Xi Jinping and his Russian counterpart Vladimir Putin hailed the strength of their relationship during talks in Beijing, as both countries seek to deepen ties against the backdrop of wars in Ukraine and Iran. Xi renewed calls for an urgent ceasefire in the Middle East. Meanwhile, opposition to Trump’s Iran war appears to be growing in the US Senate.
US stocks found some footing while a Treasury selloff driven by inflation fears eased, offering traders a respite. Investors are now focused on Nvidia, with the AI chip giant set to report earnings after the close. The results are seen as a key test that may either reinforce the rally in semiconductor stocks or trigger broader market volatility.
Samsungworkers are set to proceed with a strike on Thursday after talks between the company and a union collapsed, raising the risk of disruptions to global chip supplies. Meta began notifying employees about layoffs as part of a previously announced restructuring. Goldman Sachs is said to be leading SpaceX’s mega IPO, with the company expected to file publicly as soon as today.
The Cleveland Browns said it sold a stake to Arctos Partners, adding to the private equity firm’s portfolio of NFL teams. The total investment is said to be for 10% of the club at a valuation of more than $9 billion. The NFL began allowing institutional investors to buy minority stakes in teams in 2024, helping boost already surging club valuations. Separately, LIV Golf has begun laying the groundwork for a potential US bankruptcy filing if it fails to secure fresh funding, people familiar said.
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Wall Street is taking aim at the $34 trillion tied up in US homeownership, pouring money into contracts that offer homeowners cash upfront in exchange for a share of future appreciation.
For investors, home equity investment contracts offer a lucrative way to tap Americans’ vast housing wealth, turning property stakes into a tradable asset to satisfy growing demand for exposure to US real estate.
For homeowners, however, the deals can mean giving up a substantial share of future gains that would otherwise build long-term wealth—and in some cases repaying far more than they originally received.
The rapid growth in HEIs reflects a rare convergence: years of rising home prices have left owners sitting on record levels of equity, while higher mortgage rates have made it harder to borrow against their properties.
SoftBank founder Masayoshi Son’s more than $60 billion bet on OpenAI is raising concerns inside the company, with some executives uneasy over what they see as Son’s devotion to Sam Altman.
There’s a lot that’s similar in the bond markets now and before the Global Financial Crisis, John Authers writes. There are also differences, with the Federal Reserve now paused in a loosening cycle and debt levels far higher.
Bar Primi across the street from Madison Square Garden.
Photographer: Nick Johnson
From a viral pizza joint to an up-all-night hangout, plus a power Italian spot near Madison Square Garden catering to Knicks, Rangers and concert crowds. Here are five hot New York restaurants to check out.
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