New economic data rolls in with good news for Americans’ wallets, the Supreme Court hears oral arguments on whether states can bar males from competing in women’s sports, and how did Minnesota get here? We speak to former GOP governor Tim Pawlenty to learn more.
It’s Tuesday, January 13, 2026, and this is the news you need to know to start your day. Today’s edition of the Morning Wire podcast can be heard below:
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<h2 style="text-align: center;">Trump’s Wins</h2>
Nearly one year after retaking the presidency, the White House says President Donald Trump’s economic and domestic agenda is starting to pay off. When Trump launched his trade war, the consensus among most economists and Democratic lawmakers was that it would tank the economy and stall GDP growth. But each month, the data continues to defy those expectations. At the beginning of 2025, the U.S. GDP shrank by half a percentage point. That set off alarm bells in Washington that a recession was looming. But in Quarter 2, GDP grew 3.8%; by Quarter 3, it was up to 4.3%, and based on the latest projections from the Federal Reserve Bank of Atlanta, GDP growth in the final quarter of 2025 was a stunning 5.1%. On Monday, gas prices fell for the seventh straight week. On housing, mortgage rates fell below 6% for the first time in nearly three years, while rents declined for the fifth straight month. Inflation has trended in the right direction for months.
<h2 style="text-align: center;">SCOTUS Weighs Women&#8217;s Sports</h2>
The Supreme Court is hearing oral arguments on Tuesday in two high-stakes cases that could have sweeping consequences for women’s sports and state authority. The paired cases come from Idaho and West Virginia and center on whether states can enforce laws banning biological males from competing in women’s sports. In Idaho’s Little v Hecox, Lindsay Hecox, a male who identifies as a transgender woman, is challenging Idaho&#8217;s Fairness in Women&#8217;s Sports Act. In the West Virginia case, a male middle school athlete known as BPJ is asking the court to invalidate a similar law. The Court consolidated the two cases because they raised nearly identical legal questions.
<h2 style="text-align: center;">Former Gov Tim Pawlenty Talks MN Fraud And ICE</h2>
The protests gripping Minneapolis over the last few days have come amid federal investigations into widespread fraud, which President Trump is now sending even more agents to investigate. Former Minnesota Republican Governor Tim Pawlenty joined Morning Wire to discuss the issue rocking his state. The former governor blamed the tense standoff between local leaders and federal law enforcement on the state&#8217;s sanctuary policies. The extent of social service fraud in the state could be as high as $9 billion or more, which “could be the largest theft or fraud of public money in the history of our country,” Pawlenty said. On the chances that Democratic Governor Tim Walz could have known about the massive amount of fraud in his state prior to the recent media attention, Pawlenty said that the Minnesota state government has quashed fraud investigations before, simply by bureaucrats refusing to work with investigators.

MRN_260113_V3

Morning Brief: Trump Economy Surges, SCOTUS Weighs Women’s Sports, & What Went Wrong In Minnesota

Donald Trump

Economy

Minnesota

Morning Wire

Supreme Court

President Donald Trump made his argument for keeping his far-reaching &#8220;reciprocal tariffs&#8221; on Monday and said that the United States would be &#8220;screwed&#8221; if the Supreme Court rules against his unprecedented trade policy.
The Supreme Court could release its highly anticipated decision on the tariff case as soon as Wednesday, but it remains unknown when exactly the court will rule on the Trump administration&#8217;s emergency appeal. Trump said that a ruling against his administration would force the United States to pay back &#8220;hundreds of billions of dollars.&#8221;
&#8220;The actual numbers that we would have to pay back if, for any reason, the Supreme Court were to rule against the United States of America on Tariffs, would be many Hundreds of Billions of Dollars, and that doesn’t include the amount of &#8216;payback&#8217; that Countries and Companies would require for the Investments they are making on building Plants, Factories, and Equipment, for the purpose of being able to avoid the payment of Tariffs,&#8221; Trump <a href="https://truthsocial.com/@realDonaldTrump/posts/115883475463948362">wrote</a> on Truth Social.
The United States collected around $200 billion in tariff revenue last year, largely thanks to Trump&#8217;s tariffs, according to U.S. Customs and Border Protection. Trump has used his so-called reciprocal tariffs to pressure companies to manufacture products in the United States to avoid his hefty import taxes. He argued that, taking foreign investments into account, the repercussions of a ruling against his tariffs could result in trillions of dollars no longer going into the U.S. economy.
&#8220;It would be a complete mess, and almost impossible for our Country to pay. Anybody who says that it can be quickly and easily done would be making a false, inaccurate, or totally misunderstood answer to this very large and complex question,&#8221; Trump added. &#8220;It may not be possible but, if it were, it would be Dollars that would be so large that it would take many years to figure out what number we are talking about and even, who, when, and where, to pay. Remember, when America shines brightly, the World shines brightly. In other words, if the Supreme Court rules against the United States of America on this National Security bonanza, WE’RE SCREWED!&#8221;
Treasury Secretary Scott Bessent, however, said that the United States wouldn&#8217;t have a problem paying tariff refunds, but he added that it would be &#8220;a corporate boondoggle.&#8221;
“Costco, who’s suing the U.S. government, are they going to give the money back to their clients?” Bessent asked.
During <a href="https://www.dailywire.com/news/trumps-liberation-day-tariffs-face-skepticism-among-some-supreme-court-justices">oral arguments</a> in November, some of the conservative justices who Trump will need to side with him appeared skeptical of the president&#8217;s authority to impose his global tariffs. The case centers on questions around the International Emergency Economic Powers Act and whether Trump’s tariffs should be considered a tax.
Trump’s Solicitor General, John Sauer, argued before the court that national emergencies related to the fentanyl crisis and America’s declining industrial base justify Trump’s use of the International Emergency Economic Powers Act to impose tariffs. The court&#8217;s liberal justices appeared to side with the plaintiffs in the case, which are a group of American businesses. The businesses argue that tariffs act as taxes on the American people, and only Congress has the authority to levy taxes.
Conservative Justices John Roberts, Neil Gorsuch, and Amy Coney Barrett also expressed skepticism about some of the Trump administration&#8217;s arguments.

Trump: ‘We’re Screwed’ If SCOTUS Rules Against Wide-Ranging Tariffs

Trump: 'We're Screwed' If SCOTUS Rules Against Wide-Ranging Tariffs

Tariffs

trade

Credit card interest rates are expected to be ordered to pause at 10% for one year starting January 20, President Donald Trump announced on Friday night.
“Please be informed that we will no longer let the American Public be ‘ripped off’ by Credit Card Companies that are charging Interest Rates of 20 to 30%, and even more, which festered unimpeded during the Sleepy Joe Biden Administration. AFFORDABILITY!” he posted to Truth Social.
“Effective January 20, 2026, I, as President of the United States, am calling for a one year cap on Credit Card Interest Rates of 10%. Coincidentally, the January 20th date will coincide with the one year anniversary of the historic and very successful Trump Administration. Thank you for your attention to this matter. MAKE AMERICA GREAT AGAIN!” the president continued.
Credit cards typically carry an interest rate of 23.79%, according to LendingTree. As of Q3 of 2025, Americans have $1.23 trillion in credit card debt, according to the Federal Reserve Bank of New York’s <a href="https://www.newyorkfed.org/microeconomics/hhdc.html" target="_blank" rel="noopener">Center for Microeconomic Data</a>. Over 80% of Americans have a credit card, according to <a href="https://www.fool.com/money/research/credit-card-ownership-statistics/" target="_blank" rel="noopener">The Motley Fool</a>.
It’s unclear if there will be subsequent legal action against the order. The move is one of several major financial actions the president has taken in recent days. On Wednesday, he announced he would be taking action to prevent “institutional” buyers from purchasing single-family homes, writing on Truth Social that “people live in homes, not corporations.”
“For a very long time, buying and owning a home was considered the pinnacle of the American Dream. It was the reward for working hard, and doing the right thing, but now, because of the Record High Inflation caused by Joe Biden and the Democrats in Congress, that American Dream is increasingly out of reach for far too many people, especially younger Americans,” he stated.
Then on Thursday, he directed a purchase of $200 billion in mortgage bonds in another move intended to tackle the cost of home ownership.
“This will drive Mortgage Rates DOWN, monthly payments DOWN, and make the cost of owning a home more affordable,” he said.
Trump has repeatedly referenced “affordability” in his messaging on economic policy in recent weeks, as the phrase has quickly turned into a marquee campaign trail tenet for the November midterms used by both parties.

San Francisco Reopens Indoor Dining, Gyms As Coronavirus Cases Drop

Credit Card Interest Rates Could Be Capped At 10% For The Year, Trump Says

affordability

Business

credit cards

Money

Politics

Trump Administration

WASHINGTON, Jan 9 (Reuters) &#8211; U.S. employment growth slowed more than expected in December amid job losses in the construction, retail and manufacturing sectors, but a decline in the unemployment rate to 4.4% suggested the labor market was not rapidly deteriorating.
The Labor Department&#8217;s closely watched employment report on Friday also showed solid wage growth last month, bolstering economists&#8217; expectations the Federal Reserve would leave interest rates unchanged at its January 27-28 meeting.
Businesses are also holding back on hiring, unsure of their staffing needs as they invest heavily in artificial intelligence. The economy is experiencing a jobless expansion, with growth and worker productivity surging in the third quarter, which was partly attributed to AI.
Nonfarm payrolls increased by 50,000 jobs last month after a downwardly revised rise of 56,000 in November, the Labor Department&#8217;s Bureau of Labor Statistics said. Economists polled by Reuters had forecast a gain of 60,000 jobs after a previously reported increase of 64,000 in November.
The labor market lost considerable momentum last year, with only 584,000 jobs added, averaging 49,000 positions per month. Roughly 2 million jobs were created in 2024, though this number could be revised lower when the Bureau of Labor Statistics publishes its payrolls benchmark revision next month with the January employment report.
The bureau has estimated about 911,000 fewer jobs were created in the 12 months through March 2025 than previously reported.
The overcounting has been blamed on the birth-death model, which is used by the Bureau of Labor Statistics to estimate how many jobs were gained or lost because of companies opening or closing in a given month. The bureau said last month that it would, starting in January, change the birth-death model it uses by incorporating current sample information each month.
On Friday, President Donald Trump&#8217;s Labor Department focused on 2025 net job growth going to American-born workers.
&#8220;Under President Trump, we’re recovering from the economic disaster left by Joe Biden and AMERICANS are coming FIRST. Last year, ALL net job growth went to American-Born Workers in the Private Sector,&#8221; the Labor Department <a href="https://x.com/USDOL/status/2009631348563026176">said</a>. &#8220;More progress to be made this year, but we’re getting our nation back on track.&#8221;
The Trump administration&#8217;s claims of &#8220;all net job growth&#8221; going to Americans are disputed by some economists, but Trump&#8217;s immigration policies are resulting in a decrease in foreign born workers in the American workforce.
DECEMBER JOB GROWTH LIMITED TO HANDFUL OF INDUSTRIES
Job gains last month were confined to a few industries, with employment at restaurants and bars increasing by 27,000 positions. Healthcare industry payrolls rose by 21,000, with most of the gains occurring at hospitals. The increase was well below the average monthly gain of 34,000 jobs in 2025 and 56,000 in 2024. The social assistance sector added 17,000 jobs last month.
The retail industry shed 25,000 jobs, while manufacturing lost another 8,000 positions. Economists have attributed factory job losses to the Trump administration&#8217;s tariff increases. Trump has ironically defended the import duties as necessary to revive the manufacturing industry. Construction payrolls decreased by 11,000 in December.
Wages increased 3.8% on a year-over-year basis after rising 3.6% in November, helping to underpin the economy through consumer spending.
U.S. stocks were trading largely flat. The dollar rose against a basket of currencies. U.S. Treasury yields were mixed.
Together with the December employment report, the Bureau of Labor Statistics published annual revisions to the household survey data for the past five years. The unemployment rate is calculated from the household survey.
The annual population control adjustments, normally incorporated with the January employment report, will be released in March. The unemployment rate for November was revised down to 4.5% from the previously reported 4.6%. Economists had expected the jobless rate to ease to 4.5% in December.
Some economists say low supply has prevented a sharp rise in the unemployment rate. They estimated that between 50,000 and 120,000 jobs need to be created each month to keep up with growth in the working-age population.
The Fed cut its benchmark interest rate by a quarter of a percentage point to the 3.50%-3.75% range in December, but U.S. central bank officials indicated they were likely to pause further reductions in borrowing costs for now to get a better sense of the economy&#8217;s direction.
With factors like tariffs and AI preventing companies from hiring more workers, economists increasingly view the labor market&#8217;s challenges as more structural than cyclical, which would make rate cuts less effective to stimulate job growth.
(Reporting by Lucia Mutikani; Editing by Andrea Ricci, Chizu Nomiyama and Paul Simao)

A Chipotle restaurant advertises it is hiring in Cambridge, Massachusetts, U.S., August 28, 2023.

U.S. Job Growth Stuck In Slow Gear In December; Unemployment Rate Dips To 4.4%

Jobs

Everyone&#8217;s favorite season gets an earlier kickoff this year. Grab a calculator or an accountant — the first day to file taxes is January 26.
This season will look different for tax filers after the Trump administration passed the One Big Beautiful Bill, which was signed into law July 4, 2025.
Treasury Secretary Scott Bessent announced Thursday that millions of Americans may see bigger tax refunds this year thanks to the new legislation.
&#8220;The president wants to get this money into the hands of the American people as soon as possible,&#8221; Bessent said. &#8220;As withholdings are adjusted, millions will take home bigger paychecks every month this year.&#8221;
<blockquote class="twitter-tweet">
Thanks to President Trump’s One Big Beautiful Bill, millions of Americans may see the largest tax refunds of their lives in 2026. And as withholdings are adjusted, millions will take home bigger paychecks every month this year.
The President wants to get this money into the…
— Treasury Secretary Scott Bessent (@SecScottBessent) <a href="https://twitter.com/SecScottBessent/status/2009343095029059676?ref_src=twsrc%5Etfw">January 8, 2026</a></blockquote>
The IRS expects to receive about 164 million individual income tax returns this year, with most people filing electronically.
“President Trump is committed to the taxpayers of this country and improving upon the successful tax filing season in 2025,” Bessent said. “Prior to the passage of the One, Big, Beautiful Bill, which delivered working families tax cuts, Treasury and IRS were diligently preparing to update forms and processes for the benefit of hardworking Americans, and I am confident in our ability to deliver results and drive growth for businesses and consumers alike.”
For individuals, part of the tax cuts included in the One Big Beautiful Bill for 2026 include new tax breaks for seniors and no tax on tips, overtime, or car loan interest.
&#8220;The Internal Revenue Service is ready to help taxpayers meet their tax filing and payment obligations during the 2026 filing season,” said IRS Chief Executive Officer Frank Bisignano. “As always, the IRS workforce remains vigilant and dedicated to their mission to serve the American taxpaying public. At the same time, IRS information systems have been updated to incorporate the new tax laws and are ready to efficiently and effectively process taxpayer returns during the filing season.”
Secretary Bessent said the earlier start of the season means a quicker boost to the economy: &#8220;After this date, most of the benefits of the president’s bill will begin to materialize, presenting a major tailwind for our economy in 2026.&#8221;
The deadline for filing is April 15. The provisions of the One Big Beautiful Bill are listed <a href="https://www.irs.gov/newsroom/one-big-beautiful-bill-provisions">here</a>.

Credit: Kevin Carter vis Getty Images

2026 Marks One Of The Earliest Tax Season Starts In A Decade

Scott Bessent

Tax Cuts

Taxes

U.S.

New York City Mayor Zohran Mamdani&#8217;s Director of Tenant Protection might need some protection herself after a tough first week on the job left her in tears.
On Monday, Cea Weaver caught flak for old social media posts, including one claiming home ownership was a weapon of white supremacy. On Tuesday, she struggled to defend the Mamdani administration&#8217;s controversial housing policies in a Spectrum News interview. And on Wednesday, a reporter confronted the housing radical about her mother&#8217;s $1.6 million Nashville home.
Instead of responding, Weaver <a href="https://nypost.com/2026/01/07/us-news/zohran-mamdanis-tenant-advocate-cea-weaver-breaks-down-crying-when-asked-about-hypocritical-gentrification-comments/">reportedly</a> started crying and ran back inside her apartment. The 37-year-old activist has a history of complaining about gentrification, including in her Brooklyn neighborhood — where she is herself a gentrifier.
It&#8217;s a rough start for Weaver, who is expected to play a major role in Mamdani&#8217;s administration. The tenant czar is slated to direct Mamdani&#8217;s &#8220;Rental Ripoff Hearings,&#8221; struggle sessions in which residents of all five boroughs will be able to publicly voice their complaints about their rental experience.
&#8220;Working New Yorkers will be able to speak about the challenges they face,&#8221; from behind a microphone, Mamdani says, &#8220;from poor building conditions to hidden fees on rent payments.” The Mamdani administration says it will then identify “common themes” in the complaints to “directly inform policy interventions to take on these ripoff tactics.”
Mamdani already gave one tenant the floor at a press conference announcing the “Rental Ripoff” hearings. Josie Wells is a tenant at 85 Clarkson Avenue, a rent-stabilized apartment building in Brooklyn. Wells <a href="https://www.google.com/search?sca_esv=7670df6d756a93b6&amp;rlz=1C5CHFA_enUS1183US1185&amp;udm=7&amp;fbs=AIIjpHxU7SXXniUZfeShr2fp4giZrjP_Cx0LI1Ytb_FGcOviEreERTNAkkP8Y6EXltYTGWs9RGaEMfZ2dZFFrbmM-rnq9t2Yd6CLmSU0fTw2YpsUFAZkjtkV3nlJNkF6dgnv8hBPbkvFBFvt9qVz5tXWHwMIOLAC51x133zpKWFy3_mb_RMbN-fftEKVRqPS6EEOPe03eIz5AliHkH7tItgiHkmm33AQJg&amp;q=mamdani+press+conference+housing&amp;sa=X&amp;ved=2ahUKEwjJnLSQuvWRAxWRD1kFHXKuH1QQtKgLegQIFRAB&amp;biw=736&amp;bih=790&amp;dpr=2#fpstate=ive&amp;vld=cid:10516219,vid:Adjn_PIVwa4,st:0">complained</a> about the “dirty walls that haven’t seen a fresh coat of paint in years, cabinets hanging precariously in kitchens and bathrooms, [and] cracked plaster [that] zig-zags across ceilings and hallways.”
85 Clarkson Avenue is one of the many properties owned by the Pinnacle Group, which filed for bankruptcy in May 2025, and was featured at this press conference.
At the press conference, a sign read, “As we rise, Pinnacle will fall.” The sign was displayed by the Union of Pinnacle Tenants, who organized to fight “for a say in the auction process to ensure that repairs are made, our rent stabilization is respected, and our buildings aren’t sold to yet another abusive landlord.”
Advisors to Pinnacle Group <a href="https://www.bloomberg.com/news/articles/2025-12-29/bankrupt-nyc-rental-buildings-get-451-million-offer-from-summit">said</a> that “the bankruptcies were caused by a sharp rise in interest rates, inflation-driven increases in operating expenses, and lower rent collections.”
Weaver says the Mamdani administration has gotten involved to ensure the building goes to someone who can pay for upkeep while also complying with rent price caps.
&#8220;The city intervened in the bankruptcy proceeding in order for the city to take a hard look at the conditions that are in the building as well as a plan that has been put forth by the top bidder, because we want to ensure that whoever is taking on this portfolio is able to comply with both rent stabilization laws as well as housing maintenance code.&#8221;
As of now, it is unclear if there is a bidder who fits that description.

Overhead view of some New York City Housing Authority  (NYCHA) projects (1977)

Mamdani’s Director Of Tenant Protection Breaks Down After Brutal First Week On The Job

Housing

New York City

Renters

Zohran Mamdani

Vice President JD Vance said during a Tuesday interview that President Donald Trump&#8217;s administration was pulling out all the stops to reshape the American economy after &#8220;40 years of bad policy.&#8221;
Vance spoke with Salem radio host and CNN commentator Scott Jennings, and said that while former President Joe Biden had certainly dealt a devastating blow, he wasn&#8217;t entirely responsible for the longer-term bad policies that had kept the economy from surging forward.
<blockquote class="twitter-tweet" data-media-max-width="560">
.<a href="https://twitter.com/VP?ref_src=twsrc%5Etfw">@VP</a>: The economy wasn&#8217;t just wrecked under Biden, it was wrecked by 40 years of bad policy. If we rely on our OWN workers and ingenuity to make our stuff, we&#8217;re more prosperous, more free, much wealthier — and that&#8217;s exactly what <a href="https://twitter.com/POTUS?ref_src=twsrc%5Etfw">@POTUS</a>&#8216;s economic policies are leading us to. <a href="https://t.co/59IzFELIV9">pic.twitter.com/59IzFELIV9</a>
— Rapid Response 47 (@RapidResponse47) <a href="https://twitter.com/RapidResponse47/status/2008611951820345733?ref_src=twsrc%5Etfw">January 6, 2026</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
&#8220;The economy, in some ways, wasn&#8217;t just wrecked under the Biden administration; it was wrecked by 40 years of bad economic policy,&#8221; Vance explained. We shipped way too many jobs to China and other countries all over the world, we became less reliant on ourselves and more reliant on foreign countries, and undoing that takes time.&#8221;
Vance touted the progress made in just a year since President Trump was sworn in to begin his second term, adding, &#8220;If we rely on our own workers and ingenuity to make our stuff, we&#8217;re more prosperous, we&#8217;re more free, we&#8217;re much wealthier as a country, and that&#8217;s exactly what the president&#8217;s economic policies are leading us to.&#8221;
The vice president went on to address several specific issues that had been driving up costs in the United States, beginning with illegal immigration.
&#8220;It is not a coincidence that during the worst open border we have ever had under Joe Biden, the cost of an American home doubled,&#8221; Vance said, adding, &#8220;Now that we&#8217;re getting those illegal immigrants out, you see rents have come down for 4 straight months. We want them to keep coming down.&#8221;
<blockquote class="twitter-tweet">
.<a href="https://twitter.com/VP?ref_src=twsrc%5Etfw">@VP</a>: It is not a coincidence that during the worst open border we have ever had under Joe Biden, the cost of an American home doubled&#8230; now that we&#8217;re getting those illegal immigrants out, you see rents have come down 4 straight months. We want them to keep coming down. <a href="https://t.co/WT38Sv2J3x">pic.twitter.com/WT38Sv2J3x</a>
— Rapid Response 47 (@RapidResponse47) <a href="https://twitter.com/RapidResponse47/status/2008614378611110059?ref_src=twsrc%5Etfw">January 6, 2026</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
He also addressed the astronomical — and still increasing — health insurance premiums, driven by the unsustainable costs of Obamacare, and said that President Trump had plans to move on that as well.
&#8220;The president is sick of Obamacare and how unaffordable it&#8217;s made American healthcare, we actually met about this yesterday,&#8221; Vance said, adding that other priorities include reducing the cost of housing for American families.
<blockquote class="twitter-tweet">
.<a href="https://twitter.com/VP?ref_src=twsrc%5Etfw">@VP</a> on Trump admin priorities in 2026: &#8220;<a href="https://twitter.com/POTUS?ref_src=twsrc%5Etfw">@POTUS</a> is sick of Obamacare and how unaffordable it&#8217;s made American healthcare&#8230; We&#8217;re very focused on some housing legislation&#8230; We really do need to make it harder for foreign countries to take advantage of the American economy.&#8221; <a href="https://t.co/hYUqRIOgaQ">pic.twitter.com/hYUqRIOgaQ</a>
— Rapid Response 47 (@RapidResponse47) <a href="https://twitter.com/RapidResponse47/status/2008615249667412241?ref_src=twsrc%5Etfw">January 6, 2026</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
&#8220;We really do need to make it harder for foreign countries to take advantage of the American economy,&#8221; he concluded.

US President Donald Trump, alongside Vice President JD Vance

Vance Lays Out How Trump Plans To Fix The Economy After ’40 Years Of Bad Policy’

'40 Years Of Bad Policy': Vance Lays Out How Trump Admin Plans To Fix The Economy

Affordable

JD Vance

Joe Biden

Media

Jan 5 (Reuters) &#8211; Wall Street climbed on Monday, with the Dow Jones Industrial Average hitting an all-time high thanks to surging financial shares, while energy firms jumped after a U.S. military strike that captured Venezuelan President Nicolás Maduro.
Investors bet Washington&#8217;s move against Venezuela&#8217;s leadership would allow U.S. firms access to the world&#8217;s largest oil reserves. A U.S. embargo on Venezuelan oil remained in full effect, U.S. President Donald Trump said.
The S&amp;P 500 energy index rose to its highest since March 2025 and was last up 2.5%, with heavyweights Exxon Mobil rising 2.4% and Chevron jumping 5.8%.
Weapon manufacturers also advanced after Washington&#8217;s military action. Lockheed Martin rose 2.8% and General Dynamics climbed 3.2%, while the S&amp;P 500 aerospace and defense index rose 1.8% to a record high.
&#8220;Energy stocks are really benefiting from the expectation that President Trump is intending to send them in to do more investment in Venezuela and ultimately make more money for themselves,&#8221; said Rob Haworth, senior investment strategist at U.S. Bank Wealth Management in Seattle.
&#8220;The lack of permanent boots on the ground, the fact that we&#8217;re not permanently engaged, means the broader equity markets are able to set aside what might have been fears of a prolonged engagement,&#8221; Haworth said.
Tesla climbed 4.2% after seven straight sessions of losses. Nvidia dipped 0.6%.
The S&amp;P 500 was up 0.76% at 6,910.73 points.
The Nasdaq gained 0.76% to 23,411.49 points, while the Dow Jones Industrial Average was up 1.64% at 49,174.91 points.
The S&amp;P 500 financials index rose 2.7% as investors looked to upcoming quarterly reports. Analysts on average see S&amp;P 500 financial companies growing their earnings 6.7% year-over-year in the December quarter.
Goldman Sachs rose 4.8% and JPMorgan Chase added 3.4%, with both banks hitting record highs.
&#8220;The mood has been favoring financial stocks in recent days and as people look beyond tech, this is a sector many are choosing to look toward,&#8221; said Steve Sosnick, chief market analyst at Interactive Brokers.
Wall Street&#8217;s main indexes posted double-digit gains in 2025 for the third consecutive year, a run last seen in 2021.
Data showed U.S. manufacturing contracted more than expected in December, extending a 10-month slump.
The spotlight will now be on the monthly nonfarm payrolls on Friday, which could influence the Federal Reserve&#8217;s monetary policy in 2026.
Markets are pricing in about 60 basis points of interest rate easing this year, according to LSEG.
Cryptocurrency-linked shares advanced as bitcoin hit a more than three-week high.
Strategy, formerly MicroStrategy, climbed 4.6%, while Coinbase gained 8.6%. Goldman Sachs upgraded Coinbase to &#8220;buy&#8221; from &#8220;neutral.&#8221;
Advancing issues outnumbered falling ones within the S&amp;P 500 by a 2.4-to-one ratio.
The S&amp;P 500 posted 58 new highs and 10 new lows; the Nasdaq recorded 103 new highs and 45 new lows.
(Reporting by Purvi Agarwal and Nikhil Sharma in Bengaluru, and by Noel Randewich in San Francisco; Editing by Shinjini Ganguli and David Gregorio)

Stock Market

Dow Hits Record, Energy Stocks Surge After U.S. Strikes Venezuela

Nicolas Maduro

Venezuela

With the median home price hovering north of $433,000 and no signs of mortgage rates dropping anytime soon, many Americans may have to put off their dream of buying a house.
Many of those who do buy homes may have begun their search on Zillow, a popular real estate website. Some might even take advantage of a Zillow Home Loan, conveniently available on the same site as the listings.
Zillow says its home loans are &#8220;competitive.&#8221; And while they were slightly cheaper than competitors in 2022, they&#8217;ve grown steadily more expensive in subsequent years — and a <a href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=5951355">new study</a> funded by CoStar suggests that Zillow is overcharging borrowers.
Steven C. Salop of the Georgetown University Law Center reports that borrowers who used Zillow Home Loans paid higher mortgage costs than those who borrowed from other lenders. On average, consumers who chose Zillow paid 10 to 15% more in annual percentage rate.
In 2024, Zillow’s mortgages carried an average cost of about $4,600 more than competitors on a typical loan size of $337,000. That difference amounts to roughly $21 more per month over a 30-year mortgage — assuming the loan is held full-term.
The study concludes that lower-income borrowers were hardest hit. For borrowers making $60,000 or less in 2024, Zillow loans cost an added 3% of the loan’s value over time, according to the analysis. The study also found racial disparities in pricing, alleging in 2024 that white non-Hispanic and Asian borrowers saw a 1.5% surcharge while black borrowers faced a 2.9% surcharge, compared with similar borrowers at other lenders.
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Salop analyzed federal mortgage data from 2022 through 2024, comparing Zillow Home Loans with all other lenders. The sample focused on 30-year fixed-rate purchase mortgages and sought to compare nearly identical loans by controlling for borrower characteristics, loan type, geography, and market conditions.
Zillow has pushed back on the report, <a href="https://www.onlinemarketplaces.com/articles/zillow-challenges-inaccurate-study-as-author-defends-findings/?referrer=grok.com">saying</a> it draws on inaccurate information and that the study was funded by a competitor.
“Zillow Home Loans is committed to both fair lending and pro-consumer practices,&#8221; the company said in a statement. &#8220;We have a robust fair lending compliance program.&#8221;
Zillow is currently <a href="https://www.reuters.com/legal/government/zillow-hit-with-class-action-over-alleged-mortgage-steering-scheme-2025-11-10/">facing</a> two class-action lawsuits alleging the company “operates programs in which its affiliate real estate agents receive high-value sales leads only if they meet internal quotas for securing pre-approved mortgages from Zillow Home Loans.”

Home For Sale Real Estate Sign and House

Zillow Overcharges For Home Loans, Poor Borrowers Hardest Hit: Report

Banking

Warner Bros Discovery will likely reject Paramount Skydance&#8217;s amended $108.4 billion hostile bid for the storied Hollywood studio despite a personal guarantee from billionaire Larry Ellison backing the media giant&#8217;s offer, according to a person familiar with the matter.
The board has yet to make a final decision, but is expected to meet next week, said the person, who requested anonymity to discuss internal deliberations.
Warner Bros and Paramount declined to comment on the board&#8217;s position, reported earlier by CNBC.
The decision could keep Warner Bros on track to pursue a rival cash-and-stock deal with Netflix despite Paramount&#8217;s attempt to sweeten its offer.
Ellison, whose son David is chairman and CEO of Paramount, personally guaranteed the equity underpinning the bid, hoping to ease doubts that had dogged its earlier proposal.
The company did not increase its $30-per-share all-cash offer, but it raised its regulatory reverse termination fee to match Netflix and extended its tender offer deadline.
Netflix&#8217;s $82.7 billion offer, while lower in headline value, offers a clearer financing structure and fewer execution risks, analysts have said.
Under terms of that agreement, Warner Bros would face a $2.8 billion breakup fee if it walks away from the Netflix deal.
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Harris Oakmark, Warner Bros&#8217; fifth largest investor with 96 million shares, said the revised offer wasn&#8217;t &#8220;sufficient,&#8221; and noted that it was not enough to cover the breakup fee.
Paramount has argued its bid would face fewer regulatory obstacles. A combined Paramount-Warner Bros entity would create a studio larger than industry leader Disney and merge two major television operators.
Warner Bros&#8217; board previously urged shareholders to reject Paramount&#8217;s $108.4 billion bid for the entire company, including its cable television assets, citing concerns over financing certainty and the absence of a full guarantee from the Ellison family.
Paramount has argued its offer is more market-proof than Netflix&#8217;s $82.7 billion proposal, whose value has fluctuated with Netflix&#8217;s share price.
Lawmakers from both parties have raised concerns about further consolidation in the media industry. U.S. President Donald Trump has said he plans to weigh in on the landmark acquisition.
(Reporting by Akash Sriram in Bengaluru; Editing by Dawn Kopecki, Krishna Chandra Eluri, Anil D&#8217;Silva and David Gregorio)

Paramount

Warner Bros Likely To Reject Paramount’s Latest Hostile Bid, Source Says

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President Donald Trump has spent this year unwrapping an economy handed to him by former President Joe Biden. Inside the box: inflation and sticker shock.
From when Biden took office in January 2021 through the end of December 2024, consumer prices rose <a href="https://finance.yahoo.com/news/the-final-accounting-on-bidenflation-212613508.html?guccounter=1&amp;guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&amp;guce_referrer_sig=AQAAAIfT9OGeVAKKbHJR4Tc3o4i4IUGV_jwsWj6OEQ8pCpV9PPLtJmCmTCXD4cqtQ1RwqCeiHtlpYZfcCj9KieR8wHDmrBZ3JmV40xfO9AUcSvmmtUin-czVIwgJGFLU1WUxtldZKbbACfYT06DHFrn6jaTYSiXXdyPTtPvvGasDDKHL">21.2</a>%. Even as inflation cools under President Trump, Americans are still living with the higher prices locked in during Biden’s term in office.
With the exception of George Washington, every president’s tenure runs the risk of being defined by the lingering effects of their predecessor’s policies. That reality has put the Trump White House on the defensive. Press Secretary Karoline Leavitt has repeatedly pushed back against the notion that today’s economy belongs to Trump alone.
She’s <a href="https://www.dailywire.com/news/those-were-two-utter-lies-white-house-press-briefing-turns-contentious-over-affordability">described</a> Democrats as “the greatest con artists in history,” who are “trying to claim ownership of an issue that they created.” On offense, the press secretary says that by economic measures, things are actually looking up.
“Every economic metric does in fact show that the economy is getting better and brighter than where it was under the previous administration,” Leavitt said. Shortly after that statement, November inflation came in at 2.7% and GDP growth surged to 4.3% — far exceeding expectations.
While the economic playing field is never fully level, Joe Biden and Donald Trump occupy a rare position as the only presidents in modern U.S. history to both inherit the monetary effects of the other.
President Joe Biden received an average inflation of 1.9% and an economy primed with two stimulus packages from President Trump.
In March of 2020, Trump signed the CARES Act into law, a $2.2 trillion stimulus package that acted as a lifeline to shut-down businesses all over the country. The package was passed unanimously in the Senate and 388 to 5 in the House of Representatives — notably, the five representatives who voted against the bill were Republicans who were concerned about the cost and impacts to the federal deficit.
In December of 2020, Trump signed a second relief package totaling $900 billion, which included another round of direct payments. Six Republican senators voted against the bill; no Democrats opposed it. The House passed the measure 359-53. The 53 who voted against the bill <a href="https://www.newsweek.com/republicans-democrats-voted-against-stimulus-why-1556574?utm_source=chatgpt.com">included</a> 50 Republicans who broke with party leadership. The legislation was a compromise, with Republicans pushing for limited total spending, and Democrats demanding larger checks and extended unemployment benefits.
One year later, Joe Biden signed the $1.9 trillion American Rescue Plan into law, more than double the size of Trump’s final stimulus package. The bill sent $1,400 checks to Americans in a bustling economy. Not a single Republican voted to pass the legislation.
Economists later echoed the concern that all three of the stimulus packages inflated the economy. “Both Trump and Biden contributed to the fiscal stimulus that fed into the inflation,” <a href="https://abcnews.go.com/Business/republicans-rnc-blame-biden-inflation-economists-misleading/story?id=112022864">said</a> George Selgin, senior fellow at the Cato Institute.
Biden had average inflation during his term of 4.9% while Trump had average inflation of 1.9%. Trump’s inflation reached a high of 2.5% during his first term while Biden’s reached a high of 9.1% in June 2022.
Economist Peter Morici was blunt in his <a href="https://abcnews.go.com/Business/republicans-rnc-blame-biden-inflation-economists-misleading/story?id=112022864">assessment</a> of where blame should be issued.
“It was irresponsible to do stimulus when the economy was well on its way to recovery. Blame is falling where it’s due. Biden does bear responsibility for the endurance of COVID inflation.”
As inflation finally began to cool, credit shifted elsewhere. Many point to former Senator Joe Manchin for blocking additional spending that could have further fueled price increases. Left-wing MSNBC’s Joe Scarborough <a href="https://townhall.com/tipsheet/spencerbrown/2022/06/14/scarborough-says-you-can-just-thank-joe-manchin-inflation-isnt-worse-n2608707?utm_source=chatgpt.com">remarked</a>, “You can just thank Joe Manchin if you&#8217;re glad that interest rates aren’t even higher,” referring to the interest rate hikes the Federal Reserve had to implement in an attempt to tame inflation.
Billionaire entrepreneur and investor Sam Zell <a href="https://www.newsweek.com/billionaire-praises-manchin-saving-us-catastrophic-biden-bill-1716160?utm_source=chatgpt.com">agreed</a>, saying, “Unfortunately, we only had one senator who stepped up to the line when, in fact, everyone should have stepped up and recognized this was a disastrous policy.”
Others issued credit to Federal Reserve Chair Jerome Powell. Republican Senator John Kennedy said, “It seems to me that you and some of … your colleagues deserve some credit for that. … I’m not saying things are perfect, but I never imagined that our landing could be this soft.”
The “soft landing” has continued into Trump’s second term with an average of 2.7% inflation so far. But lower inflation does not mean lower prices — and now, voters are left paying the bill. As Americans continue to confront elevated sticker prices, Republicans will be forced to defend seats in an economy still shaped by stimulus spending many warned against.

Biden-Inflation copy

Biden’s Only Gift For Trump Was The Inflation Crisis

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Over a dozen Republican attorneys general warned a leftist climate group that it may be illegally attempting to eliminate fossil fuels from the American economy, according to a letter obtained by The Daily Wire. 
Led by Montana Attorney General Austin Knudsen, 17 attorneys general sent a letter on Tuesday to the group As You Sow, raising questions about its climate activism. As You Sow is a nonprofit that <a href="https://www.asyousow.org/about-us">works</a> “to change corporations from the inside out” and move the economy away from fossil fuels through shareholder advocacy. 
“As You Sow, a little-known but influential member of the climate cartel, is attempting to eliminate the fossil-fuel industry, which will have a devastating impact on Montanans, especially in the winter when we need fossil fuels to heat our homes,” Knudsen told The Daily Wire. “Their efforts to push their green, woke agenda and box out the fossil-fuel industry appear to be a violation of antitrust and Montana consumer protection laws.”
As You Sow wants to “transition” the economy from being based on “fossil-fuel based energy to clean energy sources” and <a href="https://www.asyousow.org/about-us">wants</a> to “promote environmental and social corporate responsibility through shareholder advocacy.”
“As You Sow&#8217;s efforts to eliminate fossil fuels and transform the American economy are an assault on American families and businesses. It must stop,” the Republican officials wrote in their <a href="https://dw-wp-production.imgix.net/2025/12/Ag-Letter-to-As-You-Sow.pdf">letter</a>. “As You Sow demands artificial transformations of entire markets and sectors, inevitably impacting the output and quality of the goods and services produced by those sectors. Moreover, As You Sow seeks change that uniformly aligns with its predetermined policy agenda.”
One of the As You Sow initiatives scrutinized by the Republican officials included its “Invest Your Values” <a href="https://www.asyousow.org/invest-your-values">tool</a>. This tool “analyzes the climate and social impact” of mutual funds and 401(k)s. 
The Invest Your Values tool <a href="https://investyourvalues.org/action-center/faqs">says</a> that some retirement funds should “exclude ESG risky companies” like fossil fuels companies and gun manufacturers while incorporating “a gender-lens investment lens.”
The letter was also signed by the attorneys general of Alabama, Alaska, Arkansas, Georgia, Iowa, Louisiana, Nebraska, Oklahoma, Florida, Idaho, Kansas, Missouri, North Dakota, South Carolina, South Dakota, Utah, and Wyoming. 
“As Attorneys General, we have a duty to protect the citizens of our States from unlawful business practices, and we are prepared to enforce antitrust laws if necessary to stop any illegal conduct by As You Sow,” they said. 
The letter also raised questions about the relationship between As You Sow and As You Know, a company that <a href="https://asyouknow.com/our-story/">says</a> it harnesses “the power of shareholders to create lasting change and align investments with values.” As You Sow <a href="https://asyouknow.com/disclaimer/">is</a> the majority shareholder of As You Know and has an exclusive license to the ESG data gathered by As You Sow. 
“If companies do what As You Sow demands, they will score more favorably on As You Know’s benchmarks sold to them and to investors, which in turn influence investments and proxy voting,” the officials wrote in their letter. 
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The letter was supported by Will Hild, the executive director of the group Consumers’ Research. 
“For years, activist organization, As You Sow, has been pressuring companies and organizations to adopt a radical climate agenda that would drive up costs, destroy reliable energy, and make things more expensive for consumers,” Hild told The Daily Wire. “Instead of focusing on things like lower energy costs or strengthening the American economy, As You Sow’s only priority is to reshape the energy sector to meet senseless net-zero benchmarks.”

House Homeland Security Committee

Republican Officials Warn Climate Group To Stop Its ‘Assault’ On American Economy

Republican Officials Warn Climate Group To Stop Its 'Assault' On American Economy

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