|  | Nasdaq | 23,733.90 | |
| | S&P | 6,977.27 | |
| | Dow | 49,590.20 | |
| | 10-Year | 4.187% | |
| | Bitcoin | $91,127.19 | |
|  | Capital One | $233.20 | |
| | Data is provided by |  |
*Stock data as of market close, cryptocurrency data as of 7:00pm ET. Here's what these numbers mean. | - Markets: Wall Street's main character was President Trump yesterday. Stocks were rattled in the morning by Sunday's news that the DOJ has begun a criminal probe into Fed Chair Jerome Powell (more on that below). But by the afternoon, optimism kicked in, and the S&P 500 and the Dow hit new records. Meanwhile, banks and other credit card issuers fell in response to the president's plan to cap interest rates on cards at 10%.
- Up next: December's consumer price index comes out today, giving investors the latest inflation reading. And JPMorgan will kick off earnings season.
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ECONOMY Wall Street took the revelation that the Justice Department had launched a criminal investigation into Fed Chair Jerome Powell the way mosquitoes react to fire smoke—at least at first. When markets opened yesterday, investors ditched the dollar for safe haven assets like gold. But stocks, which fell when the market opened, bounced back by the end of the day. The so-called "sell America" trade was spurred by the typically tight-lipped Powell confirming the probe via a video posted Sunday evening, in which he said the "unprecedented action" looking into his statements about cost overruns in the Fed's HQ renovation was a pretext. He accused President Trump of attacking the Fed's independence for refusing to yield to his calls to aggressively slash interest rates. No thanks, Uncle Sam Though Trump told reporters he wasn't aware of the DOJ's investigation in advance, investor anxiety that inflation could spike if the White House gains leverage over the Fed was palpable: - The dollar sank .25% against foreign currencies yesterday, and investors sold off government bonds, briefly driving yields to their highest level since September.
- Gold, investors' go-to in tumultuous times, rallied 2.4%.
- Stateside stocks opened sharply down, but closed in the green, with analysts saying markets could be weighing whether the Fed inquiry might get resolved soon.
Why does Wall Street prize Fed autonomy? Economists largely concur that countries with central banks run by experts who can't be swayed by political leaders have less inflation, because it lets the wonks make politically painful decisions for the sake of long-term price stability. Red flags weren't just on Wall St. Democrats as well as several Republicans in Congress condemned the investigation. Senate banking committee member Thom Tillis, a Republican from North Carolina, vowed to block any nominee to replace Powell as Fed chair until the criminal inquiry resolves. Meanwhile, former Fed chairs and Treasury secretaries who served under Republican and Democratic administrations, including Alan Greenspan, Ben Bernanke, and Janet Yellen, called the probe a prosecutorial attack that brings the US closer to "emerging markets with weak institutions." Big picture: The White House said Trump did not direct the investigation, but critics believe it could undermine the autonomy of Powell's successor after his term as Fed chair ends in May.—SK | | |
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WORLD  Trump says 25% tariff on Iran's trading partners will be "effective immediately." With activists estimating the death toll from Iran's crackdown on protesters to be at least 646 people as of yesterday, President Trump—who is said to be weighing military strikes or negotiations—said on Truth Social that any country "doing business" with Iran would face a 25% tariff on "all business" with the US. That could upend recently reached tariff detentes, since India and China are among Iran's trading partners. Earlier, Trump said Iran had reached out to offer to negotiate over its nuclear program after the US threatened strikes to support the protests, and yesterday, officials told the Wall Street Journal he was still considering his options.
 Minnesota and Twin Cities sue to stop federal immigration crackdown. Following the fatal shooting of Renee Nicole Good by an ICE agent last week, the state of Minnesota, Minneapolis, and St. Paul filed a lawsuit yesterday, seeking to stop the "unprecedented surge" of US immigration authorities. The suit claims the immigration officers' tactics run afoul of the First Amendment and violate the state's sovereignty. Minnesota's attorney general described it as a "federal invasion" of the Twin Cities. Amid protests in response to the shooting, Homeland Security pledged to send 2,000 more officers to the area. A Homeland Security spokesperson said the agency has "the Constitution on our side on this."
 Paramount's hostile bid for Warner Bros. just got more hostile. Paramount Skydance's efforts to acquire Warner Bros. Discovery have entered their proxy fight and lawsuit era, following the WBD board's repeated rebuffing of its hostile takeover bid and decision to stick to its deal with Netflix. Paramount lodged a lawsuit yesterday to force WBD to disclose more details about its $83 billion deal with Netflix and announced that it would commence a proxy battle to nominate new directors to WBD's board that would accept Paramount's $30 per share bid. WBD responded by saying that the lawsuit was "meritless" and said Paramount was attacking a board that had "delivered an unprecedented amount of shareholder value."—AR
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BIG TECH Only four companies have ever been worth this much money, and the one that you use to look up "how long chicken bake 375" is now one of them. Google parent Alphabet hit $4 trillion in value yesterday, propelled by its increasingly competitive AI business. The milestone immediately followed an enemies-to-lovers announcement from Google and Apple, reported by CNBC: As part of a multiyear deal, Google Gemini will power the iPhone maker's long-promised AI upgrades, including an updated Siri. Details are sparse, but Apple had planned to pay Alphabet $1 billion annually for its services, Bloomberg previously reported. No shortage of validation. Alphabet's shares surged 65% in 2025 on a streak of AI successes (and one regulatory win), rapidly closing its gap with Nvidia, Apple, and Microsoft—the other three members of the $4 trillion club. Last year: - Alphabet reported soaring cloud revenue in October, unveiled a chip that could compete with Nvidia in November, and released Gemini 3 to overwhelmingly positive reviews in December.
- Even Warren Buffett, who typically avoided tech exposure, bought more than $4.3 billion worth of Alphabet stock during its banger third quarter.
The other two: Apple and Microsoft, which both appear to be struggling to gain an edge in the AI race, weren't able to maintain their $4 trillion market caps after crossing the threshold last year.—ML | | |
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RETAIL The budget-friendly grocery chain Aldi announced yesterday that it will open 180 stores in the US this year, continuing an aggressive expansion that's counting on the groundbreaking notion that consumers prefer cheaper alternatives in the face of inflation. In 2025, Aldi opened nearly 200 locations, the most it had debuted in a year since arriving in the US in 1976. How has a German grocer become the fastest-growing chain in America and inspired a following among even bougie shoppers? - Aldi drew new customers during the Covid-19 pandemic with lower prices…and those customers have stuck around in the years since.
- More than 90% of its inventory is from its private-label brand, which tends to offer cheaper versions of big-name products (think "nacho triangles" instead of Doritos).
- Then there's the efficiency—some products have multiple barcodes to speed up checkout and are sometimes placed on display either still in boxes or on wood palettes.
Aldi's things that they have done: Per Numerator data, Aldi is still the little guy stateside: Its market share is just 2.8%—Walmart leads at 21%—but its growth is undeniable. According to Placer.ai, trips to Aldi between 2019 and 2024 rose by more than 50%. That translated to $29 billion in sales in 2024. One more item: Aldi will update its website, add distribution centers in three states, and is on track to have 3,200 stores in the US by 2028.—DL | | |
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STAT Like Elmo, the app at the top of Apple's paid download charts in China just wants to know how everybody is doing. The app "Are You Dead?", which is currently at No. 1, requires users to check in every two days to confirm they're still breathing and scrolling, and it reaches out to a designated emergency contact if they don't. Its popularity reflects the rise of people living alone in China's cities: - China's population declined in 2024, and the share of single-person households rose to 19.5%, compared to 7.8% 20 years prior, government statistics show.
- Research predicts there may be as many as 200 million one-person households in China by 2030, state media has reported.
For now, many of those households—especially singletons under age 25—are willing to pay 8 yuan ($1.15) for a little extra peace of mind. And people outside of mainland China also want to let their phones know they're still among the living: The app has appeared on most downloaded charts in the US, Singapore, Hong Kong, Australia, and Spain, according to the BBC.—AR |
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NEWS - Sen. Mark Kelly is suing Defense Secretary Pete Hegseth over the Pentagon's attempt to punish him for appearing in a video telling troops not to follow illegal orders.
- A federal judge ruled that Ørsted can resume building a wind farm off the coast of Rhode Island while it challenges the Trump administration's halt to the construction in court.
- About 15,000 nurses went on strike in New York City yesterday as their union negotiates with three private hospital systems.
- Malaysia and Indonesia have blocked Grok, the chatbot from Elon Musk's xAI, as regulators around the world respond to it generating nonconsensual sexual imagery.
- Meta plans to lay off hundreds of employees working on the metaverse this week.
- The Supreme Court will hear oral arguments today about whether states can bar transgender athletes from women's and girls' sports in schools.
- Venezuelan opposition leader María Corina Machado, who won the 2025 Nobel Peace Prize, is scheduled to meet with President Trump on Thursday. Trump has said she does not have the support needed to govern the country after he removed Nicolás Maduro.
- The Houston Texans beat the Pittsburgh Steelers 30–6 in the final NFL wild-card game of the playoffs. It may have been Steelers QB Aaron Rodgers's last game, as he weighs retirement after 21 seasons in the league.
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PLAY Brew Mini: We think you can zip through this plucky little puzzle in a flash. Give it a try and play the Mini here. Up to code After eight years on top, Atherton, CA (94027), was dethroned by Fisher Island (33109) as the priciest US ZIP code in 2025. What state is Fisher Island in? |
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ANSWER Florida (off Miami) Word of the Day Today's Word of the Day is: coiffed, meaning "having carefully arranged hair." Thanks to Laura from Alaska for the stylish suggestion. Submit another Word of the Day here. |
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