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Market Caution: As US Rally Pauses, Global Stocks Enjoy Historic Outperformance (Bloomberg)
A year ago, investors were sure that a presidential win for Donald Trump would doom international stocks to underperform the US market due to his promises to ratchet up tariffs and cut taxes. A year later, they can’t get enough of global equities.
The first year of Trump’s second presidency has brought an unusual reversal to a long-running trend: Benchmarks in China, Europe and Canada have all outperformed the S&P 500 in dollar terms since his election victory a year ago.
Day 36: Government Shutdown Becomes Longest in US History (BBC)
Kentucky Latest: UPS Cargo Plane Crashes in Louisville, Killing at Least 7
(New York Times)
A UPS cargo plane crashed on Tuesday
after taking off from an airport in Louisville, Kentucky, killing at least seven people and sending a cloud of thick smoke rising over one of the largest air cargo hubs in the United States.
Crypto Cash: How Two Tiny Banks are Helping Trump’s Sons Build a Crypto Empire (Financial Times)
The Trump family has tapped two little-known boutique banks to help finance its crypto empire: one based in Manhattan’s Trump Tower, the other sandwiched between a junkyard and a funeral parlor in New Jersey.
Dominari Holdings and Yorkville Advisors have jumped from relative obscurity to the center of a blizzard of crypto deals the Trumps have struck this year, capitalizing on a digital asset boom fueled by the president’s administration.
From a bungalow deep in Mountainside
, a New Jersey commuter suburb, Yorkville executives this year helped Trump Media & Technology Group raise $2.5bn to buy bitcoin and agreed to launch five “America First themed” exchange traded funds.
Food Aid Hope: US to Send Some SNAP Funds Despite Trump Post, White House Says (Bloomberg)
The Trump administration will comply with a court order by providing partial food-assistance benefits, the White House said, despite President Trump’s social media post suggesting he would not release the money until the government reopens.
Today in the Supreme Court:
Trump
Tariffs’ Fate Rides on Supreme Court Justices He Picked (Bloomberg)
President Donald Trump’s three US Supreme Court appointees will play pivotal roles as the court considers the fate of his signature global tariffs during oral arguments today. Each of the three — Neil Gorsuch, Brett Kavanaugh and Amy Coney Barrett — has generally backed the president in a blizzard of emergency orders this year letting Trump implement his policies temporarily.
But the tariff case will be the first time the court and its 6-3 Republican-appointed majority have directly considered Trump’s underlying assertions of sweeping presidential power. The case will decide the fate of most of the import taxes Trump has imposed since taking office, including his April 2 “Liberation Day” tariffs.
The justices will take their seats to hear the case at 10 AM ET, and you can watch the oral arguments on CSPAN here. The Court has indicated that they likely would resolve the issue quickly, perhaps as soon as the end of the year, while the Trump administration has urged a rapid decision.
Netherlands Gov't Watch: Mail-In Ballots Solidify Narrow Win for Dutch Centrist Party (New York Times)
By a narrow margin, the center-left party Democrats 66 won the most votes in last week’s elections in the Netherlands, edging out the far-right party of Geert Wilders after mail-in ballots from abroad were counted on Monday, according to the Dutch newswire ANP.
Today's Podcast is Up! Tune in to the Daily Read Podcast to stay ahead with AI-powered news insights every day — streaming now on Spotify and Apple Podcasts.
Tech
Scoop:
Apple Prepares to Enter Low-Cost Laptop Market With Model Priced Well Under $1K (Bloomberg)
Philanthropy Spotlight: MacKenzie Scott’s HBCU Donations Surge, With $172 Million In New Gifts (Forbes)
Philanthropist MacKenzie Scott’s recent run
of blockbuster philanthropic gifts continues. In the past week, Scott has donated $172 million to three Historically Black Colleges and Universities — Howard University ($80 million), Virginia State University ($50 million) and Alcorn State University ($42 million). Those gifts come on top of the more than $300 million she had already donated to several other institutions and higher education organizations in recent weeks.
BCUs and HBMSs (historically Black medical schools) have
increasingly drawn major philanthropic support in recent years, with Bloomberg Philanthropies giving a total of $700 million across the four MBMSs -- Howard, Meharry, Morehouse and Charles R. Drew - in 2020 and 2024.
Maximize Your Autumn: 28 Things to Do in NYC in November (New York Times)
November in New York City brims with creativity and celebration, from the return of the 99th Macy’s Thanksgiving Day Parade to the New York Comedy Festival (Nov. 7–16), which fills clubs across all five boroughs with over 100 shows.
Meanwhile, the city transforms into
an open-air stage with Performa (Nov. 1–23), the biennial performance art festival presenting three weeks of daring, interdisciplinary live spectacles and public installations — alongside Patti Smith performing Horses at the Beacon Theatre and the Paul Taylor Dance Company’s vibrant fall season at Lincoln Center.
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