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MARKET RECAP → Markets were mixed today as the S&P and Dow slightly pulled back while the Nasdaq edged higher, staying near record levels. Oil prices stabilized after this week’s sharp drop, helping ease some inflation concerns. Bitcoin (BTC) extended its rally, reflecting continued risk-on sentiment as geopolitical tensions remain subdued.

RENT FREEZE RIPPLES → Flagstar Bank fell 6% after a pro-rent-freeze progressive won a key NYC primary, sparking fears over tighter rent laws and pressure on landlords—and the banks that finance them.

TOKENIZED SPACEX HITS MAIN STREET → Blockchain startup Republic lets investors buy tokens tied to SpaceX shares. It’s a bold move for private market access—but with big risks and no voting rights.

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MARKETS

Market Snapshot

Today’s S&P 500 Heatmap

Notable Earnings This Week

POLL OF THE DAY

Finance

Rent Freeze Ripples

Flagstar takes a hit on NYC fears: Shares of Flagstar Bank dropped over 6% after New York Assembly member Zohran Mamdani, a vocal advocate of rent freezes and tenant protections, won his primary. Investors are worried that his win signals broader support for progressive housing policies that could dent landlords' rental income—and thus banks' mortgage portfolios.

Real estate exposure gets political: Flagstar’s heavy involvement in New York City’s multifamily lending market makes it especially sensitive to regulatory shifts. Analysts flagged the potential risk of lower rent growth, which would threaten landlords' debt service coverage and the bank’s bottom line.

Broader signal for rent policy impact: While Mamdani’s primary win doesn’t directly change state housing policy, it’s seen as a bellwether for growing momentum behind tenant-friendly legislation. For banks like Flagstar with concentrated exposure to rent-regulated markets, that trend is now priced in with a sharp re-rating.

Crypto

Tokenized SpaceX Hits Main Street

Blockchain Meets SpaceX: Investing platform Republic is letting everyday investors buy tokenized shares of SpaceX via blockchain. The offering taps shares held by insiders and private funds, breaking a major barrier to one of the most sought-after private companies in the world.

How It Works: The token represents indirect ownership—investors don’t get voting rights or direct equity but own a piece of a fund that holds SpaceX shares. Republic uses blockchain for transaction transparency, fractional ownership, and faster settlement.

Big Risks, Big Dreams: While this democratizes access to private markets, liquidity remains limited. Tokens are tradable on certain secondary markets, but pricing can be volatile, and regulatory scrutiny could intensify. Still, it’s a step toward opening up private equity for retail.

BULL VS. BEAR

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