Market Beats | Trump Administration Halts Green Card Lottery Following University Shootings; Fed’s John Williams Sees No Urgency for Further Interest Rate Cuts; Steve Cohen Backs Star Trader Alex Silverstein in Record Hedge Fund Spin-out; Toronto Condo Market Faces Unprecedented Correction Amid Supply Glut; Pimco and Witkoff Group Default on $400 Million Loan for Santa Monica Luxury Project; ByteDance Profits on Track to Hit $50 Billion in Record-Breaking 2025; Sony Takes Control of Peanuts Brand in $460 Million Deal for Snoopy

—— Trump Administration Halts Green Card Lottery Following University Shootings; Fed’s John Williams Sees No Urgency for Further Interest Rate Cuts; Steve Cohen Backs Star Trader Alex Silverstein in Record Hedge Fund Spin-out; Toronto Condo Market Faces Unprecedented Correction Amid Supply Glut; Pimco and Witkoff Group Default on $400 Million Loan for Santa Monica Luxury Project; ByteDance Profits on Track to Hit $50 Billion in Record-Breaking 2025; Sony Takes Control of Peanuts Brand in $460 Million Deal for Snoopy

1. Trump Administration Halts Green Card Lottery Following University Shootings

The Trump administration has suspended the US Diversity Immigrant Visa Program, commonly known as the green card lottery. The decision follows revelations that the suspect in the recent deadly shootings at Brown University and the killing of a Massachusetts Institute of Technology professor entered the country through this program.

Homeland Security Secretary Kristi Noem announced the pause in a post on X, stating she has directed US Citizenship and Immigration Services to halt the lottery immediately. Authorities identified the shooter as Claudio Manuel Neves Valente, a 48-year-old Portuguese national and former Brown student. Valente’s body was found Thursday after an apparent suicide, following a rampage that left two students dead and nine others injured at Brown’s campus in Providence. He was also linked to the death of MIT professor Nuno Loureiro in a Boston suburb.

According to Noem, Valente was granted a green card through the lottery program in 2017. She argued that the program allowed a “heinous individual” into the country and stated that the pause is necessary to prevent further harm to Americans.

The Diversity Immigrant Visa Program typically awards about 50,000 visas annually to individuals from countries with low rates of immigration to the US.

This latest move marks a significant escalation in the administration’s broader crackdown on immigration, continuing a long-standing effort to dismantle the program which the administration blames for security vulnerabilities.

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2. Fed’s John Williams Sees No Urgency for Further Interest Rate Cuts

Federal Reserve Bank of New York President John Williams said Friday that there is no immediate urgency to further adjust interest rates, noting that recent economic data has not significantly altered his outlook.

Speaking on CNBC, Williams stated that the previous rate cuts have positioned monetary policy well, leaving him without a sense of urgency to act further at this time. He emphasized the Fed’s ongoing balancing act: bringing inflation down to the 2% target without causing unnecessary harm to the labor market.

These remarks highlight the uncertainty surrounding future rate reductions following three consecutive cuts by Fed officials. Policymakers remain divided on the trajectory of inflation and employment, with updated projections from last week suggesting only one rate cut in 2026.

Williams added that while recent reports were distorted by the government shutdown, they still indicate that underlying inflation is moving toward the 2% goal and the labor market is cooling gradually.

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3. Steve Cohen Backs Star Trader Alex Silverstein in Record Hedge Fund Spin-out

One of Point72 Asset Management’s top traders is leaving to launch his own hedge fund with the largest initial backing the firm has ever granted to a departing employee.

Veteran portfolio manager Alex Silverstein is spinning out his health-care trading team to start Sirenia Capital Management, according to an internal memo. Point72 will be the fund’s largest day-one client, investing hundreds of millions of dollars. Factoring in leverage, this could translate into billions of dollars in buying power. The investment surpasses the $200 million initial backing Point72 provided to Gabe Plotkin when he launched Melvin Capital in 2015.

Point72’s billionaire founder, Steve Cohen, noted in the memo that the partnership will allow Silverstein’s team and investment process to remain uninterrupted. Silverstein has been with the $41.5 billion firm for 13 years and is considered one of its most successful portfolio managers.

The move comes amid a fierce war for talent in the hedge fund industry. Rather than losing access to winning traders entirely, Point72 is becoming more open to supporting select managers as they strike out on their own.

Cohen stated that the firm stands behind the growth of employees who establish strong, repeatable processes, whether they remain at the firm or pursue new endeavors.

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4. Toronto Condo Market Faces Unprecedented Correction Amid Supply Glut

Toronto is grappling with a massive surplus of unsold condominiums, yet the influx of new units shows no signs of stopping. More than 8,200 units are currently sitting on the market, with prices already down 20% from their peak. Another 10,000 units are currently under construction and too far along to be canceled, adding to the city’s building “hangover.”

The crisis has pushed a record number of developers into insolvency, threatening a sector that plays a vital role in Canada’s economy. Benjamin Tal, deputy chief economist at CIBC, notes that the condo market is essentially in a recession and predicts significant structural changes to the industry in the coming years.

For decades, the condo market was fueled by low interest rates, high immigration, and mom-and-pop investors. However, demand evaporated following a surge in interest rates and federal moves to reduce newcomer arrivals. According to consultancy Urbanation, sales of new condo units fell to a 35-year low in the third quarter.

Urbanation President Shaun Hildebrand describes this as the largest condo market correction in history. He warns that while there is an abundance of units today, the current halt in new groundbreakings will lead to a severe shortage by the end of the decade.

By 2029, the city may face a period with virtually zero new condo completions.

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5. Pimco and Witkoff Group Default on $400 Million Loan for Santa Monica Luxury Project

Pacific Investment Management Co. (Pimco) and Witkoff Group have defaulted on a loan exceeding $400 million tied to a luxury apartment complex in Santa Monica, California, according to filings with Los Angeles County.

The debt is linked to “The Park Santa Monica,” a 249-unit luxury development at 500 Broadway. A spokesperson for Witkoff Group noted that Pimco owns 98.5% of the equity and “controlled investment decisions” as the primary capital partner, while Witkoff Group holds the remaining 1.5%.

Records show that the firms secured an initial $324 million loan from Mack Real Estate in 2021, which was increased to $405 million in November of last year. The debt matured in July, and as of November 10, the total amount due reached approximately $439.5 million, including accrued interest and late fees. Pimco has declined to comment on the matter, and the specific reason for the default was not detailed in the filing.

The situation carries political weight as Witkoff Group’s founder, Steve Witkoff, currently serves as President Donald Trump’s special envoy for the Middle East and the Russia-Ukraine conflict. To resolve potential conflicts of interest upon his appointment, Witkoff sold a $120 million stake in the firm, which is now led by his son, Alex.

The property was completed in 2022 and commands premium rents, with studios starting at $4,000 a month and three-bedroom units listed for as much as $19,800. Defaults in the commercial real estate sector have climbed since interest rates began surging in 2022; Pimco previously defaulted on portfolios of offices and hotels in 2023 as valuations slumped.

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6. ByteDance Profits on Track to Hit $50 Billion in Record-Breaking 2025

ByteDance Ltd. is on track to post approximately $50 billion in profits for 2025, marking a record year for the Chinese social media giant as it expands its reach in e-commerce and global markets.

According to people familiar with the matter, the Beijing-based parent company of TikTok reached approximately $40 billion in net income during the first three quarters of the year. ByteDance has already exceeded its internal financial targets for 2025, bringing its earnings close to those of its chief US rival, Meta Platforms Inc., which is projected to earn roughly $60 billion this year.

The financial success comes amid a pivotal moment for TikTok’s future in the United States. Following national security concerns raised by the Biden administration, ByteDance is nearing the finalization of a plan to hive off the video service’s US operations. In an internal memo, TikTok CEO Shou Chew informed employees that ByteDance has signed binding agreements to form a joint venture majority-owned by American investors, including Oracle Corp.

While the deal aims to ensure the platform’s survival in the US by loosening ByteDance’s control, the transaction’s completion remains contingent on approval from Chinese regulators, who have yet to weigh in on the proposal.

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7. Sony Takes Control of Peanuts Brand in $460 Million Deal for Snoopy

Sony Group is taking a majority stake in the brand behind Snoopy and Charlie Brown, acquiring an additional 41% of Peanuts Holding from Canada’s WildBrain for C$630 million (US$460 million). The deal increases Sony’s total ownership to 80%, turning the beloved American cartoon franchise into a Sony subsidiary.

The Schulz family, descendants of creator Charles Schulz, will retain the remaining 20% stake. Sony first began investing in the Peanuts brand in 2018, and this latest move aligns with the group’s broader strategy to prioritize entertainment and original content creation. Shunsuke Muramatsu, CEO of Sony Music Entertainment, stated that the group aims to elevate the brand’s value by leveraging Sony’s vast global network.

The acquisition is part of Sony’s effort to bridge its gaming, anime, film, and music divisions to build powerful global franchises. The company has seen recent success with adaptations like the TV series “The Last of Us” and the animated blockbuster “Demon Slayer.”

Snoopy has a deep historical connection with Japan and was notably one of the inspirations for Sanrio’s Hello Kitty. By taking full control of Peanuts, Sony looks to further monetize the iconic comic strip—which debuted in 1950—across various platforms including toys, films, and theme park attractions.

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