—— Compass Sues Zillow Over “Anticompetitive Tactics” Tied to Listing Restrictions; Novo Nordisk Terminates Partnership With Hims & Hers; US Cities Tighten Security After Trump Launches Airstrikes on Iran; New York to Build First Major New Nuclear Plant; Affluent Young Investors Are Driving a Boom in Alternative Assets; Iran Fires Missiles at US Base in Qatar After Trump’s Airstrikes; Tesla Rolls Out Robotaxi Service, Shares Jump Nearly 9%

1. Fed’s Waller Signals Rate Cut Could Come as Soon as July

Residential brokerage firm Compass Inc. has filed a lawsuit against Zillow Group Inc., accusing the online home-search giant of using anticompetitive practices by restricting certain home listings.

The lawsuit, filed Monday in federal court in Manhattan, alleges that Zillow is retaliating against competition by banning listings that were publicly marketed elsewhere before appearing on its site. The complaint follows Compass’ efforts to promote an alternative listing strategy that delays Zillow exposure in favor of marketing listings internally first.

The dispute centers on “coming soon” listings. Zillow plans to enforce a new policy starting June 30, which blocks listings from its platform if they’ve been publicly marketed for more than 24 hours before being posted to a local multiple listing service (MLS). Compass opposes this rule, arguing that sellers and agents should have more flexibility in how and when they market properties.

“No one company should have the power to ban agents or listings simply because they don’t follow that company’s business model,” said Compass CEO Robert Reffkin in a statement.

Compass, the largest residential brokerage in the U.S. last year per RealTrends, contends that marketing homes internally first allows agents to test pricing and build demand before any third party — like Zillow — begins tracking listing data or changes such as price reductions.

Zillow counters that its policy ensures greater transparency for buyers and promotes fair access to listing data. The company, which generates revenue by connecting buyers with agents, announced the change in April as part of its push for open and equitable market information.

The lawsuit underscores growing tensions between real estate brokerages and listing platforms over control of data, visibility, and marketing strategies.

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Source: Bloomberg – Compass Sues Zillow as Fight Over Private Home Listings Heats Up

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2. Novo Nordisk Terminates Partnership With Hims & Hers

Novo Nordisk A/S announced on Monday that it is terminating its recently launched partnership with Hims & Hers Health Inc. due to concerns over unlawful sales of compounded versions of its blockbuster weight-loss drug Wegovy and the dissemination of misleading marketing practices.

The partnership, unveiled in late April, was designed to make Wegovy more accessible to U.S. patients through Hims’ telehealth platform at a discounted rate. However, Novo now accuses Hims of violating FDA regulations by engaging in what amounts to unauthorized mass sales of compounded semaglutide injections. Under U.S. law, compounded medications are permitted only under specific, individualized patient circumstances — typically during shortages — and must not be marketed or distributed in bulk.

Novo Nordisk issued a sharply worded statement accusing Hims of “disseminating deceptive marketing that puts patient safety at risk.” The termination of this partnership deals a blow to Novo’s U.S. strategy, especially as it struggles to keep pace with Eli Lilly, whose weight-loss drug Zepbound is rapidly gaining traction.

Hims has claimed it would only offer compounded versions to a small subset of patients requiring customized dosing, but Novo said these practices had veered into prohibited territory. The Danish pharmaceutical giant is also contending with increasing competition in the lucrative obesity drug market and mounting regulatory scrutiny over the explosion of GLP-1 demand in the U.S.

The announcement led to a 22% plunge in Hims’ premarket trading and a 5% drop in Novo shares on the Copenhagen exchange.

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Source: Bloomberg – Novo Exits Hims Partnership, Citing Concerns Over Compounded Drugs

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3. US Cities Tighten Security After Trump Launches Airstrikes on Iran

Major US cities are tightening security after President Donald Trump launched airstrikes on Iran, a direct military intervention that has deepened Washington’s involvement in the war between Israel and Tehran and raised fears of retaliation.

Iran issued a warning early Sunday that the US assault, dubbed “Operation Midnight Hammer,” would trigger “everlasting consequences” and said it “reserves all options” in response.

Police in New York, Washington, DC, and Los Angeles have increased patrols around religious sites, diplomatic missions, and public areas. While no specific threats have been identified, authorities emphasized the need for heightened vigilance.

The Department of Homeland Security stated that the Israel-Iran war has placed the US in a “heightened threat environment” through September 22. A Sunday bulletin warned that pro-Tehran hacktivists are expected to continue probing lightly defended US networks, while state-linked operators could target critical infrastructure.

The bulletin also noted that if Iran’s leadership issues a religious ruling calling for retaliation “in the Homeland,” it could increase the likelihood of violent extremists in the US acting independently.

The US State Department issued a “Worldwide Caution” alert for American citizens, citing potential travel disruptions and protests.

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Source: Bloomberg – New York to LA Ramp Up Security After US Airstrikes on Iran

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4. New York to Build First Major New Nuclear Plant

New York plans to build a new nuclear power facility, marking the first major nuclear project in the United States in more than 15 years.

A spokesperson for Governor Kathy Hochul confirmed the development, which was first reported by the Wall Street Journal.

Hochul told the Journal she directed the New York Power Authority to add 1 gigawatt of nuclear generation capacity — enough to power about 1 million homes.

The state is in discussions with Constellation Energy Corp., the largest operator of nuclear reactors in the US, about potentially building a new reactor at one of the company’s three existing nuclear sites in New York.

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Source: Bloomberg – New York State Plans to Build New Nuclear Power Plant

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5. Affluent Young Investors Are Driving a Boom in Alternative Assets

Wall Street has a new favorite investor: young, affluent, and skeptical that traditional markets alone can generate long-term wealth.

Shaped by past financial crises and driven by optimism around technology, wealthy Millennials and Gen Z investors are pouring money into alternative assets such as pre-IPO startups, real estate, cryptocurrencies, and collectibles. Financial firms are racing to adapt.

Platforms like Forge Global have lowered entry thresholds, pitching access to private markets as both aspirational and achievable. At Bank of America, the number of retail clients holding alternatives has more than doubled since 2020, with around 50 new funds added to its platform each year.

According to BofA’s 2023 study, nearly three-quarters of wealthy investors under 43 doubt a traditional stock-bond mix can deliver outperformance — and 93% plan to boost allocations to alternatives.

Ironically, many of these investors are turning away from the public markets that originally built their wealth.

“Investor preferences are changing just as markets are evolving,” said Michael Pelzar, head of investments at Bank of America Private Bank. “Those two dynamics are feeding off of each other.”

Demand is reshaping how Wall Street markets wealth products. Firms like Blackstone and Apollo are repackaging once-exclusive strategies into ETFs and semi-liquid funds for wealthy individuals.

The traditional 60/40 portfolio has lost appeal since the inflation-driven selloff of 2022, as both stocks and bonds began to move in tandem, undermining its diversification benefit.

“Some advisors may have just relied on the 60/40 portfolio for years,” said Mark Steffen of Wells Fargo, “but I think that’s probably changing.”

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Source: Bloomberg – Young Investor Demand for Alternative Assets Is Reshaping Wall Street’s Playbook

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6. Iran Fires Missiles at US Base in Qatar After Trump’s Airstrikes

Iran launched missiles at a US military base in Qatar, making good on its vow to respond “proportionately and decisively” to President Donald Trump’s weekend airstrikes on three Iranian nuclear sites.

Qatar reported that the barrage targeting Al Udeid Air Base — the largest US military facility in the Middle East — was successfully intercepted, with no casualties. Al Udeid serves as the regional headquarters for US Central Command and hosts several thousand US service members, although many had already been evacuated.

Oil prices dropped sharply following the attack. Brent crude fell 3.3% to $74.48 a barrel as of 6:10 p.m. The strike involved at least six missiles aimed at US military installations in Qatar, according to a person familiar with the matter. In response, the United Arab Emirates and Bahrain closed their airspace as a precaution.

Another individual familiar with Western intelligence assessments said the strike had been anticipated by US and allied officials. Earlier in the day, American and British diplomatic missions in Doha advised residents to shelter in place “until further notice.”

Iran has consistently refused to halt domestic uranium enrichment, a major sticking point in past negotiations.

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Source: Bloomberg – Iran Launches Missiles at US Bases in Retaliatory Strike

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7. Tesla Rolls Out Robotaxi Service, Shares Jump Nearly 9%

Tesla Inc. shares rose sharply after the company launched its long-awaited driverless taxi service, marking a quiet but meaningful step toward what Elon Musk envisions as a transformative business model.

The first robotaxi rides began Sunday in a limited area of Tesla’s hometown, Austin, Texas. Each vehicle had a company employee in the front passenger seat to monitor for safety. Tesla selected a group of loyal retail investors and social-media influencers to test the service and live-stream their experiences.

In one video, Herbert Ong, who runs a Tesla fan account, praised the car’s acceleration and parking capabilities. Another user, @BLKMDL3, said his ride was smoother than with a human driver. Sawyer Merritt, a well-known Tesla-focused investor, called the experience “awesome.”

Tesla opted for an unusually low-key rollout with no formal launch event, relying on word of mouth and media buzz instead. This contrasted sharply with past unveilings like the 2022 “Cyber Rodeo” or last year’s invite-only prototype event in Hollywood.

While Musk has warned that autonomy may not significantly impact Tesla’s financials until at least next year, the debut of the service boosted investor optimism.

Tesla shares jumped as much as 11% on Monday—the biggest intraday gain since April 9—before settling at an 8.7% rise by early afternoon.

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Source: Bloomberg – Tesla Shares Jump Most in Two Months on Robotaxi Rollout

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