Market Beats | US Treasury Yield Surge Tests Investors as Goldman Urges Caution; Home Depot Sales Miss Estimates; Crypto Industry Hardens Defenses Against Armed Attacks on Holders; NYC Mayor Mamdani Meets Wall Street Elites; UK Weighs New Investment Visa to Court Wealthy Global Elite; US Pending Home Sales Rise for Third Month in Sign of Resilient Housing Demand; Mango Founder’s Son Detained in Spain Over Father’s 2024 Death

—— US Treasury Yield Surge Tests Investors as Goldman Urges Caution; Home Depot Sales Miss Estimates; Crypto Industry Hardens Defenses Against Armed Attacks on Holders; NYC Mayor Mamdani Meets Wall Street Elites; UK Weighs New Investment Visa to Court Wealthy Global Elite; US Pending Home Sales Rise for Third Month in Sign of Resilient Housing Demand; Mango Founder’s Son Detained in Spain Over Father’s 2024 Death

1. US Treasury Yield Surge Tests Investors as Goldman Urges Caution

A surge in longer-maturity US Treasury yields is testing the resolve of global bond investors torn between the possibility of locking in the rates near to the highest levels in decades and the risk of an even greater selloff. With Treasury 30-year yields a whisker away from the highest since 2007, a team at Goldman Sachs Group Inc. sees some emerging measures of value but urges caution. Barclays Plc and Citigroup Inc. strategists are warning clients they may breach 5.5%, levels last seen in 2004. The head of BlackRock’s research unit is recommending investors reduce their exposure to developed-market government bonds — including Treasuries — in favor of equities.

Such views are an indication of a market trying to price diverging outcomes, ranging from the persistent reemergence of inflation amid a resilient economy to a slowdown driven by higher energy prices. It also increases the pressure on incoming Federal Reserve Chair Kevin Warsh and US Treasury Secretary Scott Bessent, who has committed to bringing down borrowing costs.

Treasury 30-year yields were trading 2 basis points higher at 5.14% by 8am ET Tuesday and 10-year yields were around 4.61%.

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2. Home Depot Sales Miss Estimates

A key gauge of Home Depot Inc. sales missed expectations in the latest quarter as muted housing demand and high borrowing costs limited consumer spending on improvement projects. Sales at locations open at least a year rose 0.6% during the three months ended May 3, according to a statement, slightly below the average of analysts’ estimates compiled by Bloomberg. Earnings per share, excluding some items, beat expectations. Home Depot’s business has been hit by elevated interest rates and high housing prices, which have sparked a pullback in home purchases and upgrade projects over the past three years. Instead of extensive remodels that require financing and large amounts of tools and materials, Americans are taking on smaller projects such as painting and gardening.

Home Depot shares were little changed during premarket trading on Tuesday. The stock has declined 13% this year through Monday’s close, compared with an 8.1% gain for the S&P 500 Index. External factors may continue to pressure results: Following a brief dip in February, mortgage rates have risen in tandem with energy prices as the war in Iran creates new apprehension about inflation.

Existing home sales have remained flat at the start of the important spring-selling season, while consumer sentiment has deteriorated.

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3. Crypto Industry Hardens Defenses Against Armed Attacks on Holders

After a year of kidnappings, assaults and armed home invasions targeting cryptocurrency holders, the industry is racing to harden its defenses. Conferences are beefing up security, private firms serving crypto holders say demand has surged, and exchanges are actively protecting their executives. This defensive stance was on display at the Bitcoin 2026 conference in Las Vegas last month, where many of the highest-profile speakers moved through the venue trailed by personal bodyguards. A standing-room-only workshop taught attendees how to protect their crypto holdings during a home invasion. The Las Vegas Metropolitan Police Department, The Venetian Resort security team, external contractors and private security all worked together to provide protection, according to Justin Doochin, head of events at BTC Inc., the conference organizer.

A few weeks earlier, at Paris Blockchain Week, guests had been escorted by a police motorcade to a VIP dinner, and organizers had doubled security around the two-day event.

The technology’s defining transparency, which its adherents have long celebrated as a structural improvement on the opaque plumbing of traditional finance, is the very same feature that currently lets a criminal easily identify and track a target.

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4. NYC Mayor Mamdani Meets Wall Street Elites

New York City’s democratic socialist Mayor Zohran Mamdani held individual meetings with Jamie Dimon, chief executive officer at JPMorgan Chase & Co., and Goldman Sachs Group Inc. CEO David Solomon, as the city’s leader seeks to build relations with the business community. Monday’s sessions were the latest in a string of conversations Mamdani has held with prominent city business leaders. He met last week with Blackstone Inc. President and Chief Operating Officer Jonathan Gray, and held separate sessions at City Hall recently with head executives at Bank of America Corp. and Chobani.

The meetings come as Mamdani, 34, has backed a flurry of proposals that push for higher taxes on the wealthy. That support has prompted blowback from the billionaire class and the real estate industry, which says a new levy on second homes will hurt the luxury market. As heads of two of the largest US banks, Dimon and Solomon have powerful influence in the finance community, which is a key driver of tax revenue and economic activity for New York. The conversation with Dimon at JPMorgan’s midtown headquarters was “genial,” according to a spokesperson for Mamdani. The pair discussed reducing government waste and how the public and private sectors can best collaborate, the City Hall representative said.

Dimon also presented Mamdani with the book Our Towns, by James and Deborah Fallows who documented their visits to a number of American cities.

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5. UK Weighs New Investment Visa to Court Wealthy Global Elite

The UK is weighing a new visa that would give three years of residency to wealthy individuals investing at least £5 million ($6.7 million) in the country, as the nation seeks to revive its global attractiveness. Entrepreneurs and other globally mobile individuals would need to fund so-called priority areas such as fast-growing UK businesses under the proposals, sent by government bodies to wealth advisers recently canvassing them on the idea. The “invite only” program would be subject to enhanced vetting and open the path to permanent residency after three years, according to the documents, reviewed by Bloomberg.

The UK’s reputation as a destination for globally-mobile rich investors has taken a hit in recent years after it imposed higher taxes on well-heeled individuals hailing from abroad known as non-doms. The changes took effect last year under Keir Starmer’s administration, widening reforms first proposed in early 2024 under the then-ruling Conservative Party. In the aftermath, billionaires such as John Fredriksen, Nassef Sawiris and Guillaume Pousaz left the country or curbed their ties. In 2022, the UK also scrapped a flagship investor visa program that allowed foreign nationals a path to residency in exchange for more than £2 million, as the UK sought to curb the influence of Russian money. That move has made it more complicated for overseas high-net-worth individuals to come to the UK, while other global wealth hubs such as Dubai, Milan and Abu Dhabi ramp up efforts to court the global elite. “We are making every effort to attract investment into the UK,” a government spokesperson said by email.

“The Global Talent Taskforce is keeping all options under review to identify and attract the brightest minds in the world.”

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6. US Pending Home Sales Rise for Third Month in Sign of Resilient Housing Demand

Pending sales of previously owned US homes rose for a third straight month in April, indicating firmer underlying demand at the start of the spring selling season. An index of contract signings increased 1.4% to a five-month high of 74.8, according to National Association of Realtors (NAR) data released Tuesday. The median forecast of economists surveyed by Bloomberg was for a 1% advance. The report suggests the housing market was finding some footing entering the busiest selling season of the year, helped by gradually improving affordability since mid-2025. That said, lower-income prospective buyers remain challenged by high mortgage rates and elevated asking prices.

“Buyers are coming out with cautious optimism despite increasing economic uncertainty and a slight rise in mortgage rates,” NAR Chief Economist Lawrence Yun said in a statement. At the end of March, the contract rate on a 30-year fixed mortgage rose to 6.57%, the highest since August. Home financing costs eased slightly in April but were higher than before the start of the Iran war in late February. Contract signings increased last month in three of four US regions. Pending sales declined in the South, the biggest housing market in the country, after solid increases in the prior two months. Because houses typically go under contract a month or two before they’re sold, the pending home sales data tend to be a leading indicator of closings that are captured in the monthly previously owned home sales reports.

Separate NAR data on existing homes showed sales barely rose in April from a nine-month low.

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7. Mango Founder’s Son Detained in Spain Over Father’s 2024 Death

The Trump administration is adding generic medications to its direct-to-consumer drug sales website TrumpRx, and billionaire Mark Cuban is set to attend the White House rollout Monday afternoon, according to people familiar with the matter. The administration has been touting its deals with pharmaceutical companies to reduce their prices for government programs and sell drugs directly to consumers as part of an effort to address healthcare affordability ahead of the midterm elections this fall. A White House official said President Donald Trump would announce an expansion of TrumpRx’s offerings. The Centers for Medicare and Medicaid Services and Cuban didn’t immediately respond to requests for comment.

Cuban, through his Mark Cuban Cost Plus Drug Company, sells mail-order medications directly to consumers for transparent prices.

Democratic Senator Elizabeth Warren of Massachusetts criticized Health Secretary Robert F. Kennedy Jr. for the TrumpRx platform’s lack of generic options in a hearing last month.

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