Morning Brew Daily What Mamdani's Win Means for Wall Street & Tariffs Head to the Supreme Court
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Nov 5, 2025 Zohran Mamdani's upset victory as NYC's new mayor sparks intriguing reactions from Wall Street. The Supreme Court deliberates Trump's sweeping tariffs, with significant implications for emergency powers. Investor Michael Burry predicts an AI bubble, shedding light on market concentration and stock volatility. Meanwhile, Pizza Hut faces declining sales, prompting its parent company to consider a sell-off. The U.S. government shutdown marks a historic record, affecting SNAP and transport, while investors eye potential resolutions.
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Mamdani Won By Dialing Up Affordability
- Zohran Mamdani built a winning campaign by relentlessly focusing on affordability and social media reach.
- His policy pledges challenge NYC's tax base and real estate incentives, forcing complex trade-offs for the city.
Rich Fleeing Is Not Inevitable
- Business leaders fear Mamdani's plans (rent freezes, fare cuts, big corporate taxes) could prompt wealthy residents to leave.
- But counterexamples like Massachusetts' millionaire surtax show higher taxes don't always trigger exoduses.
Supreme Court To Define 'Regulate' For Tariffs
- The Supreme Court will decide whether Trump's global tariffs, justified under the Emergency Economic Powers Act, exceed presidential authority.
- The ruling could reverse up to $90 billion already collected and reshape executive power over trade.