New York Stock Exchange parent to buy stake in Polymarket, as prediction markets go mainstream

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Tesla on Tuesday unveiled new versions of its Model Y SUV and Model 3 sedan that the company said would sell for about $5,000 less than previous versions. The new cars, with starting prices of around $40,000 and $37,000, are aimed at propping up sales after a federal tax credit for electric vehicle purchases expired at the end of September. The company’s lower-cost models could be an early sign of how manufacturers will change their products and prices after President Trump and Republicans in Congress killed a program that had reduced the price of qualified electric vehicles by $7,500. Tesla sells more electric vehicles in the United States than any other company and sets the tone for the industry, though its market share has fallen below 50 percent. An increasing number of electric vehicles are available for $35,000 to $40,000, making them more competitive on price with vehicles that run on gasoline. Last week, Tesla reported record deliveries for the third quarter of 2025, but analysts attributed the surge to people rushing to buy before the end of the federal tax credit. Sales are expected to slump in the months to come. — NEW YORK TIMES

A Los Angeles jury ordered Johnson & Johnson on Monday to pay $966 million to the family of a California woman who died from a rare and aggressive cancer, after the company was found liable in a lawsuit claiming its baby powder products cause cancer. The family of Mae Moore, the California woman who died in 2021, claimed that she developed mesothelioma, a rare cancer, after years of using the powder because it was contaminated with asbestos, a known carcinogen. The jury ordered Johnson & Johnson to pay $16 million in compensatory damages and $950 million in punitive damages, according to court filings. Erik Haas, vice president of litigation at Johnson & Johnson, said in a statement that the company planned to “immediately” appeal the verdict, which he called “egregious and unconstitutional.” Johnson & Johnson has denied that its talcum-based baby powder contains asbestos or causes cancer. The company stopped selling it globally in 2023 after it was hit with tens of thousands of lawsuits claiming that asbestos in the talc had caused mesothelioma, ovarian cancer, and other cancers. The ruling comes just months after a federal judge rejected the company’s attempt to settle all current and future lawsuits involving its talc-based products through a $9 billion bankruptcy plan. The judge overseeing the case, Christopher Lopez, cited flawed procedures and inadequate claimant consent. It was the third time that Johnson & Johnson had tried unsuccessfully to use bankruptcy to settle its flood of talc-related lawsuits. — NEW YORK TIMES

Connecticut Governor Ned Lamont said he’s a “little bit” worried about the potential impact on his state should fellow Democrat Zohran Mamdani win the mayor’s race in New York City and follow through on his agenda. Lamont acknowledged concerns from the finance industry about Mamdani in an interview with Bloomberg Television at the Greenwich Economic Forum. Connecticut serves as a hub to the hedge fund industry and is home to many commuters. “New York City is the financial capital of the world — and we’re a big piece of it here,” Lamont said. “I want to make sure that the next mayor understands how important New York City is to that system and that’s important to Connecticut.” Mamdani, a self-described socialist who won the Democratic primary, leads the race on pledges for rent freezes, free child care, and open government-run grocery stores. But he’s rattled Wall Street, the real estate industry, and other segments of the city’s business community with his plans to raise taxes on corporations and the wealthy to help pay for his agenda. Lamont said he thinks the finance industry appreciates the stability in Connecticut as well as the state’s slightly lower taxes. He added that Democratic governors are leading his party, saying they have to “get stuff done.” Connecticut has the second-highest level of hedge fund capital in the United States, after New York City, according to AdvanceCT, an economic development organization in the state. Governors have to balance the budget, Lamont said. “They have to do it on time. Governors can’t shut down a government. Governors are sort of the opposite of what you see going on in Washington.” — BLOOMBERG NEWS

Eli Lilly & Co. is tapping former US vaccine chief Peter Marks to lead research into potential new medicines for infectious diseases. Marks, who formerly oversaw approval of new vaccines and gene therapies at the US Food and Drug Administration, was forced out of his post in March. In his resignation letter, he cited efforts by Health and Human Services Secretary Robert F. Kennedy Jr. to sow distrust in vaccinations. Starting this month, Marks will become Lilly’s senior vice president of molecule discovery and its head of infectious diseases, a spokesperson for the company said. “Peter’s expertise strengthens our abilities across multiple areas, both in our existing portfolio and in our work in emerging areas,” they said. In recent years, Lilly has focused on disease areas like obesity, diabetes, neurology, and neuroscience. The company has sought to reinvest some of the massive windfall from blockbuster weight-loss and diabetes shots into other areas like immunology. — BLOOMBERG NEWS

As Americans heeded a catchphrase and indeed ate more chicken during a beef spike, poultry producers raked in profits. Now, falling chicken prices may be bringing that rally to an end. Spot chicken prices in the United States have fallen 18 percent since their summer barbecue-season peak as key production indicators suggest supply is finally catching up with booming consumer demand. Some of the largest global meat producers, including JBS NV, Tyson Foods Inc., and Cargill Inc., have leaned on poultry profits to cushion losses at their beef businesses, which have been impacted by the worst US cattle shortage in decades. A turn in chicken’s fortunes could leave the companies more exposed to the prolonged beef slump, which isn’t expected to improve significantly before 2028. The United States has seen an increase in the number of chick placements, improved egg fertility rates, and seasonally strong poultry slaughtering numbers — all pointing to rising meat supply. The US Department of Agriculture has raised its 2025 broiler production estimate for four straight months. — BLOOMBERG NEWS