Welcome to Markets Desk, let's get you caught up on what's moving.
A Google engineer is facing federal charges after allegedly netting one point two million dollars on Polymarket prediction bets using confidential information about search traffic. The case is a sharp reminder that insider trading laws weren't written with prediction markets in mind, and regulators are scrambling to catch up with a fast-moving space.
Turning to the dollar, the index gave back early gains Thursday after a pair of disappointing data prints. Weekly jobless claims came in above expectations, and April capital goods orders for nondefense items missed the mark. That combination reads as dovish for the Fed, pulling the greenback down from a seven-week high and reinforcing the case for rate cuts later this year.
Meanwhile, mortgage rates edged higher to six point five three percent this week, adding another layer of friction for buyers who were hoping spring would finally bring some relief. Rates remain below year-ago levels, but affordability remains stretched, and inventory constraints haven't meaningfully eased, keeping the housing market in a difficult holding pattern heading into summer.
That's the tape. Markets Desk, signing off the floor.
