Hello, Tuesday-N2K’ers!

Stocks were up about 1% on Monday afternoon after Donald Trump thanked Iran for its “very weak” retaliation for his bombing the country on the weekend. Meanwhile, there’s a New York mayoral primary today with polls closing at 9 p.m. and it’s hot. HOT. HOT. Outside. So: Stay cool, ya hear?

—Matt Davis, Need2Know Chedditor

News You Need2Know

Companies mentioned in today’s newsletter

$SPX ( ▲ 0.96% )   $TSLA ( ▲ 8.23% )   $HIMS ( ▼ 34.63% )   $NVO ( ▼ 5.49% )   $UNH ( ▼ 0.44% )   $DJT ( ▲ 0.34% )  

Bombing Iran pushed stocks up

In news that I’m sure will leave hostile nations around the world positively delighted, President Donald Trump’s decision to bomb Iran on Saturday night led to U.S. stocks rising 1% $SPX ( ▲ 0.96% ) Monday.

Global oil prices also declined on Monday as markets assessed the implications of U.S. involvement in the Israel-Iran conflict. After an initial 4% spike in crude oil prices following the bombings, oil prices reversed to sharp losses amid hopes that Iran would avoid disrupting crude oil supplies. 

Iran’s Monday afternoon missile attack on Al Udeid Air Base in Qatar, seemingly proportional to U.S. strikes, signaled a potential move toward de-escalation. Basically they had to retaliate, and now they’ve retaliated, and nobody even died.

Crucially, Iran did not target oil flows, alleviating fears of higher prices and a global energy crisis. Analysts believe Iran is unlikely to close the Strait of Hormuz, a vital oil shipping route, as it relies heavily on crude exports.

In U.S. markets, Tesla $TSLA ( ▲ 8.23% ) surged 9.4% after testing self-driving cabs in Texas, while Hims & Hers Health $HIMS ( ▼ 34.63% ) plummeted 32.3% after Novo Nordisk $NVO ( ▼ 5.49% ) ended a partnership over allegations that the telehealth company sold fake versions of the pharmaceutical firm's weight-loss drug, Wegovy. Oops.

Song of the day: War Pigs

"War Pigs" is an antiwar protest song by English heavy metal band Black Sabbath, released in 1970. The original title of "War Pigs" was "Walpurgis," referring to old English witches' sabbath.

"Walpurgis is sort of like Christmas for Satanists. And to me, war was the big Satan," said bassist and lyricist Geezer Butler. "It wasn't about politics or government or anything. It was Evil itself. So I was saying 'generals gathered in the masses / just like witches at black masses' to make an analogy. But when we brought it to the record company, they thought 'Walpurgis' sounded too Satanic. And that's when we turned it into 'War Pigs.' But we didn't change the lyrics, because they were already finished."

Record companies, eh? Always drawing the lines somewhere. Enjoy.

Why NYC is using ranked choice voting

New York City is using ranked-choice voting in its Democratic mayoral primary, a system aimed at improving democracy by allowing voters to rank up to five candidates in order of preference.

If no candidate wins a majority of first-choice votes, the last-place candidate is eliminated, and their voters' next preferences are redistributed. The process continues until one candidate wins a majority. Advocates argue that ranked choice voting reduces "wasted" votes by ensuring voter preferences are considered even if their top pick loses and helps elect candidates with broader support.

However, the system has challenges. It’s complicated, for one thing, requiring more voter education and making races less predictable. Officials are also working to avoid past mishaps, like in 2021, when test data was mistakenly included in vote tallies. Some worry about transparency since the computerized redistribution process makes it harder to independently verify results. Supporters believe the method strengthens democracy.

Polls close at 9p.m. Eastern this evening in a race that features former Gov. Andrew Cuomo, progressive Zohran Mamdani and several other current and former public officials, including City Council Speaker Adrienne Adams and City Comptroller Brad Lander, who was arrested last week at an immigration court.

The Republican candidate, Curtis Sliwa, is running unopposed while incumbent Eric Adams, formerly a Democrat, is now running as an Independent, likely to announce his candidacy on Thursday.

Today on the ‘gram: Little orange Corvette

Post of the day: Is this, like, a promise?