By DAMIAN J. TROISE, Associated Press Business Writer

NEW YORK (AP) — Stocks fell in morning trading on Wall Street Tuesday, pulled down by losses in the same big tech companies that have been the main drivers of the market’s rally so far this year.

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The S&P 500 fell 0.5%. The Dow Jones Industrial Average fell 83 points, or 0.2%, as of 10:42 a.m. Eastern time. The Nasdaq composite sank 0.8%.

The majority of stocks within the S&P 500 fell and the biggest weights were technology companies.

Palantir Technologies, which had more than doubled so far this year, fell 6.4% despite reporting results that beat analysts’ forecasts.

Nvidia also reversed course, falling 2.3%, while Microsoft fell 0.4%. Their huge values give them outsize influence over the market’s broader direction.

Wall Street remains focused on corporate earnings. Roughly three out of every four companies within the S&P 500 have reported their latest results, which have been mostly better than analysts expected.

Animal health care company Zoetis plunged 13.7% after cutting its sales forecast for the year. Norwegian Cruise Line slid 11% after giving Wall Street a mixed earnings report and forecast.

Uber slumped 6.5% despite reporting financial results that beat analysts’ expectations.

Several big companies will report their latest financial results later this week, including McDonald’s, Expedia Group and Qualcomm.

The latest round of corporate profit reports and forecasts have taken on more significance for Wall Street amid the U.S. government shutdown. Investors and economists are trying to gauge the health and direction of the U.S. economy without the latest economic updates on inflation and employment.

The lack of timely economic data has also left the Federal Reserve without many of the resources it needs to make decisions on interest rate policy. That has added more doubts to whether the central bank will continue cutting its benchmark interest rate amid stubborn inflation and a weakening job market.

The central bank cut its benchmark interest rate in October for the second time this year. Fed Chair Jerome Powell has cautioned that further rate cuts aren’t guaranteed. Other Fed members have since also expressed concerns about more rate cuts with inflation remaining stubbornly above the central bank’s target of 2%.

Wall Street is forecasting a 71% chance of a rate cut at the Fed’s next meeting in December, according to CME FedWatch. That’s down from a 90.5% a week ago, just before the last Fed meeting.

Outside of earnings, Tesla fell 2.4% after Norway’s sovereign wealth fund, one of the electric car maker’s biggest investors, said Tuesday that it will vote against a proposed compensation package that could pay CEO Elon Musk as much as $1 trillion over a decade.

There will be more than a dozen company proposals up for a vote Thursday during Tesla’s annual meeting, but none have generated more division than Musk’s potentially massive pay package.

European markets were lower and Asian markets fell overnight.

Treasury yields edged lower in the bond market. The yield on the 10-year Treasury edged down to 4.08% from 4.10% late Monday.

Four measures on the ballot this Election Day would change how New York City permits new affordable housing. City Limits will be tracking the results as votes roll in Tuesday night.

A voter in The Bronx submits his ballot during the June primary. (Adi Talwar/City Limits)

This is a developing story and will be updated Tuesday as voting results roll in. Check back soon.

At the polls this Election Day, New Yorkers are weighing four ballot measures that would change how the city permits new affordable housing. The proposals have drawn significant attention from candidates, officials, advocates, and voters, who are split on how they will affect development.

Some say the changes will help speed up construction of new homes and ease the city’s housing shortage. They point to areas of the city that have produced the least housing, often because local councilmembers are opposed.

Others, like the City Council members themselves, say it’s a power grab that would erode the Council’s authority over land use issues, giving more power to the mayor. 

They argue that City Council review helps legislators secure important benefits for their districts in development deals, like more affordable housing. Opponents also say some “affordable” housing, which is restricted by household income, is not actually accessible to the lowest income New Yorkers.

“These misleading ballot proposals permanently change the City’s constitution to weaken democracy, lasting beyond the next mayor when we inevitably have a mayor who is bad on housing, equity, and justice for communities,” City Council Speaker Benjamin Fang-Estrada said in a statement Tuesday. “This would leave our city without the checks and balances of democracy to protect New Yorkers and ensure outcomes that prioritize them, not simply profits.”

Tuesday morning, Democratic mayoral candidate Zohran Mamdani said that he voted for the housing-related ballot measures, after his opponents criticized him for not taking a position in the second mayoral debate.

“We urgently need more housing to be built across the five boroughs, and we also need to ensure that housing is high quality,” he told City & State Tuesday. 

“I also understand that there are councilmembers in opposition to these measures, and their opposition is driven by commitment to their communities and a deep concern about investment in those communities and I share the commitment to that investment,” he added. “I look forward to working with them and delivering.”

His opponents in the race for mayor are split. Former Gov. Andrew Cuomo—running on an Independent line—supports them, and Republican Curtis Sliwa does not.

Here’s what the proposals would do:

Proposal 2 would take decision-making power from the City Council and give it to city boards mostly appointed by the mayor, shortening the review timeline for 100 percent affordable housing projects, as well as projects with at least 25 percent affordable housing in the 12 community districts that have built the least affordable housing in recent years.

Proposal 3 would create expedited review for residential developments that add no more than 30 percent more housing than current zoning rules allow. It moves approval power for those projects from the City Council to the City Planning Commission.

Proposal 4 creates an appeals board of the mayor, borough president, and City Council speaker that could vote to overrule Council decisions that reject or reduce affordable housing in development proposals.

Proposal 5 replaces paper maps in borough president’s offices with a consolidated digital city map.

Some polls before the election suggested support for the measures. A poll commissioned by the Partnership for New York City found at least two in three New Yorkers supported each of ballot Proposals 2 through 4. And a poll from the Yes for Affordable Housing campaign (a PAC supporting the measures) and Zenith Research found similar levels of support, with the strongest support among Mamdani voters.

A study from the New York Housing Conference released last week found that the bottom 10 Council districts produced fewer than 300 units of new affordable housing over the past 11 and a half years. The top 10 of the 59 Council districts, meanwhile, produced over half of the city’s new affordable housing.

Supporters say it points to how some councilmembers use their local veto power (a practice known as “member deference”) to block new development, further fueling the city’s overall housing crisis.

“We are deeply proud and honored to equip City government—and our communities—with the necessary and long-overdue tools we need to deliver on New York’s solemn promise of opportunity for all,” said Amit Singh Bagga, campaign director for YES on Affordable Housing, who is optimistic the measures will pass, particularly with Mamdani’s support.

Housing was a top issue for voters that City Limits spoke with at the polls.

Lydia and Adrian G, two early voters in Crown Heights, told City Limits they voted for the measures. “I heard reasonable people who want more affordable housing say, vote for them,” said Lydia.

The process to build housing is hard to understand, and voters like Ryan Walden, who also voted in Crown Heights, said, “it’s hard to know how those will work out in practice. I do think it’s important to make it easier to build more housing… but I’m hopeful that sort of streamlines things.”

The City Council and supporters of the amendments have both been waging public campaigns over the measures.

Mailers offer competing views on the housing-related ballot
proposals. (Jeanmarie Evelly/City Limits)

The Council controversially used public funds to distribute mailers that called the ballot proposals “misleading” and tied them to the unpopular Mayor Eric Adams. Adams, who is not running for re-election, convened the Charter Commission that came up with the measures, but the Commission says it is independent.

Those messages didn’t always get through to voters.

“Because some of those [proposals] I hadn’t even known were going to be on there, so I just went with my guts rather than research-based,” said Aboubacar Barry, 25, of Morrisania.

Ben, a 45 year old Morrisania resident who works cleaning subway trains, said that he voted no.

“They’re trying to lead you to vote yes for everything. Luckily, I know a bit about what they’re asking so I’m not coerced to just always say yes, yes, yes,” said Ben, who voted for Republican Curtis Sliwa.

This is a developing story. Check back for updates.

Additional reporting by Keke Grant-Floyd. To reach the reporter behind this story, contact Patrick@citylimits.org. To reach the editor, contact Jeanmarie@citylimits.org

Want to republish this story? Find City Limits’ reprint policy here.

The post Live Updates: New Yorkers Weigh In On Housing Ballot Measures appeared first on City Limits.

Often my fridge is home to roast chicken, sometimes roasted in house, sometimes store-bought. That cold and cooked bird is a great source of protein for a wide variety of dishes, including the Greek chicken soup, Avogolemono. The irresistible protein-rich soup shows off short-grain rice and lemon juice, as well as eggs that are tempered with hot broth or stock.

The soup is treasured for its creamy texture and tangy flavor. Serve it as a main course accompanied by a vegetable-rich green salad.

If you make this soup in advance, cool it and refrigerate. Then to reheat, warm very gently over low heat in lieu of simmering or boiling, which can cause the soup to become stringy.

Lemon Chicken Soup with Rice (Avogolemono)

Yield: 4 servings

INGREDIENTS

6 cup chicken stock or broth

1/3 cup Arborio rice or other short-grain rice

3 large eggs

1/2 cup fresh lemon juice (from about 2 lemons)

Coarse sea salt

Freshly ground black pepper

3/4 cup small shreds roast chicken

Optional garnish: coarsely chopped dill, fennel fronds, chives, pesticide-free society garlic blossoms, or parsley

DIRECTIONS

1. Bring stock or broth to a boil in a 5-quart saucepan; stir in rice and cook, covered, at a gentle simmer, for about 15 minutes until the rice is tender. Remove from the heat and cover to keep warm.

2. In a medium bowl, beat the eggs, then beat in the lemon juice a little at a time, whisking constantly to combine. Still whisking the egg mixture, slowly add about 1/4 cup stock or broth, whisking vigorously to combine. Repeat twice, then add the egg mixture to the pan with stock or broth, whisking to combine.

3. Season to taste with salt and pepper. Stir in the chicken, ladle the soup into bowls and garnish with dill, fennel fronds or parsley, if you like.

Source: “A Bird in the Oven and Then Some” by Mindy Fox (Kyle, $24.95)

Award-winning food writer Cathy Thomas has written three cookbooks, including “50 Best Plants on the Planet.” Follow her at CathyThomasCooks.com.

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By JULIE CARR SMYTH, Associated Press

Law enforcement and election officials in New Jersey acted swiftly Tuesday to secure polling places following a series of bomb threats later determined to be unfounded.

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Lieutenant Governor Tahesha Way, who also serves as the state’s top election official, said the threats had been emailed to seven counties, including Passaic, a key swing county where the Department of Justice had sent election monitors.

“Law enforcement has determined that there are no credible threats at this time,” Way said. “We are doing everything in our power to protect voters and poll workers and coordinate closely with state, local and federal partners to ensure a smooth and safe election.”

The threats came as the final day of voting began in the state’s closely-watched race for governor and a year after a series of bomb threats disrupted voting during last year’s presidential election, mostly in battleground states. Bomb threat hoaxes also circulated in Springfield, Ohio, last year after Donald Trump during the campaign amplified false claims of Haitian immigrants there abducting and eating pets.

The threats Tuesday involved polling places in Bergen, Essex, Mercer, Middlesex, Monmouth, Ocean, and Passaic counties, New Jersey Attorney General Matthew Platkin said in a statement. Some polling locations had already reopened to the public, he said, while voters at others were being directed to nearby polling locations to cast their ballot.

“Law enforcement officers have responded at each affected polling place, and they have worked swiftly to secure these polling locations and ensure the safety of every voter,” Platkin said.

The FBI’s Newark office said it was aware of the reports and was assisting the state and local agencies.

Poll workers Shalanda Esserry, right, and Barbara Zackaroff, center, tape an American flag next to the entrance of a polling site in Garfield, N.J., Tuesday, Nov. 4, 2025. (AP Photo/Seth Wenig)

Passaic County received three threats and redirected some affected voters to other locations early Tuesday, county spokesperson Lindsay Reed said in an email. One location, a school building, was cleared and voting had resumed.

Passaic is among six counties in two states where the DOJ announced last month it would send federal observers. The other five are in California, which is holding a special election asking voters to allow a redraw of the state’s congressional map as a way to counter Republican redistricting urged by Trump.

The DOJ was responding to requests from the Republican parties in each state, both of which are under Democratic control. The department said its goal in deploying the monitors was “to ensure transparency, ballot security, and compliance with federal law.”

Associated Press writer Kathy McCormack in Concord, New Hampshire, contributed to this report.