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The East Side of the US Capitol Building in the early morning, Washington DC, USA.
The east side of the US Capitol Building (Getty Images)

Group of House Republicans defy leadership and join Democrats to force ACA vote

The subsidies are still likely to end before the deadline.

A group of moderate House Republicans defied House Speaker Mike Johnson on Wednesday and signed off on a measure that would force a vote on extending Affordable Care Act tax credits.

The revolt came after Johnson blocked a vote on the ACA subsidies on Tuesday. The credits are set to expire on December 31 just as insurance premiums are expected to skyrocket in 2026, creating a political liability for lawmakers up for election in the midterms next year.

“It is political malpractice,” Rep. Mike Lawler, one of the four Republican lawmakers who joined Democrats to force a vote, told Politico on Tuesday in reference to Johnson blocking the vote.

The subsidies are still likely to end before the deadline. The move gives House leadership seven working days to bring it up for a vote. The tax credits are set to expire at year’s end, the House is not in session next week, and lawmakers do not return to Washington until January 6.

Last week, the US Senate rejected two dueling proposals that would have either extended the tax credits or replaced them with federally funded tax-advantaged health savings accounts.

The market-implied odds of the subsides being extended before 2026 is less than 3%, data from Kalshi shows, though traders now peg the odds of an extension before February 2026 at 24%.

The ACA tax credits, which subsidize health insurance plans provided by private insurers, were part of a 2021 COVID-19 relief package passed by a Democratic-controlled Congress.

The subsidies led to a boom in ACA enrollment, with some of the biggest providers of ACA Marketplace plans being companies like Oscar Health, UnitedHealth, Molina Healthcare, and Centene.

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SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

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Nike sinks to lowest level since 2014 after warning of “challenged” sales environment in Q4 report

Did Nike do it?

Investors had a mixed reaction after the global sports apparel company reported its fourth quarter earnings on Tuesday after the bell. Shares initially rose 5% as Nike beat out Wall Street expectations amid a hefty tariff refund bonus. However, the stock then sank to its lowest level since August 2014 in postmarket trading.

Here are the Q4 numbers:

  • Revenue of $11.0 billion (estimate: $10.8 billion).

  • Adjusted earnings per share of $0.20 (estimate: $0.12).

Ahead of this report, Nike warned that results would be flattered by a one-time tariff refund (now estimated at roughly $0.52 per share for the bottom line). That gave the company an extra cushion in snapping its streak of seven quarters of year-over-year profit declines.

Over the past year, the company had been punished by tariffs on imported goods, stagnant consumer spending, and increasing competition from other footwear brands like New Balance, Adidas, and Hoka.

Outgoing CFO Matthew Friend deemed it an “increasingly challenging operating environment, where sell-through remains challenged.”

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