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New York Governor Kathy Hochul is proposing a new tax on second homes in New York City worth at least $5 million as a way to raise cash for the city’s struggling budget.

“If you can afford a multi-million dollar second home in New York City, you can afford to join its residents in supporting the greatest city in the world,” Hochul said in a social media post Tuesday that provided few details of how the tax would be implemented.

The plan represents a compromise between the governor and New York City Mayor Zohran Mamdani, a democratic socialist who, for months, has pushed Hochul to raise taxes on the wealthy and large corporations. The governor has repeatedly resisted such measures and didn’t include material hikes in her initial budget.

US homebuilders’ confidence fell to a seven-month low in April as the Iran war pushed up mortgage rates and materials costs at the start of the spring selling season.

An index of market conditions from the National Association of Home Builders and Wells Fargo declined four points to 34, according to data out on Wednesday. A value below 50 means more builders see conditions as poor than good. Measures of current and future sales both deteriorated.

The S&P 500 Index is on track to close at its first record since January, as traders bid up stocks amid optimism over the ceasefire between the US and Iran and robust corporate fundamentals.

The S&P 500 climbed 0.2% on Wednesday, surpassing its previous closing high of 6,978.60 points, with financials and technology sectors leading the advance. The 500-member gauge hovered near a technical correction zone in late March as the Iran war pushed up oil prices and inflation expectations.

The advance represents a stark turnaround for the gauge, which had fallen as much as 9.1% from its most recent peak. Technology companies Intel Corp. and Sandisk Corp. have gained at least 50% since the index’s March 30 low.

NOV Inc, one of the biggest US makers of oilfield gear, slashed its earnings guidance for the first quarter as the war in the Middle East raises costs and snarls equipment deliveries.

Safety and logistical problems from the conflict dented revenue by about $54 million and adjusted earnings by around $32 million, Chief Executive Officer Jose Bayardo said in a statement Wednesday.

The company now expects to report adjusted earnings of $177 million for the first quarter, down from its previous forecast of about $200 million to $225 million.

US equities edged higher on Wednesday (April 15), with major indexes posting modest gains as markets remained close to record territory.

The S&P 500 rose 0.2%, while the Nasdaq Composite also advanced 0.2%. The Dow Jones Industrial Average gained 157 points, or 0.3%.

In individual movers, Broadcom climbed 2% during the session. The gains came after Meta Platforms expanded its partnership with Broadcom to use its technology for custom chip development.

US President Donald Trump said he would fire Jerome Powell as chair of the Federal Reserve if he does not leave that post “in time,” and insisted that the Justice Department investigation into the central bank leader would continue.

“I’ll have to fire him, OK, if he’s not leaving on time. I’ve held back firing him. I’ve wanted to fire him, but I hate to be controversial,” Trump said in an interview with Fox Business.

“I want to be uncontroversial. But he will be fired,” he said in the interview that aired Wednesday.

Powell’s stint as the leader of the central bank expires in May, but his term on the Board of Governors does not end until 2028.

Accel, the venture capital firm that’s backed artificial intelligence companies including Anthropic, Cursor and Perplexity, has raised $5 billion in new funds to keep up its big bets in the age of increasingly valuable artificial intelligence startups.

The firm will dedicate $4 billion to its fifth Leaders fund, focused on writing large checks to late-stage startups around the world, Accel plans to announce Wednesday.

The firm also raised $650 million for a so-called sidecar fund, which gives limited partners extra exposure to Accel’s biggest investments by allowing it to selectively increase the size of certain bets, especially for investments in its existing portfolio, Accel partner Matt Weigand said.

New York state factory activity expanded in April at the strongest pace in five months, though firms’ views about the outlook and costs soured in the wake of the Iran war.

The Federal Reserve Bank of New York’s general business conditions index increased by 11.2 points to 11, figures issued Wednesday showed. Readings above zero indicate expansion. The survey reflected the strongest growth in orders and shipments since 2023.

However, the overall outlook for business conditions over the next six months deteriorated to a five-month low. A measure of expected input prices jumped 18.5 points, the most since 2011, to 61.6 as the conflict in the Middle East drove up the cost of oil and other industrial materials. An index of the outlook for prices received also increased, but moderately.

The US and Iran are closer to extending a ceasefire and restarting negotiations about a longer-term peace deal, the Associated Press reported, even as a standoff intensifies over the Strait of Hormuz.

The two sides have an “in principle agreement” to pursue further diplomacy after an inconclusive initial round of talks in Pakistan at the weekend, the AP said, citing regional officials it didn’t identify.

Mediators are pushing for a compromise on outstanding issues, including Hormuz and Iran’s nuclear program, before the April 7 truce expires next week, the news agency said.

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