Goldman’s loyalty oath

Goldman Sachs is said to be planning to ask junior bankers to confirm their loyalty in a bid to limit advances from talent-hungry buyout firms, asking new analysts to certify every three months that they haven’t lined up jobs elsewhere. The move is meant to thwart poaching by private equity firms that have been descending upon junior bankers near the start of their on-the-job training. Some buyout shops are even approaching rookies before they show up for their analyst programs.

Such strict rules though run counter to efforts by banks to maintain long-term goodwill with employees who may go elsewhere on Wall Street or even come back someday. And previous attempts to tighten controls on analysts have backfired. In 2013, Morgan Stanley ditched a policy to block junior bankers from talking with recruiters for outside firms after some of them complained, Bloomberg News reported at the time. —Natasha Solo-Lyons

What You Need to Know Today

Nvidia became the first company in history to achieve a $4 trillion market valuation, cementing its status as a kingpin in the global financial market as long as the tech-fueled bull market continues to run. Shares jumped 2.8% on Wednesday to crack the milestone, marking a stunning rebound after a rough start to the year.

Spending fears sparked by China’s DeepSeek and US President Donald Trump’s trade war weighed on risk sentiment earlier in 2025. The stock has risen more than 20% this year and is up more than 1,000% since the beginning of 2023. That said, its success also points up a more sobering fact for investors: Nvidia now accounts for 7.5% of the S&P 500 Index.

The US Treasury is granting a temporary reprieve to three Mexican financial firms it moved to cut off from America’s financial system, citing what it called progress by the country’s government in addressing money laundering by drug cartels. The Treasury department is granting an additional 45 days before a ban on fund transfers with the designated firms will take effect, it said in a statement. The department’s Financial Crimes Enforcement Network slapped orders last month on CIBanco, Intercam Banco and brokerage Vector Casa de Bolsa prohibiting all transfers with them from late July.

All three firms have rejected the Trump administration claims, and Mexican President Claudia Sheinbaum said the US hadn’t provided proof of money laundering. The banks’ roles as trustee for much of the country’s financial issuance has caused a particular headache. Billions of dollars of real estate and private equity securities have been sold by investment firms in the past decade, mostly to Mexico’s pension funds, and CIBanco was a dominant player as trustee.

Trump’s latest off-the-cuff remark upended metals markets yesterday, with a threat of 50% tariffs on copper imports spurring a record spike in New York futures and a drop in the global benchmark. Contracts on the Comex surged to an unprecedented 25% premium over London Metal Exchange prices in the aftermath of Trump’s comments, a level that suggests the market is not fully convinced that a 50% levy will be imposed universally.

A single carve-out for a top supplier like Chile would materially dampen the blow for importers, and manufacturers now have huge buffer stocks to fall back on thanks to the record-breaking imports seen over recent months. On Wednesday, Trump also made a new round of levy threats against—in alphabetical order—Algeria, Brazil, Brunei, Iraq, Libya, Moldova, the Philippines and Sri Lanka.

The US’s total annual measles cases have reached a level not seen in more than three decades. The Centers for Disease Control and Prevention on Wednesday reported 1,288 confirmed infections, the most since 1992 and surpassing the total for 2019, the last time the nation grappled with a measles surge. More than two-thirds of states have reported at least one case to the CDC, and there have been 27 outbreaks, defined as three or more related cases. Three people have died from measles infections since January, including two unvaccinated children in Texas.

The vast majority of cases have been among unvaccinated people. Vaccine reluctance has risen among some Americans in the aftermath of the coronavirus pandemic—this despite vaccines having saved millions of lives from Covid-19. This year, Trump has pulled back broad support of immunization and placed lawyer Robert F. Kennedy Jr., a vaccine skeptic, at the top of the country’s health administration. Kennedy has repeatedly cited misinformation in opposing the use of scientifically proven pharmaceuticals, including wrongly linking autism to the measles vaccine.

Apple is planning to introduce its first upgrade to the $3,499 Vision Pro headset as early as this year, aiming to improve the performance and comfort of a device that has been slow to catch on with consumers. The updated Vision Pro is said to include a faster processor and components that can better run artificial intelligence. There also will be a new strap to make it easier to wear the headset for long periods of time.

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