Start with six years of home-price gains outpacing wage growth. Add rising mortgage rates and voila! First-time U.S. buyers are priced out and sellers can't move on. Welcome to peak housing. —David E. Rovella

Here are today's top stories

General Electric plunged the most in three years after the company disclosed an expanded federal accounting probe and worsening troubles at its ailing power business.

A top Republican official slammed Iowa Congressman Steve King for his remarks on race and white nationalism. The disavowal came as dairy giant Land O'Lakes and pet food company Purina stopped giving King money.

U.S. President Donald Trump says he can end citizenship as a birthright by executive order. The U.S. Constitution, legal experts and even Speaker Paul Ryan beg to differ.

Special Counsel Robert Mueller asked the FBI to investigate allegations that “women were offered money to make false claims” about him.

Mexico's incoming president Andres Manuel Lopez Obrador’s honeymoon with investors came to an end 33 days before he takes office.

Paw Patrol is a $1 billion cartoon about rescue puppies, but its creator worries it might be the last kids show of its breed.

What's Joe Weisenthal thinking about? The Bloomberg news director is considering word choice. Specifically, why people say "when interest rates rise" when they actually mean "when financial conditions tighten." 

What you'll want to read tonight

• Facebook had a very bad day.
• Amazon has been dealt a $250 billion blow.
• Billionaires are chasing the holy grail of energy.
• The White House is threatening tariffs on all remaining China goods.
• Bloomberg Businessweek shows how the cloud can fight Zika.
• Even Ben & Jerry's is getting caught up in the national divide. 
• Ex-Boston mob boss and convicted murderer Whitey Bulger is dead.

What you'll need to know tomorrow

Rufus Wainwright Is Back With a Political Anthem

It’s sometimes tempting to wish this midterm election was ancient history. But for vocalist and composer Rufus Wainwright, ancient history is speaking to us right now. The artist’s newly released song and video, Sword of Damocles, draws on a millennia-old parable that teaches about the perils that come with great power.

Have you started strategizing for 2019? We have. Don’t miss the annual Bloomberg Businessweek special report, The Year Ahead, on the major trends, disruptions, breakthrough products, innovations and movements to watch in the coming year. Get Bloomberg All Access in time to receive this issue in print and much more.

Get the latest on what’s moving markets in Asia. Sign up to get the rundown of the five things people in markets are talking about each morning, Hong Kong time.

Download the Bloomberg app: It's available for iOS and Android.