Happy Tuesday, N2K reader!

You wanna buy a cheese pun? I got plenty right here, just like these stolen Casio watches…

So, you remember the cheese puns that used to open this newsletter? Suffice to say, they were divisive. Now, thanks to a thing called “dynamic content options,” I can offer you the option to see cheese puns again, if you’re one of the thousands who got in touch bemoaning their departure six months ago. All you need to do is answer “true” on this survey, and submit it. If you never want to see cheese puns in this newsletter again, don’t click that link, don’t fill out the survey, don’t submit it¹ . Just keep reading and pretend this conversation never happened. Mmmkay? Thank you.

This week’s world-famous news haiku competition™ is about how Waymo is under federal investigation after a driverless car hit a child near a school. It’s a heavy topic (thankfully, the child survived), but I believe that you, yes, you, dear reader, can craft a worthy haiku on the subject that will bring moral and spiritual clarity to the moment, just as you do each and every week. So: Send me your entry — to our spiffy new email address, haiku at cheddar dot com — by noon ET Thursday, for consideration by your Cheddar peers!

And now for something completely different.

Matt Davis — Need2Know Chedditor

News You Need2Know

• The housing market seems to be favoring buyers

• Trump to slash India tariffs after Modi ‘agrees’ t …

• What’s it like to paint for the movies?

• Do you want a nuclear dump in your backyard? (redu …

• The self-financed horror movie that beat ‘Melania’ …

• Jeffrey Epstein asked for Snow White costume weeks …

• Poll of the day: The housing market…

• Poll of the day: You’re not so hot on nuclear

What’s the stock market up to, eh?

$SPX ( ▼ 0.2% ) $DJI ( ▲ 0.63% ) $NDX ( ▼ 1.24% )

Companies mentioned in today’s newsletter

$REDFIN ( 0.0% )  $GOOGL ( ▼ 1.89% )  $DIS ( ▲ 2.84% )  $BCS ( ▼ 3.63% )  

The housing market seems to be favoring buyers

After years of cutthroat competition and skyrocketing prices, the tides are shifting in the U.S. housing market. Homebuyers are now enjoying discounts and negotiation leverage not seen since 2019, with 62% of buyers purchasing homes for less than the original listing price last year, according to a new analysis from real estate brokerage Redfin.

Homes that sold below their listing price in 2025 averaged an 8% discount — marking the largest price cuts since 2012. The 8% discount is equivalent to $36,000 on a $400,000 home, the “average” in the U.S. if you’re buying in an area where the prices aren’t insane.

Additionally, buyers are securing other concessions, such as help with closing costs or mortgage rate buy-downs, reflecting a clear turn toward a buyer-friendly market. “When there is this gap between what sellers expect and what buyers can afford, it’s the buyers that end up negotiating that lower price,” said Daryl “All’s” Fairweather, Redfin’s chief economist, speaking to the Wall Street Journal.

The shift follows a period of low demand, spurred by high mortgage rates and elevated prices. In December, the market saw a record gap of over 600,000 more sellers than buyers. Yet for those able to purchase, the abundance of supply and reduced competition is an advantage. Jason “Fly Me to the“ Moon, a real estate agent in Indiana, noted, “There’s definitely sellers who are willing to negotiate way more now than they were the last couple of years.”

This buyer’s market is particularly strong in Southern states like Florida and Texas, where booming new-home construction has increased inventory. In Florida metro areas such as Miami and Fort Lauderdale, over 85% of homes sold below listing price in 2025, providing relief for selective buyers like Jon and Hannah Vokal. The couple, who began house hunting in 2024, recently closed on a home in Austin for 4% below the asking price. “The general lowering of buyer demand has made the market a good bit more favorable,” Jon told the Journal. “This is the best environment that I think I’ve been in as a buyer so far.”

Trump to slash India tariffs after Modi ‘agrees’ to stop buying Russian oil

President Donald Trump has reduced U.S. tariffs on Indian goods from 25% to 18% following Prime Minister Narendra Modi’s agreement to halt purchases of Russian oil, which Trump previously criticized as funding Moscow’s war in Ukraine. Reporters learned of the news after Trump wrote about it on Truth Social, the social media network he owns:

The move ends months of trade tensions that saw punitive 25% tariffs imposed last August, pushing total duties to 50%, one of the highest in the world. Modi celebrated the announcement on X, the social media network owned by Elon Musk:

The trade deal also includes commitments from India to reduce “Tariffs and Non-Tariff Barriers” on U.S. goods to zero. However, analysts are skeptical of Trump’s claims that India will adopt a $500 billion “Buy American” policy. “Total bilateral trade was $212 billion in 2024, so it’s unlikely they’ll achieve that figure,” said Pratik “Take” Dattani, founder of Bridge India, talking to the Financial Times.

What’s it like to paint for the movies?

This is the latest in a series of guest posts on the Business of Movies by Grant Keller.

Isabella Watling is a London-based artist who paints portraits in the tradition of Van Dyck, Veláquez and Sargent. She got entangled with Hollywood when Rian Johnson commissioned her to paint portraits of characters like Benoit Blanc and his co-stars for the credits of “Wake Up Dead Man,” the third entry in the “Knives Out” series. So we interviewed her!

Song of the Day: Labyrinth, ’Debris’

Ever built something up only for it to be struck down? Labyrinth’s new song is all about debris, just like this newsletter!

Do you want a nuclear dump in your backyard? (redux)

Thanks to reader Steven A. Polhamus, Esq., who got in touch to respond to yesterday’s story with this title 👆🏻. He had this to say, and I thought you’d also be interested:

Cripes! It turns out that N2K readers aren’t so hot on having nuclear dumps in their back yard, if you check out the results of yesterday’s poll.

The self-financed horror movie that beat ‘Melania’ at the box office

Mark Fischbach, the YouTuber $GOOGL ( ▼ 1.89% ) known as Markiplier, has transitioned to the big screen with his self-financed sci-fi horror film "Iron Lung," rivaling Disney's "Send Help" at the box office and beating out “Melania” over the weekend. Fischbach spent three years crafting "Iron Lung" to prove that movie theaters still hold significant sway. With his dedicated YouTube following, boasting 38 million subscribers, Markiplier galvanized his fans to demand the film's theatrical release, resulting in its screening across over 3,000 theaters in North America and 1,200 globally.

Fischbach's approach bypassed traditional distribution, allowing him to split ticket revenues directly with theaters, largely on 50-50 terms. He told the Wall Street Journal, “People love going to theaters. They just need a reason to do it.” This strategy was vindicated as "Iron Lung" competed for the top box-office spot with established studios, grossing just over $18 million domestically.

Despite minimal advertising beyond theater posters, Fischbach's YouTube presence stirred significant excitement, “Those are real people. And so I knew that I could count on them to be at these theaters,” he said. His innovative tactics, including organizing a blood drive to coincide with the film's release, exemplified his unique marketing approach.

Produced over 35 days in Austin, Texas, Fischbach embraced a hands-on role, writing, directing, editing, and starring. While critics have pointed to slow pacing, (“the movie really makes you feel like you’re trapped in an iron lung,” wrote one critic on Rotten Tomatoes, where the film scored 50%) Markiplier remains undeterred, expressing pride in achieving this milestone in his career, “I’m in the conversation now,” he said.

Should you check your 401(k) today?

👍️ 

Yes.

Jeffrey Epstein asked for Snow White costume weeks before email from former Barclays boss

The intricate web of connections between Jeffrey “The New York Financier” Epstein and former Barclays $BCS ( ▼ 3.63% ) chief executive Jes “Kidding!” Staley has been further exposed by newly unearthed documents. Among the unsettling revelations is an exchange about a Snow White costume. On June 20, 2010, Epstein asked an unidentified woman to acquire the costume, writing, “I would love to take photos of you in a Snow White costume. You can get it from the costume store.” The woman agreed, replying, “Will get it!” Just weeks later, on July 10, Staley emailed Epstein, saying, “That was fun. Say hi to Snow White,” marking one of the most controversial interactions between the two men.

Staley, who maintained that his ties with Epstein were strictly professional, insisted in 2025, “I have no idea who Snow White is,” when queried in court about the infamous character reference. Despite his claims, Staley failed to have a lifetime ban overturned by London’s Financial “Conduct” Authority, which prohibits him from senior roles in the financial industry as a result of his connection with Epstein. Barclays had previously attempted to distance Staley from Epstein but good luck with that now.

Poll of the day: The housing market…

Poll of the day: You’re not so hot on nuclear

We asked: Do you want a nuclear dump in your backyard? You answered:

⬜️⬜️⬜️⬜️⬜️⬜️ “Unleashing the next American nuclear renaissance will drive innovation, fuel economic growth, and create good-paying American jobs while delivering the affordable, reliable, and secure energy America needs to power its future." (35)
🟩🟩🟩🟩🟩🟩 No. (421)
🟨⬜️⬜️⬜️⬜️⬜️ Only if it comes with universal health care. (125)

581 Votes via @beehiiv polls

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1  Oh boy, technical limitations!