Iran retaliated for a weekend attack on its nuclear facilities by firing missiles at an American air base in Qatar, a response that had all the hallmarks of an offer of de-escalation. Iran’s attack was reportedly telegraphed well in advance. Iran’s Supreme National Security Council said the number of missiles fired matched the number of bombs dropped by the US on the Islamic Republic and that its strike “poses no danger” to Qatar, which it called “our friendly and brotherly country.”

One official with knowledge of Western intelligence assessments said the retaliatory attack was a typical example of an “off-ramp” escalation. They warned that the more difficult part is understanding whether—and at what point—Israel would stop its own attacks on Iran, which have killed hundreds of people. US President Donald Trump on Monday seemed open to the potential for ending the US-Iran conflict with one exchange of fire.

Nevertheless, by launching a surprise attack on Iran with no publicly known threat to the US, and following more than a week of war triggered by Israel’s own surprise airstrikes, Trump’s bombing set off a new firestorm at home. The Republican’s actions were assailed by Democrats, and by a few in his own party, as unconstitutional and risking yet another US war in the Middle East.

And whether the strikes accomplished Trump’s stated intent—destroying Iran’s nuclear capabilities—is yet to be known, though international observers said significant damage was likely. —Natasha Solo-Lyons and David E. Rovella

What You Need to Know Today

Novo Nordisk scrapped a partnership with Hims & Hers Health, alleging that the US company is using “deceptive marketing” to sell copycat versions of its obesity blockbuster Wegovy. The split marks another setback for the Danish drugmaker, which had counted on the partnership with the telehealth platform to broaden access in the US, a crucial obesity market where it’s losing ground to Eli Lilly. Hims Chief Executive Officer Andrew Dudum called the comments “misleading.”

Trump’s tax-and-spending agenda is nearing a climactic vote in the Senate this week. His tax-cut package, partially offset by safety-net cuts that will affect millions of poor and disabled Americans while still adding trillions of dollars to the US debt, does not yet have the support it needs to pass the GOP-controlled chamber. Fiscal hawks seeking to lower the bill’s total price tag are at odds with other Republicans worried in part by phase-outs to green energy incentives that support jobs in their states.  

Wall Street has a new favorite investor. They’re young, they’re affluent and they’re skeptical that traditional markets can deliver wealth over the long haul. Shaped by financial crises and fueled by tech optimism, this well-heeled class of millennials and Generation Z members are moving their money into the buzzy world of alternative assets. Think pre-IPO unicorns, real estate, crypto, collectibles and more. From private banks to fintech platforms, the financial industry is rushing to keep up. 

Photographer: Eva Marie Uzcategui/Bloomberg

Previously owned US home sales rose slightly in May to a still-sluggish pace that continues to show a housing market constrained by poor affordability. Contract closings increased 0.8% to an annualized rate of 4.03 million last month, just the second advance this year, according to data released Monday by the National Association of Realtors. That compared with the 3.95 million median estimate in a Bloomberg survey of economists.

London’s prime property market looks to be in a chronic decline, with no recovery in sight. Sellers are slashing prices, deals are taking longer—if they happen at all—and some luxury complexes are part empty. Just this month, Sotheby’s dropped the price of a Mayfair penthouse to £68 million ($91 million) from £85 million. It had originally been put on the market for about £100 million.

New York plans to build a nuclear-power facility, the first major new plant undertaken in the US in more than 15 years. The state is talking to Constellation Energy about potentially building a new reactor at one of the company’s three existing plants in the state. US interest in nuclear energy is surging, driven by the growing need for electricity to power data centers, factories and increasingly electrified homes.

What You’ll Need to Know Tomorrow

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