Wall Street braced for change with the election of Democratic Socialist Zohran Mamdani as mayor of New York City on Tuesday, an outcome set to reverberate in the heart of global capitalism as financiers worry about the city's competitiveness and business appeal.

Democrat Zohran Mamdani will be New York City's next mayor. He will be the city's first democratic socialist mayor. Yahoo Finance Senior Reporter Allie Canal recaps some of Wall Street's reaction to the win.

Wall Street chief executives said investors should brace for an equity market drop of more than 10% in the next 12 to 24 months, and that such a correction may be a positive development.

Major financial services firms such as Goldman Sachs, JPMorgan Chase, and Wells Fargo have expanded operations in Dallas, Texas, where the firms have thousands of workers.

Wall Street bonuses are expected to rise for the second year for traders and investment bankers on surging deal volume and market volatility, according to financial compensation consultancy Johnson Associates.

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Stocks fell on Wall Street, pulled down by losses in the same big tech companies that have been the main drivers of the market's rally so far this year.

The Wall Street Journal's editorial board trashed President Donald Trump's call to nuke the filibuster on Monday, arguing the GOP would be "dumb" to heed it.

CEOs of Wall Street heavyweights Morgan Stanley and Goldman Sachs on Tuesday cautioned that equity markets could be heading toward a drawdown, underscoring growing concerns over sky-high valuations.

Wall Street's optimism going into 2025 looks like it was right on the money. Most everyone's year-end bonuses, which will be doled out early next year, are going up. That's according to projections published Wednesday from compensation consulting firm Johnson Associates.