Good morning and happy Sunday!

After a significant rally, markets cooled off this week as investor optimism hit a few speed bumps. The S&P 500 snapped its winning streak, as rising Treasury yields and a contentious tax bill raise concerns that the market may have gotten ahead of itself.

Insider activity, on the other hand, did not slow down. A Republican lawmaker quietly dumped his Netflix holdings, a Vistra Energy director walked away from millions in stock, and Bain Capital trimmed its position in a newly public healthcare tech company.

Here’s how it all went down.

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📺 Congressman Dan Newhouse Logs Off Netflix

On May 16, 2025, Representative Dan Newhouse (R-WA) disclosed the full sale of his position in Netflix Inc. $NFLX ( ▼ 2.99% ) , worth between $1,001 and $15,000.

Netflix has had an impressive year, rising more than 30% YTD. At the same time, it has faced renewed scrutiny over its international subscriber growth and a flattening domestic base, even as it continues to pour cash into original content.

A lawmaker to bailing now, after the run-up, could simply be a case of locking in profits ahead of uncertainty. Or it might suggest a cautious stance on the broader media and streaming landscape as a whole.

It’s also worth noting that Congress has recently ramped up its oversight of Big Tech’s influence on culture and content. Newhouse’s exit could simply reflect a desire to avoid entanglements.

⚡ Vistra Director Pulls $3.1M From the Grid

On May 21, 2025, Vistra Corp. $VST ( ▼ 4.2% ) board member Scott B. Helm disclosed the sale of 20,000 shares at $157.32 per share, totaling roughly $3.15 million.

This is one of the more notable insider sales we've seen from the energy sector this quarter. Vistra has enjoyed strong tailwinds lately from rising energy prices and investor enthusiasm around its renewables transition strategy.

So why is a director cashing out now?

One possibility: Helm may simply be taking gains off the table. Another? Uncertainty around the regulatory environment. Either way, when insiders sell big during market pullbacks, it’s always worth a second look.

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🏥 Bain Capital Trims Its Waystar Wager

On May 21, 2025, Bain Capital Investors LLC disclosed a reduction in its holdings of Waystar Holding Corp. $WAY ( ▼ 3.3% ) , selling an undisclosed number of shares at $37.39 on May 20. The firm still holds a substantial position — over 18 million shares remain on the books — but the move marks a notable step back.

Waystar, which provides cloud-based revenue cycle technology for healthcare providers, went public less than a year ago and has been trying to carve out space in an increasingly crowded digital health landscape. The company’s performance has been steady, in a choppy post-IPO market.

Considering Bain did not cut bait entirely, this move might be more about portfolio management than a vote of no confidence. Still, trimming at this stage suggests the firm could either be locking in early profits or recalibrating expectations in a space where tech valuations remain under pressure.