Jeffries: “We don’t work for Donald Trump” — affordability and accountability first, subpoenas for the Trump administration and Big Tech on the way, and a Democratic Senate that can block nominees; Trump, showing off his new ballroom, says he’ll “get along” — unless Democrats get “destructive.”
Jeffries poised to become speaker of the House | Midterm elections: where things stand — House 251 called, 26 uncalled; Senate 54–44
ELECTIONS & CONGRESS
VANCE: “THE REASON WE LOST IS THE WAR” — Vance blames the Iran war — $47 billion, 860-plus troops wounded, two-thirds of missile interceptors spent — for the wipeout, and sketches a 2028 platform: end the war, cut the cost of living, put America first.
FIVE GOVERNORSHIPS FLIP — Texas, Iowa, Georgia, Nevada and Ohio flip blue; Democrats hold 28 governorships, their first majority since 2010. Hinojosa ousts Abbott 53.8%–44.9% to become Texas’ first Latina governor.
TEXAS FALLS: DEMS TAKE THE GOVERNOR’S OFFICE AND THE HOUSE — First Democratic control of the Texas House since 2002, plus new trifectas in Michigan, Minnesota, Nevada, Pennsylvania and Wisconsin — the biggest single-election shift in state power since 2010.
THE COUNT KEEPS GROWING: DEMS NET 38 HOUSE SEATS — Democrats flipped 40 House seats and lost two; seven Senate seats changed hands, including Sherrod Brown in Ohio and James Talarico in Texas; 38 House races still uncalled as of Wednesday evening.
BUSINESS & YOUR MONEY
OIL PLUNGES 9% — Brent fell 8.7% to $94.62 and WTI 8.3% to $88.12 — the lowest since August — as traders bet the Democratic sweep hastens an end to the Iran war; gas averaged over $4 a gallon on Election Day, a first.
FUTURES MIXED AFTER THE RALLY — Dow futures +0.5%, S&P -0.11%, Nasdaq-100 -1% after Wednesday’s 3% Dow surge; Apple crossed $5 trillion; AppLovin +18% premarket on record results; Micron slides on AI-regulation fears.
BITCOIN BACK ABOVE $80,000 — BTC rebounded past $80K as stocks rallied; Democrats threaten subpoenas for the Trump family and Big Tech — “They are going to need to plant new forests for all of the subpoenas” — and the crypto CLARITY bill is “likely dead.”
QUICK HITS
NBC: DEMOCRATS PROJECTED AT 258 HOUSE SEATS
VANCE: “THE REASON WE LOST IS THE WAR”
VANCE BLAMES IRAN WAR AND ISRAEL TIES FOR THE DEFEAT
FEDERAL GOVERNMENT
WARSH’S TWO WORDS: “TIMELY RETURN” — The Fed held rates at 3.75%–4.00% with two dissenters wanting a hike; Warsh’s “timely return” of inflation to 2% has traders pricing a 75% chance of a December hike — and inflation has run above 2% for 67 months.
FED OFFICIALS: AT LEAST TWO MORE HIKES — Dallas Fed’s Logan says the FOMC “needs to implement at least two more 25-basis-point interest rate hikes”; Richmond’s Barkin says the path for hikes is “quite clear.”
HEGSETH DIGS IN AS DEMS PLAN PROBES — Hegseth says he’ll stay through Trump’s term; incoming Armed Services chair Adam Smith plans probes of military operations and Pentagon contracting — and Rep. Massie forces an impeachment vote the week of Nov. 9.
FED TO HOLD STRATEGY-ONLY MEETINGS — From late 2027, one FOMC meeting a year will be dedicated to strategy with no rate vote — two in 2028 — as the Fed’s tone stays “decidedly hawkish” and PCE ticks up again.
BUSINESS & YOUR MONEY
HOUSING FREEZE: BUYERS AND SELLERS BOTH HIT PAUSE — October contract signings fell 17% year over year, the steepest since March 2023; median list price $415,000; 30-year rates averaged 7.33% in October, peaking at 7.40% mid-month.
BUILDER SENTIMENT HITS A 14-YEAR LOW — The NAHB index fell to 29 in October, the lowest since June 2012; 43% of builders are cutting prices and nearly 1 in 7 home deals collapsed in September.
BANK OF ENGLAND SET TO HIKE FOR THE FIRST TIME IN 3 YEARS — The Bank is expected to lift rates 3.75% to 4% at noon London time, its first rise since August 2023, with UK inflation at 3.5% driven by Iran-war energy prices.
QUICK HITS
HAMPTON ROADS RENT GROWING TWICE AS FAST AS THE U.S. AVERAGE
HOME PRICES FALL WHILE RENTS RISE — FIRST TIME IN 3+ YEARS FOR BOTH
FED IN WAIT-AND-SEE MODE; TWO MORE HIKES PROJECTED BY END-2027
GEOPOLITICS
TWO MORE TANKERS ABLAZE IN HORMUZ — The IRGC says a tanker struck a mine and a supertanker caught fire in the strait, plus a tugboat that went to help — a day after claiming four tankers destroyed; the claims are unverified and no casualties were given.
RUSSIA HITS UKRAINE AGAIN AS ABU DHABI TALKS NEAR — Fresh strikes Thursday on a Kharkiv logistics hub, a Dnipropetrovsk power station and a Black Sea cargo vessel; trilateral talks open Nov. 10–11, and Melania Trump is set to bring Russian and Ukrainian envoys together at the White House today.
THE WINNERS OF THE U.S.-CHINA RIVALRY — China’s share of U.S. imports fell from 21.6% in 2017 to 9.0% in 2025 while Mexico gained ~$222B, Vietnam ~$147B and India ~$55B; Vietnam’s U.S.-bound exports nearly matched China’s in Jan.–Aug. 2026.
BUSINESS & YOUR MONEY
OIL’S 9% PLUNGE: WHAT IT MEANS FOR GAS PRICES — Oil fell more than 8% Wednesday as the midterm rebuke raised bets on an Iran-war exit; Trump now faces a choice between a negotiated exit and riskier escalation, with Qatar mediating and the UAE weighing a third pipeline bypassing Hormuz.
QUICK HITS
RUSSIA AND UKRAINE TRADE ENERGY-STRIKE CLAIMS AHEAD OF ABU DHABI
IRGC CLAIMS IT DOWNED TWO U.S. DRONES OVER HORMUZ
SPORTS
WEMBY’S MONSTER NIGHT: 52 POINTS, 24 BOARDS — A career-high 52 points and 24 rebounds — the first 50-20 night in Spurs history — plus 8 blocks, as San Antonio edges Dallas 112-111 for its sixth straight win.
DONCIC’S THIRD STRAIGHT 40 — Luka dropped 40 for the third straight game — his fifth 40-point night this season — and became the first player since Michael Jordan in 1988-89 to top 300 points in his first eight games.
TNF TONIGHT: JAGS AT RAVENS — Jacksonville, a 9-10 point road favorite after routing the Colts 42-7, visits Baltimore, where undrafted rookie Joe Fagnano makes his first NFL start with Lamar Jackson on IR. 8:15 PM ET, Prime Video.
KEMPE’S HAT TRICK POWERS KINGS PAST SHARKS 7-2 — Adrian Kempe’s fifth career hat trick leads a seven-goal night in San Jose; Artemi Panarin dished four assists on the night.
KLAY’S DAGGER AT THE BUZZER — Klay Thompson’s three with one second left in overtime caps a 17-point Heat comeback, 117-116 over the Clippers, who have now lost six straight.
TRAVEL
JAPAN’S NOVEMBER FESTIVALS — Arashiyama’s maple festival Nov. 7-8 with boat performances on the river, Tokyo’s lucky-rake market Nov. 7, and Hirosaki Castle’s autumn leaves lit at night through Nov. 8.
CHESTNUT WEEKEND ON THE RIVIERA — Chestnut festivals in Isola and Castagniers, music workshops in Tende and theatre in La Turbie — the Côte d’Azur’s November weekend, Nov. 7-8.
FRANCE THIS WEEKEND: POP CULTURE, JAZZ, TRUFFLES — HeroFestival fills Marseille’s Parc Chanot, D’Jazz Nevers opens, truffle dogs demo in Richebourg, and Charroux serves up 40 soups on Saturday night.
NEW JERSEY WEEKEND: MAC & CHEESE, WINGS, WINE — Jersey City’s Mac & Cheese Festival crawl, Cape May Restaurant Weekend, a free Día de los Muertos on the Asbury Park boardwalk and the Great Pumpkin Festival at Heaven Hill Farm.
FOOD
THE SIDES ARE THE STARS — Cajun dressing from Hebert’s, Mary Mac’s Southern sampler and Maine lobster mac & cheese — the sides everyone actually fights over, shipped nationwide for Nov. 26.
SUNSET’S NOVEMBER PLAYBOOK — Artichoke-parmesan sourdough stuffing, sweet potato-Gouda gratin, a Red Boat holiday turkey and crustless brown-sugar pumpkin pie.
LET A LEGEND COOK YOUR THANKSGIVING — Commander’s Palace Creole dinner, Feges BBQ’s “Whole Shebang” smoked turkey, a Cajun fried turkey — or skip the bird entirely with Peking duck.
STAFF RECIPES, FAMILY STORIES — Cheesy bacon Brussels sprouts casserole, mom’s broccoli casserole, stuffed acorn squash, deviled eggs and mom’s pumpkin pie — staff recipes with family stories attached.
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