The Nasdaq Composite fell 5.5% to 24,315 — more than 10% below its Oct. 6 record close of 27,599.89 — its second correction this year and its worst day since April 2025. The S&P 500 fell 4.3%, the Dow lost 1,833 points, and the chip index plunged 12.25% as investors priced in tighter scrutiny of the data-center buildout under the new Democratic Congress; Nvidia fell about 9%, AMD roughly 15%, Micron about 17% and Tesla more than 10%.
STOCKS ERASE POST-ELECTION RALLY AS NASDAQ DROPS 5% (AP, VIA ARTVOICE) | REUTERS: NASDAQ SET TO CONFIRM CORRECTION AS AI SPENDING WORRIES MOUNT (KWSN)
ELECTIONS & CONGRESS
JEFFRIES RULES OUT IMPEACHMENT, WILL GOVERN ON AFFORDABILITY — “The American people don’t want us to get even; they want us to get things done,” he said on Morning Joe; his 100-day agenda: reverse the Medicaid cuts, restore SNAP, extend the ACA credits and end the Iran war.
DEMOCRATS MAKE AI AND BIG TECH SCRUTINY A TOP PRIORITY — Casar says AI-company CEOs “should be called to testify under oath”; Garcia warns the industry to “lawyer up”; Markey says tech executives will need “new forests” for the subpoenas; the names in the frame include Musk, Zuckerberg, Huang, Altman and Amodei.
JEFFRIES LAUNCHES SPEAKER BID, VOWS TO “ERADICATE” TRUMP TARIFFS — His 100-day agenda: reverse Medicaid cuts, restore SNAP, extend ACA credits and stop the Iran war; Johnson won’t seek minority leader while Scalise and Jordan want the job; Democrats on track for at least 255 House seats.
TEXAS GOES BLUE: TALARICO, HINOJOSA WIN STATEWIDE — Talarico beat Paxton 55–43 and Hinojosa beat Abbott 53–46, the first Democratic statewide win in Texas since 1994; Musk spent $205 million-plus backing Republicans.
425,000 SIGN PETITION AGAINST JEFFRIES SPEAKER BID — The Change.org petition, launched in September by Nicole Whitted, has drawn 425,000-plus verified signatures; it is labeled a paid partnership / Change Ambassador campaign.
DEMOCRATS SWEEP CONGRESS, PREPARE TO CHALLENGE TRUMP — Democrats prepare to wield their new House and Senate majorities against Trump, and the report notes Congress faces a funding deadline next month.
BUSINESS & YOUR MONEY
BINANCE HACK: FAKE JOB INTERVIEW LED TO $6.3 BILLION THEFT — North Korea’s TraderTraitor campaign began in June, using a fake job interview and a tampered AI coding tool; $2.85 billion has been frozen.
DOORDASH BUYS INSTACART’S AD BUSINESS FOR $17 BILLION — Instacart’s ad business did $297 million in Q2, 28.5% of its revenue — the ad engine DoorDash couldn’t build itself.
CRYPTO LEVERAGE WIPED OUT: $1 BILLION IN BETS LIQUIDATED — Thursday’s crypto selloff flushed more than $1 billion in leveraged derivatives positions in 24 hours, per CoinGlass; Bitcoin fell below $76,000, down 5.2% on the day, while gold caught the safe-haven bid at $4,094 an ounce.
QUICK HITS
JEFFRIES POISED TO BECOME FIRST BLACK HOUSE SPEAKER
JEFFRIES ANNOUNCES SPEAKER BID; LEADERSHIP ELECTIONS NOV. 18, NEEDS 218 FLOOR VOTES
TEXAS SHIFT: TALARICO FIRST DEMOCRATIC SENATOR SINCE 1988, HINOJOSA FIRST LATINA GOVERNOR
JEFFRIES POISED TO BE FIRST BLACK SPEAKER AFTER DEMOCRATS WIN HOUSE MAJORITY
FEDERAL GOVERNMENT
VANCE: “THE REASON WE LOST IS THE WAR” — The vice president blamed the Iran war for the midterm wipeout and asked whether it was worth “losing the Senate for the next six years”; Trump called the assessment “largely true” but said “I did the right thing… I would have done it again.”
SENATE VOTES 99–0 TO SUSPEND SENATORS’ PAY DURING FUTURE SHUTDOWNS — Unanimous procedural voice vote on Kennedy’s bill, effective after the November 2026 midterms.
CONSUMER SENTIMENT NEAR 3½-YEAR LOW AS JOB CUTS SPIKE — Michigan’s November sentiment fell to 50.3, down 3.3 versus 53.0 expected; Fed Vice Chair Jefferson says “proceed slowly” on cuts; Challenger job cuts were the most in any October in 20-plus years; 1-year inflation expectations 4.7%.
HUD MIXED-STATUS RULE NEARS FINALIZATION, THREATENING TO SEPARATE FAMILIES — About 20,000 mixed-status families, some 80,000 people including 37,000 children, would be affected; 16,000-plus comments were filed by May 2026; the rule is not finalized as of November 2026.
COURT BLOCKS IMMIGRATION STRINGS ON PUBLIC SAFETY GRANTS — A Rhode Island federal judge permanently barred the administration from tying public safety grants to immigration-enforcement cooperation; the 22-state coalition’s win protects over $1.3 billion in Victims of Crime Act funds.
BUSINESS & YOUR MONEY
CVS TO BREAK UP $117 BILLION BUSINESS; SHARES FALL 12.5% — CVS will split its 9,000 pharmacies from Aetna and Caremark by the first half of 2028, unwinding the $78 billion Aetna deal; shares fell to $79.96, wiping out nearly $15 billion in value, as analysts read the split as a defensive move against regulation.
DECEMBER FED HIKE ODDS FALL BELOW 70% AS SELLOFF BITES — CME FedWatch now puts a December rate hike at 69%, down from 95% in late September, as traders hedge against the crash; Friday’s jobs report and next week’s inflation data may give the Fed room to hold instead.
RENTERS IN TROUBLE: 22.7 MILLION HOUSEHOLDS COST-BURDENED — Harvard’s 2026 rental housing report: 22.7 million cost-burdened renter households in 2024, 12.1 million severe; the median renter spent 31% of income; households under $30,000 had $210 a month left after rent and utilities.
PHILADELPHIA RENTERS WIN $141,891 SETTLEMENT — Odin Properties’ Bentley Manor tenants get an average refund of about $1,200 in the class-action settlement.
QUICK HITS
BANK OF ENGLAND RAISES RATES TO 4.00% AS STOCKS PRESSURED BY CHIP SLUMP
MARKETS SWING SHARPLY AS INVESTORS DIGEST MIDTERMS
BINANCE SAYS HACKERS WERE INSIDE ITS SYSTEMS FOR MONTHS BEFORE $6 BILLION THEFT
TECH SELLOFF: SOXX DOWN 23% IN A MONTH AS ROTATION BITES
NASDAQ FALLS INTO CORRECTION AS MIDTERM RESULTS SPOOK CHIP STOCKS
GEOPOLITICS
IRAN SAYS IT ATTACKED U.S. NAVY SHIPS; CENTCOM SAYS IT INTERCEPTED THE ATTACKS — Iran says it fired ballistic and antiship cruise missiles at U.S. Navy ships after U.S. forces targeted an Iranian tanker; CENTCOM says it intercepted “unprovoked” attacks, no U.S. assets were struck, and it “does not seek escalation.”
FRANCE: 575,000 MARCH IN BIGGEST PROTEST DAY IN YEARS — Hundreds of thousands marched largely peacefully in the biggest single protest day since September’s unrest began; 53 officers injured, 448 arrested, the Eiffel Tower shut, with a presidential race five months out.
PARAGUAY PRESIDENT RESIGNS — THEN IS IMPEACHED 78–0 — Santiago Peña quit hours after the collapse of Ueno Bank froze millions of savers’ accounts; the lower house impeached him minutes later, and Vice President Pedro Alliana is set to take over.
RUSSIA’S NOVAYA GAZETA TO CLOSE NOV. 9 AFTER THREE DECADES — Evicted from its Moscow headquarters, its donation system cut and its staff designated foreign agents in September; founded in 1993, its European edition continues from Latvia.
HONG KONG ACTIVIST JOSHUA WONG GETS 10 YEARS — Ten years for collusion with foreign forces after a guilty plea in September; he is already serving 4 years 8 months and was due for release in January 2027; Jimmy Lai was jailed for 20 years in February.
BUSINESS & YOUR MONEY
ARAMCO PROFIT UP 9% TO $31.2 BILLION — Q3 adjusted net income of $31.2 billion beat the $28.7 billion estimate; a $21.9 billion dividend; oil sold at $95.20 a barrel versus $70.10 a year ago; downstream earnings topped $10 billion, a record.
QUICK HITS
EXPLAINER: WHAT’S BEHIND THE FRANCE PROTESTS — AND WHAT COMES NEXT
HOUTHIS USING CLAUDE AI TO BUILD GUIDED WEAPONS
HOUTHIS NOW BUILD THEIR OWN WAR MACHINE, RAISING GLOBAL CONCERNS
SPORTS
KNICKS ROUT BULLS 135–105 AS BRUNSON DROPS 33 — Jalen Brunson led all scorers with 33 in a 30-point rout at the Garden; Dalton Knecht debuted for New York with 10 points in 16 minutes off the bench.
NO. 1 MIAMI AT NO. 4 NOTRE DAME: THE GAME OF THE YEAR — The undefeated Hurricanes (8-0) visit South Bend on Saturday at 7:30 p.m. on NBC, with Heisman front-runner Darian Mensah facing the nation’s top-ranked defense; Miami is the underdog even as the No. 1 team in the country.
UNDRAFTED ROOKIE FAGNANO GETS FIRST NFL START TONIGHT — UConn’s Joe Fagnano, a 0-star recruit, starts with Lamar Jackson and Tyler Huntley out; in 2025 he threw for 3,462 yards, 28 TDs and 1 INT as a Heisman candidate and led the preseason with 509 passing yards.
COMO’S NINE-GOAL ROUT ENTERS CHAMPIONS LEAGUE RECORD BOOKS — Only the second team ever to score nine in a Champions League match; Douvikas hit a hat-trick under Fabregas, the first nine-goal away win since Feyenoord’s 9–0 at Olympiacos in September 1971.
WEMBANYAMA’S 52-24-8 LIFTS SPURS PAST MAVS 112–111 — Victor Wembanyama’s 52 points, 24 rebounds and 8 blocks — the first 50/20/5 game since Bob McAdoo in 1974 — edged Dallas by a point on two late free throws.
TRAVEL
THANKSGIVING WEEK IN THE SMOKIES: LIGHTS, TREES AND A LAST DRIVE UP KUWOHI — Gatlinburg’s Festival of Trees opens the day before Thanksgiving, Winterfest lights glow in all three towns, and Nov. 29 is the last scheduled day to drive up to Kuwohi and Roaring Fork before they close for the season.
SWITZERLAND IN NOVEMBER: QUIETEST MONTH, LOWEST PRICES, MARKETS FROM NOV. 19 — November is Switzerland’s quietest month, with the lowest hotel prices of the year — and from Nov. 19 the first Christmas markets open in Zurich, Geneva and Bern, plus Bern’s onion market on Nov. 23.
THANKSGIVING IN ITALY: MARKETS OPEN, CROWDS GONE — Thanksgiving is a normal working day in Italy, so shops and museums keep usual hours while the Alpine Christmas markets open — Trento from Nov. 20, Bolzano and Merano on Thanksgiving Day itself — and truffle season runs in Piedmont and Tuscany.
THANKSGIVING TRAVEL: FLY ON THE DAY, AVOID THE SUNDAY — Thanksgiving Day itself is usually the calmest and cheapest day to fly, while the Sunday after (Nov. 29) is the peak return — last year TSA screened a record 3,133,924 people that Sunday.
NOVEMBER’S BEST TRIPS: DIWALI, KYOTO MAPLES, THE 100TH MACY’S PARADE — Diwali in Jaipur on Nov. 8, Vienna’s Christmas market from Nov. 13, Kiyomizu-dera’s night viewing in Kyoto from Nov. 21 and New York’s 100th Thanksgiving parade on Nov. 26.
FOOD
VIRAL CROCKPOT TURKEY SAVES TIME, MONEY — AND TASTES RIDICULOUSLY DELICIOUS — Allrecipes’ Nicole McLaughlin’s boneless turkey breast, cooked low and slow in a liquid that becomes gravy, has taken over TikTok for smaller Thanksgiving gatherings: juicy, budget-friendly and almost no work.
THE BIG DILL TURKEY: REYNOLDS’ PICKLE TURKEY TURNS 10 — The annual Trending Turkey celebrates its 10th year with a briny take on the holiday bird — brined overnight in pickle juice, with dill pickle butter and pickle-infused gravy — riding 2026’s pickle craze.
VIRAL TIKTOK SHEET PAN THANKSGIVING: THE WHOLE DINNER IN 75 MINUTES — A bone-in turkey breast, sweet potatoes and brussels sprouts on two sheet pans, done in about 75 minutes — the method thousands in the comments say made them swear off the whole-bird marathon for good.
INA GARTEN’S 19 BEST THANKSGIVING RECIPES — The Barefoot Contessa’s updated roundup for Thanksgiving, Nov. 26: make-ahead roast turkey, Tuscan turkey roulade and bourbon chocolate pecan pie.
GORDON RAMSAY’S HELL’S KITCHEN LONDON SERVES THANKSGIVING FOR £75 — A three-course Thanksgiving menu at the Cumberland Hotel, Marble Arch, on Thursday, Nov. 26: slow-roasted Norfolk turkey with all the trimmings and bourbon pecan pie.
THE AI ROUT MEETS THE AI BACKLASH — WHAT THE CLOSE SAYS NOW — The close turned the morning’s warning into the year’s worst session: the Nasdaq fell 5.5% to 24,315, in correction, QQQ fell 6.5% and the chip index 12.25%. The new majority’s message, in its own words, is subpoenas first — Casar wants CEOs “under oath,” Garcia says “lawyer up,” Markey promises forests of subpoenas — and the crypto CLARITY bill is being called “likely dead.” The growth math has not changed since this morning: Furman’s 92% of H1 2025 growth (gross), the St. Louis Fed’s 30% in Q2 and 11% in Q3, J.P. Morgan’s one-fifth net of imports — and the collision is now priced daily, with the debt at $40,550,230,047,609 as of Nov. 4, up $2.8 billion in a day. The counter-reading stands: a correction is not a capex cancellation, and AMD’s chief executive says she sees no slowdown in AI chip demand.
CVS TO SPLIT IN TWO — THE HEALTH-CARE CONGLOMERATE UNWINDS — CVS will separate its 9,000 pharmacies from Aetna and Caremark by mid-2028, unwinding the $78 billion Aetna deal; shares fell 12.5%, nearly $15 billion of value gone, with analysts reading the split as a defensive move against regulation — the same vertical-integration scrutiny behind the Warren-Hawley Break Up Big Medicine Act. The thread to watch: whether the new Congress turns that scrutiny into law.
COURT BLOCKS IMMIGRATION STRINGS ON $1.3 BILLION IN SAFETY GRANTS — A Rhode Island judge permanently barred the Justice Department from conditioning public safety grants on immigration-enforcement cooperation, in a suit by 22 states and Pennsylvania — a reminder that the immigration fight now runs through the courts as much as Congress, and that the new majority inherits a docket of rulings, not a blank page.
THE DEBT PRINTED HIGHER AGAIN — $40.55 TRILLION — Treasury’s Debt to the Penny: $40,550,230,047,609 as of Wednesday, Nov. 4, up $2,826,476,624 in a single day. Every promise in the incoming majority’s 100-day agenda — ACA credits, Medicaid, SNAP — lands on top of a balance that grows by billions a day; today’s selloff is a reminder that the market charges for the risk.
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