The Nasdaq Composite is down more than 10% from its Oct. 6 record close of 27,599.89 — its second correction this year — after shedding more than $2.5 trillion in October, as investors rotate out of AI and chip stocks on fears a Democratic sweep means tighter regulation of the datacenter buildout.
REUTERS: AI DATA CENTER STOCKS SLIP AS DEMOCRATIC SWEEP CLOUDS EXPANSION PLANS (WIXX) | NASDAQ FALLS 3% AS INVESTORS CONTINUE POSTELECTION ROTATION OUT OF AI (AMERILEDGER)
ELECTIONS & CONGRESS
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.
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.
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.
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.
CHIP ROUT DEEPENS: QUALCOMM −9%, NVIDIA AND BROADCOM −5% — Qualcomm fell after an earnings beat on a weak smartphone-chip outlook; Nvidia and Broadcom fell 5%, AMD 9% and Tesla 9%, while AppLovin surged 32%.
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.
QUICK HITS
JEFFRIES POISED TO BECOME FIRST BLACK HOUSE SPEAKER
TEXAS SHIFT: TALARICO FIRST DEMOCRATIC SENATOR SINCE 1988, HINOJOSA FIRST LATINA GOVERNOR
JEFFRIES ANNOUNCES SPEAKER BID; LEADERSHIP ELECTIONS NOV. 18, NEEDS 218 FLOOR VOTES
FEDERAL GOVERNMENT
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%.
JOBLESS CLAIMS FALL TO 189,000; PRODUCTIVITY JUMPS 3.6% — Claims fell to 189,000; Challenger counted 43,994 cuts; productivity rose 3.6% while unit labor costs fell 0.7%; Microsoft is tightening oversight of Nebius and Iren datacenter projects.
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.
BUSINESS & YOUR MONEY
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.
OIL STEADIES AFTER 8% DROP AS IRAN DEAL ODDS CUT TO 10% — Brent Jan $96.15, up 1.6%, WTI Dec $88.83, up 0.8% at 6:30 AM ET; Eurasia Group puts renewed U.S. strikes at 60%, a deal at 10% and a standoff at 30%; escalation would push Brent to $110–125.
QUICK HITS
BANK OF ENGLAND RAISES RATES TO 4.00% AS STOCKS PRESSURED BY CHIP SLUMP
MARKETS SWING SHARPLY AS INVESTORS DIGEST MIDTERMS
QUALCOMM BEATS EARNINGS — AND STILL FALLS 10%
BINANCE SAYS HACKERS WERE INSIDE ITS SYSTEMS FOR MONTHS BEFORE $6 BILLION THEFT
GEOPOLITICS
U.S. STRUCK IRAN’S QESHM ISLAND, WALL STREET JOURNAL REPORTS — Defensive strikes on Nov. 2 as Iran used surface-to-air missiles against U.S. assets; Iran’s IRNA reported explosions on the island.
FRANCE FACES NEW PROTESTS AS MACRON SEEKS TO PREVENT REPEAT OF OCTOBER UNREST — Hundreds of thousands expected today, 70,000 police deployed, 220 demonstrations; nuclear output cut 2.4 GW; the presidential election is five months away.
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
OIL PLUMMETS FOR FOURTH STRAIGHT DAY — Brent $93.95, down 0.71%, WTI $87.13, down 1.12%; Wednesday’s settle was Brent $94.62, down 8.7%, and WTI $88.12, down 8.3%, the lowest since Aug. 31; EIA inventories fell 900,000 barrels.
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
YEMEN SAYS IRANIAN, HEZBOLLAH GENERALS DIRECTING HOUTHI OPERATIONS
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
NOVAYA GAZETA ANNOUNCES CLOSURE AFTER THREE DECADES UNDER STATE PRESSURE
SPORTS
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.
JAGUARS AT RAVENS: THURSDAY NIGHT FOOTBALL, 8:15 PM ET — Week 9 from M&T Bank Stadium: the 5–2 Jaguars visit the 4–4 Ravens on Prime Video.
WEMBANYAMA’S 52-24-8, DONCIC’S THIRD STRAIGHT 40 — Wembanyama’s 52 points, 24 rebounds and 8 blocks lifted the Spurs 112–111 over the Mavs, the first 50/20/5 since Bob McAdoo in 1974; Doncic scored 40 for a third straight game, 308 points through 8 games, the first since Jordan in 1988–89; Klay Thompson’s game-winner beat the Clippers 117–116 in OT, their seventh straight loss.
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.
DYSON DANIELS’ CAREER-HIGH 16 REBOUNDS AS HAWKS TOP WIZARDS — Daniels grabbed a career-high 16 rebounds with 8 assists in the Hawks’ 120–105 win; his steal streak ended at 24 games.
CUNHA INSPIRES UNITED COMEBACK AS PSG HIT SIX — Manchester United came back from 2–0 down to beat Roma 3–2, Cunha scoring in the 83rd and 86th minutes to end a nine-match winless run; PSG thrashed Villarreal 6–0, four goals in 17 minutes, a record for the fastest four.
TRAVEL
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.
11 BEST PLACES TO TRAVEL IN NOVEMBER — Kyoto’s maples, Chiang Mai’s Yi Peng lantern festival Nov. 23–25, Mexico City’s Day of the Dead, plus Dubai, Cape Town, Tenerife, Madeira and Vienna.
VENICE, BANGKOK AND WILLAMETTE VALLEY TOP NOVEMBER LIST — Venice’s Festa della Madonna della Salute on Nov. 21, Bangkok’s Loy Krathong on Nov. 25, Willamette Valley’s Wine Country Thanksgiving and Cape May’s birding season.
20 BEST CHRISTMAS MARKETS IN EUROPE AND THE U.S. — Nuremberg opens Nov. 27, Dresden Nov. 25, Strasbourg and Vienna mid-November, Prague Nov. 28 into January; in the U.S., Chicago’s Christkindlmarket opens Nov. 20 and Bethlehem’s Nov. 13.
FOOD
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.
THANKSGIVING SIDES, DESSERTS AND LEFTOVERS — Apple-feta salad, garlic-chili green beans and pumpkin cookies for the table; turkey shepherd’s pie and cranberry grilled cheese for the leftovers; Melissa Clark’s turkey thighs for two.
THANKSGIVING, REIMAGINED: TURKEY WELLINGTON AND PECAN PIE STICKY TOFFEE CAKE — Turkey breast rolled around cornbread stuffing in cheddar puff pastry, Boursin and Gruyère creamed spinach, and a pecan pie–sticky toffee pudding cake; serves six to eight.
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