Democrats score key electoral wins, including the race for New York City’s mayor, and gubernatorial elections in New Jersey and Virginia. Democrats took advantage of party-out-of-power tailwinds to also pass new congressional district boundaries in California to boost the party’s electoral odds in the House in 2026. The results of last night’s elections exceeded polling expectations in the New Jersey and Virigina.

US Transportation Secretary Sean Duffy said his department may have to close certain parts of the country’s airspace next week if the government shutdown continues. “With this shutdown, it would be dishonest to say that more risk is not injected into the system. There is more risk in the system.”

Ford, Hyundai report large declines in October electric vehicle sales after end of federal credits. “While the expiration of the federal tax credit impacted EV sales in the month of October, we still saw strong demand leading up to that change, and we remain confident that the market is going to reset,” Hyundai Motor North America CEO Randy Parker told CNBC.

Bitcoin briefly fell under the $100,000 mark for the first time since June before rebounding. “Bitcoin and the broader crypto market is exhausted,” Haonan Li, founder of Ethereum-based stablecoin platform Codex, told CNBC.

Nearly half of US imports are subject to tariffs. The legality of most of the new tariffs is under review at the Supreme Court, which today begins hearing a case that challenges President Trump’s use of an emergency powers law to impose the levies.

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