Daily Brief · Wednesday, November 4, 2026

Daily Brief: Wednesday, Nov. 4, 2026

Democrats won control of both the House and Senate in Tuesday's midterms, the AP projects, stock futures reversed early losses to rise on the results, oil fell as markets weigh what the vote means for the Iran war, Russian strikes knocked out power and water in Kyiv, early returns show Washington voters keeping the millionaires tax, Colorado elected Phil Weiser governor and re-elected Sen. John Hickenlooper, and the 6-2 Broncos reshuffled their practice squad ahead of Sunday's game at Carolina.

World

Oil falls as Gulf governments and Iran weigh what the U.S. midterm results mean for the Iran war

Brent crude fell about 3% to roughly $100 a barrel Wednesday, Reuters reported, as traders bet the election could add momentum to U.S.-Iran peace efforts. Two sources told Reuters some Gulf governments think another full-scale assault on Iran is less likely after the midterms, while one analyst warned Tehran could read the result as weakness. The AP reported Iranian officials celebrated the outcome. A senior Iranian official told Reuters on Tuesday the two countries remain far from a deal, and Qatar is stepping up mediation.

Source: Reuters (opens in new tab)

Russian strikes cut power and water in Kyiv as U.S.-mediated talks are set for next week

Overnight attacks on critical infrastructure caused hourslong power and water outages across Kyiv and nearby regions, the AP reported, while rescuers in southern Ukraine kept searching for survivors of an earlier strike. Ukraine's Air Force said Russia launched 310 Shahed-type drones and that 272 were intercepted or disabled. U.S. envoy Steve Witkoff said the U.S. will host Ukrainian and Russian delegations in Abu Dhabi on Nov. 10-11 to discuss ending the war, Reuters reported.

Source: AP (opens in new tab)

U.S.

Democrats win control of the House and Senate, AP projects

Democrats flipped at least seven Senate seats, including Kansas, Iowa, Texas, Ohio, Maine, North Carolina and South Carolina, and held Georgia and Michigan, the AP reported. In the House they flipped more than two dozen districts to pass the 218-seat majority. The AP said voters cited frustration over high prices, the Iran war and government corruption. Reuters reported the result ushers in divided government for the rest of President Trump's term. Some House races are still being counted.

Source: AP (opens in new tab)

Money and tech

Stock futures reverse early losses and rise after Democrats' midterm sweep

Nasdaq-100 futures fell as much as 2.4% overnight on worries about tighter oversight of AI, crypto and other sectors, then turned higher, Reuters reported. By 6:24 a.m. ET, Dow futures were up about 1.4% and S&P 500 futures about 1%. Investors are betting divided government will limit sharp policy shifts, Reuters said. The dollar weakened and Treasury yields fell. Tesla shares were down about 5% premarket while other big tech stocks rose, according to Reuters via Yahoo Finance.

Source: Reuters (opens in new tab)

Washington State

Early returns show Washington voters keeping the millionaires tax

Initiative 645, which would repeal the new 9.9% tax on income over $1 million, was failing with about 58% voting no in initial returns, KOMO News and MyNorthwest reported. A no vote keeps the tax, which takes effect in 2028 with first payments due in 2029. The Olympian reported the next round of results posts Wednesday afternoon. Counties certify Nov. 24, and the state certifies by Dec. 3. Results for Initiatives 001 and 638 and other races are also still being counted.

Source: KOMO News (opens in new tab)

Colorado

Democrat Phil Weiser elected Colorado governor; Sen. John Hickenlooper re-elected

The AP called the governor's race for Attorney General Phil Weiser as polls closed, and Republican Victor Marx conceded after 9 p.m., the Denver Gazette reported. Weiser had about 61% of the vote in state returns, and Hickenlooper led Republican Mark Baisley about 60% to 36%. Rocky Mountain Voice, citing Secretary of State data, reported three congressional races were still too close to call and that most constitutional amendments were failing on current returns. Certification is due Nov. 30.

Source: Denver Gazette (opens in new tab)

Denver Broncos

Broncos add running back Jaret Patterson to practice squad as rookie Jonah Coleman's role grows

Denver made five practice-squad moves Tuesday, adding RB Jaret Patterson, DB Ugo Amadi and DT Jordan Miller and releasing WRs Cam Ross and Eli Pancol, USA Today's Broncos Wire reported. ESPN and Yahoo Sports report rookie Jonah Coleman is emerging as the lead back after his performance in the win over Kansas City. Broncos Wire lists nine players on injured reserve, including RBs RJ Harvey and Tyler Badie. The 6-2 Broncos play at Carolina on Nov. 8.

Source: Broncos Wire (USA Today) (opens in new tab)

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