Oil prices are in freefall now that the Democratic sweep is ‘rewriting the Iran playbook’

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• What Trump losing power over Congress means for Iran, Ukraine and foreign policy

  According to CNBC experts, with Democrats taking control of Congress, President Donald Trump could focus more on foreign policy in his final two years in office, while facing closer scrutiny over the wars in Iran and Ukraine. The Associated Press projects Democrats will win a Senate majority and have also taken control of the House, giving them more scope to scrutinize the administration and challenge Trump's foreign-policy agenda. Laurel Rapp of Chatham House said Democrats could use the 'power of the purse' to limit spending on U.S. military and Iran-related costs, but making such restrictions binding over a presidential veto would require enough votes to override it. J.C. Lintzenich of the German Marshall Fund said the president is not a 'lame duck' since he still holds considerable foreign-policy authority, while Congress is expected to provide more oversight, including on Ukraine funding required by law.

  CNBC·04/11, 08:10▲ XAU/USD• DXYgeopoliticsDonald TrumpDemocratic Party
• Trump is going to get 'trounced' in the midterms — and knows it, Anthony Scaramucci tells CNBC

  Former White House communications director Anthony Scaramucci told CNBC that President Donald Trump will get 'trounced' in Tuesday's midterm elections and knows it. CNBC's All-America Economic Survey showed Trump's economic approval hit an all-time low last month, with 65% of respondents disapproving of his handling of the economy. Scaramucci said Trump has not delivered on promises of affordability, an end to 'forever wars' and transparency on the Epstein files, which he argued is pushing some within MAGA to break from him. Prediction markets price roughly a three-in-four chance that Democrats win Senate control, and Scaramucci expects a 'civil war' within the Republican Party. On Iran, he was 'bearish' about a diplomatic breakthrough after the vote, citing no alignment between Iran, Israel and the United States.

  CNBC·03/11, 09:42• SPYmidterm electionsDonald Trumpcost of living
• US stance on Ukraine and Iran could reverse if President Trump's party loses midterm elections

  Independent analysts say the Democrats have a strong chance to win the House and possibly the Senate in the November 3 midterm elections, ending two years of Republican control of Congress. A Democratic-led Congress could cut defense spending to force Trump to seek lawmakers' approval before continuing the Iran war he launched on February 28 without authorization, and could require officials to testify publicly. It could pass new Ukraine aid packages with the two-thirds majority needed to override a veto, after Trump largely suspended direct US aid and lifted sanctions on Russian diesel. Support for Israel has fallen among Democrats, with nearly half of House Democrats voting this summer to cut aid, which totaled $3.8 billion in the latest fiscal year, more than any other country. Democrats have also blocked Trump's proposed 67% increase in military spending to $1,500 billion in the Senate, and want to restore billions in foreign aid that the president has withheld or canceled.

  CafeF·26/10, 00:26▼ PAXG/USDT▼ XAUT/USDT▼ XAU/USDmidterm electionsDonald TrumpIran
• Dow scores its best day in 18 months in a broad relief rally after Democrats sweep to power in Congress

  Stocks surged, oil prices plunged and bond yields fell on Wednesday. The move was attributed to optimism that the Iran war could end sooner now that Democrats have won control of Congress.

  MarketWatch·04/11, 21:29Dow Jonesoil pricesmidterm elections
• Bitcoin hits $80.5K as US stocks rally on midterm election results

  Bitcoin climbed toward $80,500 at the start of Wall Street trading as US stocks rallied after the Democratic sweep in the midterm elections, in which Democrats flipped seven Senate seats and 25 House seats. S&P 500 futures rebounded from a three-month low of 7,490 points to 7,690 points, which The Kobeissi Letter called a “textbook bear trap.” WTI crude fell below $93 per barrel, down as much as 11.9% for the week, as hopes grew for an end to the US-Iran war. CoinShares head of research James Butterfill said a wider Bitcoin “relief rally” could follow as election uncertainty fades, but real yields, dollar liquidity and ETP flows still matter more than the elections. Trump conceded the Iran conflict partly caused Republican election losses, and Iran’s parliament speaker said voters had said “NO TO WAR.”

  Cointelegraph·04/11, 15:29▲ BTC/USDT▲ SPYbitcoinoil pricesmidterm elections
• Americans have said 'NO TO WAR,' Iran speaker says as Democrats take Congress

  Iran's parliament speaker Mohammad Bagher Ghalibaf wrote on X that Americans had said "NO TO WAR" as midterm projections showed Democrats winning majorities in both the House and Senate for the next two years, warning that a government ignoring public will would learn Iran's "NO" comes with a nightmare. The Iran war, which began when Trump launched joint strikes with Israel in February, has been a central midterm issue, pushing up U.S. energy prices and raising cost-of-living concerns. Trump told the Wall Street Journal that Iran "was a piece of it" in the Republican losses but maintained that prosecuting the war was the right decision. Per The Wall Street Journal and The New York Times, Washington is reportedly preparing for possible renewed military action after the midterms, and Democrats may be able to pass a binding War Powers Resolution, whereas a June concurrent resolution was non-binding and lacks the force of law.

  CNBC·04/11, 06:45• XAU/USDIrangeopoliticsoil prices

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• Erdene Announces Q3 2026 Results

  Erdene reported operating and financial results for Q3 and the nine months ended September 30, 2026. The Bayan Khundii Gold Mine, operated by joint venture Erdene Mongol LLC with Mongolian Mining Corporation, produced and sold 11,853 ounces of gold for US$51M in gross revenue, and the company recorded net income of $9.6 million for the quarter; the joint venture repaid US$30 million of project debt. A 16,500 metre drill program was launched across the Khundii Minerals District to test gold, copper and molybdenum targets, and after quarter end the preliminary economic assessment for the Zuun Mod molybdenum-copper project was delivered. The PEA reports an after-tax NPV8% of US$745 million and 16.1% IRR at long-term prices of US$25.00/lb molybdenum and US$5.00/lb copper, with a 34-year mine life.

  Yahoo Finance·04/11, 22:15goldminingearnings
• Cramer: What must happen for Home Depot to keep its 25% monthlong rally going

  Home Depot shares rose 6.5% on Wednesday, turning the stock positive year to date, as housing stocks rallied on hopes that the Democratic sweep could ease affordability pressures. The stock has gained more than 25% since the 10-year Treasury yield hit a two-decade high above 5.3% on Oct. 5, and is on pace for five straight positive weeks. The 30-year fixed mortgage rate rose to 7.5% in the week of Oct. 14, a level that has kept a lid on housing activity. The author says the rally needs lower rates or a stronger do-it-yourself market to continue, and Jim Cramer believes the election could bring tariff relief.

  CNBC·04/11, 22:13Home Depothousinginterest rates
• Stock Market Today, Nov. 4: Amazon Jumps 6% From New Perspective on AWS Growth and AI Strategy Following Election Results

  Amazon (AMZN) rose 6.12% to close at $266.03 after investors reassessed last week's earnings report following the midterm elections. Trading volume reached 92.8 million shares, about 142% above the three-month average of 38.3 million shares. Goldman Sachs said the election results are unlikely to change the federal outlook for data centers, but Democratic wins at the state and local levels could lead to short-term data center moratoria affecting about 45% of planned U.S. data center capacity expansion. The article argues that these restrictions could push more business toward large hyperscalers like Amazon, and AWS sales grew 39% to $46 billion in the third quarter.

  Yahoo Finance·04/11, 22:13▲ AMZNAMZNcloud computingdata centers
• Snap Stock Falls on Earnings. Its Smart Glasses Offer No Quick Fix.

  Snap reported revenue of $1.72 billion, below analyst estimates of $1.73 billion. The results prompted a sharp drop in the share price.

  Yahoo Finance·04/11, 22:11Snapearningssmart glasses
• Stock Market Today, Nov. 4: Dow Surges 3% in Biggest Post-Midterm Rally in 44 Years

  The Dow Jones Industrial Average rose 3.03% to 53,356, its best post-midterm performance in 44 years, while the S&P 500 gained 1.59% to 7,689 and the Nasdaq Composite rose 1.44% to 25,737 as election uncertainty faded. Gold climbed 3.38% to $4,073.70, and the 10-year Treasury yield fell about 6 basis points to 4.89%. McDonald's rose 6.53% after upbeat quarterly earnings, while Trump Media & Technology Group (DJT) plunged nearly 17% following the midterm results. The article notes that stocks have often performed well after midterm elections, and a divided Congress could limit major changes to fiscal and regulatory policy. Still, persistent inflation, concerns over AI infrastructure spending, and uncertainty about Federal Reserve policy remain important risks.

  Yahoo Finance·04/11, 22:10▲ SPY▲ QQQSPYQQQDow Jones
• B2Gold Reports Q3 2026 Results - Lowers Annual All-In Sustaining Cost Guidance and Remains On-Track to Achieve Production Guidance

  B2Gold reported Q3 2026 revenue of $836 million from 195,018 ounces of gold sold at an average realized price of $4,289 per ounce, with production of 193,321 ounces. Operating cash flow was $239 million and free cash flow was $48 million, the first quarter after the prepaid gold sales contracts were completed in June 2026. All-in sustaining costs (AISC) came to $2,602 per ounce, and the company lowered its 2026 AISC guidance to $2,230–$2,410 per ounce from $2,370–$2,550 per ounce. EPS was $0.31 and adjusted EPS was $0.14, with EPS including a $253 million impairment reversal for Fekola; the company returned $59 million to shareholders through dividends and buybacks. The article also notes that the Menankoto exploitation permit was granted by Mali and that the company remains on track to meet its full-year 2026 production guidance.

  Yahoo Finance·04/11, 22:06B2Goldgoldmining