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• ☕️What Else is Brewing Wednesday Morning
  Mamdani will be NYC’s next mayor after big night for Democrats. The...
  Mamdani will be NYC’s next mayor after big night for Democrats. The Associated Press called the race for Zohran Mamdani, a self-described democratic socialist, at 9:34pm ET. The 34-year-old received 50.4% of the votes with 91% of ballots counted, beating former NY Gov. Andrew Cuomo (who ran as an independent), who received 41.6% of the vote, and Republican Curtis Sliwa, who received 7.1% When sworn in on Jan. 1, Mamdani will become the city’s first Muslim mayor. He’ll also be the first person of South Asian descent to lead the city. Democrats won the other major contests around the country, including for the governorships of Virginia and New Jersey. In California, the Proposition 50 redistricting measure, put forward in response to Texas’s mid-cycle redistricting, passed handily.
  
  A UPS cargo plane crashed shortly after takeoff from Louisville Muhammad Ali International Airport in Kentucky and hit nearby businesses. At least seven people have died, including the plane’s three crew members, and numerous people at the businesses remained unaccounted for overnight.
  
  The White House confirmed it is “fully complying” with a court order to partially fund SNAP payments during the government shutdown after President Trump threatened to withhold the funding yesterday.
  
  Apple is preparing to offer a low-cost laptop for “well under $1,000” for the first time, Bloomberg reported.
  
  Stellantis recalled 320,000 hybrid Jeep vehicles after discovering a battery issue that can cause fires.
  
  IBM announced it will cut thousands of roles as it shifts focus to software growth.
  
  Starbucks said it is selling 60% of its business in China to the private equity firm Boyu Capital for $4 billion.
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• DAILY OIL PRICE: November 4, 2025
  Crude Oil: 60.56   (-0.49). Nymex MTD AVG: 60.8925....
  
  
  • Crude Oil: 60.56   (-0.49).
  
  
  • Nymex MTD AVG: 60.8925.
  
  
  • Natural Gas: 4.343   (+0.077).
  
  
  • Gasoline: 1.9228   (+0.0067).
  
  
  • Spreads: December/January (+0.25)     January/February (+0.22).
  
  
  • Plains WTI Posting: 57.04   (-0.49).
  
  

  
  Source: Odessa American
  
  
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• S&P 500 and Nasdaq book worst day in over 3 weeks as tech stocks skid
  U.S. stocks fell sharply on Tuesday, with the S&P...

  U.S. stocks fell sharply on Tuesday, with the S&P 500 and Nasdaq Composite indexes both logging their biggest daily declines in more than three weeks.

  
  

  A look under the surface, however, showed that more speculative parts of the market, including crypto, were hit particularly hard by selling pressures.

  
  

  The S&P 500 fell 80.42 points, or 1.2%, closing at 6,771.55.

  
  

  The Nasdaq Composite ended 2% lower, shedding 486.09 points at 23,348.64.

  
  

  The Dow Jones Industrial Average finished 251.44 points lower, or 0.5%, at 47,085.24.

  
  

  Bitcoin was down about 5.6%, after briefly dipping below the $100,000 mark earlier in the day.

  
  

  It was the biggest daily percentage drop for the S&P 500 and Nasdaq since Oct. 10, according to Dow Jones Market Data.

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• Viper Energy to Sell Non-Permian Assets for $670MM
  Viper Energy has...

  Viper Energy has entered into a definitive agreement to sell its non-Permian Basin assets for $670 million to an affiliate of GRP Energy Capital and Warwick Capital Partners.

  
  

  The divestiture is expected to close during the first quarter with an effective date of Sept. 1, 2025. The full-year average daily production from the assets is between 9,000 boe/d and 10,000 boe/d, the company said in a third-quarter performance news release on Nov. 3.

  
  

  Viper, a subsidiary of the dominant Permian pureplay Diamondback Energy, will continue to allocate most of its available cash available for distribution via its base-plus-variable dividend. But share buybacks will also be part of the firm’s shareholder return calculus, said Van’t Hof, “given the current market dislocation.”

  
  

  During the third quarter, Viper’s growth strategy was bolstered by its closing of the $4.1 billion acquisition of Sitio Royalties. The pro forma production guidance implies an increase in oil close to 20% per share compared to the fourth quarter of 2024.

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• OpenAI and Amazon made a $38 billion cloud deal
  The seven-year deal marks the ...
  The seven-year deal marks the first partnership between the two tech giants. OpenAI bought $38 billion worth of capacity from Amazon Web Services, allowing it to access hundreds of thousands of Nvidia’s graphics processing units at Amazon’s data centers. The companies inked the deal less than a week after OpenAI revised its agreement with Microsoft to let OpenAI get more computing resources without first offering the business to Microsoft. It’s much smaller than OpenAI’s $250 billion cloud deal with Microsoft and its $300 billion deal with Oracle, but it still represents a significant new relationship.
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