Nasdaq correction, midterm pressure, Russell Brand verdict (Updated)

Hi, I'm Kim Vinnell in Whanganui, New Zealand. And I'm Christopher Waljasper in Chicago. It's Thursday, November 5th. Today, the NASDAQ plunges into correction territory on fears of Democrats regulating AI. President Trump faces pressure from within his own party as Republicans digest their midterm defeat. The two oldest and most conservative Supreme Court justices are in the spotlight. With the GOP doing the math on their next chance to confirm nominees. And comedian Russell Brand is found guilty of rape and sexual assaults. This is Reuters World News, bringing you everything you need to know from the front lines in 10 minutes, 7 days a week. The NASDAQ is sinking into correction. As investors digest what the midterm results might mean for AI. A broad-based sell-off saw stocks tumble as investors move away from some of the most popular AI trades. The NASDAQ 100 is set to erase more than $2 trillion in market value if the losses hold. Here's Reuters Econ World host Carmel Crimmins with Reuters economics and financial editor Dan Burns. What are the economic implications? From this US electoral backlash against Donald Trump. There's potential upside scenarios and downside scenarios. On the upside, some people are making the argument this morning that it could, particularly some of the gubernatorial race outcomes, Ohio, Texas, Georgia, in particular, may slow the frenzied investment in AI and data centers to a point where it helps make the take some of the inflationary pressure off the market. What do you make of this? pressure that that's been contributing to the economy out and, uh, and, and allows, uh, for, for a bit of a cooling of inflation, uh, on the downside, it does raise the risk of, you know, some, some real showdowns between Congress and the white house over, you know, spending over budgets. And we could see a number of potential government shutdowns over the next couple of years if they're unable to make timely deals. The full Reuters Econ World episode, all about the impact of the midterms on the economy, will be out later today. You can catch that and Morning Bid wherever you get your podcasts. Reuters has learned Republican allies and strategists are calling for Trump to shake up White House personnel, restore discipline and scrap policies they blame for the results, including Trump's tariffs and the Iran war. But the president says as far as Iran is concerned, he had no choice. If I had to do it again, I'd have to do it again because long term, it's the only answer. You can't let Iran have a nuclear weapon. Trump is also standing by Defense Secretary Pete Hegseth, despite growing questions over his future, with sources saying Hegseth could be replaced as Republicans assess their election drubbing and the role the war played. So what might we expect from Trump on foreign policy with a Democrat-controlled Congress? Here's foreign policy editor Don Durfee. So the real question that I think a lot of Americans are thinking about now is, will Trump, after getting this rebuke from U.S. voters, decide that he wants to take a more mild, more humble approach to foreign policy, especially around Iran? Or is he going to feel that he's essentially unconstrained by electoral considerations and perhaps take an even more aggressive approach? Nobody knows the answer to that question. He has on some days hinted that he will renew his combat operations on Iran. And other times he says he doesn't really need to. But it is Trump and he had an enormously consequential foreign policy in the first two years of his second term. And so if passed as prologue, I think we could expect some continued action in the Middle East. President Trump has already shown an aggressive use of executive authority. And Don says he may rely on unilateral action even more. It's really important to remember that in the U.S. system, the president has a lot of leeway when it comes to foreign policy. You know, Congress has some powers to control things. You know, by the Constitution, it can declare war. It has the power of the purse. But the president can choose to kind of work around those. And Trump has shown that he will. Comedian Russell Brand has been found guilty in the U.K. of raping a woman and sexually assaulting three more. Russell Brand used his influence, status, and fame to prey on and exploit women. As his profile grew, so too did his sense of entitlement. That's London Police Superintendent Andy Furphy after the verdict. One of Britain's most high-profile broadcasters, as well as a movie star and former husband to Katy Perry, he now faces a lengthy jail term, And police say he's still under investigation for two more alleged rapes. Prosecutors say Brand was obsessed with sex, and one victim said he treated her, quote, like an animal. Brand denies ever having non-consensual sex. Paraguay's president, Santiago Peña, has resigned as the banking crisis, sparked by the collapse of a popular digital lender, deepens. Millions of people have been left without access to their bank accounts. Lawmakers have called for the impeachment of Peña, an ally of the Trump government. The situation on the ground is developing fast, so check back with Reuters.com or the app for the latest. A survivor has been pulled from the wreckage three days after Russia struck an aid distribution site in Ukraine's Zaporizhia region. President Volodymyr Zelensky says the death toll now stands at 43, but that dozens more people could be trapped under the rubble. Russia's defense ministry says the attack targeted Ukrainian military units and denies deliberately targeting civilians. Meanwhile, U.S. First Lady Melania Trump hosted top Russian and Ukrainian officials at the White House. The unprecedented gathering marked the six-day ceasefire she helped to broker in the Russian-controlled Ukrainian city of Aleshky. Russian President Vladimir Putin's special envoy, Kirill Dmitriev, attended the event, which comes after the administration's efforts to ramp up peace talks. The First Lady urged the two sides to choose humanity over war. I hope Oleschke inspires greater peace. Every significant transformation begins with a small spark. One thing Democrats in the Senate will have unambiguous power over is the ability to block the appointment of Supreme Court justices. That is putting pressure on the two oldest and most conservative members of the court, Justices Clarence Thomas and Samuel Alito to step down before the new Congress is sworn in. Here's Supreme Court Correspondent Andrew Chung. Clarence Thomas is 78, and Samuel Alito is 76. Some of the concern among Republicans and conservatives is that they think there might be a math problem. They're looking at the Democratic blue wave. And they're saying that it might be difficult for Republicans to recapture a majority in the Senate until about 2033. So that leaves a lot of years from now until then. And so they obviously have some concerns about the health and longevity of these two justices, which could put some more pressure on both of them. If one of them did step down, they would probably have to do so very quickly. There's a very short timeline between now and when the Democrats take control of the Senate in early January. So even if one of them did step down immediately, it would be still a difficult process. So neither Justice Alito or Justice Thomas has given any public indication that they want to step down. I mean, even And Justice Alito has affirmed that he will not step down, even if Democrats recaptured the Senate, which they did. Of course, anything could change. We know that. It's also not clear that President Trump could get a new nominee confirmed or would have the votes to get a new nominee confirmed, even with the current Republican majority. Portugal will always be a part of me. That's Cristiano Ronaldo on Instagram announcing the end of his international soccer career. After 23 years, he's retiring from the Portugal team. His career spanned six World Cups, a European title, and 146 goals across 234 appearances. end of September after a falling out with the coach. over what he calls broken promises. Ronaldo isn't completely done, he'll still be playing club football for Al Nasser in Saudi Arabia. For more on any of the stories from today, as well as more analysis about the news shaping our world, check out Reuters.com or the Reuters app. There's a link in the description to download it and start getting pure news straight from the source. Don't forget to follow us on your favorite podcast player. If you're listening on a smart speaker, just ask for the latest news from Reuters seven days a week. We'll be back tomorrow with our daily headline show.