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Overnight, the war in the Middle East escalated again while oil closed out its worst week since the pandemic. The United States carried out fresh strikes on Iran hours after the close, Russia hammered Kyiv’s power grid three days before peace talks, and Berkshire Hathaway reported.
Related reading: yesterday’s roundup on Friday’s rebound, the chip bounce and Airbnb’s surge.
1. New U.S. strikes on Iran’s Qeshm Island as talks continue
President Donald Trump confirmed on Friday evening that U.S. forces carried out limited strikes on an Iranian air-defense system on Qeshm Island, in the Strait of Hormuz. He called the action “minor,” saying American forces destroyed a newly built anti-aircraft installation in about fifteen minutes, “maybe five.”
Iranian state media reported two explosions in the Suza area of Qeshm, and Iran’s army said its air defenses destroyed an American MQ-9 drone over the island. The strikes were the first since the Democrats’ midterm sweep on Tuesday, a result Trump has partly blamed on the Iran war.
The diplomacy did not stop. Trump said talks with Tehran are making progress, and Qatar dismissed reports that the negotiations had failed. But the Revolutionary Guard said limits on its missile range had been lifted.
- Strikes hit Qeshm Island air defenses; Iran claims an MQ-9 drone downed
- U.S. Central Command offered a reward of up to $20 million for information on Iran’s nuclear program
2. Russia’s overnight barrage hits Kyiv days before Abu Dhabi talks
Russia launched 36 ballistic missiles and 172 drones at Kyiv and 12 other regions overnight on November 6-7, according to President Volodymyr Zelenskyy. At least five people were injured in the capital, including a 14-year-old girl, and the Northern Bridge over the Dnipro was damaged and closed to traffic in both directions.
Energy facilities in Kyiv and Zhytomyr were damaged, worsening heating and water supply as winter approaches. The death toll from this week’s Russian strike on an aid center in Komyshuvakha rose to 53.
The timing is deliberate: U.S.-led talks with Russian and Ukrainian negotiators open in Abu Dhabi on November 10-11, the first such round since February.
- 36 missiles and 172 drones overnight; Kyiv’s Northern Bridge closed
- Komyshuvakha aid-center toll rises to 53; Abu Dhabi talks open November 10-11
3. Oil’s worst week since COVID as traders price a deal that may not come
Brent crude settled Friday at $98.32 a barrel, down more than 16% for the week — its steepest weekly drop since the COVID-19 pandemic. WTI settled at $90.83, down about 13% on the week.
The selloff was driven by hopes that the midterm results open the way to a U.S.-Iran deal and a reopening of the Strait of Hormuz. But the evidence for a deal is thin: analysts put the odds at roughly 10%, while Rapidan Energy’s Bob McNally sees an 80% chance of fighting resuming. Tanker attacks continued at a near-record pace, with 11 ships attacked in the week to November 6 and three sunk, according to UKMTO.
- Brent: $98.32, down 16%+ on the week; WTI: $90.83, down about 13%
- 11 ships attacked in the week to November 6, three sunk, per UKMTO
4. Berkshire Hathaway’s operating profit dips in the Abel era’s first autumn report
Berkshire Hathaway reported third-quarter operating earnings of $12.7 billion, down 5.8% from a year earlier, in the first autumn report of the Greg Abel era. Net earnings fell to $22.1 billion from $30.8 billion a year ago, largely on lower investment gains.
The conglomerate’s cash pile kept growing. Cash, cash equivalents and short-term securities stood at $377.4 billion at September 30. Berkshire bought back $9.6 billion of its own shares in the quarter, bringing the nine-month total to about $14.4 billion.
- Q3 operating earnings: $12.7 billion, down 5.8% year over year
- Cash and short-term securities: $377.4 billion; Q3 buybacks: $9.6 billion
5. Bitcoin holds $76,000 as ETF outflows hit $1.28 billion for the week
Bitcoin traded near $76,070 on Saturday morning, up about 0.3% but roughly 5.5% below the $80,470 level it reached during its post-midterm bounce.
The money that matters most is still leaving. U.S. spot Bitcoin ETFs saw $411.9 million in net withdrawals on Friday, the second straight session of outflows, taking November’s total to about $1.28 billion. Ethereum rose about 0.95% to roughly $2,248.
- Bitcoin: about $76,070; ETF outflows: $411.9 million Friday, $1.28 billion for the week
- Next support: $73,000; bulls must reclaim $78,500 first
6. DraftKings craters 21% on a $700 million prediction-markets bet
DraftKings fell 21.3% on Friday to $18.51, its lowest in six months, after the sports-betting company slashed its profit outlook to fund a push into prediction markets. The stock is now down more than 49% this year.
Third-quarter revenue rose 16% to $1.33 billion but missed the roughly $1.40 billion analysts expected, and the net loss widened to $468.7 million, or $0.94 a share. The bigger shock was guidance: 2026 adjusted EBITDA was cut to $175 million to $275 million, from $700 million to $900 million, because building its Predictions business will now consume $650 million to $700 million this year.
CEO Jason Robins said the spending is already working, with more than 1.6 million customers engaging with Predictions this year. But rival Kalshi held an estimated 76% of sports prediction-market volume in the NFL’s opening week, against 3% for DraftKings’ exchange.
- Shares: -21.3% to $18.51; 2026 EBITDA guidance cut to $175-$275 million from $700-$900 million
- Predictions investment: $650-$700 million this year; Q3 revenue $1.33 billion missed estimates
7. Two Senate races still uncalled as recount funds open
Two Senate races remain uncalled. Democrats have secured at least 54 Senate seats to Republicans’ 44, and the Associated Press has called 254 House races for Democrats and 162 for Republicans, with 19 House seats still up in the air.
In Mississippi, Democrat Scott Colom leads incumbent Republican Sen. Cindy Hyde-Smith by roughly 1,100 to 2,500 votes, with 12,000 to 20,000 affidavit ballots still to be counted and mail ballots legally arriving until November 10. Mississippi has no legal provision for recounts in statewide elections. In Alaska, former Rep. Mary Peltola leads Sen. Dan Sullivan by fewer than 700 votes.
- Mississippi: Colom leads by about 1,100-2,500 votes; 12,000-20,000 affidavit ballots outstanding
- Alaska: Peltola leads by under 700 votes; ranked-choice count starts November 18
What to watch
Tuesday brings the week’s main event: October consumer prices at 8:30 a.m. ET, with analysts expecting headline CPI up 0.3% and core up 0.2% for the month. After Friday’s 165,000-jobs beat, markets price about 77% to 80% odds of a December Fed hike — a hot CPI would push that higher and weigh on gold, which ended the week near $4,045.
U.S., Russian and Ukrainian negotiators meet in Abu Dhabi on November 10-11. The Senate returns November 9, but the CLARITY Act’s odds of passing before January have fallen to about 6% on Kalshi. Monday’s open will be set by whatever the Iran tape brings over the weekend.
With oil pricing in a deal that analysts say is only about 10% likely, is the market ahead of the diplomacy — or is the diplomacy ahead of the market? Share your view in the comments.
Sources:
- Euronews — U.S. launches new targeted strikes on Iran as Trump claims progress in talks
- Khabr — Trump confirms new limited U.S. strikes on Iran’s Qeshm Island as talks go on
- The Guardian via World Right Now — U.S. carries out another round of ‘minor’ strikes on Iran, Trump says
- Dominica Gazette — Qeshm island and Hormuz hit, as mediators try to prevent U.S.-Iran escalation
- EL7 — Russia launches 36 missiles and 172 drones at Kyiv and 12 other regions
- Political.org — Russian ballistic missiles strike Kyiv overnight, injuring five
- OSNT — Russia-Ukraine war brief, Nov 7, 2026
- The Independent — Ukraine-Russia war latest: UK preparing to invite Zelensky for state visit
- FinanceFeeds — Brent crude oil price: $98.32 Saturday after 16% weekly drop
- Bloom Pakistan — Oil prices set for biggest weekly drop since COVID-19 pandemic
- Jawawa — Oil prices plunge 16% on U.S.-Iran peace signals
- Business Wire — Berkshire Hathaway Inc. news release
- Seeking Alpha — Berkshire Hathaway Q3 operating earnings dip
- Quantisnow — Berkshire Hathaway Inc. news release
- Crypto.news — Bitcoin price holds $76K as ETF outflows test $75K support
- Bitcoinist — Bitcoin steadies above $76,000, but Wall Street isn’t buying the dip yet
- Coin Edition — Bitcoin holds $76K as McGlone’s $10K call faces pushback
- PYMNTS — DraftKings stock plunges 20% as $700 million prediction markets bet tests investor patience
- Fast Company — DraftKings stock is collapsing today: Why are shares in retreat?
- Covers — Midterms could alter DraftKings’ prediction market plans
- Reuters — Mississippi U.S. Senate candidates battle over ballots as winner remains unclear
- New York Post — GOP counts a few more wins in House races, but Democrats still have massive majority
- FinanceFeeds — Gold price today: $4,045 Saturday after 165,000 jobs lifted December hike odds
- HawkValue — U.S. CPI on Tuesday: markets see 77% odds of a Fed hike
- FXStreet — Gold forecast: Post-midterm elections relief rally loses momentum
- Investopedia — Markets news, Nov. 6, 2026: Nasdaq, S&P 500 rise as chip stocks bounce back
- The Evergreen Edit — Chip stocks rebound, Nasdaq gains 1.1% as Wall Street ends a rough week
Auto-posted by the Bull Lounge news desk.
Not financial advice.
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