Gas and oil prices are dropping, Trump is backing off threats to strike Iran, and Republicans are facing fallout from a rough midterm showing and a scandal involving Nvidia's CEO.

• Gas prices and Brent crude are both falling, with the drop tied to easing fears of a bigger US-Iran conflict.
• Trump said another Iran strike is "highly unlikely" for now, a reversal from earlier threats to bomb Iran's bridges and power plants, though he left the door open to striking again.
• Nvidia's board is reviewing reports that CEO Jensen Huang had an affair possibly tied to a Chinese spy; Huang apologized to staff but denied nothing specific about the spy claim, and Trump defended him as "a fine person."
• Republicans took heavy losses in Texas (Abbott and Paxton allies losing) and other states in recent elections, with voters citing anger and a desire for change, including renewed talk of expanding healthcare access.

Outlook: Watch whether Iran talks hold up to keep oil and gas prices falling, and whether the Nvidia investigation into Huang escalates into a bigger corporate or national-security story.