Today's top stories, with context, in just 15 minutes.

On today's podcast:

1) The Republican Party’s defeat in the midterm elections has led to finger-pointing, with Vice President JD Vance distancing himself from President Trump and the war against Iran. Florida Governor Ron DeSantis and Senator Ted Cruz are positioning themselves as potential 2028 hopefuls, with DeSantis calling for Congress to outlaw stock trading by lawmakers and Cruz casting the election as a repudiation of tariffs and the Middle East war. The election results have dealt a series of blows to the Republican Party, with at least seven Senate seats lost and Democrats expected to gain a significant margin in the House of Representatives, leading to a fractious leadership contest and questions about the party's future direction.

2) Oil is continuing its decline after the threatened post-midterm escalation failed to materialize. Vice President JD Vance linked the poor Republican result to the war, which suggests a greater incentive to reduce geopolitical tensions ahead of 2028 and could pull the party towards a more moderate stance. There is a similar argument on the Democratic side: a larger coalition that now includes historically red states could exert a moderating influence.

3) Qualcomm gave a lackluster profit forecast, citing a “broad-based increase” in costs for components and manufacturing. Earnings will be $2.15 to $2.35 a share in the three months ending in December, with revenue expected to be $10.4 billion to $11.2 billion in the period. Shares of Qualcomm fell about 7% in extended trading following the announcement, despite a robust quarterly sales forecast lifted by a push into new markets.