Did Trump Do Enough to Help Republicans?

On Election Day, host Luke Vargas asks Washington coverage chief Damian Paletta whether the chaotic, nationwide campaign ended as expected. Paletta says President Trump held rallies in Kansas, Iowa and Texas, but seemed less invested in local races because he views the election as being about him. At the Lincoln Memorial, Trump spent roughly half of an hour-long speech discussing improvements to the Reflecting Pool—including its pipes, grass and plumbing—alongside his broader agenda. Paletta questions whether that message addressed voters’ concerns about affordability and the Iran war, or helped individual Republicans.

Paletta says millions of voters had already made up their minds weeks before Election Day. About 7.5 million Texans voted early, and the 2018 midterms remain the high-water mark for midterm turnout; in his view, Trump mobilizes Democrats as well as Republicans. Although late campaign messages may matter less than they once did, voters appear highly motivated. The Supreme Court also rejected the Trump administration’s request to make California set aside ballots it claimed were cast by noncitizens. Paletta expects further White House challenges to election administration, though such efforts have so far had little success.

Paletta says Democratic energy and opposition to Trump could produce a strong turnout or even a wave, but the party’s internal divisions may emerge immediately afterward. He points to the pre-election fight in Michigan between Haley Stevens and Abdul El-Sayed as a preview of disputes over the party’s future and governing priorities. If Democrats take control, potential Speaker Hakeem Jeffries and potential Senate Majority Leader Chuck Schumer would have to unify lawmakers heading toward 2028. Democrats largely kept those disagreements out of the campaign, but Paletta expects them to become a major post-election issue.

The Journal’s Jon Gambrell reports that the U.S. struck Iran’s Qeshm Island, a strategic location in the Strait of Hormuz containing bases for Iran’s regular military and Islamic Revolutionary Guard Corps. Iranian media acknowledged explosions but gave no details, while the targets may have been radar or lookout positions like those hit during the February-to-March war. Gambrell says Iranian forces have recently attacked oil tankers and even placed mines on them. Qatar, Egypt and other governments are mediating, but negotiations have produced little, and officials fear a renewed war could be worse than the earlier conflict.

The conflict is also disrupting global energy markets. The International Energy Agency expects liquefied natural gas production to fall 3% this year, the steepest annual decline on record. Iranian attacks on infrastructure have choked exports from Qatar and the United Arab Emirates through the Strait of Hormuz, a route that previously carried about 20% of global LNG flows. The IEA says trade through the strait is likely to remain disrupted at least through the end of the year.

Apple shares fell after new CEO John Ternus warned that high memory costs could weaken margins as the company’s stockpile of cheaper components declines. Investors had rewarded Apple for avoiding the expensive race to build frontier AI models while returning cash through buybacks and dividends, but analysts now question whether its devices offer enough new reasons to upgrade. Ternus said the redesigned Siri remains focused on basic, request-based commands rather than autonomous-agent functions, though its orchestrator-driven architecture could expand later. Apple’s nearly $2,000 iPhone Duo is selling strongly despite mixed reviews, and demand is exceeding supply.

Palantir reported almost double the value of its U.S. government business and 150% growth in its U.S. commercial business. The company has become a major defense contractor, including through the Pentagon’s AI targeting system, which the Marine Corps is expanding across its units. Nevertheless, shares fell more than 3% after hours as investors questioned whether Palantir can sustain growth and justify a valuation above $400 billion. CEO Alex Karp argued that customers want Palantir to retain control of their data rather than hand it to AI labs, saying the real-world market is larger than the company can currently serve.

The Reserve Bank of Australia lifted interest rates to their highest level in nearly two decades, its fifth increase since the start of the year. The bank cited higher fuel prices linked to the Middle East war and demand generated by the AI investment boom. Australian consumer inflation is running at 4%, well above the bank’s 2.5% target. Officials warned that fuel costs are feeding into other goods and services and that elevated inflation expectations could become embedded in the economy.

The film Sideways helped derail Merlot after its wine-snob character Miles declared, “I am not drinking any f***ing Merlot.” Merlot had become America’s top-selling red varietal, but within two years it fell behind Cabernet Sauvignon; California producers told columnist Adam Chandler that thousands of acres were subsequently removed. Chandler says the backlash ultimately improved the category by leaving fewer producers focused on higher quality. Merlot is now regaining drinkers because it is affordable, easy to drink and food-friendly, especially among younger people who may not have seen the film. Some Cabernet customers even describe preferences that are actually Merlot’s attributes.