Here's your morning brief for Tuesday, November 4th. I'm Caitlin McCabe for The Wall Street Journal.

It's election day in states including New York, New Jersey, and Virginia. In the governor races,

two centrist Democrats are leading the polls, although Mikey Cherylrill is expected to face a tight race against

Republican Jack Chittarelli in New Jersey. New York's mayoral election looks increasingly

like a shoe-in for progressive Democrat Zoran Mamdani, although Trump late yesterday gave his backing

to former governor Andrew Cuomo and threatened to cut federal funding for the city and send the

National Guard to New York if Momdani won. Tesla stock is down pre-market after two major

shareholders indicated they would vote down Elon Musk's $1 trillion pay package.

Shareholders are meeting Thursday to discuss the controversial payout, with Norway's sovereign wealth fund saying

it was concerned about the total size of the award. The California Public Employees Retirement System,

the largest public pension fund in the U.S., echoed that sentiment, adding that the package would

further concentrate power in a single shareholder. And Starbucks is selling a majority

stake in its China business to private equity firm, Boyu Capital, for $4 billion. The coffee

giant is bringing an outside partner to oversee its second largest market amid a decline in sales

and increasing competition in China. The deal is crucial for Starbucks,

which had hoped to find an appropriate partner for the business and not sell it outright.

Markets in Asia have ended the day lower with European shares following suit. Caution is also gripping

U.S. stock futures amid a jump in Wall Street's fear gauge the VIX.

As some analysts say, recent market records could leave some stocks vulnerable to a pullback.

And we have a lot more coverage of the day's news on the WSJ's What's News podcast.

You can add it to your playlist on your smart speaker or listen and subscribe wherever you get your podcasts.