Summary Of the Markets Today:
- The Dow closed up 159 points or 0.43%,
- Nasdaq closed up 0.54%,
- S&P 500 closed up 0.42%,
- Gold $2078 up $9.40,
- WTI crude oil settled at $75 up $1.60,
- 10-year U.S. Treasury 3.895% down 0.013 points,
- USD index $101.46 down $0.24,
- Bitcoin $42,146 down $1,404
Click here to read our current Economic Forecast – December 2023 Economic Forecast: Economy Is Likely To Decelerate
Today’s Economic Releases Compiled by Steven Hansen, Publisher:
CFNAI-MA3 above –0.70.
The S&P CoreLogic Case-Shiller U.S. National Home Price 20-City Composite posted a year-over-year increase of 4.9%, up from a 3.9% increase in the previous month. CoreLogic Chief Economist Dr. Selma Hepp stated:
The 2023 housing market closed on a considerably lighter note than expected only one month ago. With mortgage rates dropping, demand for homes in early 2024 is likely to be strong and will again put pressure on prices, similar to trends observed in early 2023. As a result, home price gains in the CoreLogic S&P Case-Shiller Index have increased by 7% since the beginning of the year and are 1% higher than at the peak in 2022, recovering all losses recorded in the second half of 2022. In addition, given the stronger seasonal gains seen in early 2023, annual home price appreciation should accelerate this winter before slowing again next year. Still, most markets will continue to reach new home price highs over the course of 2024.
The Texas Manufacturing Outlook Survey‘s production index, a key measure of state manufacturing conditions, pushed up nine points to 1.4, with the near-zero reading indicating little change in manufacturing output from November. The new orders index remained negative but moved up from -20.5 to -10.9 in December. The shipments index posted a 12th consecutive negative reading but rose four points to -5.3.
- Taliban’s Energy Project Threatens Pakistan’s Water Supply
- U.S. Shatters Oil Production Records in 2023
- Car Ownership is More Expensive Than Ever
- Is the ESG Investment Bubble Bursting?
- Copper Prices Waver as Global Supply Faces New Challenges
- The U.S. avoided a recession in 2023. What’s the outlook for 2024? Here’s what experts are predicting
- Blinken’s Visit To Mexico Focuses On Optics As Migration Crisis Hits Biden’s Polls
- This Year, Americans Have Become Hungrier, Lonelier And More Desperate
Click on the “Read More” below to access these, other headlines, and the associated news summaries moving the markets today.
The Market in Perspective
| Here are the headlines moving the markets. | |
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How Accurate Were 2023 Energy Predictions?At the beginning of each year, I make several predictions about the energy sector. You can see those predictions and read the context in Energy Sector Predictions For 2023. There are still a few days left in 2023, but there is enough available information to gauge the accuracy of these predictions. As always, I provided predictions that were specific and measurable. Following each of the five predictions below, I discuss what actually happened in 2023 and conclude whether the prediction was right or wrong. 1. The daily average price of WTI… Read more at: https://oilprice.com/Energy/Energy-General/How-Accurate-Were-2023-Energy-Predictions.html |
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Ten Improbable Energy Ideas for 2024Nowadays, you have to prepare for the unexpected, for the event that seems barely plausible but happens. Such as the way Russia did not conquer Ukraine in a week. Or how the European economy survived without Russian gas. Or how quickly inflation subsided. Or how the Chinese foreign minister disappeared. Or water shortages develop in the Amazon Basin. So, we put together a list of ten events, all plausible, that could occur in the energy sector. A few, we think, are more than likely. NUCLEAR— Pick up in demand for grid scale reactors… Read more at: https://oilprice.com/Energy/Energy-General/Ten-Improbable-Energy-Ideas-for-2024.html |
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In Show of Support, UK Deploys Warship To GuyanaWhile the recent panic over the risk of a Venezuela invasion of its neighbor Guyana may have come and gone, some (former) global superpowers are not taking any chances, and according to the FT, the UK will deploy a naval patrol ship off the coast of the tiny but rich Latin American nation in a show of support for the former British colony as it faces a territorial claim from its more powerful if insolvent communist neighbor. The deployment follows moves by Nicolás Maduro, Venezuela’s socialist president, to claim the vast, mineral-rich… Read more at: https://oilprice.com/Geopolitics/South-America/In-Show-of-Support-UK-Deploys-Warship-To-Guyana.html |
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Two Elections that Will Impact Energy and Geopolitics in 2024The New Year will bring not only new leadership to key energy venues around the world, but it will also bring impactful developments in the run-up, as incumbents act to secure their destinies at all costs. From Russia to Venezuela and the United States, with a stage-setting surprise already unveiled in Argentina, this is one of the most important election years in decades. Russia: March 15-17, 2024 Russian President Vladimir Putin is pulling out all the stops for his presidential bid in March next year. To that end, leading Kremlin… Read more at: https://oilprice.com/Energy/Energy-General/Two-Elections-that-Will-Impact-Energy-and-Geopolitics-in-2024.html |
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Motorcycles Lead the EV Revolution in Asia and AfricaThe growing popularity of the electric car and truck is clear, with consumers worldwide being encouraged to ditch their internal combustion engine (ICE) vehicles in favour of electric alternatives. But in markets with heavy congestion, poorer economies, and other drivers, many are purchasing alternative electric vehicles with two or three wheels to suit their needs. The transportation sector contributes around 20 percent of global greenhouse gas (GHG) emissions and the number of people buying vehicles is increasing as population numbers and… Read more at: https://oilprice.com/Energy/Energy-General/Motorcycles-Lead-the-EV-Revolution-in-Asia-and-Africa.html |
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Taliban’s Energy Project Threatens Pakistan’s Water SupplyPlans by the Afghan Taliban to build a hydroelectric dam on a major river in eastern Afghanistan has raised concerns in neighboring Pakistan. A spokesman for the Taliban’s Water and Energy Ministry said on December 18 that the “survey and design of the project are complete.” Matiullah Abid told RFE/RL’s Radio Azadi that construction of the dam on the Kunar River would begin when “funds are available.” A Pakistani provincial minister said the unilateral decision by the Taliban to build the dam “will be considered… Read more at: https://oilprice.com/Alternative-Energy/Hydroelectric/Talibans-Energy-Project-Threatens-Pakistans-Water-Supply.html |
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The Rise of 3D Printing in the Energy IndustrySeveral new technologies are lending themselves to the improvement of the energy industry, from machine learning to artificial intelligence (AI). One such technology is 3D printing, which is allowing companies across several energy sectors to quickly print vital components to improve efficiency and cut delivery costs and times. The technology is expected to drive forward both oil and gas operations, as well as renewable energy activities and nuclear power, as more companies adopt the 3D printing equipment. ConocoPhillips has been drilling… Read more at: https://oilprice.com/Energy/Energy-General/The-Rise-of-3D-Printing-in-the-Energy-Industry.html |
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U.S. Shatters Oil Production Records in 2023The U.S. set a new annual oil production record on December 15, based on data from the Energy Information Administration. Although the official monthly numbers from the EIA won’t be released for a couple of months, we can calculate that a new record has been set based on the following analysis. For reference, the previous record was set in 2019, the year before the Covid-19 pandemic impacted the oil industry. Total U.S. crude oil production in 2019 was 4.49 billion barrels (source), or 12.3 million barrels per day (BPD). Then the pandemic… Read more at: https://oilprice.com/Energy/Crude-Oil/US-Shatters-Oil-Production-Records-in-2023.html |
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Virgin’s Hyperloop Venture Collapses Amid Financial StrugglesA startup developing the next generation of sustainable high-speed transportation is shutting down, according to a new report. Once backed by Richard Branson’s Virgin Group, Hyperloop One promised to create the next generation of sustainable high-speed transportation. However, the issue was that the startup made this promise in a period of easy money when interest rates were at the zero lower bound. A source informed Bloomberg that only a few Hyperloop One employees remain. They’re tasked with selling the startup’s assets, such as a… Read more at: https://oilprice.com/Energy/Energy-General/Virgins-Hyperloop-Venture-Collapses-Amid-Financial-Struggles.html |
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Car Ownership is More Expensive Than EverThinking of buying a vehicle soon? Rising car ownership costs might cause you to think again. Owning a truck or car has become far more expensive than in the past, even as recently as three years ago. In the following graphic, Visual Capitalist’s Marcus Lu and Pallavi Rao show, using data from the New York Times, how inflation has impacted various aspects of vehicle ownership, based on the percentage change in the Consumer Price Index (CPI).1 Used Car Prices Are Still Elevated in 2023 Unsurprisingly, the biggest increases are logged in the price… Read more at: https://oilprice.com/Finance/the-Economy/Car-Ownership-is-More-Expensive-Than-Ever.html |
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U.S. States Make Bold Move to Reclassify Gold and SilverAuthored by Michael Maharrey via SchiffGold.com, Bills filed in the Oklahoma and Missouri legislatures for the 2024 legislative session would eliminate state capital gains taxes on the sale of gold and silver. The legislation would also take other steps to treat gold and silver as money instead of as commodities. In Missouri, Rep Doug Richey filed HB1867 on Dec. 11. Rep. Bill Hardwick filed HB1955 on Dec. 15. The bills are companions to SB735 filed in the Senate by Sen. William Eigel earlier this month. In Oklahoma, Sen. Shane Jett filed SB1507… Read more at: https://oilprice.com/Metals/Gold/US-States-Make-Bold-Move-to-Reclassify-Gold-and-Silver.html |
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Schottky Junction Electrode Revolutionizes Seawater ElectrolysisGwangju Institute of Science and Technology researchers have now designed an electrode with Schottky Junction formed at the interface of metallic Ni-W5N4 and semiconducting NiFeOOH. The design overcomes the often shown poor performance of electrochemical catalysts used in water due to low electrical conductance of (oxy)hydroxide species produced in situ. Green hydrogen (or H2) produced from renewable energy resources is expected to be the fuel of a decarbonized future. Electrolysis or splitting of water into oxygen and hydrogen with the help of… Read more at: https://oilprice.com/Energy/Energy-General/Schottky-Junction-Electrode-Revolutionizes-Seawater-Electrolysis.html |
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Is the ESG Investment Bubble Bursting?Environmental, social, and governance-focused investment was all the rage a couple of years ago. The impulse to signal an environmentally or socially responsible reputation was so strong that ESG investment funds saw massive influxes of fresh assets. Now, ESG funds are shutting down or dropping the “sustainable” part from their names. Their performance is leaving a lot to be desired, and investors are fleeing. It is a moment of truth for the nascent market niche, and the truth hurts. Reuters reported this week that funds classified… Read more at: https://oilprice.com/Energy/Energy-General/Is-the-ESG-Investment-Bubble-Bursting.html |
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AMLO’s Oil-Heavy Energy Policies Face ScrutinyMexico’s President Andres Lopez Manuel Obrador (AMLO) has bet big on oil and gas since his inauguration in 2018 but the sector continues to be plagued by poor standards and high levels of debt, leading many to question his choices. While Mexico’s state-owned oil company Pemex has racked up huge levels of debt and repeatedly failed to improve its safety and environmental standards, the renewable energy industry has been swept aside, leaving Mexico’s energy sector in tatters. In August, Fitch Ratings said that Mexico’s Pemex… Read more at: https://oilprice.com/Energy/Energy-General/AMLOs-Oil-Heavy-Energy-Policies-Face-Scrutiny.html |
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Copper Prices Waver as Global Supply Faces New ChallengesVia Metal Miner Still short of a breakout, current copper prices lifted off their October lows during November and have yet to see a major downside correction. Nonetheless, copper prices remain sideways and sit only 1.5% above where they stood at the start of 2023. An increase among all of its components helped the Copper Monthly Metals Index (MMI) invert to the upside, with a 4.3% increase from November to December. Panama’s Mine Closure Hits Copper Market By late November, Panama’s president ordered the shutdown of First Quantam’s… Read more at: https://oilprice.com/Metals/Commodities/Copper-Prices-Waver-as-Global-Supply-Faces-New-Challenges.html |
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Dow closes 150 points higher on Tuesday, S&P 500 approaches all-time high: Live updatesStocks rose to start the last week of the year, pushing the S&P 500 closer to record levels. Read more at: https://www.cnbc.com/2023/12/26/stock-market-today-live-updates.html |
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Here are 3 stocks — other than Nvidia — getting an AI premium from Wall StreetWhile Nvidia was the big winner for investors this year in the generative AI boom, other tech stocks have also gotten a boost Read more at: https://www.cnbc.com/2023/12/26/here-are-3-stocks-other-than-nvidia-getting-ai-premium-from-investors.html |
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Expect EVs to get cheaper in 2024, experts say: ‘More incentives, more discounting’With electric vehicles already piling up on dealer’s lots, expect more discounts on EVs in 2024. Read more at: https://www.cnbc.com/2023/12/26/why-evs-will-be-cheaper-in-2024-more-incentives-more-discounting.html |
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The U.S. avoided a recession in 2023. What’s the outlook for 2024? Here’s what experts are predictingA soft landing or mild downturn may be in the cards for the U.S. economy in 2024, according to experts. These tips can help investors prepare. Read more at: https://www.cnbc.com/2023/12/26/the-us-avoided-a-recession-in-2023-whats-the-outlook-for-2024.html |
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Five defensive stocks to buy now if you think there’s recession risk aheadThese stocks are less economically sensitive and have attractive defensive qualities, according to portfolio manager Patrick Kaser. Read more at: https://www.cnbc.com/2023/12/26/five-defensive-stocks-to-buy-now-if-you-think-theres-recession-risk-ahead.html |
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MicroStrategy’s bitcoin bet produces over 300% gain for investors in 2023MicroStrategy began buying bitcoin in 2020 and has since become a popular way for investors to get exposure to the cryptocurrency Read more at: https://www.cnbc.com/2023/12/26/microstrategys-bitcoin-bet-produces-300percent-gain-for-investors-in-2023.html |
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October home prices post biggest gain of 2023, despite higher mortgage rates, says S&P Case-ShillerHome prices rose 4.8% nationally in October compared with October 2022, according to the S&P CoreLogic Case-Shiller home price index. Read more at: https://www.cnbc.com/2023/12/26/sp-case-shiller-october-home-prices-post-biggest-gain-of-2023.html |
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Stocks making the biggest moves midday: Intel, Nio, FedEx, Manchester United and moreThese are the stocks posting the largest moves in midday trading. Read more at: https://www.cnbc.com/2023/12/26/stocks-making-the-biggest-moves-midday-intc-nio-fdx-manu-and-more-.html |
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2024 is shaping up to be the year of the streaming bundleMedia companies could end up embracing more bundles as they seek to reverse streaming losses. Read more at: https://www.cnbc.com/2023/12/26/2024-year-of-streaming-bundle.html |
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Apple files appeal after Biden administration allows U.S. ban on watch importsU.S. President Joe Biden’s administration on Tuesday declined to veto a government tribunal’s decision to ban imports of Apple. Read more at: https://www.cnbc.com/2023/12/26/apple-watch-import-ban-takes-effect-after-biden-administration-passes-on-veto.html |
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How a 40-ounce cup turned Stanley into a $750 million a year businessOver the past four years, the Stanley Quencher has become one of the most popular water bottles in the world. Read more at: https://www.cnbc.com/2023/12/23/how-a-40-ounce-cup-turned-stanley-into-a-750-million-a-year-business.html |
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I’m a CNBC personal finance reporter — here’s the best money advice I heard this yearAs a personal finance reporter at CNBC, most days of the year, I’m at my desk talking to people about money. Here’s some of the advice that has stuck with me. Read more at: https://www.cnbc.com/2023/12/26/the-best-money-advice-i-heard-this-year-as-a-cnbc-reporter.html |
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Baird likes these stocks for 2024, including NvidiaBaird analysts shared their top stock picks heading into the new year. Read more at: https://www.cnbc.com/2023/12/26/baird-likes-these-stocks-for-2024-including-nvidia.html |
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‘Biggest Losers’, Bullion, & Black Gold All Bid On Boxing DayThe S&P 500 is now up over 15% since October 27th. And the Santa rally markets have been experiencing since just before Thanksgiving continues even after he dropped his presents around the world on Monday and faces the Boxing Day hangover.
As Goldman’s Chris Hussey notes, a combination of…
…have all contributed to an extremely market-friendly backdrop for stocks – especially when you consider that US growth remains resilient as captured by the strong November labor reports. Today’s economic data only added to the favorable narrative. The S&P Case-Shiller home price index increased in lin … Read more at: https://www.zerohedge.com/markets/biggest-losers-bullion-black-gold-all-bid-boxing-day |
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Blinken’s Visit To Mexico Focuses On Optics As Migration Crisis Hits Biden’s PollsUS Secretary of State Antony Blinken will travel to Mexico City on Wednesday to discuss a new agreement with President Andrés Manuel López Obrador (AMLO) to control the surge of migrants flooding the southern border. Secretary of Homeland Security Alejandro Mayorkas and White House Homeland Security Advisor Liz Sherwood-Randall will join Blinken in discussions with AMLO about “unprecedented irregular migration in the Western Hemisphere,” a US Department of State press release read.
The goals of the meeting will include “identifying ways Mexico and the United States will address border security challenges, including actions to enable the reopening of key ports of entry across our shared border,” the press release continued. Blinken’s visit is nothing more than optics for an administration that has promoted disastrous open southern borders, allowing milli … Read more at: https://www.zerohedge.com/geopolitical/blinkens-visit-mexico-will-be-all-about-optics-migration-crisis-weighs-down-bidens |
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This Year, Americans Have Become Hungrier, Lonelier And More DesperateAuthored by Michael Snyder via The Economic Collapse blog, The ominous trends that we see all around us are taking us somewhere.
Needless to say, 2023 was not a good year for our country. Hunger and homelessness have been absolutely exploding, the suicide rate just continues to go even higher, and there is chaos in the streets on an almost nightly basis. It is in this environment that the election of 2024 will happen. I expect election season to add an additional level of strain to our society, and I don’t think that our society will be able to handle it. We are headed for a nightmare, and at this point everyone should be able to see that. When conditions deteriorate, it … Read more at: https://www.zerohedge.com/personal-finance/year-americans-have-become-hungrier-lonelier-and-more-desperate |
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Another Container Ship Attacked In Red Sea As Houthis Act With ImpunityAnother day, another tanker attack in the Red Sea, and Yemen’s Houthis are positively boasting about it as the Biden White House continues attempts to cobble together its much touted multi-national naval coalition, which is clearly taking some time getting off the ground. “The naval forces of the Yemeni Armed Forces carried out a targeting operation against the commercial ship, ‘MSC UNITED’ with appropriate naval missiles,” according to a Houthi statement.
Scant details have emerged, but T … Read more at: https://www.zerohedge.com/geopolitical/another-container-ship-attacked-red-sea-houthis-act-impunity |
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House prices to fall and rents to rise in 2024, forecasts suggestWhile first-time buyers would welcome price falls, the other costs they face are likely to be higher. Read more at: https://www.bbc.co.uk/news/business-67750565?at_medium=RSS&at_campaign=KARANGA |
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Maersk preparing to resume shipping through Red SeaThe announcement follows the deployment of an international military operation to prevent attacks on ships. Read more at: https://www.bbc.co.uk/news/business-67821796?at_medium=RSS&at_campaign=KARANGA |
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Boxing Day sales: Spending predicted to fall£3.7bn is expected to be spent on Tuesday, research suggests, but that is still down on 2022. Read more at: https://www.bbc.co.uk/news/business-67821795?at_medium=RSS&at_campaign=KARANGA |
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How will crypto fare in 2024? Here’s what experts sayEven bluechip crypto like Bitcoin and Ethereum surged 160% and 90%, respectively. Bitcoin prices zoomed to touch $44,000 in early December, after Blackrock, the world’s preeminent asset manager with over $9 trillion in assets under management, filed for Bitcoin spot ETF. It has now settled around $43,000, about 155% higher than what it was at the beginning of the year. Read more at: https://economictimes.indiatimes.com/markets/stocks/news/how-will-crypto-fare-in-2024-heres-what-experts-say/articleshow/106283840.cms |
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Tech View: Nifty moves closer to 21,500 hurdle point. What traders should do on WednesdayThe sentiment remains optimistic as the index stays above critical moving averages. At 21,500, there could be significant immediate resistance. A decisive breakout beyond this level could potentially propel the index into a substantial rally. Until then, the index is expected to remain within the range of 21,300 and 21,500. Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty-moves-closer-to-21500-hurdle-point-what-traders-should-do-on-wednesday/articleshow/106295508.cms |
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What a strong ‘Santa Claus rally’ says about the U.S. stock market in January — and 2024This holiday season has so far been pretty consistent in giving investors exactly the gift they want — a “Santa Claus rally” that could bring record highs for U.S. stocks, with Wall Street on pace to close out 2023 with strong gains. Read more at: https://www.marketwatch.com/story/what-a-strong-santa-claus-rally-says-about-the-u-s-stock-market-in-january-and-2024-64027cfb?mod=mw_rss_topstories |
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Intel’s stock notches biggest daily percentage gain in two months, buoyed by Israel dealShares of Intel Corp. rose 4.7% Tuesday, lifted by the announcement of a $25 billion investment in Israel. Read more at: https://www.marketwatch.com/story/intels-stock-on-pace-for-biggest-daily-percentage-gain-in-two-months-buoyed-by-israel-deal-c9f0c53e?mod=mw_rss_topstories |
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Oil prices settle at December high as traders weigh escalating Red Sea tensionsOil futures on Tuesday settled at their highest level this month in holiday-thinned trading, as U.S. traders returned from the Christmas holiday and continued to weigh the potential for significant disruptions to crude supplies as a result of further attacks on shipping vessels in the Red Sea. Read more at: https://www.marketwatch.com/story/oil-prices-steady-as-worries-over-red-sea-disruptions-ease-823336a9?mod=mw_rss_topstories |
Illustrative file image, via EPAThe vessel was reportedly en route to Pakistan when it came under missile attack, however, there were no reported injuries to crew members, as damage is being assessed. The Houthis said the ship rejected three warning calls before it was fired upon.