Summary Of the Markets Today:

• The Dow closed down 96 points or 0.25%,
• Nasdaq closed up 0.43%,
• S&P 500 closed up 0.29%,
• Gold $2,030 up $7.50,
• WTI crude oil settled at $75 down $0.22,
• 10-year U.S. Treasury 4.138% up 0.044 points,
• USD index $103.57 up $0.24,
• Bitcoin $39,149 down $852 (2.13%),

*Stock data, cryptocurrency, and commodity prices at the market closing.

Click here to read our current Economic Forecast – January 2024 Economic Forecast: Our Index Turns Slightly Negative

Today’s Economic Releases Compiled by Steven Hansen, Publisher:

Richmond Fed Manufacturing activity remained sluggish in January 2023. The composite manufacturing index decreased from −11 in December to −15 in January. Of its three component indexes, shipments edged up from −17 to −15, new orders edged down from −14 to −16, and employment fell notably, from −1 to −15. Manufacturing remains in a recession.

The union membership rate—the percent of wage and salary workers who were members of unions—was 10.0 percent in 2023, little changed from the previous year. The number of wage and salary workers belonging to unions, at 14.4 million, also showed little movement over the year. In 1983, the first year for which comparable data are available, the union membership rate was 20.1 percent and there were 17.7 million union workers.

• China’s Plunge Protection Team Mulls Trillion Yuan Bailout
• China’s Surge in EV Exports to Europe Sparks Aluminum Industry Concerns
• Oil Prices Slip as Oversupply Concerns Trump Middle East Tensions
• Denser Texas Crude Leads U.S. Oil Production Growth
• Halliburton Tops Q4 Earnings Estimates and Raises Dividend
• Dow closes nearly 100 points lower to snap 3-day win streak, dragged down by weak earnings: Live updates
• Core Scientific returns to Nasdaq as Wall Street shows renewed love for bitcoin mining
• Bitcoin briefly falls below $39,000 as post-ETF selling pressure continues: CNBC Crypto World
• Netflix’s stock jumps 6% on huge spike in new subscribers, surge in ad sales
• Dow ends lower, S&P 500 closes at third record high this year as earnings season ramps up with Netflix results

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.
	China’s Plunge Protection Team Mulls Trillion Yuan Bailout Earlier today, we lamented the latest implosion in Chinese markets, which we discussed in “China Stocks Crash Through ‘Snowball Derivatives’ Trigger Levels Overnight”, in which we pointed out the unprecedented failure of the centrally-planned market to halt its collapse be it through short selling bans, or even the latest impotent intervention by the “National Team”, China’s Plunge Protection Team, which today failed to spark even a modest rebound in the relentless selling which had triggered key liquidation levels. We then summarized just how… Read more at: https://oilprice.com/Finance/the-Economy/Chinas-Plunge-Protection-Team-Mulls-Trillion-Yuan-Bailout.html
	Early 2024 Product Tanker Rates May Crush Even 2022 Records Product tanker rates are showing signs of strength, and have the potential to crush even the records set in 2022—and the number of oil cargoes transiting through the Bab el-Mandeb Strait is falling. The number of ships carrying crude or dirty petroleum products such as fuel oil has dropped 25% in the year to January 19, Vortexa data compiled by Bloomberg show, and the rising shipping rates are starting to eat into the profits of manufacturers, including Tesla, which announced a two-week production halt at its facility in Germany due to the… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Early-2024-Product-Tanker-Rates-May-Crush-Even-2022-Records.html
	Floating Solar Farms: Southeast Asia’s Answer to Land Scarcity Solar photovoltaic (PV) capacity additions are poised to be a central pillar of Southeast Asia’s energy future, with floating installations primed to play a critical role. Mirroring the broader Asian region’s dominance of the global floating PV (FPV) market, Rystad Energy research shows that Southeast Asia will account for 10% of the region’s total solar capacity by 2030, encompassing ground-mounted, rooftop and FPV installations. Countries such as the Philippines, Indonesia and Thailand are well-positioned to be at the forefront… Read more at: https://oilprice.com/Alternative-Energy/Solar-Energy/Floating-Solar-Farms-Southeast-Asias-Answer-to-Land-Scarcity.html
	China’s Surge in EV Exports to Europe Sparks Aluminum Industry Concerns Via Metal Miner Are electric cars going to benefit or threaten Europe’s aluminum industry? At first, it might appear a stupid question. However, it is also one that aluminum industry news sources continue to ask. The average European EV contained 283kgs of aluminum in 2022 compared to 169kgs for ICE vehicles. That is according to a study by European Aluminum reported in the Financial Times. Surely, a consumption per vehicle of nearly double the aluminum content proves an outstanding opportunity for the region’s aluminum… Read more at: https://oilprice.com/Metals/Commodities/Chinas-Surge-in-EV-Exports-to-Europe-Sparks-Aluminum-Industry-Concerns.html
	Oil Prices Slip as Oversupply Concerns Trump Middle East Tensions Oil prices struggled for direction and fell early on Tuesday, reversing Monday’s gains, as concerns about oversupply overshadowed the escalation of tensions in the Middle East. As of 13:12 p.m. ET on Tuesday, the U.S. benchmark, WTI Crude, was trading slightly lower, by 0.63% at $74.29. The international benchmark, Brent Crude, was down by 0.76% at $79.45. Oil prices continue to struggle for direction despite the escalation of tensions in the Red Sea and the wider Middle Eastern region, as supply remains ample. U.S. and UK forces carried out… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Oil-Prices-Slip-as-Oversupply-Concerns-Trump-Middle-East-Tensions.html
	Lawmakers Call for Tighter Control on Foreign Purchase of U.S. Farmland The topic of China’s ownership of US farmlands is starting to boil over. Six months after we reported that a “Bipartisan Bill Aims To Block Chinese Purchase Of US Farmland”, more are starting to pay attention yet as even Bloomberg notes that America “is seeing more and more of its most fertile land snapped up by China and other foreign buyers” the big problem remains: it’s difficult to know just how much farmland China has bought due to problem with how the US tracks such data. Here’s what we do know: according to Department of Agriculture… Read more at: https://oilprice.com/Geopolitics/International/Lawmakers-Call-for-Tighter-Control-on-Foreign-Purchase-of-US-Farmland.html
	Denser Texas Crude Leads U.S. Oil Production Growth Higher production of relatively denser crude oil in Texas, the top oil-producing U.S. state, drove part of the U.S. crude oil output growth last year, the Energy Information Administration (EIA) said on Tuesday. Oil produced in Texas generally has a relatively broad distribution of API gravities. In June 2023, production of crude oil with an API gravity between 30.1 and 40.0 degrees reached 2.58 million barrels per day (bpd), exceeding the Texas production of crude oil with a gravity between 40.1–50 degrees (the lighter crude) for… Read more at: https://oilprice.com/Energy/Crude-Oil/Denser-Texas-Crude-Leads-US-Oil-Production-Growth.html
	U.S. Oil Industry Sets Record With $144 Billion of M&A Deals in Q4 The U.S. upstream oil and gas industry booked its biggest-ever quarter for mergers and acquisitions in the fourth quarter of 2023, with a total of $144 billion worth of deals, Enverus Intelligence Research (EIR) said in a report on Tuesday.    The record-setting fourth quarter also pushed the full-year 2023 deal value to more than $190 billion, also an all-time high for upstream M&A deals in America, according to the energy intelligence firm. The two mega deals by Exxon and Chevron, each worth more than $60 billion, led to a surge… Read more at: https://oilprice.com/Latest-Energy-News/World-News/US-Oil-Industry-Sets-Record-With-144-Billion-of-MA-Deals-in-Q4.html
	Energy Traders Thrive Amidst Europe’s Renewable Energy Surge A handful of privately owned Danish energy trading companies are upending European energy markets. Companies employing automated trading desks – the industry term for computers that run trades based on complex algorithms  – are buying and selling huge volumes of energy contracts based on weather conditions impacting electricity consumption on one end and renewable energy production on the other. And they’re getting filthy rich in the process. This type of energy trading is considered to be an important part of the new energy… Read more at: https://oilprice.com/Energy/Energy-General/Energy-Traders-Thrive-Amidst-Europes-Renewable-Energy-Surge.html
	Russia’s Fossil Fuel Revenues Continue To Fall Russia’s fossil fuel export revenues continued to fall in December from November, as income from oil and gas exports has been dropping since September, a new analysis by the Centre for Research on Energy and Clean Air (CREA) showed on Tuesday. Fossil fuel revenues for Russia dropped by 8% last month from November, for a decline of $63 million (58 million euros) per day, according to CREA’s estimates. The attacks in the Red Sea by the Iran-backed Houthis did not impede Russian oil tankers or trade last month. In December,… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Russias-Fossil-Fuel-Revenues-Continue-To-Fall.html
	Supply Uncertainty Leaves Oil Markets on Edge An uncertain supply picture has oil markets on edge, with disruptions and geopolitical risks being counterbalanced by rising production in Norway and Libya. Economic uncertainty is adding downward pressure to oil prices.Chart of the Week- The continued rerouting of ships from Asia to Europe has been greatly reducing the availability of spot tankers that could be chartered, lifting the price of shipping, especially when it comes to clean products. – As Bloomberg reports, the day rate for shipping a cargo of gasoline from northwest Europe to the… Read more at: https://oilprice.com/Energy/Energy-General/Supply-Uncertainty-Leaves-Oil-Markets-on-Edge.html
	Russian Baltic Port Continues to Export Oil Despite Drone Attack Russia’s Ust-Luga port on the Baltic Sea continues to ship crude and fuels for exports, although Novatek’s fuel export terminal remains shut after reportedly being hit by a drone attack this weekend.    The terminal operated by Novatek remains shut, but the other terminals, including one for crude oil exports and two other fuel export terminals, were operational as of Tuesday, Reuters reported, citing industry sources and LSEG data. This weekend, Russia’s Novatek said it had suspended operations at a Baltic Sea fuel… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Russian-Baltic-Port-Continues-to-Export-Oil-Despite-Drone-Attack.html
	Halliburton Tops Q4 Earnings Estimates and Raises Dividend Despite lower revenues in North America, oilfield services provider Halliburton Company (NYSE: HAL) booked higher-than-expected earnings for the fourth quarter and raised its first-quarter 2024 dividend as it reiterated a view of strong demand ahead for the industry. Halliburton, one of the world’s top three such companies and the leader in U.S. fracking reported on Tuesday adjusted net income for the fourth quarter of 2023 – excluding losses in Argentina primarily due to the currency devaluation – of $769 million, or $0.86 per… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Halliburton-Tops-Q4-Earnings-Estimates-and-Raises-Dividend.html
	Norway’s Natural Gas Production Hits Record High Norway’s natural gas production beat forecasts and rose to a record high in December, preliminary figures from the Norwegian Offshore Directorate showed on Tuesday. Norwegian gas production increased to an all-time high of 379 million cubic meters per day (mcm/day), up from November levels and up by 7.7% compared to the directorate’s forecast. Oil production also beat forecasts, by 1.9%, and stood at 1.847 million barrels per day (bpd) last month, up from 1.805 million bpd in November. Last year, Norway’s oil and gas production… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Norways-Natural-Gas-Production-Hits-Record-High.html
	U.S. and UK Forces Attack Houthi Targets Once Again U.S. and UK forces carried out a new round of attacks on targets in Yemen last night, taking out storage sites used by the Houthis, drones, and missile launchers, the AP reported. The U.S. Central Command said eight strikes in total had been conducted around midnight on Monday. The report noted that in addition to the U.S. and the UK, Australia, Bahrain, Canada, and the Netherlands also took part in the operation, contributing to activities such as surveillance and intelligence. “Our aim remains to de-escalate tensions and restore stability in… Read more at: https://oilprice.com/Latest-Energy-News/World-News/US-and-UK-Forces-Attack-Houthi-Targets-Once-Again.html
	Netflix adds 13.1 million subscribers, tops revenue estimates as membership push gains steam Netflix reported earnings after the bell. Here are the results. Read more at: https://www.cnbc.com/2024/01/23/netflix-nflx-earnings-q4-2023.html
	Alphabet cuts ties with Australian AI firm that helped train Bard and Google Search Alphabet has ended its contractual work with Appen, the artificial intelligence data firm that helped train Google’s chatbot Bard and Google Search results. Read more at: https://www.cnbc.com/2024/01/23/alphabet-ends-contract-with-appen-which-trained-bard-google-search.html
	Dow closes nearly 100 points lower to snap 3-day win streak, dragged down by weak earnings: Live updates Wall Street is coming off a notable trading session for the major averages, with the Dow Jones Industrial Average hitting 38,000 for the first time ever. Read more at: https://www.cnbc.com/2024/01/22/stock-market-today-live-updates.html
	Johnson & Johnson to settle talc baby powder investigation, will reportedly pay $700 million The settlement does not resolve the tens of thousands of lawsuits alleging that J&J’s talc-based products caused cancer. Read more at: https://www.cnbc.com/2024/01/23/johnson-johnson-to-settle-talc-baby-powder-probe.html
	Here’s how to squeeze a little more juice out of these tax-advantaged yields Municipal bonds have lower yields compared to corporates, but you’re rewarded for taking a step down in credit quality. Read more at: https://www.cnbc.com/2024/01/23/heres-how-to-squeeze-a-little-more-juice-out-of-these-tax-advantaged-yields.html
	As more tankers divert from Suez Canal, there’s a ‘sea change’ in way Europe is buying crude US oil production is at a record, and as more crude tankers avoid the Red Sea and Suez Canal, Europe is buying more of it for the diesel market. Read more at: https://www.cnbc.com/2024/01/23/more-tankers-divert-from-red-sea-and-its-another-boost-for-us-oil.html
	New Hampshire primary live updates: Nikki Haley battles Donald Trump to the finish as voters hit the polls Most polling stations opened at 7 a.m. ET and will close between 7 p.m. and 8 p.m. ET. Read more at: https://www.cnbc.com/2024/01/23/new-hampshire-primary-live-updates-nikki-haley-battles-donald-trump-to-the-finish.html
	Core Scientific returns to Nasdaq as Wall Street shows renewed love for bitcoin mining Bitcoin miner Core Scientific has completed the reorganization process and relisted its shares on the Nasdaq. Read more at: https://www.cnbc.com/2024/01/23/core-scientific-hits-nasdaq-as-wall-street-goes-big-in-bitcoin-mining-.html
	P&G’s beauty sales hurt by an unlikely headwind: A wastewater release in Japan High-end skin-care brand SK-II saw its sales tumble 34% in greater China, owner Procter & Gamble said. Read more at: https://www.cnbc.com/2024/01/23/procter-gamble-sk-ii-beauty-sales-hurt-by-japan-wastewater-release.html
	Bitcoin briefly falls below $39,000 as post-ETF selling pressure continues: CNBC Crypto World CNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what’s ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today’s show, Mathew McDermott, global head of digital assets at Goldman Sachs, explains what the approval of spot bitcoin ETFs in the United States means for the bank. Read more at: https://www.cnbc.com/video/2024/01/23/bitcoin-briefly-falls-below-39000-as-post-etf-selling-pressure-continues-cnbc-crypto-world.html
	Amazon wants to shape the future of car-buying. Dealers are skeptical E-commerce behemoth Amazon is attempting to do what insiders say no one has been able to do yet: bring a seamless online shopping experience to car-buying. Read more at: https://www.cnbc.com/2024/01/23/amazon-car-buying-seeks-to-reshape-dealerships.html
	GM unveils 2025 Chevy Equinox with new rugged design, standard heated seats GM is redesigning the Chevrolet Equinox crossover to look more rugged than its predecessors in an attempt to move the vehicle upmarket and attract new buyers. Read more at: https://www.cnbc.com/2024/01/23/gm-unveils-2025-chevy-equinox.html
	Large stocks celebrate record while small caps remain mired in bear market Small caps are conspicuously absent from Wall Street’s bull market party. Read more at: https://www.cnbc.com/2024/01/23/stock-market-outlook-bear-bull-sp50-russell-indexes-fed-rate-cuts.html
	Hinkley C: UK nuclear plant costs could soar by a third EDF says final costs could soar by about a third as it faces a delayed completion date. Read more at: https://www.bbc.co.uk/news/business-68073279?at_medium=RSS&at_campaign=KARANGA
	Post Office: I was only doing my job, says investigator Robert Daily told an inquiry into the Post Office scandal that he did not accept personal responsibility. Read more at: https://www.bbc.co.uk/news/business-68058412?at_medium=RSS&at_campaign=KARANGA
	Woolies could return to British High Streets The owner of Woolworth Germany says bringing the brand back to the UK is on his “bucket list”. Read more at: https://www.bbc.co.uk/news/business-68068503?at_medium=RSS&at_campaign=KARANGA
	​5 sectors that saw highest FPI outflows in first 2 weeks of 2024 Here’s a look at the five sectors that witnessed the highest selling from foreign institutional investors in the first half of January. (Source: ET Bureau) Read more at: https://economictimes.indiatimes.com/markets/stocks/news/5-sectors-that-saw-highest-fpi-outflows-in-first-2-weeks-of-2024/fii-tracker/slideshow/107085391.cms
	Sebi allows promoters to offer shares to staff via stock exchange mechanism in OFS The Securities and Exchange Board of India has decided on a new system that will be in addition to the existing one with respect to OFS for companies’ employees. Under the new system, OFS to employees would be on T+1 day along with the retail category under a new category ‘Employee’. According to Sebi, for employee OFS, a certain number of shares should be reserved for the staff and the same should be mentioned in the OFS notice to the stock exchanges by the promoters. Read more at: https://economictimes.indiatimes.com/markets/stocks/news/sebi-allows-promoters-to-offer-shares-to-staff-via-stock-exchange-mechanism-in-ofs/articleshow/107091063.cms
	Top Indian funds dust off playbooks ahead of index inclusion The cohort are betting on inclusion in global bond indexes to drive returns after the central bank doused speculation of an interest-rate cut. In 2023, Indian sovereign bonds saw their best annual performance in three years. Read more at: https://economictimes.indiatimes.com/markets/bonds/top-indian-funds-dust-off-playbooks-ahead-of-index-inclusion/articleshow/107075404.cms
	Netflix’s stock jumps 6% on huge spike in new subscribers, surge in ad sales Netflix Inc.’s stock popped after hours Tuesday following its quarterly results, which showed a splurge in ad-fueled sales and a healthy increase in new subscribers. Read more at: https://www.marketwatch.com/story/netflix-earnings-what-to-expect-b515dc87?mod=mw_rss_topstories
	Golfer who won $1.5 million knew he wouldn’t be able to keep it. Here’s why he played anyway. Nick Dunlap can now accept a PGA Tour card and turn pro — or stay in college. Read more at: https://www.marketwatch.com/story/this-golfer-won-1-5-million-he-knew-he-wouldnt-be-able-to-keep-it-but-he-played-anyway-ba5b06a0?mod=mw_rss_topstories
	Dow ends lower, S&P 500 closes at third record high this year as earnings season ramps up with Netflix results U.S. stocks closed mixed Tuesday, as traders eye the growing pile of corporate-earnings reports. Read more at: https://www.marketwatch.com/story/s-p-500-futures-hold-at-record-highs-as-earnings-season-ramps-up-netflix-eyed-after-the-close-de2923e4?mod=mw_rss_topstories