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• 🔥Texas Wildfires
  Texas Gov. Greg Abbott (R)...
  Texas Gov. Greg Abbott (R) issued a disaster declaration this week for 60 counties as the Smokehouse Creek Fire became the second-largest in Texas history. Thousands of people were ordered to evacuate as the wildfire remains 3% contained and other wildfires burned, leaving at least one person dead (see updates). 
  
  The Smokehouse Creek Fire broke out Monday and is one of multiple wildfires burning across Texas and into Oklahoma. As of this writing, it has grown to over 1,300 square miles (850,000 acres), larger than the state of Rhode Island, and has threatened homes, businesses, and farms. Wildfires have also caused the country’s main nuclear weapons assembly facility to temporarily shut down.
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• Death Toll in Gaza Surpasses 30,000
  The death toll...

  The death toll in Gaza passed a somber milestone on Thursday as the local health ministry reported that more than 30,000 people had been killed in the war since Oct. 7.

  
  

  The number of deaths since Israel launched its military offensive against Hamas in Gaza had already surpassed the tolls of any previous Arab conflict with Israel when it rose above 20,000 in December. Many experts say the official toll is very likely an undercount, given the difficulty of accurately tallying deaths amid unrelenting fighting, communications disruptions, a collapsing medical system and people still believed to be under the rubble.

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• U.S. first-time unemployment claims tick upward
  The numbers: Initial jobless benefit claims rose by...
  The numbers: Initial jobless benefit claims rose by 13,000 to 215,000 in the week ended Feb. 24, the U.S. Labor Department said Thursday.  
  
  Economists polled by The Wall Street Journal had estimated new claims would rise to 210,000.
  
  Key details:  The number of Americans already collecting jobless benefits in the week ended Feb. 17 rose by 45,000 to 1.91 million.
  
  Big picture: Claims have been bouncing around low levels. Economists detect some softening in the labor market and don’t expect claims to remain so low in the coming weeks. Stepping back, the data suggests continued solid economic growth and stable unemployment.
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• ☕️What Else is Brewing Thursday Morning
  Mitch McConnell to step down as Senate GOP leader. McConnell,...
  Mitch McConnell to step down as Senate GOP leader. McConnell, the longest-serving party leader ever in the Senate, said yesterday that he’ll give up his leadership position after the presidential election in November. His decision that it’s “time for the next generation of leadership” comes after the 82-year-old Kentucky politician’s health has been in the news after two recent episodes of freezing up while speaking publicly and as the old-school Republican has clashed with Donald Trump and his supporters.
  
  Wendy’s backtracked clarified that it’s not planning on implementing surge pricing after Frosty lovers reacted badly to the chain’s CEO saying on an earnings call this week that it planned to roll out dynamic pricing next year.
  
  Texas saw the second-largest wildfire in the state’s history, which prompted concerns about a nuclear facility as it blazed through.
  
  Lawmakers struck a deal to keep the government from shutting down this weekend.
  
  Comedian Richard Lewis, known for his standup and role on Curb Your Enthusiasm, died at age 76.
  
  Sam Bankman-Fried’s lawyers argued he should only serve between 5 and 6.5 years in prison for fraud at FTX—a far cry from the 100 years that probation officers have suggested.
  
  European media companies, including Axel Springer (which owns Morning Brew), slapped Google with a $2.3 billion lawsuit claiming they were harmed by the company’s digital ad policies.
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• Stocks Down Ahead of Key Inflation Update
  The Dow Jones Industrial Average® (DJI) lost...

  The Dow Jones Industrial Average® (DJI) lost ground a third consecutive day Wednesday, and other major equity benchmarks also sagged as investors marked time ahead of Thursday's Personal Consumption Expenditures Price Index (PCE), a closely followed inflation reading.

  
  

  The PCE is the Fed's preferred inflation gauge, and the spotlight on Thursday's numbers is particularly bright after two other measures earlier this month, the Consumer Price Index (CPI) and Producer Price Index (PPI), both posted stronger-than-expected increases, stirring worries inflation may be perking up. PCE numbers, like CPI and PPI, are expected to show inflation accelerated slightly in January.

  
  

  Here's where the major benchmarks ended:

  
  
  

  
  
  • The S&P 500® index (SPX) fell 8.42 points (0.2%) to 5,069.76; the Dow Jones Industrial Average lost 23.39 points (0.1%) to 38,949.02; the Nasdaq Composite® (COMP) declined 87.56 points (0.6%) to 15,947.74.
  
  
  • The 10-year Treasury note yield (TNX) fell about 5 basis points to 4.264%.
  
  
  • The Cboe Volatility Index® (VIX) rose 0.39 to 13.82.
  
  
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