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• Dow pulls back from 2023 highs as small caps outperform
  U.S. stocks finished lower on Monday with the Dow pulling back from its 2023 highs, while a catch-up...
  U.S. stocks finished lower on Monday with the Dow pulling back from its 2023 highs, while a catch-up rally in small caps stretched to a fourth day. The S&P 500 SPX fell by 24.85 points, or 0.5%, to 4,569.78. The Nasdaq Composite COMP declined by 119.54 points, or 0.8%, to 14,185.49. The Dow Jones Industrial Average DJIA shed 41.06 points, or 0.1%, to 36,204.44. Market watchers blamed rising Treasury yields for the pullback in stocks, with the 10-year yield up more than 4 basis points at 4.266%. But while other indexes fell, the small-cap Russell 2000 RUT gained 16.76 points, or 0.8%, to 1,879.53. The small-cap index has outperformed the Nasdaq by more than 5.5 percentage points over the past four sessions, the best such stretch since June, according to Dow Jones Market Data.
  
  
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• Energy Sector Commentary
  The energy sector is off to a lower start, pressured by weakness in the underlying commodities and the...
  The energy sector is off to a lower start, pressured by weakness in the underlying commodities and the major equity futures which are lower after the Dow and S&P 500 closed at a new 2023 high last Friday.
  
  WTI and Brent crude oil futures are adding to last week’s losses on a stronger dollar, uncertainty over fuel demand, and concerns over whether OPEC+’s decision to reduce output will support oil prices. Since the announced cuts by OPEC+ are voluntary, investors are having doubts about whether or not producers would fully implement production cuts and how the cuts would be measured. The 10YR yield is higher this morning which is lending support to the U.S. dollar index. Geopolitical tensions in the Middle East are limiting losses within oil contracts as fighting resumes between Israel and Hamas. Last night, three commercial vessels came under attack by Yemen’s Houthi movement in the southern Red Sea.
  
  Natural gas futures are down, and on track to extend four weeks of consecutive losses on above-normal temperatures.
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• Market Outlook
  🔔 Before the opening bell: US stock futures...
  🔔 Before the opening bell: US stock futures fall early Monday after the S&P 500 notched a new yearly high. 
  
  2024 is shaping up to be a great year for the economy — and the stock market. After three years of pain, America is finally seeing the job market holding up and inflation cooling. So, if this year was about the hard work of stabilizing the economy, then next year is about enjoying the fruits of that labor.
  
  Crypto stocks have notched triple-digit rallies this year. AI names may have commanded the market’s attention lately, but another corner of the market is seeing impressive gains: stocks tied to digital assets. Coinbase, MicroStrategy, Riot Platforms, and Marathon Digital shares are up more than 250% in 2023. Meanwhile, bitcoin has climbed about 130% year-to-date.
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• Venezuela Referendum
  Venezuelans went to the polls yesterday to decide ...
  Venezuelans went to the polls yesterday to decide whether to annex Guyana's oil-rich region of Essequibo yesterday in a nonbinding referendum, the latest move in a nearly two-century territorial dispute. Results were still being tabulated as of late yesterday evening.
  
  Great Britain purchased Guyana from the Dutch in the early 1800s and surveyed its western border deep into Venezuela, recently independent from Spain. Venezuela protested the boundary placement for decades, which added roughly 30,000 square miles to British Guyana (see history).
  
  In 1899, Venezuela effectively lost an attempt to win back the territory in a European-arbitrated decision, and attempts by the international community to settle the issue since have floundered. ExxonMobil's 2015 discovery of major oil deposits in Essequibo has transformed Guyana into a major offshore oil producer. 
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• It’s a busy week across the sports world
  The NBA’s in-season tournament will hold its semifinals on Thursday and the championship game on Saturday...
  The NBA’s in-season tournament will hold its semifinals on Thursday and the championship game on Saturday in Las Vegas. Army will play Navy on Saturday afternoon in Foxboro, MA, marking the first time in its 124-year history that “America’s Game” will be played in New England. The MLS Cup will take place Saturday afternoon between Columbus and LAFC. And MLB’s winter meetings will start today in Nashville. The only question that matters: Where will free agent Shohei Ohtani end up?
  
  The 2023 College Football Playoff was unveiled yesterday, with No. 1 Michigan (13-0) taking on No. 4 Alabama (12-1) in the Rose Bowl on New Year's Day (5 pm ET, ESPN), followed by No. 2 Washington (13-0) facing off against No. 3 Texas (12-1) in the Sugar Bowl. All four teams won their respective conference championships over the weekend.
  
  Notable nonplayoff matchups include FSU versus Georgia (Orange Bowl), Oregon versus undefeated upstart Liberty, and more. See the full schedule of matchups here.
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