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• U.S. stocks end mostly higher ahead of Christmas break
  (Friday market close) Major U.S. equity benchmarks...
  (Friday market close) Major U.S. equity benchmarks ended mixed Friday but still posted their eighth consecutive weekly gains while one last round of data before the three-day holiday weekend gifted investors with further signs of easing inflation and consumer strength, bolstering hopes the new year will bring rate cuts from the Federal Reserve and a "soft landing" for the economy.
  
  Earlier Friday, the Commerce Department reported the overall Personal Consumption Expenditures (PCE) price index fell 0.1% in November from October, contrary to expectations for a 0.1% increase. The PCE core rate, which excludes food and energy prices, rose just 0.1%, also below expectations. Compared to November 2022, core PCE was up 3.2%, the smallest annual increase since April 2021.
  
  A sharp drop in Nike (NKE) shares, which plunged nearly 12% after reporting disappointing quarterly results, weighed on the Dow Jones Industrial Average^® (DJI). But the market otherwise is poised to end the year on a firm note amid growing optimism over inflation and prospects for Fed rate cuts. The eight-week winning streak for the S&P 500^® index (SPX) is its longest since 2017.
  
  "The trend in inflation is decidedly lower," said Kathy Jones, chief fixed income strategist at Schwab. She noted that core PCE averaged 2% over the past six months, even with the Fed's long-term inflation target. "The market continues to price in significant rate cuts in 2024," she added.
  
  Here's where the major benchmarks ended:
  
  The S&P 500^® index was up 7.88 points (0.2%) at 4,754.63, up 0.8% for the week; the Dow Jones Industrial Average was down 18.38 points at 37,385.97, up 0.2% for the week; the Nasdaq Composite^® (COMP) was up 29.11 points (0.2%) at 14,992.97, up 1.2% for the week.
  
  The 10-year Treasury note yield (TNX) was up about 1 basis point at 3.901%.
  
  The CBOE^® Volatility Index (VIX) was down 0.62 at 13.03.
  
   
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• Closing Oil & Gas Prices for Friday
  Benchmark U.S. crude oil for...

  Benchmark U.S. crude oil for February delivery fell 33 cents to $73.56 per barrel Friday. Brent crude for February delivery fell 32 cents to $79.07 per barrel.

  
  

  Wholesale gasoline for January delivery fell 3 cents to $2.13 a gallon. January heating oil fell 4 cents to $2.66 a gallon. January natural gas rose 4 cents to $2.61 per 1,000 cubic feet.

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• Rig Count Drops for Second Week in a Row
  U.S. energy firms this week cut the number of oil and...

  U.S. energy firms this week cut the number of oil and natural gas rigs operating for a second week in a row for the first time since mid-November, energy services firm Baker Hughes said in its closely followed report on Dec. 21.

  
  

  The oil and gas rig count, an early indicator of future output, fell by three to 620 in the week to Dec. 21, the lowest since mid-November.

  
  

  Baker Hughes said that put the total rig count down 159 rigs, or 20%, below this time last year.

  
  

  Baker Hughes said U.S. oil rigs fell by three to 498 this week, their lowest since mid-November, while gas rigs rose by one to 120, their highest since mid-September.

  
  

  The total number of drilled but uncompleted (DUC) wells remaining dropped to a record low of 4,415 in November, according to federal energy data going back to December 2013.

  
  
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• Shell, Trinidat NGC Get 30yr License to Produce in Venezuela
  A license extended by Venezuela to Shell and...

  A license extended by Venezuela to Shell and Trinidad and Tobago's National Gas Company (NGC) will allow the companies to produce natural gas off the South American country's coast for 30 years, state oil company PDVSA said on Friday.

  
  

  Venezuela, Shell, and NGC on Thursday signed the license in Caracas for the Dragon project following a U.S. authorization granted in January, which could mark the OPEC country's first exports of its vast offshore gas reserves.

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• ☕️ What Else Is Brewing Friday Morning
  US and Chinese militaries are on speaking terms...

  US and Chinese militaries are on speaking terms again. For the first time in over a year yesterday, the highest-ranking US military officer, the chairman of the Joint Chiefs of Staff, spoke with his Chinese counterpart. The top brass hopped on a video call to discuss “global and regional security issues” and the need for lower-level talks. In 2022, China’s military stopped talking to the US in response to what it saw as a provocative trip to Taiwan taken by then-House Speaker Nancy Pelosi. But President Biden and China’s leader, Xi Jinping, recently met in San Francisco and agreed that the two superpower militaries should resume talking regularly to diffuse tensions.

  
  

  A deadly mass shooting shook the Czech Republic. A student at Charles University in Prague killed at least 14 people and injured dozens more yesterday. He’s also suspected of killing his father earlier in the day and two other people last week. Students were told to barricade themselves in classrooms, and some had to crouch on a ledge to escape the shooter. Police sealed the area and said the perpetrator had been “eliminated.” The interior minister called the devastating violence unprecedented in the country, which has a low gun crime rate. Authorities said that the gunman might have been inspired by a shooting in Russia earlier this year.

  
  

  There might be a problem with your Honda. The Japanese carmaker said yesterday that it’s recalling 22 Honda and Acura models released between 2017 and 2020 over a faulty fuel pump impeller. The component helps deliver gas to the engine, and a defective one might cause a car to stall or fail to start, though Honda says it has not received any reports of crashes or injuries related to the issue. Still, the problem means 2.5 million vehicles in the US will be recalled. Affected vehicle owners can get their fuel pump replaced free of charge once the automaker starts sending notices in February.

  
  
  

  
  
  • Rudy Giuliani filed for bankruptcy after a jury ordered him to pay $148 million for defaming two former Georgia election workers.
  
  
  • Ikea warned that Houthi attacks on commercial ships in the Red Sea could delay its deliveries.
  
  
  • Bird flu is likely to spread in Antarctica, posing existential threats to some species, including emperor penguins, according to experts.
  
  
  • Vin Diesel was sued yesterday by a former assistant, who accused the Fast & Furious actor of sexual battery.
  
  
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