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• Stocks end mostly lower, but head for big monthly gains
  Stocks ended mostly a shade lower on Wednesday but remained on...
  Stocks ended mostly a shade lower on Wednesday but remained on track for the biggest monthly gains of 2023. The Dow Jones Industrial Average DJIA eked out a gain of around 14 points, or less than 0.1%, to close near 35,431, according to preliminary figures. The S&P 500 SPX fell 0.1%, while the Nasdaq Composite COMP shed 0.2%. The S&P 500 has rallied 8.5% so far this month, while the Nasdaq is up 11%, which would be the biggest monthly advance for both indexes since July 2022, according to Dow Jones Market Data. The Dow is up 7.2% in November, which would be its strongest monthly showing since October 2022.
  
  
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• Fed rate-cut hopes are fueling an ‘everything rally’ on Wall Street
  Gold, Treasury bonds, long-shot call options, bitcoin and…GameStop? Most market strategists would agree...
  Gold, Treasury bonds, long-shot call options, bitcoin and…GameStop?
  
  Most market strategists would agree those are some strange bedfellows. But the torrid November rally in stocks is starting to morph into something more frothy, analysts say, and both speculative and defensive assets are getting taken along for the ride.
  
  Some have described it as the latest leg of an “everything rally” fueled by a broad macro bet on Federal Reserve interest-rate cuts beginning early next year.
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• Energy Sector Commentary
  The energy sector is off to a higher start, supported by strength in the crude complex...

  The energy sector is off to a higher start, supported by strength in the crude complex and the major equity futures as investors attempt to extend November’s rally during the last week of the month.

  
  

  WTI and Brent crude oil futures are adding to yesterday’s gains on tomorrow’s OPEC+ meeting, supply disruptions caused by a storm in the Black Sea, and on last night’s API print. OPEC+ is expected to decide 2024 oil policy tomorrow after the meeting had been delayed from November 26^th. A severe storm in the Black Sea region has disrupted up to 2 million barrels per day (bpd) of oil exports from Kazakhstan and Russia, according to state officials and port agent data. Traders will also be gauging crude inventories as last night’s API data showed crude stocks fell 817K barrels, meanwhile, Reuters expects the total inventory figure to fall 933K barrels.

  
  

  Natural gas futures are lower on the first day of trading for the January front-month contract amid a combination of warmer weather, weaker feed gas flows, and record production.

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• Hostage Release Continues
  Hamas released a ...
  Hamas released a fifth group of hostages to the International Committee of the Red Cross yesterday as part of an extended two-day cease-fire deal between the militant group and Israel. Twelve hostages were released in exchange for Israel's release of 30 Palestinian prisoners. Since the pause in fighting began Friday, 180 Palestinian prisoners, 61 Israeli hostages, and 20 foreign national hostages have been released.
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• Market Outlook
  Before the opening bell: US stock futures ...
  Before the opening bell: US stock futures rise early Wednesday as investors await data on gross domestic product and wholesale inventories.
  
  Deutsche Bank says the S&P 500 will hit an all-time high in 2024. The bank’s strategists said they see the index hitting 5,100 points by the end of 2024, a 12% bump from its current level. It’s the latest firm to turn bullish on the stock market’s future.
  
  The CBOE Volatility Index VIX, a gauge of expected stock-market volatility over the coming 30 days, has been trading below the 13 mark since last Friday, when it closed at 12.46, its lowest finish since Jan. 17, 2020, according to Bespoke Investment Group.
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