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• ☕️What Else is Brewing Thursday Morning
  PGA Tour gets $3 billion investment. The PGA Tour has clinched the funds from Strategic...
  PGA Tour gets $3 billion investment. The PGA Tour has clinched the funds from Strategic Sports Group, a consortium of big-name investors led by Fenway Sports Group owner John Henry that includes the owners of the Atlanta Falcons, New York Mets, and Boston Celtics. The cash will be put toward a new program allowing players to receive grants based on how well they play. Lest we forget, the world of golf is still as chaotic as Jordan Spieth playing literally any hole: Saudi Arabia’s Public Investment Fund (which backs rival tour LIV Golf) and the PGA Tour have yet to complete an agreement since announcing their shocking decision to merge last June.
  
  Walmart is going big on brick-and-mortar with plans to add 150 larger stores in the next five years, most completely new, but some converted from stores with smaller footprints.
  
  Paramount is for sale, and its latest suitor is media mogul Byron Allen, who made a $14 billion offer.
  
  Biogen plans to stop selling its controversial Alzheimer’s treatment Aduhelm. The drug had a hefty price tag but little proof it was effective.
  
  H&M’s CEO unexpectedly resigned as the fast-fashion retailer faces declining sales and increased competition from online giants like Shein.
  
  FBI Director Christopher Wray warned that Chinese hackers are looking to target US infrastructure to “wreak havoc and cause real-world harm.”
  
  A Pennsylvania man was arrested after allegedly murdering his father and posting a YouTube video featuring his severed head.
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• Fed says it needs more confidence inflation is slowing before cutting rates
  Traders lowered their expectations for the Federal Reserve to begin cutting interest rates as soon as...
  Traders lowered their expectations for the Federal Reserve to begin cutting interest rates as soon as March after remarks made by Fed Chair Jerome Powell following the conclusion of the central bank’s policy meeting on Wednesday.
  
  March is probably not the “base case” for when the Fed might start lowering its benchmark rate, Powell said during the press conference on Wednesday afternoon.
  
  “Based on the meeting today, I would tell you that I don’t think it’s likely that the committee will reach a level of confidence by the time of the March meeting to identify March as the time” for its first rate cut, he said. “But that’s to be seen.”
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• House passes $79 billion tax-cut package; prospects in Senate uncertain
  The House accomplished something unusual Wednesday in passing with broad,...
  The House accomplished something unusual Wednesday in passing with broad, bipartisan support a roughly $79 billion tax-cut package that would enhance the child tax credit for millions of lower-income families and boost three tax breaks for business, a combination that gives lawmakers on both sides of the political aisle coveted policy wins.
  
  Prospects for the measure becoming law are uncertain with the Senate still having to take it up, but for a House that has struggled to get bills of consequence over the finish line, the tax legislation could represent a rare breakthrough. The bill passed by a vote of 357-70.
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• U.S. stocks log worst day since September as Powell dims hopes of March rate cut
  U.S. stocks logged their biggest daily drop of 2024 on Wednesday after Federal Reserve Chairman...
  U.S. stocks logged their biggest daily drop of 2024 on Wednesday after Federal Reserve Chairman Jerome Powell pushed back on the likelihood of the central bank starting its rate cuts in March.
  
  The S&P 500 fell around 79 points, or 1.6%, to end near 4,846, according to preliminary closing data from FactSet. That marked the worst session for the large-cap index on a percentage-point basis since September, according to Dow Jones Market Data.
  
  It also marked the worst Fed day performance for the index since March 2023.
  
  The Dow Jones Industrial Average shed around 317 points or 0.8%, its biggest one-day point decline since December.
  
  The Nasdaq Composite dropped around 346 points, or 2.2%, its worst day since October. The tech-heavy index also recorded its worst Fed day performance since November 2022.
  
  
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• Closing Oil & Gas Prices
  Benchmark U.S....

  Benchmark U.S. crude oil for March delivery fell $1.97 to $75.85 per barrel Wednesday. Brent crude for March delivery fell $1.16 to $81.71 per barrel.

  
  

  Wholesale gasoline for February delivery fell 8 cents to $2.18 a gallon. February heating oil was unchanged at $2.81 a gallon. March natural gas rose 2 cents to $2.10 per 1,000 cubic feet.

  
  
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