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• ☕️What Else is Brewing This Morning
  Apple watches with blood oxygen sensors banned again. Your next Apple Watch probably...
  Apple watches with blood oxygen sensors banned again. Your next Apple Watch probably won’t be able to measure your blood oxygen level after a federal appeals court yesterday reinstated a ban on importing the Series 9 and Ultra 2 watches that were found to infringe on health-tech-maker Masimo’s patent. But Apple already has a workaround: making the watches without the allegedly infringing feature. And Apple didn’t lose entirely—the ruling wasn’t about whether it violated the patent, just whether Apple could import the watches while it continues to fight in court.
  
  Maine should keep former President Donald Trump on its primary ballot—unless the Supreme Court deems him ineligible, a state court ruled. Meanwhile, in New York, a federal judge threatened to kick Trump out of the courtroom for making audible comments as E. Jean Carroll testified against him in her defamation case. Trump responded, “I would love it.”
  
  Sheryl Sandberg, a former Facebook exec, said she plans to leave Meta’s board after 12 years.
  
  Boeing suffered another embarrassing oopsie yesterday when the 737 meant to shuttle US Secretary of State Antony Blinken home from Davos had a critical failure, leaving him stranded until he changed planes. But the company’s stock actually ticked up.
  
  The British royals are having some medical issues: The Princess of Wales (better known as Kate Middleton) is in the hospital after a planned abominable surgery, and King Charles will undergo a procedure for an enlarged prostate next week.
  
  Coachella has unveiled its lineup, including a No Doubt reunion we won’t speak about.
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• Occidental CEO: Expect supply challenges starting in 2025
  Global oil supply will be constrained starting in 2025 as demand outpaces oil exploration activity, said...
  Global oil supply will be constrained starting in 2025 as demand outpaces oil exploration activity, said Occidental CEO Vicki Hollub, speaking at the World Economic Forum. Hollub noted that a move to prioritize tapping shale oil reserves in 2012 over exploration contributed to the challenge since shale has a shorter lifespan than oil that is conventionally produced.
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• Closing Oil & Gas Prices
  Benchmark U.S. crude oil for February delivery...
  Benchmark U.S. crude oil for February delivery rose 16 cents to $72.56 per barrel Wednesday. Brent crude for March delivery fell 41 cents to $77.88 per barrel.
  
  Wholesale gasoline for February delivery rose 2 cents to $2.14 a gallon. February heating oil fell 1 cent to $2.65 a gallon. February natural gas fell 3 cents to $2.87 per 1,000 cubic feet.
  
  
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• Dow Jones seals third straight day of losses as S&P and Nasdaq also fall
  (Wednesday market close) U.S. equities extended...
  (Wednesday market close) U.S. equities extended this week's broad slide Wednesday, sending the S&P 500^® index (SPX) near a two-week low as a stronger-than-expected Retail Sales report pushed Treasury yields higher and forced investors to further rein in expectations for interest rate cuts by the Federal Reserve.
  
  Early Wednesday, the Census Bureau said U.S. retail sales rose 0.6% in December over November, above the Briefing.com consensus for a gain of 0.4% and the largest monthly gain since September. Compared to December 2022, retail sales surged 5.6%, suggesting consumer spending remained robust last year even as the job market and other aspects of the economy showed signs of slowing.
  
  The sales report helped lift the benchmark U.S. 10-year Treasury note yield (TNX) to a five-week high near 4.13% and prompted investors to continue tempering beliefs an initial Fed rate cut could happen as soon as March.
  
  "Consumers ended the year on a high," said Cooper Howard, director of fixed income strategy at the Schwab Center for Financial Research. The better-than-expected retail sales "bodes well for GDP. Overall, consumer spending remains healthy because people have jobs." Here's where the major benchmarks ended:
  
  The S&P 500 index fell 26.77 points (0.6%) to 4,739.21; the Dow Jones Industrial Average^® (DJI) lost 94.45 points (0.3%) to 37,266.67; the Nasdaq Composite^® (COMP) dropped 88.73 points (0.6%) to 14,855.62.
  
  The 10-year Treasury note yield rose more than 3 basis points to 4.10%.
  
  The Cboe^® Volatility Index (VIX) climbed 0.95 to 14.79.
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• Retail sales jumped in December, showing strength of the American consumer
  The numbers: Sales at retailers jumped 0.6% in...
  The numbers: Sales at retailers jumped 0.6% in December to cap off a fairly robust holiday shopping season and underscore the resilience of a still-growing U.S. economy.
  
  Economists polled by The Wall Street Journal had forecast a 0.4% increase. Taken together, sales in November and December suggest a better-than-expected holiday shopping season. November receipts rose 0.3%.
  
  Retail sales represent about one-third of all consumer spending and offer clues on the strength of the economy. Sales grew a solid 5.6% in 2023, almost double the rate of inflation.
  
  Big picture: The robust retail report bolsters the case for the Federal Reserve to wait a while before cutting interest rates given the strength of the economy, analysts say. It also shows little threat for now of recession.
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