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Featured Article

Snippets

U.S. stocks fight back to a draw, with Dow recovering after early 271-point drop
(Thursday market close) The major U.S. equity benchmarks ended mixed Thursday after...
(Thursday market close) The major U.S. equity benchmarks ended mixed Thursday after a slightly stronger-than-expected Consumer Price Index (CPI) report sparked a mild flare-up in inflation concerns and raised questions about whether the Federal Reserve is about to embark on a series of interest rate cuts, as many investors expect.

Early Thursday, the Labor Department reported the overall and core rates of CPI each rose 0.3% in December from November, both above expectations for increases around 0.2%. Compared to year-ago levels, overall CPI also accelerated slightly, posting a 3.4% increase in December versus a 3.1% gain in November.

The report "highlights that the path to 2% inflation is likely to be bumpy and not a straight line down," said Cooper Howard, director of fixed income Strategy at the Schwab Center for Financial Research.

He noted that market indicators continued to convey odds of a Fed rate cut in March above 60%, even after Thursday's CPI report. However, "we expect the Fed to take a methodical approach in cutting rates this year and look for three to four rate cuts, depending on how the economic data develops," Howard added. Here's where the major benchmarks ended:

The S&P 500^® index (SPX) fell 3.21 points (0.1%) to 4,780.24; the Dow Jones Industrial Average^® (DJI) gained 15.29 points to 37,711.02; the Nasdaq Composite^® (COMP) rose 0.55 point to 14,970.19.

The 10-year Treasury note yield dropped about 4 basis points to 3.988%.

The Cboe^® Volatility Index (VIX) fell 0.25 to 12.44.

Source: Charles Schwab
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Energy Sector Commentary for Thursday
Energy stocks opened the session higher on escalating tensions...
Energy stocks opened the session higher on escalating tensions in the Red Sea, as an oil tanker was seized off the coast of Oman and diverted by armed Houthi rebels this morning, which boosted oil prices. Broader equities were set to rise, though the 8:30 AM ET release of December CPI data showed inflation remains persistent, as consumer prices rose 0.3%, pushing the annual rate to +3.4%.

Oil prices rose on Thursday after an oil tanker was boarded by an armed group in Oman, raising the prospect of escalating conflict in the Middle East. The United Kingdom Maritime Trade Operations Authority received a report on Thursday that a vessel about 50 nautical miles east of Oman's coast was boarded by four to five armed individuals. "Slowing demand, unrest in the Middle East and muted price reaction have producers, consumers, and market participants alike feeling paranoid about oil prices," Barclays said on Thursday as the bank lowered its 2024 Brent forecast by $8 to $85 a barrel.

Natural gas futures are lower by ~1% ahead of weekly inventory data. Analysts expect a draw of 119 bcf.
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It's Official: Chesapeake, Southwestern to Combine in $7.4B Deal
Chesapeake Energy and Southwestern Energy have entered...
Chesapeake Energy and Southwestern Energy have entered into an all-stock merger agreement transaction valued at $7.4 billion, or $6.69 per share, based on Chesapeake's closing price on Jan. 10, 2024, the companies said on Jan. 11.

The deal would create the U.S.’ largest natural gas producer, but, it is almost certain to face intense scrutiny as a wave of consolidations, largely oil-focused, has already raised the hackles of some Congressional Democrats.

The deal unites Chesapeake and Southwestern’s Appalachia and Haynesville portfolios into a pro forma company with an average net production of approximately 7.9 Bcfe/d. The company would have over 5,000 gross locations and 15 years of inventory.

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Rio Grande LNG train project proceeds via NextDecade
NextDecade plans to pursue the development of Train 4 at the Rio Grande liquefied natural gas export...
NextDecade plans to pursue the development of Train 4 at the Rio Grande liquefied natural gas export facility with $62.5 million in financing via MUFG Bank. NextDecade has started the engineering, procurement and construction contracting process with Bechtel Energy.
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Stock market futures turn lower after December CPI report
Consumer prices rose somewhat faster at the end of 2023 and interrupted a slowdown in inflation, but...
Consumer prices rose somewhat faster at the end of 2023 and interrupted a slowdown in inflation, but the recent evidence still points to a further deceleration in the months ahead.

The consumer price index rose 0.3% in December to mark the biggest gain in three months. The rate of inflation over the past year also moved up to 3.4% from 3.1% in the prior month.

The stock market futures turned lower after the report was released.
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