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• ☕️What Else is Brewing Saturday Morning
  JPMorgan had its most profitable year ever. Earnings...
  JPMorgan had its most profitable year ever. Earnings season began with a bang yesterday, as the four biggest banks in the US reported how they wrapped up 2023. JPMorgan Chase raked in $49.6 billion for the year—a 32% jump from 2022 that topped its previous record profit from 2021. But things weren’t so rosy everywhere: Citigroup posted a $1.8 billion loss for the final quarter and announced plans to lay off 20,000 employees. And Bank of America’s Q4 profit was $3.1 billion, which is 56% less than it made during the same quarter the year before. Wells Fargo boosted its profits for the quarter by 9%, but its costs also came in higher than expected
  
  You’re probably somewhere cold. Winter storms and a polar vortex sweeping in prompted weather advisories in every state in the lower 48 yesterday.
  
  The US is seeking the death penalty against Payton Gendron, who killed 10 Black people in a racially motivated shooting at a Buffalo supermarket. It’s the first time that federal prosecutors have been given permission to seek the punishment in a new case under the Biden administration.
  
  The Supreme Court has agreed to hear a case over whether Starbucks must rehire pro-union employees who were fired.
  
  Denmark’s getting a new king tomorrow.
  
  Jerod Mayo will replace Bill Belichick as head coach of the New England Patriots.
  
  TikTok chef Lynn Yamada Davis, who entertained 17 million followers with her Cooking with Lynja videos, died at age 67
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• EIA: Inventories of commercial crude oil rose last week
  The Energy Information Administration reported a 1.3-million-barrel...
  The Energy Information Administration reported a 1.3-million-barrel increase in crude oil stockpiles accompanied by an increase in gasoline and distillate inventories of 8 million barrels and 6.5 million barrels, respectively. Crude oil inventories remain about 2% lower than the five-year average for this time of year.
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• Closing Oil & Gas Prices for Friday
  Benchmark U.S. crude oil for February delivery...
  Benchmark U.S. crude oil for February delivery rose 66 cents to $72.68 per barrel Friday. Brent crude for March delivery rose 88 cents to $78.29 per barrel.
  
  Wholesale gasoline for February delivery rose 1 cent to $2.12 a gallon. February heating oil was unchanged at $2.67 a gallon. February natural gas rose 21 cents to $3.31 per 1,000 cubic feet.
  
  
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• Schwab: Stocks close mostly higher, book weekly gains ahead of MLK holiday
  Note to readers: U.S. markets are closed Monday in observance of Rev. Martin Luther...
  Note to readers: U.S. markets are closed Monday in observance of Rev. Martin Luther King Jr. Day. Schwab Market Update will return on Tuesday, January 16.
  
  The major U.S. equity indexes ended mixed Friday ahead of a three-day holiday weekend but still posted gains for the week, as favorably viewed inflation data was offset by mixed results from an initial round of quarterly earnings from big banks. The S&P 500^® index (SPX) and Nasdaq Composite^® (COMP) both advanced for the ninth time in the past 10 weeks.
  
  Early Friday, the Labor Department reported an unexpected 0.1% monthly decline in the overall Producer Price Index (PPI) for December, contrary to expectations for a 0.1% gain. Core PPI, which removes food and energy, was unchanged from November, against expectations for a 0.2% increase. The PPI report came a day after slightly stronger-than-expected Consumer Price Index (CPI) numbers appeared to undercut investor expectations for imminent rate cuts from the Federal Reserve.  Here's where the major benchmarks ended:
  

  
  
  • The S&P 500 index rose 3.59 points (0.1%) to 4,783.83, up 1.8% for the week; the Dow Jones Industrial Average^® (DJI) fell 118.04 points (0.3%) to 37,592.98, up 0.3% for the week; the Nasdaq Composite rose 2.57 points to 14,972.76, up 3.1% for the week.
  
  
  • The 10-year Treasury note yield (TNX) fell about 3 basis points to 3.943%.
  
  
  • The Cboe^® Volatility Index (VIX) rose 0.26 to 12.70.
  
  
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• 2M BPD increase in oil demand predicted in 2024
  China will be responsible for 25% of the almost 2 million barrels per day increase in global oil demand...
  China will be responsible for 25% of the almost 2 million barrels per day increase in global oil demand this year as demand is projected to reach 103.5 million barrels per day, according to a Wood Mackenzie report. Reduced interest rates and healthier economic growth in the second half of the year will contribute to much of the demand surge, said Alan Gelder, Wood Mackenzie senior vice president of research
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