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• PPI shows core U.S. wholesale prices growing at slowest rate since early 2021
  The numbers: U.S. wholesale prices were unchanged...
  The numbers: U.S. wholesale prices were unchanged in November in another sign of gradually easing inflation. Cheaper gasoline gave a big assist to the benign inflation report, but prices in most major categories were also muted. Economists polled by the Wall Street Journal had forecast a 0.1% increase in the producer price index.
  
  The flat reading in wholesale inflation follows on the heels of slightly warmer consumer price report.
  
  Both inflation barometers point to a sufficient slowdown in prices to keep the Federal Reserve on hold Wednesday after its last big meeting of the year. The central bank is widely expected to leave interest rates unchanged.
  
  Key details: Wholesale costs often foretell future inflation trends. The increase in wholesale prices over the past 12 months slowed to 0.9% from 1.2% in the prior month.
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• Israel Tunnel Operation
  The Israeli military has reportedly begun ...
  The Israeli military has reportedly begun pumping seawater from the Mediterranean into a complex tunnel network underneath Gaza. The operation, likely to take weeks, is part of Israel's efforts to destroy the roughly 300-mile-long infrastructure used by Hamas to transport supplies and personnel (see overview). Some of the 140 remaining hostages from Hamas' Oct. 7 attack are believed to be held inside the tunnels. See more war updates here.
  
  Meanwhile, President Joe Biden and Israeli Prime Minister Benjamin Netanyahu appeared to be at odds over the future of the Gaza Strip. Netanyahu said he would not allow the Palestinian Authority to take control of Gaza after the war and acknowledged disagreement with the US, which seeks a two-state solution. During a private event, Biden reportedly called on Israel's government to make changes to its approach to the war or risk losing international support.
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• ☕️What Else is Brewing Wednesday Morning
  Historybook: Diplomat George Shultz born (1920); Actor Dick Van Dyke born (1925); Taylor...
  Historybook: Diplomat George Shultz born (1920); Actor Dick Van Dyke born (1925); Taylor Swift born (1989); 10 new countries announced to join European Union (2002); Saddam Hussein captured by American forces (2003).
  
  Choice Hotels launched a hostile $8 billion takeover bid of its budget hotel rival Wyndham, after its repeated attempts to make a deal were rebuffed.
  
  E3, once the gaming industry’s premier event, is permanently canceled, its organizers confirmed.
  
  Zara pulled an ad campaign after critics argued it evoked images of the Israel-Hamas war.
  
  Harvard president Claudine Gay will not resign, the school’s governing board announced, following her widely panned appearance at a congressional hearing on campus antisemitism.
  
  Al Michaels was reportedly removed from NBC’s NFL playoff coverage this year, which surely has nothing to do with the longtime broadcaster’s painfully sleepy call of last year’s thrilling Wild Card game.
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• Closing Oil & Gas Prices
  Benchmark U.S. crude oil for January delivery...
  Benchmark U.S. crude oil for January delivery fell $2.71 to $68.61 per barrel Tuesday. Brent crude for February delivery fell $2.79 to $73.24 per barrel.
  
  Wholesale gasoline for January delivery fell 6 cents to $1.98 a gallon. January heating oil fell 10 cents to $2.51 a gallon. January natural gas fell 12 cents to $2.31 per 1,000 cubic feet.
  
  
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• Closing Market Update
  (Tuesday market close) The S&P 500® index (SPX)...
  (Tuesday market close) The S&P 500® index (SPX) and other U.S. equity benchmarks extended gains Tuesday to reach the highest levels since early 2022 as investors shrugged off slightly higher-than-expected inflation readings and Federal Reserve policy leaders began a two-day meeting that's expected to end with no increase in benchmark interest rates.
  
  Early Tuesday, the Labor Department said the overall Consumer Price Index (CPI) rose 0.1% in November from October, contrary to expectations the headline number would hold unchanged. Core CPI, which strips out food and energy, met expectations with a 0.3% increase.
  
  Here's where the major benchmarks ended:
  

  
  
  • The S&P 500 index was up 21.26 points (0.5%) at 4,643.70; the Dow Jones Industrial Average®(DJI) was up 173.01 points (0.5%) at 36,577.94; the Nasdaq Composite® (COMP) was up 100.91 points (0.7%) at 14,533.40.
  
  
  • The 10-year Treasury note yield (TNX) was down about 3 basis points at 4.206%.
  
  
  • The Cboe® Volatility Index (VIX) was down 0.56 at 12.07.
  
  
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