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• Energy Sector Commentary for Tuesday
  The energy sector is off to a...

  The energy sector is off to a moderately lower start, pressured by low conviction weakness in the underlying commodities and in the broader equity futures. Equity sentiment steadied this morning following the recent run-up in the benchmark indices as the markets assessed some disappointing retail results and looked ahead to the release of the Federal Reserve meeting minutes.

  
  

  Following two consecutive days of sharp gains, WTI and Brent crude oil futures are negative in early trading as investors weigh the impact of possible production cuts by OPEC+ against comments from the IEA saying they expect the oil market to see a slight supply surplus next year. Lingering concerns over an increase in tension in the Middle East also continued to be mitigated after the chief of Hamas told Reuters today that it was near a truce agreement with Israel. More near term, investors will be looking to the next round of inventory data which analysts expect to show crude and gasoline stockpiles rose last week.

  
  

  Natural gas futures are on pace for their fourth consecutive day of declines, pressured by reports showing record production and warmer forecasts for the first half of December.

  
  
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• The Saga of Sam Altman Continues
  OpenAI’s board fired its chief executive, Sam Altman, in a surprise on Friday. The board’s explanation...
  OpenAI’s board fired its chief executive, Sam Altman, in a surprise on Friday. The board’s explanation — that Altman had not been completely candid with them — was vague and opaque.
  
  Corporate infighting is not new. But what makes the OpenAI story stand out is the stakes. OpenAI is no ordinary company. It built ChatGPT, one of the fastest-growing tech products of all time, and it employs many of the top A.I. researchers.
  
  On the “Hard Fork” podcast, Kevin interviewed Altman about the future of A.I. shortly before he was fired.
  
  The saga over the leadership of OpenAI has deepened the parallels between Altman and Steve Jobs, who quit Apple in 1985 after its board marginalized him.
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• ☕️What Else is Brewing Tuesday Morning
  Over 200 people associated with Italy's 'Ndrangheta organized crime network were ...
  Over 200 people associated with Italy's 'Ndrangheta organized crime network were convicted of various mafia-related crimes yesterday and sentenced to a combined 2,100 years in prison. Defendants included town mayors, lawyers, and Giancarlo Pittelli—a former lawmaker in Italy's Parliament.
  
  The CEO of Cruise, GM’s self-driving car unit, resigned. Cruise has struggled since California pulled its permits to drive on the state’s streets in the wake of a fatal accident.
  
  Wells Fargo employees at two branches have kicked off a unionization campaign.
  
  Bayer’s stock had its worst day ever, dropping the company’s value by ~$8 billion, after a US jury ordered it to pay $1.56 billion over claims its Roundup weedkiller caused cancer and the company had to stop the trial for its top drug candidate because it wasn’t working.
  
  Shakira settled her Spanish tax evasion suit, agreeing to pay back taxes and interest the day the trial was supposed to begin.
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• Closing Oil & Gas Prices
  Benchmark U.S. crude oil for December delivery...
  Benchmark U.S. crude oil for December delivery rose $1.71 to $77.60 per barrel Monday. Brent crude for January delivery rose $1.71 to $82.32 per barrel.
  
  Wholesale gasoline for December delivery rose 5 cents to $2.23 a gallon. December heating oil rose 8 cents to $2.85 a gallon. December natural gas fell 8 cents to $2.88 per 1,000 cubic feet.
  
  
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• U.S. stocks close higher as S&P 500 leaves correction territory
  U.S. stocks closed higher Monday, with the S&P 500 exiting correction territory, as all three major...
  U.S. stocks closed higher Monday, with the S&P 500 exiting correction territory, as all three major indexes extended their three-week winning streak. The Dow Jones Industrial Average DJIA, 0.58% ended 0.6% higher, while the S&P 500 SPX, +0.74% gained 0.7%, and the Nasdaq Composite COMP, 1.13% climbed a sharp 1.1%, according to preliminary data from FactSet. The S&P 500 finished Monday at around 4,547, surpassing the level it needed to reach at closing to exit from correction territory it’s been in since Oct. 27, according to Dow Jones Market Data. Stocks fall into correction when they close at least 10% below a recent peak, and they exit that territory with a close of at least 10% above their correction low.
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