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• ☕️What Else is Brewing Friday Morning
  The deadly Texas wildfire is now the largest in the state’s...
  The deadly Texas wildfire is now the largest in the state’s history. The Smokehouse Creek Fire, which has scorched 1 million acres in the Texas Panhandle and another 31.5k in Oklahoma, is also the second-largest in US history. At least one person died, several homes and ranches were destroyed, and many others were left without power. As of Thursday, the fire was only 3% contained, CNN reported. Experts warned that the combination of dry air and turbulent wind expected this weekend could make the situation worse. One state official said that thousands of cattle will die.
  
  Neuralink, the brain-chip company co-founded by Elon Musk, was cited by the FDA over animal testing issues, Reuters reported.
  
  Tesla, the auto company co-founded by Elon Musk, can be sued by over 6,000 Black factory workers over its alleged failure to address racism at a California plant, a judge ruled.
  
  President Joe Biden and Donald Trump both visited the southern border yesterday as immigration remains one of the key issues of the 2024 election.
  
  The SEC is reportedly investigating the internal communications of OpenAI CEO Sam Altman to see if the company misled investors.
  
  The Brothers Winklevii agreed to return more than $1 billion to customers as part of a settlement between their crypto exchange, Gemini, and the New York Department of Financial Services.
  
  Reckitt, the company that owns Durex condoms, is testing livestream shopping in China to boost sales.
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• Closing Oil & Gas Prices
  Benchmark U.S. crude oil for April delivery ...
  Benchmark U.S. crude oil for April delivery fell 28 cents to $78.26 per barrel Thursday. Brent crude for April delivery fell 6 cents to $83.62 per barrel.
  
  Wholesale gasoline for March delivery rose 3 cents to $2.30 a gallon. March heating oil rose 2 cents to $2.68 a gallon. April natural gas fell 3 cents to $1.86 per 1,000 cubic feet.
  
  
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• Nasdaq hits record close for first time since 2021 as U.S. stocks end higher
  U.S. stocks ended higher on Thursday, with the S&P 500 and the Nasdaq...
  U.S. stocks ended higher on Thursday, with the S&P 500 and the Nasdaq Composite hitting a new record-high close, respectively, even after the PCE index rose in January at its fastest pace in four months.
  
  The Dow Jones Industrial Average rose 47.37 points or 0.1% to end at 38996.39 on Thursday, according to Dow Jones Market Data. It is up 846.09 points or 2.2% this month, in its fourth consecutive month of gain.
  
  The S&P 500 went up 26.51 points or 0.5% on Thursday to end at 5096.27, a record close. The index rose 250.62 points or 5.2% this month, and it was up 902.47 points or 21.5% over the last four months, recording its largest four-month point gain on record.
  
  The Nasdaq advanced 144.18 points or 0.9% to finish at 16,091.92, its first record close since November 19, 2021. It snaps the index's 569 trading day streak without a record which was the longest streak since the 3,801 trading day streak from March 2000 to April 2015, according to Dow Jones Market Data.
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• Energy Sector Commentary
  Energy stocks opened just above...

  Energy stocks opened just above breakeven levels, tracking higher broader market futures, which erased premarket losses and shifted into the green following tame January PCE data.  Inflation rose 0.4% in January, which was in-line with expectations, and +2.8% from a year ago.  While still positive, markets were primed for weakness if the inflation figures rose anywhere above market expectations.  Risk sentiment should be positive today.  Meanwhile, earnings continue to wrap up across the energy sector. 

  
  

  Oil prices were mixed, with WTI slightly positive and Brent around the flatline following the in-line PCE report. Brent has hovered comfortably above the $80 mark for three weeks, with the Middle East conflict having only a modest impact on crude flows. A Reuters survey of 40 economists and analysts on Thursday forecast an average price of $81.13 a barrel for the front-month contract this year.

  
  

  Natural gas futures are down about 3 cents ahead of weekly inventory, in which analysts expect a draw of 88 bcf.

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• Celebrating Leap Day
  Today is leap day, Feb. 29,...
  Today is leap day, Feb. 29, a date observed only once roughly every four years in the international standard Gregorian calendar. While the extra day serves a technical function, its uniqueness prompts celebrations around the world—especially by the estimated 5 million Leaplings born on this rare day.
  
  Leap years are necessary because the Earth takes slightly longer than 365 days to revolve around the sun—roughly five hours and 48 minutes more (see explainer). For millennia, agricultural societies using a solar calendar to schedule plantings and harvests saw the seasons drift over time and instituted the extra day to compensate. The Romans made the current leap year approach official under Julius Caesar, but that calendar was overhauled 1,500 years later by Pope Gregory XIII because the seasons had drifted off by roughly 10 days. Learn how this prompted the disappearance of 10 days in 1582 here. 
  
  In contrast, China's cultural calendar utilizes a leap month every three years. Learn how other non-Gregorian cultures approach leap years here. 
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