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• ☕️ What Else Is Brewing Wednesday Morning
  Israel kills top Hamas official in Beirut. Saleh...

  Israel kills top Hamas official in Beirut. Saleh al-Arouri, Hamas’s deputy political leader and a co-founder of its military wing, was killed in a suspected Israeli drone strike in Lebanon’s capital yesterday, Hamas confirmed. Israel has pledged to take out the Hamas leaders responsible for the Oct. 7 attack wherever they reside, and the assassination of al-Arouri (who was placed under a $5 million bounty from the US in 2015) was the first targeted strike against a Hamas official outside of Palestinian territories since the war broke out, per the Financial Times. Al-Arouri’s killing could intensify military activity along the Israel–Lebanon border, where the Israel Defense Forces and the militant group Hezbollah have been trading fire.

  
  

  Two planes collided at Tokyo’s airport. A passenger plane hit a Japanese Coast Guard plane and burst into flames while landing at Tokyo’s Haneda Airport yesterday. All 367 passengers and 12 crew members were safely evacuated from the fiery Japan Airlines plane, but five crew members died on the Coast Guard aircraft, which was scheduled to deliver supplies to the area affected by a recent earthquake. Aviation accidents are rare, but the New York Times recently found that this type of collision, known as a runway incursion, is often only narrowly averted. The newspaper reviewed FAA data that showed such near misses increased by almost 25% in the last decade, although since 2018, the rate has been improving.

  
  

  X’s value has plunged 71.5% since Elon Musk bought it, Fidelity says. It’s a good thing that Musk still owns several other successful companies, because Fidelity believes that the social media platform is worth a lot less than when the billionaire bought it for $44 billion in October 2022, Axios reports. That includes a decision by Fidelity, which owns a stake in X, to cut its estimate of X’s value by 10.7% in November after Musk publicly suggested that advertisers fleeing the platform over concerns about antisemitic postings “go f**k” themselves. The investment firm’s most recent valuation would put X’s value at ~$12.5 billion.

  
  
  

  
  
  • Maersk paused all shipping through the Red Sea until further notice after one of its ships was attacked by Houthi militants over the weekend.
  
  
  • Muhammad Yunus, a Nobel Peace Prize-winning economist, was sentenced to six months in jail in a case his supporters say is politically motivated.
  
  
  • South Korea’s opposition leader, Lee Jae-myung, is recovering after he was stabbed in the neck by an unidentified assailant in Busan yesterday.
  
  
  • A new study shows that women who are not pregnant are increasingly ordering abortion pills in case they need them and their access is threatened.
  
  
  • Taylor Swift broke Elvis’s record for the most weeks atop the Billboard 200 album chart as a solo artist, with 68.
  
  
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• Closing Market Update for Tuesday
  U.S. stocks started the year on a weak note as a sharp drop in ...

  U.S. stocks started the year on a weak note as a sharp drop in Apple(AAPL) stock weighed on the technology sector and investors booked profits following an unexpectedly strong 2023. The S&P 500® index (SPX) closed at its lowest level in nearly two weeks.

  
  

  Apple tumbled 3.6% to its lowest close since mid-November after Barclays downgraded the stock from "equal weight" to "underweight," citing "lackluster" iPhone 15 sales. Weakness in Apple and a slump in semiconductor shares helped send the Nasdaq Composite® (COMP) to a three-week low.

  
  

  Nathan Peterson, director of derivatives analysis at the Schwab Center for Financial Research, said Tuesday's declines broadly reflected a combination of profit-taking and investor "rotation" into last year's underperforming sectors, specifically energy, health care, and utilities. Considering the S&P 500's 24% gain in 2023, a soft start to the new year wasn't necessarily a surprise.

  
  

  Here's where the major benchmarks ended:

  
  
  

  
  
  • The S&P 500 index was down 27.00 points (0.6%) at 4,742.83; the Dow Jones Industrial Average® (DJI) was up 25.50 points (0.1%) at 37,715.04; the Nasdaq Composite was down 245.41 points (1.6%) at 14,765.94.
  
  
  • The 10-year Treasury note yield (TNX) was up about 7 basis points at 3.931%.
  
  
  • The Cboe® Volatility Index (VIX) was up 0.73 at 13.18.
  
  

  
  
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• Closing Oil & Gas Prices for Tuesday
  Benchmark U.S. crude oil for...

  Benchmark U.S. crude oil for February delivery fell $1.27 to $70.38 per barrel Tuesday. Brent crude for March delivery fell $1.15 to $75.89 per barrel.

  
  

  Wholesale gasoline for February delivery fell 2 cents to $2.09 a gallon. February heating oil was unchanged at $2.53 a gallon. February natural gas rose 6 cents to $2.57 per 1,000 cubic feet.

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• Major Boost in US LNG Capacity on the Horizon
  US liquefied natural gas export capacity is poised...

  US liquefied natural gas export capacity is poised to increase by more than 58.4 million short tons by the end of 2025, with projects including Venture Global's Plaquemines LNG, Cheniere's Corpus Christi LNG expansion and ExxonMobil's Golden Pass LNG due to enter the commissioning phase this year.

  
  

  "The ramp-up of North American supply at the end of 2024 and through 2025 will allow for Europe to further reduce its reliance on Russian gas, while at the same time supporting demand growth across Asia," said S&P Global Director of LNG Analytics Ross Wyeno.

  
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• Earthquakes Leave at Least 48 Dead in Japan
  A series of powerful earthquakes that hit western Japan has left at least 55 people dead...

  A series of powerful earthquakes that hit western Japan has left at least 55 people dead and damaged thousands of buildings, vehicles, and boats. Officials warned Tuesday that more quakes could lie ahead.

  
  

  Aftershocks continued to shake Ishikawa prefecture and nearby areas a day after a magnitude 7.6 temblor slammed the area.

  
  

  Damage was so great that it could not immediately be assessed. Japanese media reports said tens of thousands of homes were destroyed.

  
  

  Water, power, and cell phone service were still down in some areas. Residents expressed sorrow about their uncertain futures.

  
  

  “It’s not just that it’s a mess. The wall has collapsed, and you can see through to the next room. I don’t think we can live here anymore,” Miki Kobayashi, an Ishikawa resident, said as she swept around her house.

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