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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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• ☕️ What Else Is Brewing Tuesday Morning
  Israel’s high court overturns controversial...

  Israel’s high court overturns controversial judicial overhaul. In an 8–7 vote, Israel’s Supreme Court struck down a law barring judges from reviewing government actions they consider unreasonable. The law, which was part of a broader effort to remake the judicial branch, was championed by Prime Minister Benjamin Netanyahu and drew mass protests before the nation’s war with Hamas began. The ruling could reignite Israel’s domestic political disagreements. Separately, Israel began moving thousands of troops out of parts of the Gaza Strip, which could signal it expects less intense fighting, especially in northern parts of the territory.

  
  

  Tensions are rising in the Red Sea. The US Navy sank three boats piloted by Houthi militants in the Red Sea, killing their crews, while responding to a distress call from a Maersk ship on Sunday. And yesterday, Iran sent a warship to the Red Sea. The Houthis, who are based in Yemen but backed by Iran, began attacking commercial ships traveling through the Red Sea in November in response to the Israel–Hamas war. Several major shipping groups started taking longer routes around Africa to avoid the area, through which ~12% of global commerce usually flows, but the US has vowed to secure the trade route.

  
  

  ICYMI…If, like us, you tuned out the news last week while scrambling to buy last-minute gifts, here are some developments you might have missed: 1) The New York Times sued OpenAI and Microsoft, alleging ChatGPT caused billions of dollars in damages by breaching its copyrights. The suit claims the chatbot has reproduced NYT articles nearly verbatim without permission. 2) In other AI legal news, Donald Trump’s former lawyer Michael Cohen admitted he unwittingly sent his own attorney fake cases invented by Google’s Bard chatbot to submit to the court in an effort to end his post-prison supervision. 3) Apple can still sell its latest Apple Watches in the US despite a trade court ruling that they infringe on another company’s patent because an appeals court put that ruling on hold—for now.

  
  
  

  
  
  • Japan was shaken by a series of earthquakes, the largest of which registered at a 7.6 magnitude, prompting tsunami warnings, evacuations of nearly 100,000 people, and fires. At least 48 people were killed.
  
  
  • Michigan will square off against Washington in the college football championship next Monday after each won thrilling semifinal games yesterday.
  
  
  • Denmark’s Queen Margrethe II, an 83-year-old who has been on the throne for 52 years, announced on live TV that she’ll be stepping down on Jan. 14 and handing the crown to her son.
  
  
  • Chinese President Xi Jinping said the “reunification” of China and Taiwan is “inevitable.” Next week, Taiwan will hold a presidential election featuring candidates with divergent views on how to approach China.
  
  
  • Paula Abdul filed a lawsuit claiming that former American Idol producer Nigel Lythgoe sexually assaulted her when she was a judge on the show.
  
  

  
  
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