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• ☕️What Else is Brewing Wednesday Morning
  Historybook: ...
  Historybook: Articles of Confederation is adopted by Continental Congress (1777); Artist Georgia O’Keeffe born (1887); "Macho Man" Randy Savage born (1952); Two million people protest Vietnam War across the US (1969); Famed anthropologist Margaret Mead dies (1978).
  
  Israel said it carried out a “targeted operation” at Shifa, Gaza’s largest hospital, where its leadership and US intelligence accuse Hamas of operating from. In recent days, doctors at Shifa have warned that patients are dying as a humanitarian crisis unfolds within the hospital.
  
  ByteDance revenue grew to $29 billion in the second quarter, putting the Chinese owner of TikTok within striking distance of Meta.
  
  Rolex and Patek Philippe prices fell to two-year lows amid waning demand for expensive watches.
  
  SpaceX will receive clearance this week to launch its Starship rocket, CEO Elon Musk said.
  
  YouTube announced it will begin cracking down on AI-generated deepfakes of musicians.
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• Closing Oil and Gas Prices
  Benchmark U.S. crude oil for December delivery...
  Benchmark U.S. crude oil for December delivery was unchanged at $78.26 per barrel Tuesday. Brent crude for January delivery fell 5 cents to $82.47 per barrel.
  
  Wholesale gasoline for December delivery fell 2 cents to $2.22 a gallon. December heating oil was unchanged at $2.84 a gallon. December natural gas fell 9 cents to $3.11 per 1,000 cubic feet.
  
  
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• Nasdaq exits correction territory, small caps see best day in more than a year
  U.S. stocks closed sharply higher on Tuesday with the Nasdaq...
  U.S. stocks closed sharply higher on Tuesday with the Nasdaq Composite notching its biggest daily percentage-point gain since April following a subdued inflation print that bolstered hopes for Federal Reserve rate cuts. The S&P 500 SPX gained 84.15 points, or 1.9%, to 4,495.70 points. The Nasdaq Composite COMP gained 326.64 points, or 2.4%, to 14,094.38, closing outside of correction territory after entering it roughly three weeks ago. The Dow Jones Industrial Average DJIA gained 489.83 points, or 1.4%, to 34,827.70. Meanwhile, the Russell 2000 RUT an index of small-cap stocks, rose 91.25 points, or 5.3%, to 1,796.70, its biggest daily advance since November 2022.
  
  
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• Energy Sector Commentary
  The energy sector is off to a higher start, supported by strength...
  The energy sector is off to a higher start, supported by strength in the crude complex and in the major equity futures which surged higher as investors cheered the latest U.S. consumer price index report which came in lower than analysts expected. The 10-year Treasury yield also tumbled below 4.5% following the soft inflation report.
  
  WTI and Brent crude oil futures extended their trend higher for the fourth-straight session, backed by this morning’s CPI data, weakness in the dollar, and another bullish supply report.
  
  After snapping a five-day losing streak in the prior session, natural gas futures resumed their slide lower this morning and are off ~0.75% in early trading, pressured by updated weather forecasts and lingering production concerns.  
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• OPEC brushes off oil market pessimism
  OPEC maintains a positive outlook on the oil market despite the recent price slump, which it attributed...
  OPEC maintains a positive outlook on the oil market despite the recent price slump, which it attributed to the "exaggerated negative sentiments" of financial market speculators. The group revised its oil demand growth forecast for 2023 to 2.46 million barrels per day and kept its 2024 oil demand growth forecast unchanged at 2.25 million bpd.
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