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• Dow ends over 200 points lower
  U.S. equities tumbled broadly Tuesday to begin a holiday-shortened week as Treasury yields jumped sharply...
  U.S. equities tumbled broadly Tuesday to begin a holiday-shortened week as Treasury yields jumped sharply and a Federal Reserve leader's comments prompted investors to dial back expectations for interest rate cuts. The Dow Jones Industrial Average^® (DJI) closed near a four-week low despite stronger-than-expected quarterly results from member company Goldman Sachs (GS).
  
  The 10-year Treasury yield's rise back above 4% "was a likely culprit behind equity market weakness" to start the week, said Liz Ann Sonders, Schwab's chief investment strategist. Other culprits behind the weakness, she added, included some large downwardly revised earnings estimates for the fourth quarter of 2023 and first half of 2024.   Here's where the major benchmarks ended:
  

  
  
  • The S&P 500^® index (SPX) fell 17.85 points (0.4%) to 4,765.98; the Dow Jones Industrial Average lost 231.86 points (0.6%) to 37,361.12; the Nasdaq Composite^® (COMP) declined 28.41 points (0.2%) to 14,944.35.
  
  
  • The 10-year Treasury note yield rose about 11 basis points to 4.06%.
  
  
  • The Cboe^® Volatility Index (VIX) rose 0.59 to 13.84.
  
  

  
  
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• Energy Sector Commentary
  The energy sector kicked off the holiday-shortened week mixed to lower,...

  The energy sector kicked off the holiday-shortened week mixed to lower, tracking weakness in the broader equity futures, but continued strength in the crude complex is helping to stem the declines. Stock futures fell as rates continued to tick higher and as investors scrubbed through the latest batch of fourth-quarter earnings ahead of key economic data later this week.

  
  

  WTI and Brent crude oil futures extended their climb higher this morning, backed by escalating tensions in the Middle East. Yemen's Houthi movement released a statement that it will expand its targets in the Red Sea region to include U.S. ships and that it would keep up attacks after U.S.-led strikes in Yemen. Elsewhere in the region, Iran said it had launched ballistic missiles at targets in Iraq and Syria in defense of its sovereignty and to counter-terrorism. Investors are also awaiting a speech by the U.S. Federal Reserve's Christopher Waller later today for clues about when the Fed might begin to cut interest rates.

  
  

  Natural gas futures are off over 7% in early trading, pressured by warmer weather forecasts in key consuming regions that will offset supply losses due to the current polar vortex.

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• Oil transport affected as tanker rates rise
  Indian and Japanese refiners are turning to Murban crude due to its relatively low cost compared to WTI...
  Indian and Japanese refiners are turning to Murban crude due to its relatively low cost compared to WTI Midland, which is being affected by disruptions to tanker routes due to unrest in the Middle East. Geopolitical discord is likely to lead to an increase in US crude supplies headed to Europe, while Asia depends more on Middle Eastern crude.
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• Enverus shares US energy trends for 2024
  Oil productivity in the Permian Basin will hold steady this year, deal-making activity will lose some...
  Oil productivity in the Permian Basin will hold steady this year, deal-making activity will lose some steam, and the Midland Basin's Barnett Shale will rise to prominence, Enverus predicted in its 2024 energy outlook. Enverus also named ExxonMobil, Chesapeake Energy and EOG Resources as the most productive public US oil and natural gas producers.  
  
  Source: MRT
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• 🚢Houthis target US ships in the Red Sea
  Houthi militants ...
  Houthi militants struck a US-owned cargo ship with an antiballistic missile off the coast of Yemen yesterday. The US said that it caused neither major damage nor injuries, and the ship, the M/V Gibraltar Eagle, kept on going. The attack came after the US and UK targeted the Iran-backed Houthis in Yemen in response to their attacks on commercial ships in the Red Sea. The continued escalation has raised fears of a broader regional war, as the Houthis claim their actions are in support of Hamas in its war with Israel, and their attacks on ships have already begun to impact global supply chains.
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