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• Closing Market Update
  (Thursday market open) The S&P 500® index (SPX)...
  (Thursday market open) The S&P 500^® index (SPX) and the Dow Jones Industrial Average^® (DJI) ended little changed but still edged to record highs for a second straight day Thursday as investors processed another batch of quarterly earnings and looked ahead to inflation updates next week that will likely factor into expectations for the Federal Reserve's interest rate policy.
  
  Much like the 2023 equity market, recent strength continues to be driven largely by mega caps and other large tech companies, while signs of weakness continue to percolate further down the cap spectrum, according to Liz Ann Sonders, Schwab's chief investment strategist.
  
  "Cap-weighted indexes like the S&P 500 and Nasdaq Composite look great on the surface, but there are divergences under the surface, with several sectors lagging and market internals, such as breadth, narrowing in recent weeks," Sonders said.
  
  "Narrow breadth, all else equal, is not a great backdrop" for stocks, Sonders added. "However, markets can remain narrow with concentrated leadership for extended periods. It’s akin to overly optimistic sentiment, which is also not ideal but can stay that way for extended periods."
  
  Here's where the major benchmarks ended:
  

  
  
  • The S&P 500 index added 2.85 points (0.1%) to 4,997.91, after briefly rising to 5,000.40, breaching the 5,000 level for the first time; the Dow Jones Industrial Average gained 48.97 points (0.1%) to 38,726.33; the Nasdaq Composite climbed 37.07 points (0.2%) to 15,793.71.
  
  
  • The 10-year Treasury note yield (TNX) rose more than 5 basis points to 4.154%.
  
  
  • The Cboe Volatility Index^® (VIX) fell 0.04 to 12.79.
  
  
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• Closing Oil & Gas Prices
  Benchmark U.S. crude oil for March delivery ...
  Benchmark U.S. crude oil for March delivery rose $2.36 to $76.22 per barrel Thursday. Brent crude for April delivery rose $2.42 to $81.63 per barrel.
  
  Wholesale gasoline for March delivery rose 8 cents to $2.34 a gallon. March heating oil rose 7 cents to $2.89 a gallon. March natural gas fell 5 cents to $1.92 per 1,000 cubic feet.
  
  
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• Permian growth in 2024 expected to drop significantly
  Growth in the Permian Basin is expected to slow in 2024 following the purchase by public companies of...
  Growth in the Permian Basin is expected to slow in 2024 following the purchase by public companies of nearly 40 private companies last year. The Energy Department recently dropped its 2024 growth forecast by 120,000 bpd to 170,000 bpd, down from over 1 million bpd last year. "It all ties down to the industry being less interested in growth and more in generating positive cash flows, which they have now done successfully for a few years," said Alexandre Ramos-Peon, head of shale research at Rystad.
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• Shell joins project to harness ocean wave energy
  Shell has joined a project off the coast of Scotland that aims to harness the energy of ocean waves and...
  Shell has joined a project off the coast of Scotland that aims to harness the energy of ocean waves and use the output to power underwater devices. The project, run by Renewables for Subsea Power, offers a "cost-effective alternative to umbilical cables, which are carbon intensive with long lead times to procure and install," the company says.
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• EIA predicts slower US oil, gas production growth in 2024
  The Energy Information Administration expects US crude oil production...
  The Energy Information Administration expects US crude oil production to grow by 170,000 barrels per day to 13.21 million bpd in 2024, reflecting a decrease from its previous growth forecast of 290,000 bpd. The agency also cut its first-quarter US natural gas marketed production forecast by 1.71 Bcf/d to 113.08 Bcf/d and reduced its 2024 production forecast by 740 MMcf/d to 114.03 Bcf/d.
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