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• Closing Market Update for Monday
  The major indexes posted their highest closes so far this year as investors looked ahead to monthly consumer...
  The major indexes posted their highest closes so far this year as investors looked ahead to monthly consumer and producer price reports at the end of the week.
  
  (Monday market close) The S&P 500^® index (SPX) and the Nasdaq Composite^® (COMP) posted firm gains Monday to end at their highest closes of the year so far as the market bounced back from a soft start to 2024 and investors look ahead to key monthly inflation numbers and big bank earnings later this week.
  
  The Dow Jones Industrial Average^® (DJI) posted a modest gain despite a slump in member Boeing (BA), which fell 8% after the Federal Aviation Administration (FAA) temporarily grounded dozens of the company's 737 Max 9 aircraft after a section of an Alaska Air Group (ALK) plane blew out Friday night. Strength in semiconductors helped lift the Nasdaq.
  
  Otherwise, investors moved past last week's mixed jobs numbers and waited for the Consumer Price Index (CPI) and the Producer Price Index (PPI) reports on Thursday and Friday. Both reports will be studied closely for clues to the path of Federal Reserve interest rate policy. Here's where the major benchmarks ended:
  

  
  
  • The S&P 500 index was up 66.30 points (1.4%) at 4,763.54; the Dow Jones Industrial Average was up 216.90 points (0.6%) at 37,683.01; the Nasdaq Composite was up 319.70 points (2.2%) at 14,843.77.
  
  
  • The 10-year Treasury note yield (TNX) was down about 3 basis points at 4.015%.
  
  
  • The Cboe^® Volatility Index (VIX) was down 0.28 at 13.07.
  
  

  
  
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• Winter storm forecast: Most of the U.S. is at risk of extreme weather this week
  The National Weather Service (NWS) is warning of several winter weather systems creating “widespread...
  The National Weather Service (NWS) is warning of several winter weather systems creating “widespread and potentially significant” flooding across the central Gulf Coast, the East Coast, and even Hawaii, as well as “ferocious blizzards” in the Pacific Northwest and the Plains into the Midwest.
  
  Forecasters are pleading with residents in the affected areas to take the “really unusual” weather in some areas seriously as they brace for the “extremely dangerous” conditions.
  
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• Closing Oil & Gas Prices
  Benchmark U.S. crude oil for February delivery...
  Benchmark U.S. crude oil for February delivery fell $3.04 to $70.77 per barrel Monday. Brent crude for March delivery fell $2.64 to $76.12 per barrel.
  
  Wholesale gasoline for February delivery fell 8 cents to $2.03 a gallon. February heating oil fell 3 cents to $2.58 a gallon. February natural gas rose 9 cents to $2.98 per 1,000 cubic feet.
  
  
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• Energy Sector Commentary
  The energy sector is lower today, pressured by weakness in the underlying...

  The energy sector is lower today, pressured by weakness in the underlying commodities. Meanwhile, the major equity futures are mixed, as investors remain uncertain about the timing of interest rate cuts.

  
  

  WTI and Brent crude oil futures are kicking off the week sharply lower after Saudi Aramco made sharp price cuts to Arab Light, which offset ongoing tensions in the Middle East. Saudi Aramco lowered the official selling price of Arab Light for February to Asia by $2.00/barrel to a $1.50 premium vs Oman/Dubai, the largest m/m cut in over a year. At least three Asian customers told Bloomberg the price drop was unlikely to lead to requests for incremental deliveries while two Chinese buyers said they won't be lifting any term cargoes from KSA this month. Aramco also cut the price of Arab Light to the U.S. and NW Europe by $2.00/barrel. The ongoing war in the Middle East and a force majeure by Libya's National Oil Corporation on Sunday at its Sharara oilfield, is limiting losses.

  
  

  Natural gas futures dropped earlier this morning as investors take profits following last week’s 16% price gain and on forecasts for colder temperatures for most of the L48 in the third week of January.

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• Hezbollah Says a Commander Is Killed in a Strike in Lebanon
  Hezbollah said on Monday that one of its commanders...

  Hezbollah said on Monday that one of its commanders was killed in a strike in southern Lebanon, adding to concerns about a wider regional war as Israel battles Hamas in Gaza.

  
  

  In a statement, Hezbollah identified the commander as Wissam Hassan Al-Tawil but gave few additional details. A Lebanese security official, speaking on condition of anonymity because of the sensitivity of the matter, said Mr. Al-Tawil was a commander in Hezbollah’s Radwan unit, which Israel says aims to infiltrate its northern border. The official said he was killed in a strike in Khirbet Selm, a village in southern Lebanon that is about nine miles from the Israeli border.

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