Here are the most important news items that investors need to start their trading day:
1. Roaring to a record
Stocks are on a tear heading into the last full trading week of the year. The Dow Jones Industrial Average notched an intraday record high on Friday, as investors welcome expectations that the Federal Reserve could start to cut interest rates next year as inflation cools. The Dow, S&P 500 and Nasdaq Composite have all recorded seven-week winnings streaks. With few economic indicators due this week, earnings from FedEx on Tuesday and Nike on Thursday could help to drive markets in the days ahead. Follow live market updates here.
2. Steel deal
Japan-based Nippon Steel agreed to buy U.S. Steel for $14.9 billion, including debt. U.S. Steel shares spiked following the announcement Monday morning. The $55 per share price is about 40% higher than U.S. Steel’s close on Friday. The company had put itself up for sale as revenue and profit sagged, but now could stand to benefit from climbing steel prices and the resolution of the United Auto Workers strikes in the U.S.
3. Israel urged to cease fire
Some of Israel’s European allies are urging the country to agree to a cease fire and restart hostage negotiations with Gaza, after the Israeli military said it mistakenly killed three hostages. The deaths added to humanitarian concerns about Israel’s nearly two-and-a-half month offensive in Gaza, which has killed more than 18,700 Palestinians, according to Gaza’s health ministry, and displaced a massive share of its population. Hamas militants killed about 1,200 Israelis and took nearly 250 people hostage in their Oct. 7 attack on Israel. U.S. Defense Secretary Lloyd Austin will visit Israel this week, as the Biden administration — a key ally and provider of military aid — expresses growing concerns about the civilian casualties in Gaza.
4. The year ahead in weight loss drugs
Weight loss and diabetes drugs vaulted into the public consciousness in 2023, as awareness and use…
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