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DJIA Futures: +15 (+0.04%)

SPX Futures: +4 (+0.1%)

NASDAQ Futures: +22 (+0.1%)

Good morning friends!

Futures are up slightly as the final week of 2023 begins.

Let’s get right to it!

Win Streak Continues

The S&P 500 logged its eighth straight weekly gain last week, marking the longest win streak since 2017. 

The Dow and the Nasdaq also both rose for the eighth consecutive week. 

The S&P ended last week 0.9% below its all-time closing record of 4,796.56 and the index is 1.3% from its intraday record high. 

It is a light week of economic data to close out the week. 

The S&P Case-Shiller home price index will be released at 10:00 a.m. ET today. 

Then weekly jobless claims, the advanced goods trade balance, advanced retail inventories, and advanced wholesale inventories at 8:30 a.m. ET Thursday. 

The National Association of Realtors reports pending home sales at 10:00 a.m. ET on Thursday. 

Bonds Tick Slightly Higher

U.S. Treasury yields are up slightly this morning after dipping earlier in the session. 

The 10-year yield is currently one basis point higher at 3.91% with the 2-year yield up two basis points at 4.36%. 

Recent data supports the Fed’s plans to cut rates in 2024 after the PCE price index came in lighter than expected on Friday.

CME Group’s FedWatch Tool now shows over 74% of traders betting on the first rate cut at the March 20 meeting. 

Intel Jumps On Israeli Grant

Intel (INTC) shares are up 2.2% ahead of the open after news the Israeli government agreed to grant the company $3.2 billion for a new $25 billion chip plant in southern Israel. 

It is the largest investment Israel has ever made in a company. 

Intel said the expansion plan for its Kiryat Gat site is an “important part of Intel’s efforts to foster a more resilient global supply chain, alongside the company’s ongoing and planned manufacturing investments in Europe and the United States.”

The chipmaker also agreed to buy $16.6 billion worth of goods and services from Israeli suppliers over the next decade. 

The new plant is expected to open in 2028 and operate through 2035.

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