Israel and Hamas have reached a pivotal ceasefire and hostage release agreement, which aims to end the 15-month conflict in the Gaza Strip. The deal, potentially taking effect as early as Sunday, will unfold in three phases, starting with a full ceasefire and the withdrawal of Israeli troops from populated areas in Gaza. However, Israel has postponed its cabinet vote on the agreement, citing concerns over Hamas's commitment to the terms.
In the digital realm, TikTok faces mounting pressure as time ticks away. ByteDance, the platform's China-based parent company, confronts a potential ban in the United States. A possible route to avert this outcome involves selling TikTok. The Supreme Court may ultimately decide the platform's fate, with its ruling eagerly awaited.
On Wall Street, Target has revised its fourth-quarter outlook upwards, forecasting a 1.5% rise in comparable sales. This optimism is shared across the financial markets, with the Dow Jones Industrial Average surging by 703.27 points, or 1.65%, on Wednesday. The S&P 500 and Nasdaq Composite also experienced gains of 1.83% and 2.45%, respectively. The upward trends were bolstered by a cooler-than-expected Consumer Price Index report and strong bank earnings. Notably, Bank of America and Morgan Stanley are scheduled to release their results soon.
In Washington D.C., significant political developments are underway as President-elect Donald Trump's nominee for Treasury Secretary, Scott Bessent, prepares to face the Senate Finance Committee. This committee hearing will also consider nominees for other crucial positions, including Secretaries of State, Energy, and Transportation.