⛽ The Oil Industry Just Changed...

Good morning. US stock futures dipped in Wednesday morning trading as investors awaited US inflation data.

🛢️ Mega oil merger gets shareholder approval

📝 Our report: Oil major Hess Corporation shareholders have greenlit Chevron's $53 billion takeover, despite some grumbles about a tiff with Exxon Mobil over a prized asset. Chevron offered to acquire Hess last October in a move to gain a foothold in oil-rich Guyana's lucrative offshore fields.

 🔑 Key points:

• “We are very pleased that the majority of our stockholders recognize the compelling value of this strategic transaction,” Hess Chief Executive Officer John Hess said after the shareholder vote.

• The affirmation is a major win for Chevron and Chief Executive Officer Mike Wirth, who sought to secure a stake in the biggest oil discovery of the past decade by acquiring Hess and its 30% interest in a Guyanese field.

• The transaction still needs to get past the US Federal Trade Commission as well as the ongoing arbitration case brought by Exxon over control of Hess’ interest in the Guyanese field. Exxon has said the proceedings may drag into 2025.

💡 So what: Chevron's acquisition of Hess Corporation for $53 billion has significant implications for the energy sector. The deal will enhance Chevron's oil and gas reserves, particularly in key areas like the Guyana oil fields, boosting its production capabilities and competitive edge. This consolidation could lead to greater operational efficiencies and cost savings. However, it might also raise concerns about reduced competition in the industry. Additionally, the acquisition could impact market dynamics, influencing oil prices and investment strategies across the sector.

Wednesday - Fed Beige Book, Atlanta Fed President Raphael Bostic speaks

Thursday - Pending Home Sales, New York Fed President John Williams Speaks

Friday - No Major Economic News

📈 Michael Burry shares his 4 investing lessons!

💳 Here are 7 facts about credit cards you should know!

😬 This is why working with a friend may not be the best idea!

 📈 Get 5.1% APY For Your Extra Cash

Many of you ask where we’re putting our extra cash to earn the highest interest while still having access to it.

I’ve looked through plenty of high yield options and my top pick is Moomoo. It’s offering one of the highest yields available today at 5.1% APY.

And the best part? No minimum deposits, no cap on interests, and you can withdraw your cash at anytime.

Moomoo is offering Daily Market Briefs subscribers a limited-time deal: earn 5.1% APY on your cash and get up to 15 free stocks.

PS: Despite the funny name, Moomoo is a registered broker dealer with the SEC and is a member of SIPC meaning you’re insured up to $500,000.

👟 Nike grasps minor victory in “stripes dispute” with Adidas

WHAT: Nike can now sport three stripes on some of its trousers in Germany, thanks to a court ruling in their latest bout against rival Adidas. Nike can now use the stripes on four of the disputed models, while the ban for one remaining model remains in place, the court said, partially overturning the earlier decision.

WHY: The three parallel stripes are a well-known Adidas trademark that it works relentlessly to protect in various courtrooms around the world. Nike claims Adidas' scope of protection is too narrow, saying that striped decoration doesn't necessarily relate to the brand it belongs to.

🧠 Musk startup posts brain studies on US govt database

WHAT: Elon Musk's brain-chip startup, Neuralink, just logged its patient study on the U.S. government's clinical trials database. The study was registered as a "first-in-human early feasibility study". Neuralink is testing its implant to give paralyzed patients the ability to use digital devices by thinking alone, a prospect that could help people with spinal cord injuries.

WHY: In January, Neuralink implanted its brain interface device in the brain of its first patient, Noland Arbaugh, who is paralyzed from the shoulders down due to a 2016 diving accident. The device has allowed Arbaugh to play video games, browse the internet and move a computer cursor on his laptop by thinking alone, according to company blog posts and videos.

📱 Telecom giant gobbles up regional carrier

WHAT: Looks like T-Mobile just went on a shopping spree! The company will buy almost all of regional carrier United States Cellular's wireless operations including customers, stores and 30% of its spectrum assets in a deal valued at $4.4 billion, the telecom giant said.

WHY: U.S. Cellular will retain ownership of about 70% of its spectrum, its equity-method investments as well as 4,400 telecom towers. It said T-Mobile will become a long-term tenant on at least at least 2,600 towers.

✏️ DMB Insider Quiz ✏️

🧑‍💻 We read your emails and poll replies daily.

Hit reply and let us know what you want more of!

See ya next time, Daily Market Briefs