Trump Organization Sues IRS, Exxon & Chevron Boost Oil Output, US PPI Rises

Trump Organization Lawsuit

• 🏛️ The Trump Organization, along with President Trump and his two oldest sons, is suing the US Treasury Department and the IRS for at least $100 billion.
• ⚠️ The lawsuit stems from a former IRS contractor who allegedly stole and leaked Trump's tax returns to The New York Times during his first term.

Energy Sector Performance

• 🛢️ Chevron and ExxonMobil, the nation's two largest oil giants, reported strong earnings due to a surge in oil production.
• 📉 This surge in output helped offset lower crude prices, although oil prices are higher again today.
• 📈 Shares of Chevron are up nearly 2%, while Exxon is down 1% after the company warned investors about higher costs.

Market and Inflation Update

• 📉 Wall Street stocks are sharply lower following President Trump's announcement of his pick for the next head of the Federal Reserve.
• 📈 Wholesale inflation, measured by the Producer Price Index (PPI), rose by more than expected in December, increasing 0.5% after a 0.2% gain the previous month.
• 📦 This increase suggests that some companies are passing on higher duties for imported materials used in production.