Happy Tuesday afternoon to everyone on The Street. And welcome to the first daily edition of The Street Sheet. How do I feel about doing this daily? A little bit like this:

Kidding. We are pumped to be in your inbox after the bell with some updates you missed during the day, and an idea you can run with tomorrow. We’re open to feedback so let us know what you think.

Here's a snapshot of where markets ended the trading session, plus tomorrow's trade idea delivered to you today.

• 🟨 | US stocks were mixed Tuesday as investors took profits and reassessed their positions following a 2023 rally that brought the S&P 500 index close to a new record. See heatmaps below.

• 📈 | Biggest Gainer: Moderna (+13%) following an upgrade by Oppenheimer, which indicated that the COVID vaccine manufacturer could potentially introduce five products to the market by 2026.

• 📉 | Biggest decliner: Norwegian Cruise Line Holdings (-8.5%). Shares of cruise operators were among the worst performers in the S&P 500 to start the year. There might be some profit-taking going on here after posting record yearly gains in 2023.

• 🛢️ | Tomorrow's Trade: Oil's Well That Ends Well? Scroll down for more.

Plus: In the bustling world of real estate, Urbanimmersive is redefining property showcases with its revolutionary 3D Digital Twins technology.

MARKET MOVERS

Apple, GoodRX, & Tapestry

AAPL: After Barclays downgraded Apple to underweight and cut its price target from $161 to $160, shares of the tech giant slid 3.5% in afternoon trading today. Analyst Tim Long said in a note that “lackluster” iPhone 15 sales foreshadow weak iPhone 16 sales. The problem is particularly acute in China.

GDRX: Shares of GoodRx tumbled 16% after Bank of America Securities downgraded the stock to underperform. According to BoA, the company will face more competition from other players in the market including CVS, OptumRx, and CarelonRx along with Walgreens Rx Savings Finder.

TPR: Tapestry's shares saw an almost 4% increase following JPMorgan's decision to include the stock in its "Analyst Focus List" as a value proposition. The Wall Street firm expressed confidence in Tapestry, anticipating an acceleration in its bottom-line growth.

ASML: The U.S.-listed shares of ASML, a Dutch semiconductor equipment company, fell over 2% following ASML's announcement that the Netherlands has prohibited the shipment of certain chipmaking equipment to China.

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OVERHEARD ON THE STREET

Toronto Star: Only 26 percent of Canadians can affordably buy a single-family home right now, according to a recent report by RBC.

Yahoo! News: If domestic manufacturers and suppliers keep pushing their prices up on food and several household goods, Dollarama Inc.'s chief executive says retailers will have no choice but to pass the increases on to customers.

Wall Street Journal: About 58% of U.S. households owned stocks in 2022, according to the Federal Reserve's survey of consumer finances released this fall.

UploadVR: Quest Pro's face tracking now includes your tongue.

Axios: America is short around 3.2 million homes, a big reason why prices are still high. That's 2.5% of existing U.S. inventory as of 2022, according to figures that Hines, a global real estate developer and investment company, shared with Axios.

TOMORROW’S TRADE IDEA, TODAY

Oil's Well That Ends Well?

Crude oil had a pretty dismal year. What’s strange is that geopolitical tensions didn’t have that big of an impact on prices.

The ongoing war in Ukraine didn’t really move the needle. Neither, to the surprise of commodity analysts, did the renewal of violence between Israel and Hamas.

On the final trading day of the year, Brent crude settled at $77.04 per barrel. Meanwhile, US West Texas Intermediate crude settled at $71.65 per barrel. Both experienced a decrease of more than 10 percent in 2023, concluding the year at their lowest year-end levels since 2020.

So Is Oil Worth The Trouble?

If you could magically time the market (though we don't recommend it), there were moments this year where volatility could be your friend. Crude prices saw a 10.9% spike during the early weeks of the Middle East conflict, and another 12% jump when Houthi rebels targeted Red Sea shipping routes.

For those not keen on storing barrels in the backyard (obviously), exchange-traded funds (ETFs) offer a safer route. Take the United States Oil Fund (USO), mirroring the crude rollercoaster with a 10% climb between October 6-20. And remember, we're just here to highlight trends, not dish out investment advice – always do your own homework.

Pure Play Names

For a direct stake in the game, consider pure-play options like ExxonMobil (XOM), Chevron (CVX), and BP (BP). Despite global intentions to shift away from fossil fuels, and even moves by these companies, behind closed doors, they believe our world will rely on oil for a long time to come.

Both Exxon and Chevron have entered into merger deals with rival oil producers worth more than $50 billion each, suggesting the two are doubling down on a world that will continue to need “Texas Tea” (one of the better nicknames for oil we’ve heard so far).

Interestingly enough, ExxonMobil's stock has gained over 200% since President Joe Biden took office.

So What’s In Store For 2024?

In 2024, the Energy Information Administration predicts a positive outlook for oil, foreseeing a soft landing for the global economy alongside potential Federal Reserve rate cuts. Meanwhile, geopolitical tensions, particularly in oil-producing regions like East Europe, may contribute to oil's resilience.

According to fund manager Louis Navellier, oil could breach $100 a barrel, fueled by potential disruptions such as another Russian pipeline incident, ongoing Red Sea attacks, and Venezuelan aggression against Guyana – acting as upside catalysts. He also notes that energy stocks will face more favorable year-over-year comparisons for the next three quarters.

With that said Wall Street analysts are taking a more conservative stance, estimating an average of $85 for Brent crude. Regardless, get ready for another year of twists and turns in the unpredictable world of black gold.

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ON OUR RADAR

GasBuddy: Gas prices still could fall below a national average of $3 per gallon this winter before potentially rising, getting close to $4 per gallon as summer approaches.

WSJ: Japan's Nikkei Stock Average fell slightly Friday but still had its best year in a decade, finishing up 28%.

Reuters: Gold posted its first annual gain since 2020.

SEC: BlackRock filed an amended version of the registration form for the iShares Bitcoin Trust on Friday, further evidence that a decision on a Bitcoin ETF is coming soon.

BBG: The dollar kicked off the new year with its biggest daily jump since March as traders pared back bets on the scale of the Federal Reserve’s 2024 interest-rate reductions.