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The company said the takeover offer was backed by Ron Burkle, the chairman.

U.S. Steel said lower prices and the costs of the ramp-up of a new factory will negatively impact current-quarter results.

The S&P 500 and the Nasdaq dipped on Friday as fears over high interest rates next year loomed, although a cooler-than-expected inflation report kept losses in check. A Commerce Department report showed the Personal Consumption Expenditure (PCE) index, the Fed's preferred inflation measure, rose 2.4% in November on an annual basis, below estimates of 2.5%, as per economists polled by Reuters. Wall Street was jolted this week after the Fed forecast only two rate reductions in 2025 and raised its inflation estimate, in a nod to the economy's continued resilience and still-high inflation.

Markets saw a brief reprieve Friday as the Federal Reserve’s preferred inflation gauge came in below expectations, tempering concerns of mounting volatility after this week's hawkish policy pivot. The Personal Consumption Expenditures price index rose 2.4% year-over-year in November, missing the 2.5% forecast. On a monthly basis, the gauge slowed to 0.1%, down from 0.2% in October and below projections for steady growth. Core PCE, which excludes food and energy, remained at 2.8% annually, slight

The benchmark S&P 500 is up more than 23% for 2024, even after a major stumble this week, and Wall Street has historically often enjoyed a strong annual close. Since 1969, the last five trading days of the year combined with the first two of the following year have yielded an average S&P 500 gain of 1.3%, a period known as the "Santa Claus Rally," according to the Stock Trader's Almanac. But this year, there are signs Santa Claus may disappoint.

Ed Cole, head of multi strategy, equities at Man Group talks inflation risks and the problem with investors all in on the U.S. market.

How to invest when stocks are at all-time highs.