Months of tedious talks over a ceasefire and hostage deal in Gaza – negotiations that required officials from an outgoing and incoming presidential administration to put aside their fundamental differences – culminated in an intense late-night push for an agreement that finally came to fruition on Wednesday.

President Joe Biden and President-elect Donald Trump are both claiming credit for Israel and Hamas agreeing to a ceasefire deal in Gaza on Wednesday after the White House brought Trump's Middle East envoy into negotiations that have dragged on for months.

U.S. President Joe Biden said on Wednesday that Israel and Hamas have reached a ceasefire-and-hostage deal that will end fighting in Gaza, and added it was reached by working alongside the incoming Donald Trump administration.

The stock market’s Trump-fueled honeymoon has fallen short of inauguration day. While the S&P 500 eked out a gain to start the week, the index remains effectively unchanged from the day before the election.

New data released Wednesday showed inflation has risen by the largest amount in almost a year.