Stocks fall flat on rate cut jitters 😑

Good Afternoon! 

Hey, everyone. It's Adam from Elite Trade Club. 

Here’s what moved the market today.

Markets 📈

Stocks closed Monday’s session fairly close to where they began. The Dow, S&P 500, and Nasdaq all closed within 0.1% of zero, while the Russ 2K posted a modest gain.

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Market-Moving News 🔎 

🧳 Tesla Rallies After Robotaxi Announcement

Tesla [TSLA +4.9%] is gearing up to introduce its much-anticipated Robotaxi in August, marking a pivotal moment in its quest to revolutionize the autonomous vehicle landscape. CEO Elon Musk, on the social platform X, teased the unveiling of a Tesla model devoid of traditional controls like steering wheels and pedals, scheduled for August 8.

Strategic Moves 📉
The announcement comes at a time when Tesla faces a deceleration in car sales growth and profit margins under strain from recent price reductions. Musk has consistently highlighted Tesla's advancements in self-driving technology as a cornerstone for the company's future growth, with plans to commence Robotaxi production by 2024.

Self-Driving Adoption 🔄
Tesla is intensifying its efforts to promote its self-driving software, with Musk recently mandating employees to showcase the "Full Self-Driving Capability" to customers through test drives. This advanced system builds on the existing Autopilot feature, offering enhanced lane-changing and steering assistance.

Regulatory Scrutiny 🔍
In December, Tesla initiated a recall for approximately 2 million vehicles related to its driver-assistance software following regulatory scrutiny over safety concerns. The company agreed to implement modifications to address issues identified by car safety regulators.

Musk's Vision 🌐
Since 2019, Musk has been vocal about Tesla's drive towards achieving full autonomy, initially predicting the rollout of Robotaxis by the end of 2020. This bold vision has been a significant factor in justifying Tesla's high market valuation and fueling the stock's impressive performance over recent years.

Auddia [AUUD] $3.88 (+177.1%)
was awarded a “Core AI Patent” titled “Identifying Shifts in Audio Content via Machine Learning.”

Eco Wave Power [WAVE] $4.20 (+213.4%)
was awarded a contract to conduct a massive energy feasibility study to identify locations for commercial onshore wave energy stations in the U.S. and abroad. Financial terms weren’t disclosed.

BioSig [BSGM] $1.24 (+91.5%)
announced its engagement with a consulting firm for business model strategies late last week.

Perion [XTI] $2.78 (26.8%)
lowered its 2024 revenue and adjusted EBITDA outlook in the premarket, prompting a sell-off at the opening bell.

22nd Century [XXII] $2.13 (40.1%)
pulled back after a big rally last week following its announcement of. new contract manufacturing agreement.  

Mediaco [MDIA] $3.02 (33.3%)
experienced a pullback after a big rally on Friday. The mover higher began after Standard General disclosed a 95.2% stake in the company.

That's it for today! Please, write us back, and let us know what you think of the Closing Bell Roundup. We're always eager to hear feedback from our members!

Thanks for reading. I'll see you at the next open! 

Best Regards,
— Adam G.
Elite Trade Club

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