Stocks rally back from mid-week swoon 📈

Good Afternoon! 

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

Here’s what moved the market today.

Markets 📈

Stocks rebounded from their mid-week swoon and closed the trading week with a strong performance on Friday. The Nasdaq led with a two-point rally, with the Dow and S&P 500 lagging behind.

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Market-Moving News 🔎 

💰 March PCE Inflation Report Review

The personal-consumption expenditures (PCE) price index, closely monitored by the Federal Reserve, recorded a 2.7% increase in March from the previous year, indicating that inflation continues to hover above the Fed's 2% target. The core PCE index, which excludes the volatile food and energy sectors, also rose by 2.8% year-over-year, slightly outpacing expectations.

Market Reaction 📈
Following the release of the PCE data, stock indexes saw an uptick, while bond yields remained relatively stable. This mild market reaction reflects a degree of anticipation, as the higher inflation rates were hinted at in Thursday's gross domestic product (GDP) report. This prior report had already stirred the bond markets by showing stronger-than-expected inflationary pressures in the first quarter of the year.

Insights & Outlook 🔍
Month-over-month, both the overall and core PCE indices rose by 0.3% from February to March. Interestingly, the report also clarified that the unexpected spike noted in Thursday's GDP figures mainly came from a revision upwards of January's inflation data, somewhat alleviating concerns about a rampant inflation surge in March.

Rate Expectations 🏦
Initially, investors were hopeful that the Fed would implement significant rate cuts this year as inflation pressures eased. However, a continued trend of higher-than-anticipated inflation figures has gradually diminished the likelihood of such rate cuts. Current market pricing reflects a growing skepticism, with the probability of the Fed keeping interest rates steady through the end of the year now at about 17%, a notable increase from just under 1% a month ago, as per data from CME Group.

Looking Ahead 🚀
As 2024 progresses, the financial community will be closely watching how persistent inflationary pressures might influence the Federal Reserve's monetary policy. With recent data challenging the earlier optimism for cooling inflation, investors and policymakers alike are recalibrating their strategies in response to an economic landscape that remains unpredictably inflationary.

Biodexa Pharma [BDRX] $1.30 (+79.6%)
secured an exclusive license for eRapa, a Phase 3-ready drug to treat familial adenomatous polyposis, a gastrointestinal condition.

Immunitybio [IBRX] $7.35 (+43.8%)
said QUILT 3.055 trial of ANKTIVA with checkpoint inhibitors produced positive results, and it plans to meet with the FDA to discuss a registration path for the treatment.

Agenus [AGEN] $11.69 (+40.8%)
said it will present data from a Phase 1b trial of BOT/BAL in certain colorectal cancer patients at an industry conference in June.

MF Intl. [MFI] $2.33 (77.6%)
pulled back after completing its Nasdaq IPO earlier this week.

Nature Wood [NWGL] $5.04 (70.0%)
plummeted a day after filing its Form 6-K in Thursday’s aftermarket.

iClick Interactive [ICLK] $1.24 (50.9%)
terminated its merger agreement with TSH Investment Holding after the company failed to finalize the deal by a required deadline.

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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