A soft start for stocks 📉

Indexes edged lower in their first day back from the extended weekend.

Good Afternoon! 

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

Welcome back. I hope you had a great Easter holiday.

Here’s what moved the market today.

Markets 📈

The market dipped in its first day back from the three-day weekend. The Nasdaq eked out a small gain, but most indexes posted fractional losses.

  • DJIA [-0.6%]

  • S&P 500 [-0.2%]

  • Nasdaq [+0.1%]

  • Russell 2K [-1.0%]

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Market-Moving News 🔎 

📈 U.S. Manufacturing Sector Resurges; Yield Climb

Following a prolonged period of downturn, the American manufacturing landscape is witnessing a significant revival.

The Institute for Supply Management's recent report indicates that March marked the end of a 16-month contraction, showcasing the first expansion in manufacturing activity since September 2022. Additionally, an S&P Global survey highlights a surge in factory output growth to its highest in nearly two years.

Impact on the Markets 💹
This positive turn in manufacturing data has stirred the markets, leading to a pronounced sell-off in bonds at the start of the week. Consequently, the yield on the 10-year Treasury note saw an increase of 0.11 percentage points, reflecting investor reactions to the sector's recovery and its potential implications on the broader economy.

Top Winners and Losers 🔥

Vast Renewables [VSTE] $21.75 (+357.8%)
publishing “limited” operational & financial results for the first half of its fiscal 2024 before Thursday’s opening bell open.

Xilio Therapeutic [XLO] $1.53 (+41.6%)
announced pipeline and business updates for Q4 and full-year 2024 financial results.

SPAR Group [SGRP] $1.35 (+39.2%)
reported Q4 results and announced the sale of its interests in South Africa and Brazil for roughly $22 million.

Eiger BioPharm [EIGR] $1.39 (70.2%)
filed for voluntary Chapter 11 bankruptcy protection and announced a “stalking horse” agreement to sell Zokinvy to Sentinel Therapeutics for up to $26 million cash.

Logistic Properties [LPA] $8.75 (45.3%)
fell after closing its SPAC merger with two late last week.

GCT Semiconductor [GCTS] $18.09 (45.2%)
pulled back following a rally late last week that followed SPAC merger with Concord Acquisition SPAC.

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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