Stock slump snaps with sudden rally 📈

Good Afternoon! 

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

Here’s what moved the market today.

Markets 📈

Markets rebounded from early losses to close the session higher. The Nasdaq outperformed while the Dow ended the day close to flat.

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Market-Moving News 🔎 

🎢 Mortgage Rates Approach the 7% Mark

Mortgage rates are edging closer to 7%, a level that poses significant apprehension among prospective home buyers. This week, the average rate on a standard 30-year fixed mortgage climbed to 6.88%, up from 6.82%, as reported by Freddie Mac. The Mortgage Bankers Association also recorded an average mortgage rate reaching the 7% milestone earlier in the week.

Inflation Concerns 💸
Recent unexpectedly high inflation figures have cast doubts on the possibility of the Federal Reserve reducing interest rates in the near future.

While mortgage rates do not directly mirror the Fed's rate decisions, they are influenced by the yield on the 10-year Treasury, which experienced its most significant single-day surge in over a year and a half this Wednesday.

Market Dynamics 📈
These developments have important implications for the housing market and potential borrowers, marking a crucial moment for individuals navigating the complexities of home financing amid fluctuating economic indicators.

Rent the Runway [RENT] $19.38 (+161.8%)
posted stronger-than-expected revenues on its Q4 earnings report published in Wednesday’s aftermarket.

Rallybio [RLYB] $2.98 (+82.8%)
announced a collaboration with Johnson & Johnson [JNJ -0.9%] to develop therapeutics for pregnant women at risk of FNAIT.

Monogram Ortho [MGRM] $4.07 (+79.3%)
has been accepted into NVIDIA’s [NVDA +4.1%] Inception Program and will provide the company with technical resources.

Enlivex Therapeutics [ENLV] $1.83 (54.0%)
published disappointing top-line clinical data from a Phase II trial evaluating Allocetra in patients with sepsis.

Globe Life [GL] $49.17 (53.1%)
fell after a report from short seller Fuzzy Panda alleged executives overlooked insurance fraud at the company.

Allarity Therapeutics [ALLR] $2.30 (28.8%)
filed a prospectus to increase the offering price of its common stock from $1.4 million to $2.4 million.

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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