Rally rolls on in weekly opener 📈

Good Afternoon! 

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

Here’s what moved the market today.

Markets 📈

Stocks came back from the weekend swinging and notched modest gains to extend their gains from Friday. Small-caps outperformed, while large-cap indexes were neck and neck.

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Market-Moving News 🔎 

🏡 Wall Street Housing Blitz Draws Legislative Backlash

In the wake of Wall Street firms buying up vast numbers of single-family homes, lawmakers across the United States are stepping up with legislative efforts to curb these large-scale acquisitions that many believe are distorting the housing market. In the corridors of the U.S. Senate and House, Democrats have introduced legislation aimed directly at compelling institutional homeowners to sell off properties to families, rather than investors.

Legislative Push 🚨 
Echoing the concerns at the federal level, a notable Republican initiative in Ohio proposes using heavy taxation as a deterrent against these institutional buyers. This approach is part of a broader trend seen across various states, including Nebraska, California, New York, Minnesota, and North Carolina, where similar legislative measures are being considered.

Community Concerns 🏘️ 
The move by elected officials to introduce such regulations marks a significant shift from previous years, where homeowner associations primarily led the charge against investor-driven neighborhood transformations. The legislative push represents a more formalized effort to tackle issues caused by Wall Street's appetite for single-family homes, such as reduced housing availability and skyrocketing home prices.

Market Dynamics 📈 
Lawmakers argue that the bulk purchasing practices of these investors have escalated the competition for homes, particularly affecting first-time buyers who are unable to match the all-cash offers typically made by large investment firms. This legislative crackdown aims to restore a more level playing field for individual homebuyers and address the broader issue of housing affordability.

Looking Ahead 🔍 
As these legislative proposals gain momentum, the real estate market stands at a potential turning point. The effectiveness of these measures in rebalancing the market dynamics will be closely watched, with the potential to reshape not only local neighborhoods but also the national discourse on housing policy and affordability.

Mullen Auto [MULN] $5.72 (+81.0%)
said the CA Air Resources Board approved the 2024 Mullen THREE for its Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project.

Decipher Pharma [DCPH] $7.35 (+43.8%)
agreed to be acquired by Japan’s Ono Pharmaceutical [OPHLF -9.3%] in an all-cash deal worth $2.4 billion.

Phibro Animal [PAHC] $16.78 (+31.8%)
landed a deal to acquire Zoetis’ [ZTS +0.8%] medicated animal feed additives business for $350 million.

Clever Leaves [CLVR] $1.62 (60.5%)
will voluntarily delist its stock from the Nasdaq and de-register its securities to “suspend its reporting obligations.”

Annovis [ANVS] $7.28 (59.5%)
reported disappointing results from a Phase 2/3 study of its Azheimer’s drug candidate, buntanetap.

Addex Therapeuitcs [ADXN] $7.68 (52.3%)
said a Phase 2 study of ADX71149 in epilepsy patients failed to achieve its primary endpoint.

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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