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 📈

The market corrected its course and broke into positive territory after a mid-week slowdown. The Russ2k outperformed, with the Nasdaq drawing up the rear.

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Market-Moving News 🔎 

📉 Weekly Jobless Claims Hit Highest Levels Since August

The Labor Department reported a notable rise in initial filings for unemployment benefits, reaching 231,000 for the week ending on May 4. This figure marked the highest level since August 2023, signaling a potential shift in the labor market dynamics.

Contrasting Trends 💼
Despite a series of robust hiring reports, April witnessed modest job growth compared to expectations. Additionally, a decline in job openings has fueled expectations of a slowdown in the labor market's momentum throughout the year.

Continuing Claims 📉
Continuing claims, trailing a week behind, saw an increase to 1.78 million, while the four-week moving average of claims rose to 215,000. These metrics provide insights into the underlying trends amidst weekly volatility in jobless claims numbers.

Rising Layoffs 📊
Economists expressed concerns over the magnitude of new layoffs, highlighting the significance of weekly jobless claims as a timely indicator of economic health.

Market Response 📉
Stock market futures displayed slight negativity post-release, with Treasury yields showing mixed movements. Excluding seasonal adjustments, claims surged, with New York witnessing a substantial increase, contributing to more than half of the total rise.

Expectations 🏦
Amidst efforts to address inflation, Federal Reserve officials are closely monitoring job market indicators. Market expectations for interest rate adjustments in September underscore the significance of forthcoming labor market data in shaping monetary policy decisions.

Pop Culture [CPOP] $3.12 (+83.5%)
reported strong growth in revenues and a gross profit in an interim financial report for the six-month period ending Dec. 31st, 2023.

Sezzle [SEZL] $78.59 (+75.6%)
reported stronger than expected Q1 financial results this morning and raised its full-year revenue guidance.

Embecta [EMBC] $14.16 (+37.8%)
reported upbeat financial results for its fiscal Q2.

Emcore [EMKR] $1.11 (-61.7%)
reported weaker-than-expected revenues on its fiscal Q2 earnings report late Wednesday.

CytomX Therapeutics [CTMX] $2.04 (51.3%)
pulled back despite reporting positive Phase1a clinical data for CX-904 and stronger-than-expected Q1 earnings & revenues.

RAPT Therapeutics [RAPT] $4.66 (41.6%)
reported a wider-than-expected Q1 loss and ended its Phase 2b study of Zelnecirnon in atopic dermatitis and asthma patients.

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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