Stocks rally despite uncertainty 🎢

The market shrugged off hawkish comments from Jay Powell & stronger than expected PPI inflation to post gains on Tuesday.

Good Afternoon! 

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

Here’s what moved the market today.

Markets 📈

Stocks edged higher after spinning their wheels for the past few sessions. The Nasdaq led the large-cap benchmarks, while the Russ2K outperformed.

  • DJIA [+0.3%]

  • S&P 500 [+0.5%]

  • Nasdaq [+0.8%]

  • Russell 2K [+1.0%]

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Market-Moving News 🔎 

Federal Reserve Chairman Jerome Powell stressed patience in an appearance today.

📉Fed Chair Powell Addresses Inflation Concerns and Monetary Policy

Federal Reserve Chair Jerome Powell delivered remarks at the Foreign Bankers’ Association annual general meeting, emphasizing the persistence of inflationary pressures beyond initial projections. Powell acknowledged that the pace of disinflation has slowed significantly, necessitating a reevaluation of monetary policy strategies.

Calls for Patience⏳
Powell underscored the Fed's commitment to maintaining the current policy stance for an extended period, citing the need for patience as restrictive measures take effect. Despite expectations for inflation to gradually recede, Powell highlighted the ongoing challenges in achieving this objective.

Rate Outlook 📉
While acknowledging elevated inflation levels, Powell reiterated the Fed's reluctance to implement rate hikes in the immediate future. He emphasized the likelihood of policy rates remaining unchanged, reflecting the central bank's cautious approach to managing economic uncertainties.

Standing Pat 📈
The Fed has maintained its key overnight borrowing rate within a targeted range of 5.25%-5.5% since July, representing the highest level in over two decades. Powell indicated that the prevailing economic data does not warrant imminent rate adjustments, reinforcing the Fed's commitment to stability.

Inflation Data 📊
Despite a recent uptick in the producer price index, Powell characterized the inflation report as "mixed," highlighting variations in component movements. While acknowledging concerns regarding inflation persistence, Powell emphasized the need for comprehensive data analysis to inform future policy decisions.

Policy Action ➡️
Powell stressed the importance of continued data monitoring to assess the trajectory of inflation and its potential long-term implications. The Fed remains vigilant in its approach, awaiting comprehensive insights to guide effective policy responses in addressing evolving economic conditions.

Top Winners and Losers 🔥

Cheetah Net Supply [CTNT] $6.40 (+437%)
priced an $8.19 million follow-on offering early this morning.

Gamestop [GME] $48.75 (+60.1%)
continues to surge higher following meme stock mastermind “Roaring Kitty’s” return on Monday.

Microcloud Holo [HOLO] $3.23 (+61.5%)
jumped in a short squeeze rally inspired by the recent resurgence of other heavily-shorted meme stocks.

Augmedix [AUGX] $1.15 (51.0%)
saw several analyst downgrades after it published its latest financial results in Monday’s aftermarket.

Inotiv [NOTV] $2.12 (49.1%)
expressed “substantial doubt” about its “ability to continue as going concern” in Monday’s aftermarket.

Shimmick [SHIM] $2.40 (34.0%)
reported a wider-than-expected loss and falling revenues on its Q1 financial report in Monday’s aftermarket.

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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