Nasdaq hits record high 🔥

Good Afternoon! 

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

The market is closed Monday for Memorial Day. I’ll be back on Tuesday with another closing bell update. Enjoy the long weekend! 🇺🇸

Here’s what moved the market today.

Markets 📈

The Nasdaq closed at a record high and the stock market snapped a two-day losing streak in Friday’s trading session.

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Market-Moving News 🔎 

Nasdaq Hits Record High 📈

The Nasdaq closed Friday at a fresh record high, buoyed by gains in chipmaker Nvidia, despite lingering concerns about potential delays in Federal Reserve interest rate cuts.

Mixed Performance 📊
The S&P 500 rose 0.7%, closing at 5,304.72, while the Nasdaq Composite advanced 1.1%, ending at 16,920.79. However, the Dow Jones Industrial Average edged up only 0.01%, reflecting a mixed performance across major indices.

Weekly Recap 📅
For the week, the S&P 500 saw a marginal increase of just 0.03%, while the Nasdaq outperformed with a gain of 1.41%. Conversely, the Dow experienced a decline of 2.33%, marking its first negative week in five.

Nvidia Leads 🚀
Shares of Nvidia surged approximately 2.6% on Friday, driven by continued enthusiasm over its impressive earnings report. This propelled the stock price above the $1,000 mark for the first time, contributing to a broader rally in the tech sector.

Rate Cut Hopes Fade ⏳
Amid robust economic and labor data releases earlier in the week, Goldman Sachs revised its forecast for the Federal Reserve's first rate cut from July to September. Consequently, traders adjusted their expectations, with less than a 50% chance of a rate cut at the Fed's September meeting, according to the CME FedWatch Tool.

Tech Stocks Gain 📈
Several tech companies saw notable gains on Friday, including Advanced Micro Devices, Intel, and NXP Semiconductors, each rising around 2% or more. Additionally, shares of Meta and Netflix rallied over 2%, contributing to the overall positive sentiment in the tech sector.

Akanda [AKAN] $4.11 (+71.9%)
rebounded after a sell-off in Thursday’s session that followed its announcement of a 1-for-40 reverse stock split.

OneMedNet [ONMD] $2.30 (+56.4%)
continued to rally after announcing a five-fold expansion of its proprietary iRWD™ network and platform on Thursday.

Merus NV [MRUS] $59.99 (+36.1%)
unveiled new data showing petosemtamab combined with pembrolizumab produced a 60% response rate against certain types of tumors in a small-scale study.

Verastem [VSTM] $4.12 (+66.1%)
initiated a rolling new drug application to the FDA for accelerated approval of combination of avutometinib and defactinib for adults with certain ovarian cancers.

Genelux [GNLX] $2.62 (+43.0%)
announced a $27.5 million public offering of 6.875 million shares and accompanying warrants priced at $4 apiece.

Candel Therapeutics [CADL] $7.80 (27.0%)
announced a $75 million open market sales agreement with Jefferies LLC in a Form 424B5 filing.

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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