Stocks Extend Their 2024 Slump 📉

Good Afternoon! 

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

Here’s what moved the market today.

Markets 📈

U.S. stocks continued their recent slide on Wednesday, after another sell off in the tech sector dragged down the S&P 500 and Nasdaq.

Even yesterday’s lone gainer, the Dow, wasn’t spared from today’s rout, and the small-cap Russell 2K took a punished 2.6% loss.

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Market-Moving News 🔎 

📊 Fed Foresees Potential Rate Cuts in 2024

The Federal Reserve officials, in their December meeting, hinted at the likelihood of interest rate cuts in 2024.

However, the details released in the Wednesday minutes reveal a considerable degree of uncertainty about the timing and conditions of these cuts.

During the meeting, the Federal Open Market Committee maintained the benchmark rate between 5.25% and 5.5%, with projections of three quarter-percentage point cuts by the end of 2024.

📈 Economic Factors Influencing Rate Decisions

• Inflation Progress: The Fed acknowledged strides made in controlling inflation, noting that supply chain issues that significantly fueled the mid-2022 peak have eased.

• Labor Market Balancing: There has also been progress in aligning the labor market, though it remains a continuing effort.

📉 Long-Term Rate Projections 
The "dot plot," which reflects individual members' expectations, indicates an anticipation of rate reductions over the next three years.

These adjustments aim to bring the overnight borrowing rate closer to the long-run target near 2%. Most participants, considering the improved inflation outlook, foresee a lower federal funds rate target range by the end of 2024.

📝 Minutes Highlighting Uncertainty
Despite these projections, the minutes emphasize an "unusually elevated degree of uncertainty" in the policy path. Some members suggested the need to maintain higher rates if inflation persists, while others didn't rule out the possibility of additional hikes, depending on economic developments.

The Federal Reserve's minutes from December paint a picture of cautious optimism tempered by the reality of economic unpredictability, indicating a nuanced approach to future monetary policy adjustments.

NextImmune [NEXI] $6.20 (+161.0%)
rocketing higher after being targeted by day traders on social media got its low float.

Sidus Space [SIDU] $11.64 (+67.0%)
received NOAA approval to begin providing satellite imagery for commercial and government customers.

VolitionRX [VNRX] $1.05 (+46.4%)
received 46 million shares of privately-held AiBtl BioPharma after triggering the first milestone payment of a global licensing deal.

TC BioPharm [TCBP] $2.31 (26.2%)
announced additional plans to cut costs and streamline efficiencies.

Pinstripe Holdings [PNST] $8.20 (38.3%)
fell after a pair of Form 4 filings revealed two key insiders dumped millions of shares.

Tenax Therapeutics [TENX] $16.00 (23.0%) 
continued to slide after implementing a 1-for-80 reverse stock split.

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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