Stocks limp into the weekend 📉

Good Afternoon! 

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

Here’s what moved the market today.

Markets 📈

The S&P 500 and Nasdaq snapped a six-day win streak on Friday, but both indexes managed to close the week higher than where they began.

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Market-Moving News 🔎 

💵 PCE Inflation Dips Below 3% in December

Chill Vibes from Inflation: Wrapping up 2023, the Commerce Department's personal consumption expenditures (PCE) price index brought some cooler news.

For December, we're looking at a 0.2% monthly uptick, with a 2.9% rise over the year, sans food and energy. It's a smidge under what the experts predicted (they were eyeing 3%) and a step down from November’s 3.2%.

🌡️ Annual Snapshot:
This 2.9% yearly hike? It's the chillest we've seen since the spring of 2021. Factor in those volatile food and energy costs, and the headline inflation rate mirrors the core's monthly rise, sitting pretty at 2.6% for the year.

🚥 Fed's Green Light?:
With inflation taking a bit of a backseat, the Federal Reserve might just have the nudge it needs to consider some rate cuts later this year. Their ideal? A cozy 2% annual inflation rate.

📊 Markets Keep Calm: 
The market’s reaction was pretty chill, too. Stock futures showed a steady-as-she-goes vibe for the opening, while Treasury yields mostly lounged on the lower side.

So as we closed the book on 2023, the inflation story took a slightly more relaxed turn, hinting at potential rate cuts and a softer economic outlook for the coming year.

Corbus Pharma [CRBP] $29.49 (+249.4%)
presented promising new clinical data from Phase 1 trials of CRB-701 in metastatic urothelial cancer patients.

Aclarion [ACON] $2.84 (+52.2%)
rebounded suddenly after a six-session losing streak.

Baijiayun Group [RTC] $5.90 (+39.8%)
extended a win streak that began when it announced major changes to its management team and board of directors earlier this week.

Richtech Robotics [RR] $3.47 (64.9%)
suddenly sold off after announcing a deal with Ghost Kitchen International yesterday.

Psyence Bio [PBM] $2.35 (-50.9%)
continued to slide in the wake of its recent merger with Newcourt Acquisition SPAC.

Nuvve Holding [NVVE] $3.18 (36.1%)
announced a public offering of 2.3 million shares of common stock and accompanying Series A, B, and C warrants.

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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