Strong jobs report rallies stocks ☄️

Good Afternoon! 

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

Here’s what moved the market today.

Markets 📈

A strong jobs report boosted the market early on, and stocks climbed throughout the day. However, small-caps underperformed.

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Market-Moving News 🔎 

🚀 Surprise Surge in January Jobs 

In a stunning turn, January saw employers beef up their payrolls by a whopping 353,000 jobs, smashing past the forecasts and marking the most vigorous growth observed in a year.

📈 More Revisions
December’s job figures received a glow-up, too, with revisions pushing the count to 333,000 from an initially reported 216,000. This uptick challenges the notion that job opportunities are dwindling, suggesting instead that the labor force is thriving against economic headwinds.

🔒 Unemployment Stays 
Bucking expectations of a slight increase, the unemployment rate remained anchored at 3.7%. This steadiness underscores a labor market that’s not just enduring but flourishing amid fiscal tightening.

💰 Wage Growth 
Earnings saw a significant leap, with wages climbing 4.5% over the past year. However, this spike might reflect reduced work hours due to seasonal storms.

🌡️ Resilient 
January's job bonanza indicates that, contrary to slowing down, the labor market is accelerating, defying the dampening effects of rising interest rates.

Intelligent [INBS] $5.95 (+146.8%)
said it expects its H2 2023 revenues to increase by 337% compared to the previous year.

Atara Bio [ATRA] $1.22 (+46.9%)
and its development partner announced the publication of Phase 3 ALLELE Tab-Cel data in The Lancet Oncology journal.

Minim [MINM] $2.16 (+32.5%)
continues to run hot after David Lazar announced he had acquired a controlling 51% stake in the company earlier this week.

Griid Infrastructure [GRDI] $2.00 (50.6%)
has been in free fall since making its NASDAQ debut earlier this week, following a merger with Adit EdTech Acquisition SPAC.

Cingulate [CING] $1.33 (60.4%)
announced the pricing of a $6.2 million public offering.

MedAvail [MDVL] $1.80 (44.6%)
filed a voluntary petition for relief for Chapter 7 bankruptcy under Title 11 today, according to a Form 8-K 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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