S&P 500 flirts with EPIC milestone ☄️

Stocks continued their hot streak on Wednesday, with another day of modest gains that ended with the S&P 500 sitting just shy of a historic record.

Good Afternoon! 

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

Here’s what moved the market today.

Markets 📈

Stocks continued their upward march on Wednesday, except for the small-cap Russ 2K. The Nasdaq outperformed, as tech stocks continue to lift U.S. indexes to new heights, and the S&P 500 flirted with a new record.

  • S&P 500 [+0.8%]

  • Dow [+0.4%]

  • Nasdaq [+0.9%]

  • Russell 2K [-0.1%]

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Market-Moving News 🔎 

📈 So Close: S&P 500 Nears the Big 5-0-0-0

The stock market's hot streak kept blazing on Wednesday, with the S&P 500 inching ever so close to a landmark moment—the elusive 5000 point threshold. It's like watching a suspense thriller where the hero is just about to defuse the bomb, and we're all holding our breath to see if they make it in time.

🏦 NYCB Bounces Back from the Brink
Amid the broader market rally, New York Community Bancorp. [NYCB] managed a dramatic turnaround, shaking off Tuesday's Moody's downgrade drama like a bad dream. The bank boasted about its deposit growth and hefty liquidity cushion, sending its shares on an unexpected upward spiral. It's a classic underdog story, proving there's life in the old dog yet.

📊 Earnings Season Sparks Joy (and Despair)
The earnings rollercoaster brought its usual mix of euphoria and heartache. While Snap [SNAP] and VF Corp [VFC] shares took a nosedive on disappointing updates, Ford [F] and Roblox [RBLX] were basking in the glow of their success stories, earning them a spot in investors' good books.

🔔 Today's Market Recap
As the closing bell rang, the scoreboard was looking pretty rosy for the major U.S. indexes, with the tech-savvy Nasdaq Composite leading the charge into the green zone. It's like the markets decided to throw a mid-week party, and everyone's invited.

Meanwhile, Snap's struggle with slowing user growth turned its shares into Wall Street's wallflower, underscoring the relentless pressure on tech giants to keep impressing their audience.

📈 Yields on the Move
Over in the bond world, benchmark Treasury yields decided to climb a little higher, settling at a sturdy 4.108%. It's all eyes on the Fed as traders play the guessing game on interest rate cuts, turning the yield curve into Wall Street's own version of a rollercoaster ride.

🌍 A Mixed Bag on the Global Stage
While the Shanghai Composite Index decided to join the day's winners circle, the Stoxx Europe 600 couldn't find its footing, edging lower in a reminder that not every market is riding the same wave. It's a global mosaic of ups and downs, as the world's financial markets continue their intricate dance.

Top Winners and Losers 🔥

MicroCloud Holo [HOLO] $18.00 (+1,092%)
announced its intention to join China’s Communications Industry Association, and shares skyrocketed in an apparent short squeeze.

Glatfelter [GLT] $2.64 (+106.2%)
landed a deal to merger with Berry Global’s [BERY] health, hygiene, and specialties segment.

TaoPing [TAOP] $1.44 (+39.8%)
reported record-breaking 78% year-on-year contract revenue growth for January 2024.

The Container Store [TCS] $1.03 (39.4%)
reported earnings and revenues that fell short of Wall Street’s estimates on its Q3 report, published after Tuesday’s closing bell.

Phoenix Biotech SPAC [PBAX] $7.03 (36.0%)
published a prospectus on its proposed business combination with CERo Therapeutics ahead of a tomorrow’s shareholder vote

Snap [SNAP] $11.41 (34.6%)
published disappointing earnings and noted a slowdown in ad sales, prompting a negative reaction from the market.

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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