Rebound rally lifts stocks higher

The market shook off yesterday's sell-off and notched big gains in today's trading session.

Good Afternoon! 

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

Here’s what moved the market today.

Markets 📈

The market recovered from its Tuesday sell-off with a strong performance on Wednesday. The Nasdaq and Russell 2K outperformed.

  • DJIA [+0.4%]

  • S&P 500 [+0.9%]

  • Nasdaq [+1.3%]

  • Russell 2K [+2.3%]

Few people believed award-winning futurist Eric Fry a year ago, when he said tech was the place to be, and recommended some stocks that surged enough to become pillars of the so-called "magnificent Seven" market leaders.

Now he's recommending seven new stocks for 2024 that he predicts will be the year's top performers.

» Want an Ad-Free Experience? Upgrade Now! 

Market-Moving News 🔎 

🏠 Homebuyers Pause on Higher Mortgage Rates

As the calendar flipped from December to January, it seemed like mortgage rates might give homebuyers a break. But, like a plot twist in a suspenseful movie, rates are climbing again. Last week, the average rate on 30-year fixed mortgages nudged up to 6.87% from 6.80% the week prior. This uptick marks the highest rate since early December 2023, squeezing buyers and refinancers alike.

📉 Refinancing Cools Off
The refinancing scene, always sensitive to the slightest rate changes, saw a slight decline. Applications dipped by 2% week-over-week, despite being 12% higher than a year ago. It seems the brief dip in rates earlier had some homeowners rushing to lock in savings, but the window is quickly closing.

🏡  Applications Dip
The ripple effect of increasing rates hit homebuyers hard, with applications to purchase homes sliding down by 3% in a week and falling 12% compared to the same time last year. This retreat is a clear signal that the brief December-January respite is over, and the uphill battle against rates resumes.

📊 Mortgage Demand Slows
The Mortgage Bankers Association’s latest figures show a 2.3% drop in overall mortgage application volume from the previous week. This downturn is a direct consequence of the creeping rates, highlighting the sensitive balance between borrowing costs and market activity.

As rates edge closer to the 7% mark, the market reacts cautiously. Homebuyers are reevaluating their budgets, while refinancers scramble to find value in a landscape that’s quickly shifting beneath their feet. The question on everyone’s mind: Is this the new normal for 2024, or is there relief in sight?

Top Winners and Losers 🔥

Datasea [DTSS] $8.98 (+510.8%)
rallied a day after reporting fiscal Q2 financial results featuring a significant increase in revenues compared to last year.

Earlyworks [ELWS] $1.31 (+187.9%)
rallied after a pair of Schedule 13G filings published in Tuesday’s aftermarket revealed two new passive stakes in the company.

enGene [ENGN] $16.50 (+116.5%)
presented upbeat preclinical data of human dermal fibroblast (HDF) spheroids to treat psoriasis at an industry conference.

Ohmyhome [OMH] $1.33 (41.1%)
priced a $4.8 million offering of roughly 3.55 million shares of common stock at $1.35 per share.

Nukkleus [NUKK] $1.30 (33.6%)
signed a term sheet for the acquisition of cross-border payments firm Mercury Global for an undisclosed amount of stock and cash.

QuidelOrtho [QDEL] $45.27 (32.2%)
suffered a slew of analyst downgrades after posting downbeat results on its Q4 earnings report.

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

Text ELITESTOCKS to 47121 or click here to get our alerts on your mobile device, and never miss another fast-moving stock!

P.S. Just like this newsletter, it's 100% free*, and you can stop at any time by replying STOP.