Nasdaq hits record high as stocks heat up

Hotter than expected inflation data couldn't cool off the market on Thursday. Stocks soared and sent the Nasdaq to a new record high.

Good Afternoon! 

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

Here’s what moved the market today.

Markets 📈

The Nasdaq set a new record high on Thursday, despite a stronger-than-expected inflation read on January’s PCE report.

  • DJIA [+0.1%]

  • S&P 500 [+0.5%]

  • Nasdaq [+0.9%]

  • Russell 2K [+0.7%]

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Market-Moving News 🔎 

📈 Fed's Inflation Meter Spikes in January

Who said January had to be cold? Inflation certainly didn't get the memo, heating up more than the Federal Reserve's comfort zone prefers.

The personal consumption expenditures (PCE) price index, the Fed's favorite economic thermometer, rose a toasty 0.3% from December. It's like the economic forecasts predicted it, but that doesn't make the reality any less spicy.

🔄 Surprise Twist 
Zooming out to the year-long view, the overall PCE index climbed 2.4%, with core prices taking a higher leap to 2.8%. Here's the kicker: both numbers were actually lower than the brainiacs expected, thanks to the Commerce Department playing the revision game with December's figures.

It's like finding out the movie's ending isn't what the trailer promised, offering a mixed bag of relief and recalibration for the Fed's next moves.

🎢 Fed's Balancing Act
Aiming for that sweet spot of 2% annual inflation, the Fed's got its eyes glued to these monthly shifts. Remember the heady days of 2022 when inflation rates were more roller coaster than gentle carousel, peaking over 7%?

Well, the current vibe suggests cautious optimism. The Fed's message is clear: "Show us more progress, and we'll talk rates." It's a delicate dance of data and decision-making, with every new number adding a step to the routine.

Top Winners and Losers 🔥

Societal CDMO [SCTL] $1.07 (132.6%)
agreed to be acquired by CoreRX via a cash tender offer that pays $1.10 per share.

Enveric Bio [ENVB] $1.45 (+74.4%)
signed three non-binding term sheets with an undisclosed biotech company to pursue out-licensing compounds.

SidUS Space [SIDU] $8.98 (+61.2%)
was granted a U.S. patent titled “Three Dimensional Print Head Apparatus.”

J-Long Group [JL] $2.00 (84.3%)
announced a $6 million special dividend and saw an early rally collapse into huge losses before the session closed.

Liveperson [LPSN] $1.27 (47.0%)
published disappointing Q4 2023 earnings results in Wednesday’s aftermarket.

Endava [DAVA] $37.17 (41.7%)
posted lower earnings and revenues, slashed its 2024 guidance, and announced plans to acquire Galaxy in its fiscal Q2 report this morning.

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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