Stocks dip in weekly opener

Good Afternoon! 

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

Here’s what moved the market today.

Markets 📈

The market returned from the weekend with a whimper on Monday. Large-cap and small-cap indexes closed slightly below where they opened.

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Market-Moving News 🔎 

🚚 Ford Revs Up Hybrid Truck Production

Ford Motor [F +2.3%] has seen a notable 10.5% uplift in its U.S. vehicle sales this February, thanks to the surging demand for its electric and hybrid offerings.

The spotlight shines brightly on the F-150 pickup truck, not just as the nation's favorite ride but also as Ford's leading revenue generator, with nearly 20% of its buyers opting for the hybrid variant. In response, Ford is shifting gears to double the production of its hybrid F-150s for the 2024 model year.

🔋 Hybrid Comeback
Despite an overall 6% dip in F-150 sales, the hybrid model's demand tells a different story, mirroring the automotive industry's green transition.

Ford's move to increase hybrid production underscores its commitment to sustainable mobility and its strategy to meet the growing appetite for environmentally friendly vehicles.

🌱 Maverick Takes the Wheel
A significant contributor to the hybrid frenzy is the Ford Maverick, a compact pickup that quickly became a consumer favorite since its late 2021 debut.

February saw a record-breaking 13,262 Mavericks roll off the lot, nearly half of which were hybrids, highlighting a robust demand for smaller, efficient trucks.

📊 Electrifying Performance
Ford's overall hybrid sales have jumped 32% to 12,045 vehicles, while its electric models have seen an impressive 81% surge to 6,368 units. The F-150 Lightning, in particular, experienced a 93% spike in deliveries, electrifying Ford's sales charts.

With the company's stock climbing about 3% in recent trading, it's clear that Ford's electrification strategy is not only resonating with consumers but also energizing its market performance.

Ocean Biomedical [OCEA] $4.08 (104.0%)
joint venture partner Virion Therapeutics will present clinical data at an upcoming industry conference taking place at the end of March.

BitFufu [FUFU] $13.13 (+105.8%)
surged in its second full day of trading since closing its business combination with Arisz Acquisition SPAC last week.

Phunware [PHUN] $12.84 (+81.3%)
rallied after the Supreme Court reverse Colorado’s decision to remove former President Donal Trump from the presidential ballot in November. The Trump campaign previously worked with Phunware.

BioVie [BIVI] $1.06 (43.9%)
priced a $21 million offering of shares & warrants.

Infobird [IFBD] $4.76 (23.7%)
continues to correct after it saw enormous gains through the second half of February.

First Wave Bio [FWBI] $7.10 (23.1%)
announced a $4 million registered direct offering of its common stock priced at $7.61 per share.

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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