Hot jobs report sinks stocks πŸ“‰

Stocks limped into the weekend after a hot February jobs report dashed the market's hopes of an imminent rate cut.

Good Afternoon!Β 

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

Here’s what moved the market today.

Markets πŸ“ˆ

The market ended the weak on a sour note thanks to a stronger-than-expected February employment report that likely lessened the chances of imminent rate cuts.

  • DJIA [-0.1%]

  • S&P 500 [-0.6%]

  • Nasdaq [-1.1%]

  • Russell 2K [<0.1%]

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Market-Moving News πŸ”ŽΒ 

πŸ“Š February's Hiring Surge Meets Cooling Signs

The U.S. job market presented a mixed bag in February, with a significant addition of 275,000 jobs signaling a still-strong economy, even as wage growth begins to decelerate.

This combination of steady hiring and moderating wage increases provides fresh indications that the U.S. might achieve a soft landing, aiming to reduce inflation without triggering a recession.

πŸ“‰ A Closer Look
While the substantial job gains outstripped economist predictions of 198,000 jobs, other metrics hinted at a broader economic recalibration.

The uptick in the unemployment rate to 3.9%, alongside a deceleration in wage growth, paints a picture of a labor market that, while robust, is starting to show signs of cooling. This is further underscored by the downward revision of January's exceptionally strong data.

πŸ” Hopes Rekindled
The nuanced labor report supports the Federal Reserve's perspective that a reduction in interest rates might be on the horizon for later this year, potentially energizing markets that have shown remarkable vitality in the early months of 2024.

This outlook aligns with broader economic strategies aimed at curbing inflation while sustaining growth. However, the cut might not come as soon as investors had hoped, given the resilient strength of hiring.

πŸ“ˆ Market Optimism vs The Fed
Bill Adams, chief economist at Comerica Bank, captured the essence of the February labor report in one word: "cool."

This sentiment echoes the Federal Reserve's current desire for economic indicators that justify a strategic easing of interest rates, fostering an environment conducive to both market optimism and controlled inflationary pressures.

Top Winners and Losers πŸ”₯

Safe & Green Dev [SGD] $1.24 (+88.1%)
secured financing to acquire the Norman Berry Village property and adjacent acreage in Atlanta, Georgia.

Psyence Biomedical [PBM] $2.11 (+66.1%)
said its Australian unit received approval from an ethics committee to initiate a Phase IIb study of psilocybin.

Mira Pharma [MIRA] $1.57 (+65.2%)
announced the discovery of a new lead compound oral marijuana drug candidate it has dubbed MIRA-55.

Amylyx Pharma [AMLX] $3.36 (82.2%)
published disappointing clinical data from a Phase 3 trial of AMX0035 (Relyvrio) for ALS.

BigBearAI [BBAI] $2.57 (31.6%)
posted missed the consensus estimates for earnings and revenues on its Q4 financial report.

Critical Metals [CRML] $8.12 (26.1%)
edged lower in the wake of its recent merger with Sizzle Acquisition Corp SPAC earlier this week.

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!Β 

Best Regards,
β€” Adam G.
Elite Trade Club

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