Closing Bell Roundup: Nov. 15th, 2023

Author

Adam Garcia
November 15, 2023

Good Afternoon! 

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

Today is Wednesday, November 15th. I hope you had a great trading session.

Here's what moved the market today:  

Markets 📈

U.S. benchmarks followed up Tuesday’s rally with modest gains in today’s trading session. The S&P 500 [+0.1%], Nasdaq [<0.1%] and Dow [+0.4%] edged higher, along with the small-cap Russell 2K [+0.1%].  

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Today's Market-Moving News 🔎 

🛍️ October Retail Sales: The Spending Slowdown

It's not just the leaves falling in October; U.S. retail sales also took a slight tumble. We're talking a 0.1% dip from September, marking the first drop since the daffodils were blooming in March.

🛒 Beyond Cars and Gas: 

If you set aside autos and gas, the retail landscape saw a teeny 0.1% climb. That's like going from a brisk walk to a leisurely stroll, compared to the 0.6% average hike in the last half-year.

🎈 Inflation's Balloon Might Deflate Slowly: 

This cooldown in shop-til-you-drop behavior might just be the chill pill the inflation beast needs, but the challenge is getting back to normal without the economy doing a face plant.

🏦 Fed's Interest Rate Tango: 

The Federal Reserve's been cranking up interest rates to a 22-year peak, trying to put the brakes on the economy to fight inflation. With their last hike in July and data like this, further rate hikes might just be off the menu.

Today's Top Winners and Losers 🔥

Kinnate Biopharma [KNTE] $2.50 (+59.2%) received a letter from two private equity firms expressing their interest in acquiring the company.

Ebix [EBIX] $5.66 (+57.6%) skyrocketed in a what appeared to be a targeted short squeeze following its weak Q3 earnings on Tuesday.

SciSparc [SPRC] $6.46 (+48.1%) said its SCI-110 drug candidate produced breakthrough results in a Phase IIa Alzheimer’s trial.

Jaguar Global Growth [JGGC] $1.70 (76.0%) announced the closing of its business combination with GLAAM/Captivision.

Signing Day Sports [SGN] $1.40 (27.4%) continued to slide after completing its IPO on Tuesday at $5 per share.  

Global E-Online [GLBE] $28.75 (27.1%) reported disappointing Q3 revenue figures and slashed its full-year revenue outlook.

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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