Top gainer jumps 295% as stocks fall 📉

Good Afternoon! 

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

I hope you had a great trading session. Here’s what moved the market today.

Markets 📈

Stocks turned south on Wednesday after floundering through the start of the trading week.

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Market-Moving News 🔎 

🛢️ U.S. Crude Oil Slips Despite OPEC+ Efforts

U.S. crude oil is navigating choppy waters, closing at $69.38 a barrel on Wednesday.

It’s the lowest price point for U.S. West Texas Intermediate since late June, just before Saudi Arabia's significant production cut.

📉 Factors Behind the Fall:

• Surplus Supplies: The slide in prices comes as data reveals an increase in gasoline and diesel storage, indicating a surplus in the market.

• Shale Output Stays Strong: Despite more cautious investment in drilling, U.S. crude output continues to break records, adding to the downward pressure on prices.

🌍 OPEC+ vs. Shale: 

OPEC+, the coalition of Saudi-led OPEC and Russian-led allies, formed partly to tackle the surge in U.S. shale production.

However, their current strategy to boost prices by extending production cuts into 2024 is getting undercut by robust U.S. output.

📊 A Consistent Downward Trend:

This recent drop signifies the fifth consecutive day of declining prices since OPEC+ announced their intention to maintain production cuts.

In a complex dance of global oil politics and market dynamics, U.S. crude's latest price movements underscore the ongoing challenge OPEC+ faces in balancing the market amid persistent American shale production.

MicroAlgo [MLGO] $9.58 (+295.8%)
Said its Chinese subsidiaries will partner to form a postgraduate training practice base in China.

Sera Prognositcs [SERA] $5.49 (+161.4%)
Said its preterm birth prevention therapeutic met its primary endpoint in a PRIME study.

Pineapple Financial [PAPL] $3.31 (+43.2%) 
Launched a simplified online mortgage application for prospective borrowers.

WeBuy Global [WBUY] $2.33 (60.8%) 
Entered into a non-binding agreement to acquire a 51% stake in an Indonesian fruit importer and wholesaler named PT. Tiga Sakti Utama.

Volato Group [SOAR] $7.13 (28.7%) 
Has been donwtrending since completing its business combination with Proof Acquisition SPAC.

MIRA Pharmaceuticals [MIRA] $2.09 (28.4%) Started tumbling on Monday, when it released “breakthrough data” from AI simulations that didn’t go over well with the market.

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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