Stocks rally as mortgage rates 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 📈

U.S. benchmarks recovered from a shaky open to post modest gains for the trading session, led by the Nasdaq’s 1.3% rally.

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Market-Moving News 🔎 

🏡 Mortgage Rates Slip Below 7%

For the first time in about four months, mortgage rates have dipped, now hovering just above the 7% mark. This shift offers a slight breather in the housing market.

📉 Rate Details: 

The latest survey by Freddie Mac shows the average rate for a 30-year fixed mortgage at 7.03%. It's a notable drop from last week's 7.22% and marks the largest weekly decline seen in approximately a month.

🔗 Tied to Treasury Yields: 

Mortgage rates generally shadow the movements of the 10-year Treasury yield, which has been on a downward trend following recent economic data that wasn't as robust as expected.

📊 Six-Week Decline: 

This drop continues a six-week trend, bringing rates almost a full percentage point down from their recent high. Earlier this fall, rates had climbed to nearly 8%, exacerbating the affordability crunch in a real estate market still grappling with high home prices.

As mortgage rates take a slight dip, potential homebuyers and the housing market are catching a small but welcome respite, signaling a shift in the broader economic landscape.

Satellogic [SATL] $2.33 (+45.6%)
Signed a multimillion-dollar contract with Uzma that aimed at advancing satellite imagery capabilities and geospatial services in Southeast Asia.

Altisource Asset [AAMC] $5.21 (+54.6%)
Announced a favorable court ruling in its ongoing case against Blackrock [BLK +0.3%] and Pimco

Solid Bioscience [SLDB] $5.76 (+68.4%) 
Said the FDA granted a fast-track designation to SGT-003, a Duchenne muscular dystrophy gene therapy drug candidate.

MicroAlgo [MLGO] $2.05 (+78.6%) 
Pulled back after rallying 295% on Wednesday, despite a strong performance in today’s premarket trading session.

Golden Heaven [GDHG] $2.32 (88.9%) 
Announced an operating lease framework with a Chinese amusement park group.

FLJ Group [FLJ] $1.98 (56.6%) 
Announced a change to the exchange ratio of its American Depository Shares. Compared to its previous exchange rate, the measure was equivalent to a 1-for-40 reverse split

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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