Stocks stumble as hot streak fizzles 📉

Good Afternoon! 

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

Here’s what moved the market today.

Markets 📈

The stock market snapped a lengthy win streak with a modest pullback on Wednesday. All major U.S. indexes saw losses exceeding 1%.

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Market-Moving News 🔎 

🏡Home Sales Tick Higher Despite High Rates

In a shift from the trend of the past five months, home sales experienced a slight increase in November, despite the challenge of near two-decade high mortgage rates.

📈 Sales Data Overview:
Existing-home sales rose 0.8% from October to November, reaching a seasonally adjusted annual rate of 3.82 million, as reported by the National Association of Realtors (NAR).

Despite this uptick, November sales were down 7.3% from the same period last year. The overall sales for 2023 are anticipated to be the lowest since at least 2011.

📉 Impact of Mortgage Rates:
The data for November primarily reflects decisions made in September and October, during a time when mortgage rates were on the rise.

In October, home-buying affordability hit its lowest point since 1985, according to NAR.

📊 Recent Improvements:
There's been a recent improvement in affordability as mortgage rates have been decreasing for seven consecutive weeks, recently dropping below 7%.

Potential Market Boost: This decrease in mortgage rates could potentially encourage more home-buying activity in early 2024, as per real estate agents.

This uptick in November home sales offers a glimmer of hope in the housing market, suggesting that even small shifts in mortgage rates can have a significant impact on home-buying trends.

Polished.com [POL] $7.61 (+617.9%)
concerned shareholder filed a Form PX14A6G calling for investor collaboration to increase the company’s effectiveness.

ParaZero [PRZO] $1.23 (+75.9%)
successfully completed its drone safety project with an unnamed Fortune 500 automotive manufacturer.

Liquida [LQDA] $10.70 (+35.7%)
won out in a longstanding patent dispute with United Therapeutics [UTHR -6.1%], clearing the way for Yutrepia’s commercial debut.  

Bluebird Bio [BLUE] $1.32 (45.6%)
priced a $125 million public offering of its common stock late Tuesday.

Vast Renewables [VSTE] $7.89 (34.2%)
continued to slide following its SPAC merger with Nabors Energy Transition Corp earlier this week.

Panbela Therapeutics [PBLA] $1.20 (23.5%) pulled back after a big rally earlier this week. Shares initially jumped after it announced the FDA had granted approval to US WorldMeds’ eflornithine drug candidate, which could trigger milestone payments.

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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