U.S. indexes flirt with new record highs 📈

Good Afternoon! 

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

Here’s what moved the market today.

Markets 📈

U.S. large-caps notched gains again on Thursday, but the Russell 2K & Nasdaq posted small losses.

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Market-Moving News 🔎 

⚖ Weekly Jobless Claims Show Slight Increase

The U.S. Labor Department's latest report indicates a modest rise in initial unemployment claims for the week ending December 23. The number increased by 12,000, though the four-week average remained relatively steady at 212,000.

🛠️ Employment Trends:
While newly filed unemployment claims have risen from their pandemic-era lows, they are still relatively low, signifying that employers are largely retaining their workforce.

The unemployment rate continues to stay below 4%, with the economy consistently adding jobs each month.

📈 Growing Continuing Claims:

• Increase in Continued Claims: The number of workers filing for continued unemployment benefits has seen an uptick. As of the week ending December 9, there were 1.86 million continuing claims, up from 1.62 million in the same period last year.

• Potential Labor Market Slack: This rise in continuing claims could be an indicator of some slack in the labor market, hinting at a slight shift in employment stability.

🔍 Data Reporting Lag: 
It's important to note that continuing claims are reported with a longer delay compared to initial claims, adding a layer of lag to this aspect of labor market data.

Overall, the slight increase in jobless claims, coupled with a growing number of continuing claims, offers a nuanced picture of the current U.S. labor market, balancing between steady employment rates and emerging signs of labor market shifts.

Nova LifeStyle [NVFY] $4.70 (+203.2%)
exploded in a massive rally backed by an enormous spike in trading volume.

Cingulate [CING] $9.82 (+146.1%)
received new guidance from the FDA on a regulatory path forward for CTX-1301 as an ADHD treatment.

Sidus Space [SIDU] $11.50 (+163.1%)
said it’s planning on launching its first rocket in Q1 2024.

FlyExclusive [FLYX] $6.85 (42.8%)
fell in its first day of trading since completing its merger with EG Acquisition Corp.

Meihua Intl. [MHUA] $1.79 (33.9%)
announced plans for a $6 million security offering targeting institutional investors.

CytoSorbents [CTSO] $1.09 (33.4%) 
said its DrugSorb-ATR device failed to meet its primary endpoint in a pivotal U.S. and Canadian STAR-T trial.

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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