Stocks stumbled into 2024 📉

Good Afternoon! 

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

This is the last time you’ll hear from me in 2023. Happy New Year to you and your loved ones. I hope 2024 is your best year in the market yet!

Now, for the last time this year, here’s what moved the market today.

Markets 📈

Stocks stumbled in the final session of the holiday-shortened trading and snapped the market’s recent winning streak. The small-cap Russell 2K slid by more than a point, while large-caps took modest losses.

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Market-Moving News 🔎 

📉 Stocks Fall Short of New 2023 Records, But the Outlook For 2024 is Bright

The Nasdaq and S&P 500 opened the day just shy of record-breaking highs. A positive day could’ve put both indexes into new all-time high territory, but U.S. indexes fell short in the home stretch with a last-minute sell off on Friday.

An Optimistic Ending 🌞

The modest pullback dashed investors’ hopes for a new record high in 2023, but the market’s outlook for 2024 remains optimistic. The Fed’s sudden reversal on the idea of rate cuts in 2024 rallied stocks in the final weeks of the year, and we could see more gains in the months ahead if inflation remains on its current track.

Risks on the Radar 📡

Right now, the market appears to be in position to continue its upswing in 2024. The biggest risks on our radar are geopolitical disruptions, which are popping up all over the globe at an alarming pace. However, the market could be poised for a strong performance next year if it can avoid a Black Swan event..

China Green Ag. [CGA] $3.03 (+59.4%)
announced a new stock purchase agreement with Zhibiao Pan.

RenovoRx [RNXT] $2.29 (+55.7%)
received new guidance from the FDA on a regulatory path forward for CTX-1301 as an ADHD treatment.

FLJ Group [FLJ] $2.00 (+44.9%)
acquisition of Alpha Mind Technology for $180 million and the termination of a planned buyout of Lianlian.

Zoomcar [ZCAR] $6.85 (42.8%)
sold off in its first day of trading since completing its merger with Innovative International SPAC.

Global Mofy Meta [GMM] $5.58 (49.9%) announced plans for a $10 million offering just a few weeks after completing its IPO.

BTCS [BTCS] $1.63 (29.7%) 
suddenly pulled back after a big rally on Wednesday. Refinitiv/Verus upgraded the stock from “hold” to “buy” after last Friday’s close.

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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