Stocks slide on Powell comments

Good Afternoon! 

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

Here’s what moved the market today.

Markets 📈

Stocks turned south on Monday as investors digested recent comments from Federal Reserve Chairman Jerome Powell.

In a weekend interview with 60 Minutes, the Fed chair said the central bank is taking a cautious approach to rate cuts, and policymakers want to see confirmatory evidence inflation is under wraps before rolling back rates.

Powell’s words dashed investors’ hopes for a March rate cut and sent the market sliding when it reopened this morning.

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Market-Moving News 🔎 

📉 Social Media's Monday Blues

After a dazzling 20% surge to record highs on Friday, Meta Platforms [META] takes a breather, dialing back over 2%.

The Facebook giant's recent earnings reveal—flaunting the most robust quarterly sales spike in two-plus years—and its dividend debut couldn't keep the stock's rally alive into the new week.

📸 Snap's Snapback: 
Snapchat's parent, Snap [SNAP], not far behind, sees a roughly 3% dip ahead of its quarterly earnings reveal set for Tuesday. This follows their announcement of a workforce reduction by about 10%, aiming for a leaner operation.

📍Pinterest's Dip: 
Pinterest [PINS] isn't immune to the day's downtrend, ticking down by 0.5%. With its financial checkup scheduled for Thursday, investors are watching closely.

🏞️ The Big Picture: 
The social media sector, despite Friday's euphoria, faces a reality check after Meta's retreat sparked a broader pullback in the sector.

With Snap and Pinterest also in the spotlight this week, all eyes are on how these platforms navigate the challenges ahead.

Gorilla Technology [GRRR] $1.09 (+96.3%)
reported stronger-than-expected results on its Q3 earnings report ahead of this morning’s opening bell.

4D Molecular [FDMT]$32.29 (+84.6%)
published upbeat interim data from a Phase 2 PRISM clinical trial of intravitreal 4D-150 in wet AMD patients.

MorphoSys [MOR] $17.27 (+56.0%)
is close to accepting a buyout deal from Novartis, according to a recent report published by Reuters. 

Intelligent Bio Solutions [INBS] $3.64 (38.8%)
exercised previously issued warrants for $1. 77 million in
gross proceeds.

Bit Brother [BETS] $2.20 (26.6%)
disclosed after Friday’s closing bell that it had received a delisting notice from Nasdaq.

Peraso [PRSO] $3.05 (26.9%)
registered for an offering of more than 1.04 million shares of common stock and several varieties of accompanying warrants.

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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