Dovish Fed talk rallies stocks 📈

Good Afternoon! 

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

Here’s what moved the market today.

Markets 📈

The market rallied after Fed chair Jerome Powell doubled down on the central bank’s outlook for three rate cuts this year. The Nasdaq and Russ2K outperformed on the news.

Upgrade Your Stock Market Intel

Elite Trade Club Insiders get exclusive access to our team’s in-depth research into the hottest growth stock opportunities.

Members enjoy monthly stock reports, in-depth macroeconomic analysis, and much more.

» Want an Ad-Free Experience + Top Growth Stock Picks? Upgrade Now! 

Market-Moving News 🔎 

Fed Optimistic on Growth but Sticks to Rate Cut Plans

Despite a brighter economic forecast, the Fed's latest dot plot still forecasts three rate cuts in 2024. With the current federal funds rate at 5.25-5.50%, this suggests a trimming back to 4.6%, aligning with their previous projections.

Economic Projections Adjusted 🔄
March's update shows a jump in 2024's GDP growth forecast to 2.1% from December's 1.4%, and a slight increase in core PCE inflation expectations to 2.6%. These adjustments follow after early-year inflation data challenged hopes for stabilizing price hikes, prompting a reevaluation of rate cut expectations.

Powell's Take on Inflation 🗣
Fed Chair Jerome Powell emphasized a careful approach to recent inflation reports, suggesting a gradual yet uneven path towards the 2% inflation target, despite some early-year data surprises.

Dot Plot Dynamics 📊
Changes in the dot plot reveal a consensus leaning towards milder rate adjustments in 2024, with the most ambitious views scaling back to four cuts. Looking ahead, the 2025 fed funds rate projection nudged up, suggesting a slightly less aggressive easing path.

Long-Term Outlook 🌐
The Fed's long-term rate expectation inched up, reflecting a nuanced balance between fostering growth and managing inflation, highlighting the ongoing challenge of steering the economy towards a stable future.

XTL Bio [XTLB] $2.38 (+128.8%)
agreed to acquire Social Proxy in exchange for a mix of cash, shares of its stock, and warrants.

TruGolf [TRUG] $1.89 (+64.3%)
partnered with AI and machine learning engineering firm, mlSpatial, to enhance the accuracy of its APOGEE system’s launch monitor.  

Cazoo Group [CZOO] $3.49 (+63.8%)
rebounded suddenly from a long slump dating back to March 5th. .

Nuscale Power [SMR] $4.88 (25.8%)
extended yesterday’s slide with more losses. It was downgraded by Wells Fargo and UBS earlier in the week.

Lifecore Bio [LFCR] $5.01 (30.3%)
concluded a strategic evaluation and announced management & board changes as a result of its findings.

ShiftPixy [PIXY] $4.02 (21.0%)
fell again after launching a $5 million “reasonable best efforts” offering of common shares and warrants on Tuesday.

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

Text ELITESTOCKS to 47121 or click here to get our alerts on your mobile device, and never miss another fast-moving stock!

P.S. Just like this newsletter, it's 100% free*, and you can stop at any time by replying STOP.