Stocks dip despite decent PCE data 📉

Good Afternoon! 

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

Here’s what moved the market today.

Markets 📈

Stocks turned south on Friday despite a PCE report that fell in line with analysts’ expectations. The nasdaq was the leading loser, followed by the S&P 500 and Dow.

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Market-Moving News 📈

PCE Inflation Rose 2.6% in May; Meeting Estimates 📈 

An important economic measure for the Federal Reserve revealed that inflation slowed to its lowest annual rate in more than three years in May. The core personal consumption expenditures (PCE) price index increased by a seasonally adjusted 0.1% for the month and was up 2.6% from a year ago, marking the lowest annual rate since March 2021. These figures matched the Dow Jones estimates.

Headline Inflation 🏦
Including food and energy, headline inflation was flat for the month and also rose 2.6% annually, aligning with expectations. The Fed prioritizes the PCE inflation reading over the more commonly followed consumer price index (CPI) because PCE is a broader measure that accounts for changes in consumer behavior, such as substituting purchases when prices rise. While the central bank follows headline PCE officially, it generally considers the core reading a better gauge of long-term inflation trends.

Price Trends 💼
The Bureau of Economic Analysis report showed personal income increased by 0.5% for the month, exceeding the 0.4% estimate. However, consumer spending rose by just 0.2%, below the 0.3% forecast. Price increases were moderated by a 0.4% decline in goods and a 2.1% drop in energy, which offset a 0.2% rise in services and a 0.1% increase in food.

Housing Prices 🏠
Housing prices continued to climb, rising 0.4% for the fourth consecutive month. Persistent shelter-related costs have been higher than anticipated, preventing the Federal Reserve from reducing interest rates as previously expected. Investors have adjusted their expectations for Fed rate cuts this year, now anticipating just two reductions starting in September, down from earlier expectations of at least six cuts.

Fed Watch 📉
Further deceleration in inflation, coupled with evidence of labor market softening, will be necessary to pave the way for a potential rate cut in September. The Fed targets 2% inflation and has raised interest rates since March 2022 to combat rising prices, which were initially dismissed as transitory effects from the COVID-19 pandemic.

Recent Data 🏢
Recent economic data suggests the economy has withstood the Fed’s aggressive monetary tightening. Gross domestic product (GDP) grew at an annualized rate of 1.4% in the first quarter and is on pace to increase by 2.2% in the second quarter, according to the Atlanta Fed. However, there have been slight cracks in the labor market, with continuing jobless claims reaching their highest level since November 2021, though the unemployment rate remains low at 4%, rising at a slow pace.

Actelis Networks [ASNS] $2.31 (+56.0%)
received an initial order to produce its hybrid-fiber networking services in Germany.

Cosmos Health [COSM] $1.04 (+53.1%)
signed an exclusive distribution deal with Pharmalink for its Sky Premium Life products in the United Arab Emirates.

Nano Nuclear Energy [NNE] $23.44 (+44.5%)
surged after Congress passed the ADVANCE Act to boost advanced nuclear energy deployment with bipartisan support.   

Bit Origin [BTOG] $2.88 (45.8%)
suffered a steep sell off after providing an update on its collaboration with cloud services provider Aethir early Tuesday. 

Accolade [ACCD] $3.58 (43.9%)
fell after slashing its forward-looking guidance as part of its Q1 earnings report.

Nexalin Technology [NXL] $1.69 (42.9%)
announced the raising of $5.25 million via a public offering of 3 million shares priced at $1.75 apiece.

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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