Stocks enter the weekend hot 🔥

Good Afternoon! 

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

Here’s what moved the market today.

Markets 📈

Stocks rose on Friday despite a mixed bag of earnings from America’s biggest. The Nasdaq rebounded after its Thursday sell-off.

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Market-Moving News 📈

JPMorgan's Jamie Dimon Warns Inflation and Interest Rates May Stay High 📈

On Friday, JPMorgan Chase [JPM -1.2%]  CEO Jamie Dimon issued a stark warning about inflation. "There has been some progress bringing inflation down, but there are still multiple inflationary forces in front of us: large fiscal deficits, infrastructure needs, restructuring of trade, and remilitarization of the world," Dimon said in a statement accompanying the bank's second-quarter results. He cautioned that inflation and interest rates may remain higher than the market expects.

Recent Inflation Data 📉

Dimon's comments came after data showed the monthly inflation rate dipped in June for the first time in more than four years, fueling bets that the Federal Reserve might cut rates soon. The consumer price index, a broad measure of costs for goods and services across the U.S. economy, declined 0.1% in June from May, putting the 12-month rate at 3%, its lowest level in more than three years.

Fed's Stance on Rates 🏦

Federal Reserve Chairman Jerome Powell expressed concern earlier this week that holding interest rates too high for too long could jeopardize economic growth. He hinted that rate reductions could be on the horizon if inflation continues to show progress.

Concerns Over U.S. Debt 💵

Dimon joined many economists in sounding the alarm on burgeoning U.S. debt and deficits. The federal government has spent $855 billion more than it has collected in the 2024 fiscal year so far. For fiscal 2023, the government's deficit spending totaled $1.7 trillion. Dimon emphasized that these fiscal pressures are contributing to the inflationary environment and may keep interest rates elevated.

Inspire Veterinary [IVP] $10.57 (+89.0%)
rallied after announcing the closing of a $6 million public offering yesterday, adding to a 19.2% gain on Thursday.

NiSun Intl [NISN] $9.15 (+51.9%)
posted 65% revenue growth on its fiscal year 2023 financial results published early this morning.

LL Flooring [LL] $1.03 (+37.3%)
rallied after F9 Investments disclosed an 8.8% stake in the company.

Monterey Capital [MCAC] $3.54 (49.5%)
disclosed a material definitive agreement with EF Hutton that amended the terms of a $3.6 million post-closing tender payment.

Neximmune [NEXI] $2.98 (24.1%)
announced the postponement of a special meeting of shareholders from July 11th to July 19th.

Virpax Pharma [VRPX] $1.36 (18.5%)
registered for a exempt offering of $2.5 million worth of common stock in a Form D filing.

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!

Thanks for reading. I'll see you at the next open! 

Best Regards,
— Adam G.
Elite Trade Club

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