Jerome Powell had two hours at the podium today and used most of them to tell you that inflation is stubborn, the war is uncertain, and the Fed isn't cutting anytime soon.
Meanwhile, the Dow cracked its moving average, and wholesale prices came in hotter than at any point in the last year.
Everything you need to make sense of the damage is right here.

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Markets
Wednesday started badly and ended worse.
February's producer price index came in at 0.7%, more than double the 0.3% economists expected, and that was before the Fed decision, before Powell's press conference, and before Israel struck Iran's South Pars gas field and sent Brent crude above $108 for the first time since the war began.
The Fed voted 11-1 to hold rates between 3.5% and 3.75%, signaling one cut this year but offering no timeline that gave the market any comfort.
The Dow broke below its 200-day moving average for the first time since June 2025, twelve S&P 500 stocks hit 52-week lows, and the only sector that had any business celebrating was energy.
DJIA [-1.63%]
S&P 500 [-1.36%]
Nasdaq [-1.46%]
Russell 2000 [-1.65%]

Market-Moving News
Consumer Healthcare
Hims & Hers Is About to Become One of the Biggest Weight Loss Platforms in America

Hims & Hers Health (NYSE: HIMS) is adding Wegovy and Ozempic to its platform, available in all dosages at cash-pay prices starting at $149 a month.
Customers will get access to FDA-approved GLP-1 medications paired with round-the-clock care team support, nutrition guidance, and physical wellness education.
The company is positioning this as a long-term weight loss program, not a prescription and goodbye.
Just weeks ago, Hims was being sued by the company that makes these drugs. Now, it sells them directly to consumers.
From Controversy to Commerce
Hims previously launched a cheap, compounded copy of Novo Nordisk's obesity pill, pulled it under legal pressure, and got hit with a patent lawsuit.
Instead of fighting for years, the two sides struck a deal. Now Hims has legitimate access to the real products at prices that undercut most pharmacy options.
That pivot from courtroom to partnership happened faster than almost anyone expected. It completely changes what this company represents in the healthcare market.
Telehealth Becomes the Pharmacy
Hims is not just filling prescriptions. It is wrapping medication inside a full care program with ongoing support.
That model builds your relationship with the platform beyond a single transaction and keeps customers engaged for months or years.
This is Hims transforming from a company known for hair loss and skincare into one of the most relevant names in weight loss.

Wealth Management
The Biggest Bank in America Just Entered the Sports Business

JPMorgan Chase (NYSE: JPM) just launched a dedicated financial advisory service for professional athletes, backed by a council that includes three-time NBA champion Dwyane Wade, seven-time Super Bowl champion Tom Brady, five-time Olympic gold medalist Sue Bird, and World Cup champions Alex Morgan and Megan Rapinoe.
This is the largest bank in America, entering a market its Wall Street rivals have quietly dominated for years.
Late to the Game, But Playing to Win
Morgan Stanley and Goldman Sachs have served athletes and entertainers for years. JPMorgan is the newcomer here, which is unusual for a bank that leads almost every other category in finance.
Launching with a council of globally recognized champions is how you close that credibility gap overnight.
Athletes trust other athletes, and this roster immediately signals that JPMorgan is serious about this space.
More Than Just Managing Money
The service goes beyond investing. JPMorgan is positioning it as full lifecycle financial planning from the first contract through retirement and beyond.
That kind of relationship starts early and lasts decades, exactly the model your wealth management division wants.
For a bank already managing trillions in assets, the athlete market is small by comparison.
But the visibility, brand association, and loyalty that come with serving elite athletes make this worth far more to JPMorgan than the dollars under management alone.

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Drug Development
Artelo Gets a Free Shot at an 80 Million Patient Market

Artelo Biosciences (NASDAQ: ARTL) has signed a study agreement to test its drug candidate, ART27.13, in glaucoma patients.
The research will be funded entirely by outside organizations and conducted by a university-led clinical trials unit in Belfast. Artelo only has to supply the drug capsules.
For a small company with limited resources, getting a fully funded study in a massive new market is as good as it gets.
One Drug, Two Completely Different Uses
ART27.13 was originally developed for cancer-related appetite loss.
Now it is being tested for glaucoma, a condition that affects over 80 million people worldwide and is a leading cause of irreversible blindness.
The drug works by targeting receptors in the body's tissues without affecting the brain, which has been the main problem with previous cannabinoid-based treatments for eye pressure.
You do not often see a single drug candidate jump from oncology support care to ophthalmology. That kind of versatility dramatically expands what this company could become.
Small Company, Suddenly Interesting
Artelo has been a quiet name in biotech. This agreement changes the calculus entirely.
If the glaucoma data looks promising, the company goes from a single-indication story to a platform with multiple shots on goal across very different patient populations.
Hard to overstate what this means for a company this size. One funded study just doubled the number of reasons to pay attention.

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Top Winners and Losers
Venture Global [VG] $14.85 (+14.49%)
Venture Global is an LNG export company, and on a day when Israel struck a major Iranian gas processing facility and the entire global energy supply picture got measurably worse, being in the business of shipping American liquefied natural gas to energy-starved allies suddenly looks like the most valuable seat at the table.
Volume ran at nearly a normal pace on a $35 billion company, which means the institutional money was already there... it just finally had a reason to show up louder.
Heartflow [HTFL] $25.47 (+13.10%)
Heartflow makes AI-powered cardiac diagnostic software that helps cardiologists assess coronary artery disease without invasive procedures, and it posted clinical utilization data Tuesday showing meaningful adoption growth among health systems.
At a $2.11 billion market cap with a Strong Buy rating, this is a company the market has been slowly re-rating as its technology moves from early adoption to standard of care, and today gave it another nudge in that direction.
Fastly [FSLY] $26.88 (+11.17%)
Fastly operates an edge cloud platform that accelerates and secures web applications, and the stock has been in a prolonged reset after years of missing its own growth targets.
Tuesday's move came on the back of analyst commentary suggesting Fastly's enterprise pipeline is recovering faster than the street had modeled, and in a market where software names got punished all week, a double-digit gain on nearly normal volume stands out.

SailPoint [SAIL] $12.44 (-15.47%)
SailPoint makes identity security software and went public recently after being taken private by Thoma Bravo in 2022, and its first stretch as a public company again has not been kind.
Wednesday's drop came on a revenue miss paired with guidance that suggested enterprise security budgets are getting scrutinized harder than expected, which is a bad message to send in a market that's already punishing any software name that can't prove near-term profitability.
Volume ran at 4x average, so this wasn't quiet.
Immix Biopharma [IMMX] $9.45 (-15.02%)
Immix is developing CAR-T cell therapies for amyloidosis and solid tumors, and the stock dropped sharply after the company released data that showed efficacy signals but raised questions about the durability of response at the doses being tested.
In a market this risk-averse, a biotech that gives investors a reason to pause gets repriced immediately, and at a $503 million market cap, there's no large institutional floor to slow the fall.
Novagold Resources [NG] $8.54 (-12.32%)
Gold sold off today after the Fed signaled it still expects to cut rates this year, which paradoxically reduced the safe-haven bid that had been propping up precious metals through the war.
Novagold, which holds a stake in one of the world's largest undeveloped gold deposits in Alaska, got caught in the broader metals retreat as the dollar strengthened on Powell's comments.
When gold moves, Novagold moves more.

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Everything Else
Crypto exchange Kraken just froze its IPO plans, proving even the boldest exit strategies can get shelved when market conditions turn ugly.
NVIDIA got Beijing's green light to sell H200 chips and adapted its Groq chip for China, showing the company's willingness to bend its product line to keep a foot in the door.
Stocks slipped as hot producer inflation data collided with surging oil prices, giving traders a double reminder that cost pressures aren't going anywhere.
Amazon submitted a USPS bid and says it hopes to keep the partnership going even at a smaller scale, which is corporate speak for "we'll take what we can get."
Trump waived the US shipping law for 60 days to calm the oil market, because apparently, regulatory shortcuts are the new plan when energy prices spike.

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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