Stocks stumble on shaky bank earnings 📉

The market sold off after banks reported slowing profits despite high rates.                                                                                                                                                                                                                                                                                                                                                                                                                 April 12, 2024 | [Read Online]( Good Afternoon! Hey, everyone. It's Adam from Elite Trade Club. Here’s what moved the market today. Markets 📈 The market turned south on weaker-than-expected bank earnings and continued concerns about the outlook for interest rates. - DJIA [-1.2%] - S&P 500 [-1.4%] - Nasdaq [-1.6%] - Russell 2K [-2.0%] [Unlock Easy Day Trading: Join the 10-Minute Trade Revolution!]( Discover Hugh Grossman's groundbreaking "day trading" system, which simplifies trading to just a 10-minute, stress-free activity per day. This unique method involves a simple email check, an option symbol entry, and a profit target setup—no glued-to-screen hours or complex analyses required. Today, we're inviting only 87 new traders to experience this hassle-free approach to options trading. [Click here to revolutionize your trading day in just 10 minutes.]( » Want an Ad-Free Experience + Top Growth Stock Picks? [Upgrade Now!]( Market-Moving News 🔎 📈 Gold Hits Highs Amid Speculation of 'Mystery Buyer' Gold futures reached a new record high this Friday, with front-month futures climbing 1.3% for the week to settle at $2,356 per troy ounce. This marks a 14% increase since the beginning of the year, puzzling analysts who are grappling to identify the forces driving this unprecedented rally. Wall Street Puzzled 🧐 Despite traditional indicators pointing towards sales through exchange-traded funds like GLD, which have actually seen recent outflows, prices continue to rise. Lack of Evidence 🕵️‍♂️ Christopher Wood from Jefferies notes the absence of increased sales in American Eagle gold coins in the U.S., and typical premiums on physical gold in markets like Singapore, which do not mirror the spikes observed during previous bull markets. Wood leans towards demand from China as a likely cause, though concrete data to support this remains elusive. Currency Pressures and Gold Buying 🌐 Daniel Ghali of TD Securities highlights a notable correlation between the mystery buying activity and currency depreciation in regions like China and Japan. This pattern suggests strategic purchases of gold could be a tactic to bolster local currencies against the dollar, potentially by reallocating from U.S. Treasurys to gold, though the urgency of this buying raises questions. Central Bank Activity and Global Uncertainty 🏦 While central banks globally have historically increased their gold reserves during times of crisis, as seen after Russia's invasion of Ukraine in 2022, current World Gold Council data has yet to show a significant uptick in their buying this year. Market Impact and Ongoing Speculation 📊 The continued strength in gold prices amid fluctuating global economic signals and speculative buyer identities keeps market participants on edge, suggesting that the gold market may remain highly volatile and closely watched for the foreseeable future. Top Winners and Losers 🔥 Mobile-Health [MNDR] $15.00 (+47.0%) continued to push higher following its Nasdaq debut on Wednesday. Connexa Sports [CNXA] $1.50 (+38.8%) filed an amendment to its Form 10-K/A that provided updated information on its financial position. Houston American [HUSA] $2.16 (+35.0%) filed Form PRE 14A and updated the public on its upcoming meeting of shareholders. Destiny Tech [DXYZ] $29.00 (42.4%) pulled back after a sharp rally earlier this week, after the stock was criticized as an overvalued “meme stock” by social media influencers. C3is [CISS] $1.865 (35.2%) agreed to acquire Eco Spitfire for $16.19 million cash. NFT [MI] $4.95 (31.7%) announced a 1-for-50 reverse split of its common shares. 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. [Sign Up for Mobile Alerts Now]( [Privacy Policy]( | [Advertiser Disclosure]( [tw]( [ig]( [yt]( [tk]( *Standard message/carrier rates may apply. Legal Stuff: Stocks featured in this newsletter are for entertainment purposes only. You should not base any investment decisions on information contained in my newsletter. 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