Stocks stay Hot into Labor Day weekend 🔥

Get today's spiciest stocks inside.                                                                                                                                                                                                                                                                                                                                                                                                                 August 30, 2024 | [Read Online]( Good Afternoon! Hey, everyone. It's Adam from Elite Trade Club. Here’s what moved the market today. Markets 📈 Stocks went into the Labor Day weekend on a high note, with solid gains for the S&P 500 and Nasdaq. The small-cap Russell 2K lagged, but also notched a solid performance - DJIA [+0.5%] - S&P 500 [+1.1%] - Nasdaq [+1.1%] - Russell 2K [+0.6%] [The Next Big AI Stock]( The eCommerce revolution is just beginning, and [one small-cap NASDAQ company]( is leading the charge with cutting-edge AI. This isn’t your average stock—it’s the pioneer behind a technology that could transform online shopping as we know it. With a game-changing partnership in the Middle East and proprietary AI that outperforms the competition, this stock is catching the eyes of savvy investors. [Don’t miss your chance to explore what could be the next big winner in tech. Click to learn more now!]( Market-Moving News 📈 Goldman Sachs to Cut Over 1,300 Jobs as Part of Annual Review 📉 Goldman Sachs is set to reduce its global workforce by more than 1,300 employees, representing 3% to 4% of its staff, as part of its annual review process aimed at identifying low performers. With approximately 45,300 employees as of late last year, this move will impact various divisions, though some teams will be hit harder than others. Annual Cuts ✂️ Goldman’s annual review, known internally as the “strategic resource assessment” or SRA, typically trims 2% to 7% of the workforce based on performance. The process, which was paused during the pandemic, resumed in 2022 with cuts on the lower end of the historical range. Last year saw further reductions, including the elimination of about 3,200 positions in January, and more layoffs followed in May. In-Office Attendance  🏢 Performance evaluations consider several variables, with in-office attendance becoming increasingly relevant as banks push for a return to physical offices. Goldman and peers like JPMorgan Chase have been tightening expectations for office presence post-pandemic. Optimism 🌟 Despite these cuts, Goldman’s overall headcount is expected to be higher at the end of 2024 compared to 2023. The bank’s focus has shifted back to its core Wall Street operations, leading to a 21% increase in investment-banking revenue and a 27% jump in asset- and wealth-management revenue in the second quarter. Economic Outlook 💼 While there are signs of a recovery in capital markets and M&A activity, uncertainties like economic setbacks or political turmoil could quickly derail progress. The looming U.S. presidential election is also causing some dealmakers to proceed cautiously. The layoffs follow a disappointing bonus season for employees affected by fewer deals in 2023. Stock Markets Closed Monday for Labor Day 📈 The U.S. stock market will be closed on Monday for Labor Day, along with bond markets. Regular trading will resume on Tuesday after the long weekend, with normal hours on Friday. Year-End Trends 📊 Historically, U.S. stocks tend to rise in the final months of the year. Between Labor Day and the end of the year, the major indexes have shown consistent gains from 1971 to 2023, according to Dow Jones Market Data: - S&P 500: Increased 70% of the time, averaging a 2.8% gain. - Dow Industrials: Rose 72% of the time, with an average gain of 2.7%. - Nasdaq Composite: Rose 68% of the time, with a 3.4% average gain. Notable Performances 📅 The best year-end rallies occurred during the late 1990s, fueled by the dot-com boom. The strongest finishes were in 1998 for the S&P and Dow, and in 1999 for Nasdaq. Conversely, the worst finishes happened during major market downturns, with the Dow in 1987, Nasdaq in 2000, and the S&P in 2008, each dropping by at least 24%. Remaining Holidays 🗒️ After Labor Day, the remaining U.S. market holidays for 2024 are Thanksgiving on Thursday, Nov. 28, and Christmas Day on Wednesday, Dec. 25. European Stocks Hit Record High as Inflation Slows 📈 European stocks closed at a record high on Friday, driven by data showing that eurozone inflation has eased to its lowest level since mid-2021. The Stoxx Europe 600 index reached an intraday peak of 526.66 following the release of the inflation figures. The rally was widespread, with gains across sectors, including European banks, consumer-goods companies, and pharmaceutical firms like Novo Nordisk. Record Close 🏆 The Stoxx Europe 600 ended the day at 525.05, surpassing its previous record close of 524.71 set on May 15. For the year, the index has gained approximately 9.6%, reflecting strong performance across the continent. Market Sentiment 💹 The encouraging inflation data strengthens the argument for the European Central Bank to consider another interest rate cut this year. Eurozone consumer prices increased by 2.2% in August compared to the same month last year, down from 2.6% in July. Key Players 🌍 The Stoxx Europe 600, a broad index encompassing companies across Europe, includes major non-eurozone firms. Leading contributors to the index's rise include Denmark's Novo Nordisk, Dutch semiconductor-equipment provider ASML, Swiss food giant Nestlé, and British companies AstraZeneca and Shell. [The Next Big AI Stock]( The eCommerce revolution is just beginning, and [one small-cap NASDAQ company]( is leading the charge with cutting-edge AI. This isn’t your average stock—it’s the pioneer behind a technology that could transform online shopping as we know it. With a game-changing partnership in the Middle East and proprietary AI that outperforms the competition, this stock is catching the eyes of savvy investors. [Don’t miss your chance to explore what could be the next big winner in tech. Click to learn more now!]( Top Winners and Losers 🔥 Brenmiller Energy [BNRG] $1.55 (+140%) signed a 5-year distribution agreement with Rock Energy Storage, with projected sales milestones of more than $150 million. Agape ATP [ATPC] $2.55 (+60.1%) implemented a 1-for-20 reverse stock split and announced several strategic initiatives to build shareholder value. Planet Image [YIBO] $2.842 (+40.0%) rebounded and snapped a four-day losing streak despite no obvious catalyst. NuCana [NCNA] $3.66 (-52.6%) discontinued its NuTide:323 study in response to a recommendation from the NuTide:323 Study Steering Committee. Paltalk [PALT] $3.21 (-41.2%) was awarded $65.7 million in a District Court verdict against Cisco Systems [CSCO +0.3%], subject to post-trial proceedings. Infint SPAC [IFIN] $6.28 (-37.2%) successfully closed its business combination with Seamless Group and will begin trading under ticker symbol CURR on Monday. [The Next Big AI Stock]( The eCommerce revolution is just beginning, and [one small-cap NASDAQ company]( is leading the charge with cutting-edge AI. This isn’t your average stock—it’s the pioneer behind a technology that could transform online shopping as we know it. With a game-changing partnership in the Middle East and proprietary AI that outperforms the competition, this stock is catching the eyes of savvy investors. [Don’t miss your chance to explore what could be the next big winner in tech. Click to learn more now!]( 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 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. 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