Stocks extend their slide 📉

[Image](www.elitetrade.club) Good Afternoon! Hey, everyone. It's Adam from Elite Trade Club. Today is Thursday, October 19th. I hope you have a great trading session. Here's what moved the market today: Markets 📈 Stocks posted losses for the second day in a row, with the Nasdaq [-0.9%] taking the steepest loss. The Dow [-0.7%] and S&P 500 [-0.8%] performed better, but still took losses. The small-cap Russell 2K [-1.5%] sold off. Sponsored [Trillion Dollar Honey-Hole "Hiding in Plain Sight"]( "Honey-Hole" is slang for a location that yields a valued commodity or resource. And AI is that commodity. Statista currently value's the AI sector at $100 billion, and expects that number to explode by twenty fold by 2030, placing its potential value at $2 trillion in under seven years. But which AI company is the best investment? We compiled a list of our Top 5 AI Stocks. [ Click Here for Details]( Today's Market-Moving News 🔎 🏡 U.S. Average Mortgage Rate Hits 23-Year Highs New data from mortgage giant Freddie Mac showed rates are at their highest levels since 2000, with the average 30-year fixed loan sitting around 7.63%. Just two years ago, rates were sitting around 3.0% at this time of year. It's amazing how much difference a couple of years can make with a hawkish central bank! ⚖ Jerome Powell's Tightrope Walk: Inflation, Growth, and the Fed Fed Chair Jerome Powell took to the podium today, laying out the economic landscape and the Fed's game plan. Good news? Inflation is dialing back. Bad news? It's still too high for comfort. And while the job market is chugging along, geopolitical tensions are throwing a wrench in global stability. Diving into the Numbers: Inflation, the number one buzzkill of the economy, peaked at 7.1% in June but has since dropped to an estimated 3.5% as of September. While these are encouraging signs, Powell is cautious. A few months of relief aren't enough to pop the champagne; the Fed is committed to getting inflation back to a stable 2%. Job Market & Growth: Powell had some optimism to share about employment. More people are hopping back into the workforce, and indicators suggest the labor market is cooling off from its hot streak. But don't get too comfy—Powell noted that sustainable inflation goals might require a slower pace of growth and a softer job market. Monetary Policy: The FOMC has already put the brakes on the economy by hiking the federal funds rate by a whopping 525 basis points over the last 18 months. Powell and co. aren't taking their foot off the pedal just yet, especially if inflation doesn't play nice. Risks & Uncertainties: Geopolitical risks are lurking in the shadows. While Powell found recent attacks such as the one on Israel "horrifying," the economic impacts remain uncertain. The Bottom Line: The Fed is in a tricky spot, balancing the risk of doing too much versus doing too little. With a cocktail of inflation, employment data, and geopolitical drama, expect a cautious approach as they navigate the economic minefield. Today's Top Winners and Losers 🔥 Athena Consumer Acquisition [ACAQ] $2.55 (70.7%) closed on its business combination with e.GO and will begin trading under symbol EGOX starting tomorrow. Generation Bio [GBIO] $1.20 (50.2%) was downgraded to "Market Perform" from a previous rating of "Outperform" by analysts at TD Cowen. Faraday Future [FFIE] $1.18 (32.1%) announced the completion of the sale-leaseback of its Hanford, CA manufacturing facility. The transaction is expected to generate up to $12 million in non-dilutive capital. SeaStar Medical [ICU] $1.19 (+54.3%) said the FDA approved a Breakthrough Device Designation for its Selective Cytopheretic tech for hepatorenal syndrome. Spectral AI [MDAI] $3.61 (+39.3%) said its wound imaging system received a Class 1 Medical Device designation from the U.S. FDA and the UK Conformity Assessed mark. Palatin Technologies [PTN] $2.12 (+22.5%) reported preliminary financial results for its fiscal Q1 2024, and posted net product revenues that were up 137% compared to the same time last year. 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 P.S... Text ELITE to 47121 to get our watchlists sent directly to your phone! You can also text CLOSE to 47121 to get the Closing Bell Roundup, too! *Standard message/carrier rates may apply. © Elite Trade Media LLC, 2023. All rights reserved. Legal Stuff: Stocks featured in this newsletter are for entertainment purposes only. 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