Weak job data sends stocks spiraling lower 📈

The Nasdaq lost more than two points as the market capped off its worst trading week in months.                                                                                                                                                                                                                                                                                                                                                                                                                 September 06, 2024 | [Read Online]( Weak job data sends stocks spiraling lower 📈 The Nasdaq lost more than two points as the market capped off its worst trading week in months. [fb]( [fb]( [fb]( [fb](mailto:?subject=Post%20from%20Elite%20Trade%20Club&body=Weak%20job%20data%20sends%20stocks%20spiraling%20lower%20%F0%9F%93%88%3A%20The%20Nasdaq%20lost%20more%20than%20two%20points%20as%20the%20market%20capped%20off%20its%20worst%20trading%20week%20in%20months.%20%0A%0Ahttps%3A%2F%2Felitetrade.club%2Fp%2Fweak-job-data-sends-stocks-spiraling-lower) Good Afternoon! Hey, everyone. It's Adam from Elite Trade Club. Here’s what moved the market today. Markets 📈 Stocks closed out a difficult trading week with another poor performance on Friday. The Nasdaq sold off for more than two points, with the Dow and S&P 500 following it lower. - DJIA [-1.0%] - S&P 500 [-1.7%] - Nasdaq [-2.5%] - Russell 2K [-1.9%] [200+ Stocks With Big 5%+ Dividend Yields]( Looking for stocks that pay you just for owning them? While the S&P 500 offers under 1.5% yield, there are hidden gems with yields of 5% or more. Sure Dividend has compiled a free spreadsheet of 200+ high-yield stocks, packed with essential metrics. [Get your free copy here…]( Market-Moving News 📈 Hiring Slowdown Raises Hopes for Rate Cuts The U.S. job market cooled significantly in July, with job growth slowing to 114,000, far below expectations, and the unemployment rate rising to 4.3%, its highest since 2021. The Labor Department’s report added to concerns about an economic slowdown, sending stocks tumbling. The Dow Jones Industrial Average plunged over 600 points, while the Nasdaq Composite slipped into correction territory, driven by disappointing earnings from major tech firms. Investor Fears 📊 The slowdown in hiring has reignited fears of an economic downturn, with banking stocks, small companies, and tech firms all taking substantial hits. Treasury yields fell below 4%, and Wall Street’s "fear gauge," the CBOE Volatility Index, surged to its highest level of the year. This wave of uncertainty has investors questioning whether the Federal Reserve’s response to the slowing economy is too little, too late. Fed’s Dilemma 💸 With the job market weakening, pressure is mounting on the Federal Reserve to cut interest rates more aggressively. Initially, markets expected a quarter-point cut in September, but after the jobs report, futures markets began pricing in the possibility of a larger half-point cut. Fed Chair Jerome Powell hinted that a half-point cut wasn’t being actively considered but left the door open by stating that no decisions had been made yet. Weak Data 📉 The labor market isn't the only sign of trouble. Additional data this week, including a deterioration in manufacturing employment from the Institute for Supply Management and disappointing earnings from Intel, have added to the bearish mood. JPMorgan Investigates TikTok 'Glitch' Fraud Cases 🕵️ JPMorgan Chase is conducting an internal investigation into thousands of cases of potential check fraud following a viral TikTok trend. Users on the platform shared videos claiming a "glitch" at Chase allowed customers to withdraw the full amount from deposited checks before they had cleared. The error, which lasted for a few days, let some individuals take advantage of the bank’s systems. Chase Crackdown 🚨 The glitch enabled people to withdraw more funds than they had available, and Chase now estimates that thousands of customers exploited the situation. The bank, which typically allows partial withdrawals while checks are clearing, said the technical issue has been resolved but continues to assess its losses. Chase has already frozen several accounts and expects to take further action as more fraudulent activity is uncovered. Legal Consequences ⚖️ JPMorgan plans to refer evidence to law enforcement agencies across the country. The bank will share surveillance footage and other information linked to the individuals involved in the alleged fraud. The misuse of deposited checks is classified as fraud under federal law and is also illegal in most states. Chase reiterated that exploiting such errors is a crime, despite what users might believe based on social media. Check Fraud 📉 The surge in check fraud is not an isolated issue. Across the U.S., such cases have risen significantly in recent years, often prosecuted under state law. The scheme in question involved individuals writing fraudulent checks to themselves or cashing checks from accounts without sufficient funds. Chase remains focused on identifying and addressing all instances of this fraudulent activity. Morgan Stanley Agrees to Pay $2M for First Republic Trades 💼 Morgan Stanley has agreed to pay $2 million to settle an investigation by the Massachusetts securities regulator into insider sales made by First Republic Bank's then-Executive Chairman, James Herbert II. In the months leading up to First Republic's collapse last year, Herbert sold over $6.8 million in stock through Morgan Stanley, raising concerns about the bank’s failure to properly monitor these transactions. While Herbert wasn’t accused of insider trading, the investigation revealed that Morgan Stanley failed to ensure that nonpublic information wasn’t used in the trades. Regulatory Response 🚨 Massachusetts Secretary of the Commonwealth, William Galvin, emphasized that the case underscores ongoing issues with how financial institutions manage risk and monitor clients, especially when it comes to executives’ trades. Galvin stressed the need for improved regulation to protect both investors and depositors in the banking industry. As part of the settlement, Morgan Stanley will conduct an internal review of its policies and provide additional training on insider trading detection. Fallout 📉 This settlement adds to the scrutiny on Morgan Stanley’s wealth-management division, a key profit center for the bank but also an area facing heavy regulatory oversight. The firm has been urged to improve its processes for vetting and monitoring high-net-worth clients, particularly when dealing with trades that could involve sensitive information. The First Republic case highlights the need for tighter controls to avoid future regulatory breaches. [Ready to See How $37k Became $2.7 Million?]( Nate Bear turned $37k into $2.7 Million by making smart trades with insane returns—like 494% in just 2 hours. Now, you can see those same trades in action, no lessons, no fluff—just pure results. For a limited time, you can access his strategies and watch how the big wins happen, all for free. [Start Watching Nate’s Trades and Get Rich—Free Access Here]( Top Winners and Losers 🔥 Wheeler REIT [WHLR] $10.25 (+147%) continued to rally in the wake of a favorable court ruling earlier this week. Bloomz [BLMZ] $1.77 (+119%) disclosed a new business alliance with CrossVision Inc., a Japanese digital entertainment company specializing in Web 3.0. Ryde Group [RYDE] $17.33 (+42.7%) extended its winning streak to five consecutive sessions, despite the lack of any noteworthy news for the Singapore-based company. Shares are up 149% over the past five trading days. Planet Labs [PL] $1.78 (-28.2%) reported weaker than expected revenues on its Q2 earnings report published early this morning. Rent the Runway [RENT] $10.90 (-27.7%) reported fewer-than-expected active subscribers on its fiscal Q2 earnings results published after Thursday’s closing bell. Shuttle Pharma [SHPH] $1.63 (-24.8%) continued to trade erratically after it announced its approval for a U.S. patent titled “Selective Histone Deacetylase Inhibitors for the Treatment of Human Disease” Thursday morning. [Frustrated by Limited Access to Elite Investments?]( For too long, hedge funds and [pre-IPO opportunities]( have been reserved for the ultra-wealthy, making it nearly impossible for accredited investors like you to access them. Missing out on these high-potential investments can limit your portfolio's growth and diversification. Now, you can finally break through those barriers. This platform provides easy access to exclusive hedge funds and alternative investments, giving you the opportunity to grow your wealth and secure your financial future. [Unlock These Exclusive Opportunities Today]( 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. [Sign Up for Mobile Alerts Now]( [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. Stocks featured in this newsletter may be owned by owners/operators of this website, which could impact our ability to remain unbiased. Please consult a financial advisor before making any trading decisions. I may earn a small commission from links placed inside these emails. 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