Good Morning, Traders!…👋

Wall Street looks set to rebound on Monday following a sharp downturn triggered by softer U.S. jobs data, which has left economists and traders divided on how aggressively the Federal Reserve will move on interest rate cuts.

Fed policymakers face a tough decision—whether to implement gradual rate reductions or opt for a more aggressive front-loaded approach. As recession fears linger, investors are poring over economic indicators to get a better sense of the Fed’s next steps. The spotlight now turns to Wednesday’s U.S. inflation report, while the European Central Bank is expected to announce a rate cut at its Thursday meeting.

September continues to be a turbulent period for markets, with stocks and commodities under pressure due to concerns over slowing global growth. Wall Street's "fear gauge," the Cboe Volatility Index, hit its highest level in a month by the close of trading on Friday.

Happening Today

✓ 11:00 AM ET – NY Fed 1-Year Consumer Inflation Expectations (Aug)

✓ 12:30 PM ET – Atlanta Fed GDPNow (Q3)

✓ 03:00 PM ET – Consumer Credit (Jul)

PREMARKET SNAPSHOT📈

Market futures are showing solid gains, with the S&P 500 up 0.67%, the Dow rising 0.64%, and the NASDAQ leading with a 0.78% increase.

SECTOR SNAPSHOT✨

Today's market trends reflect a broadly negative day across sectors. Consumer Discretionary and Communication Services faced the largest declines, with Consumer Discretionary dropping significantly. Most sectors experienced losses, including Energy, Financials, and Industrials. Real Estate was the sole sector to see a minimal gain, holding steady despite the broader downturn. Information Technology and Materials also faced notable decreases, contributing to the overall bearish sentiment.

PreMarket Unusual Volume Stocks

📈 Tonix Pharmaceuticals Holding Corp (TNXP): Tonix Pharmaceuticals Holding Corp experienced a significant increase in trading activity with a volume of 47,786,558, far exceeding its average volume of 15,461,070. This surge in activity led to a 53.75% price change, reflecting heightened market interest.

📈 Intelligent Bio Solutions Inc (INBS): Intelligent Bio Solutions Inc saw an extraordinary surge in volume, trading 8,468,369 shares compared to its average of 154,220. This dramatic increase resulted in a 69.62% price change, indicating strong investor activity.

📈 Inspire Veterinary Partners Inc (IVP): Inspire Veterinary Partners Inc's trading volume rose to 6,489,051, significantly higher than its average of 4,426,450. The stock's price change of 35.24% mirrors this spike in trading volume.

📈 Summit Therapeutics Inc (SMMT): Summit Therapeutics Inc saw its volume rise to 2,208,041, far surpassing its average of 2,189,010. This increase in trading activity resulted in a 38.39% price change.

📈 Nuburu Inc (BURU): Nuburu Inc's volume spiked to 1,687,575, a substantial increase from its average of 1,111,930. The stock's 45.49% price change highlights the impact of the increased trading activity.

Premarket Picks

Nuburu, Inc. (BURU) saw its stock price jump by 41.22% to $0.73 after submitting a 10-K/A form to the SEC.

Summit Therapeutics Inc. (SMMT) saw its shares rise by 37.33% to $16.85 in premarket trading following the release of data from the primary analysis of the Phase III HARMONi-2 trial, which featured the novel bispecific antibody, ivonescimab.

Intelligent Bio Solutions Inc. (INBS) experienced a 62.02% increase in its stock price, reaching $2.56 in premarket trading. This surge followed the company’s announcement of significant progress towards completing the clinical study plan necessary for its FDA 510(k) submission.

Tonix Pharmaceuticals Holding Corp. (TNXP) saw its share price soar by 54.38% to $0.22 in premarket trading after unveiling its new educational campaign, “Does Your Migraine Pill Work Every Time?” at the PAINWeek National Conference in Las Vegas.

Below is a list of other hot stocks in pre-market today:

Top Upgrades:

1. Steel Dynamics, Inc. (STLD)

Analyst Firm: JPMorgan
Upgrade: Underweight to Neutral
Price Target: $131 (Previous: $120)
Friday’s Close: $111.00

JPMorgan has upgraded Steel Dynamics, Inc. from Underweight to Neutral, raising the price target to $131 from the previous $120. Analyst price targets for Steel Dynamics range from a low of $112.00 to a high of $160.00, with a median target of $136.50 and an average of $134.60.

Steel Dynamics is renowned for its diverse portfolio of steel products, including hot roll, cold roll, coated sheet steel, structural steel beams, rail, specialty steel sections, and liquid pig iron. Additionally, the company processes both ferrous and nonferrous scrap, maintaining a strong presence in the steel industry.

2. JetBlue Airways Corporation (JBLU)

Analyst Firm: BofA
Upgrade: Underperform to Neutral
Price Target: $6 (Previous: $3)
Friday’s Close: $5.30

BofA analyst Andrew Didora has upgraded JetBlue Airways Corporation from Underperform to Neutral, raising the price target to $6 from the previous $3. Analyst price targets for JetBlue range from a low of $3.00 to a high of $9.00, with a median estimate of $5.88 and an average of $5.48.

JetBlue, known as New York’s Hometown Airline, serves over 100 destinations across the United States, Latin America, and the Caribbean, with major hubs in cities like Boston, Fort Lauderdale, Los Angeles, Orlando, and San Juan.

3. Nucor Corporation (NUE)

Analyst Firm: JPMorgan
Upgrade: Neutral to Overweight
Price Target: $174 (Previous: $170)
Friday’s Close: $138.79

JPMorgan has upgraded Nucor Corporation from Neutral to Overweight, raising the price target to $174 from the previous $170. Analyst price targets for Nucor vary widely, with a low of $170.00, a high of $240.00, and a median target of $175.00. The average target is $183.89.

Nucor, along with its affiliates, produces a broad range of steel and related products throughout the U.S., Canada, and Mexico. Their offerings include various steel forms, tubing, conduit, racking, joists, decking, fasteners, and utility structures, making them a key player in the steel industry.

Happy investing,

Maeve Grace
Editor In Chief
Premium Trade Alerts

Important: This newsletter does not provide investment advice. The stocks mentioned should not be taken as recommendations. Your investments are solely your decisions.

Disclosure: I hold no positions in any companies mentioned, either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I have no business relationship with any company whose stock is mentioned in this article.