Good Morning, Traders!…👋

U.S. stock futures edged lower on Monday as investors await comments from Fed Chair Jerome Powell for hints on future rate cuts. Despite a soft start to the final trading day of the month, September is on track for gains, thanks to the Federal Reserve’s aggressive 50 basis point rate cut.

The Dow Jones Industrial Average has risen 1.8% month-to-date, with the S&P 500 up 1.6% and the Nasdaq climbing 2.3%. Investors remain optimistic, expecting another 50 basis point cut at the next Fed meeting, driven by easing inflation and slowing labor demand.

Traders will closely watch Powell’s speech later today for further insights into the economic outlook. On the earnings front, Carnival (NYSE: CCL) is set to release its quarterly results as we wrap up the third quarter.

Happening Today

✓ 08:50 AM ET – FOMC Member Bowman Speaks

✓ 09:45 AM ET – Chicago PMI (Sep)

✓ 01:55 PM ET – Fed Chair Powell Speaks

PREMARKET SNAPSHOT📈

Market futures are down, with the S&P 500, Dow, and NASDAQ all showing slight declines.

SECTOR SNAPSHOT✨

Today's market displayed a mix of performances across sectors. Consumer Discretionary and Consumer Staples both experienced slight declines, reflecting some cautious sentiment. In contrast, Energy saw a notable increase, continuing its positive trend, while Financials also posted modest gains. Health Care faced a minor dip, and Industrials managed a slight increase. Materials recorded a small decline, but Real Estate showed resilience with a slight uptick. Information Technology struggled with a significant drop, while Communication Services and Utilities both performed well, contributing positively to the market's overall sentiment.

PreMarket Unusual Volume Stocks

📈 Zhongchao Inc (ZCMD): Zhongchao Inc saw a significant increase in trading activity, with the volume reaching 5,798,904 compared to its average of 523,770. The stock price surged by 82.16%, reflecting strong market interest.

📈 Kaixin Holdings (KXIN): Kaixin Holdings experienced a trading volume spike to 39,291,924, much higher than its average of 5,206,260. This activity resulted in a 73.11% rise in the stock price.

📈 Foxx Development Holdings Inc (FOXX): Foxx Development Holdings saw a trading volume of 87,884, compared to its average of 13,660. However, the stock price declined by 12.84%.

📈 Oneconnect Financial Technology Co Ltd ADR (OCFT): Oneconnect Financial Technology's trading volume increased to 105,253, above its average of 24,130. The stock price climbed by 16.75%.

📈 Prime Medicine Inc (PRME): Prime Medicine saw its trading volume rise to 2,263,391, above its average of 698,390. The stock price increased by 15.61%, indicating positive market activity.

Premarket Picks

Prime Medicine, Inc. (PRME) experienced a significant rise of 29.21%, reaching a pre-market price of $4.47. The company is concentrating on high-potential programs aimed at diseases with well-understood biology and clear pathways for development, which it hopes will lay the groundwork for future prospects.

TTEC Holdings, Inc. (TTEC) saw its pre-market price climb 15.31% to $4.67 following an unsolicited proposal from the CEO to take the company private.

NIO Inc. (NIO) had a notable increase of 11.81%, with a pre-market price of $7.29, after announcing a RMB3.3 billion investment in NIO China from strategic investors.

American Rebel Holdings, Inc. (AREB) surged 13.20%, reaching a pre-market price of $0.54 after revealing a 1-for-9 reverse stock split.

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

Top Upgrades:

1. Accenture plc (ACN)

Analyst Firm: TD Securities
Upgrade: Hold to Buy
Price Target: $400
Friday’s Close: $349.70

TD Securities has upgraded Accenture plc from Hold to Buy, with analyst Bryan Bergin increasing the price target to $400 from the previous $321. Analyst estimates for Accenture’s stock price range between a low of $330.00 and a high of $415.00, with a median target of $390.00 and an average target of $384.10.

As a global leader in professional services, Accenture continues to assist organizations in building their digital infrastructure, optimizing operations, accelerating revenue growth, and enhancing customer services—delivering measurable value at scale and speed.

2. Hess Corporation (HES)

Analyst Firm: Wolfe Research
Upgrade: Peer Perform to Outperform
Price Target: $150
Friday’s Close: $133.61

Wolfe Research has upgraded Hess Corporation from Peer Perform to Outperform, setting a new price target of $150. Analyst price targets for Hess range from a low of $144.00 to a high of $194.00, with a median estimate of $157.00 and an average target of $158.92.

As an exploration and production company, Hess is focused on the exploration, development, production, and transportation of crude oil, natural gas liquids, and natural gas, playing a key role in the global energy supply chain.

3. The Walt Disney Company (DIS)

Analyst Firm: Seaport Research
Upgrade: Neutral to Buy
Price Target: $108
Friday’s Close: $96.01

Seaport Research has upgraded The Walt Disney Company from Neutral to Buy, raising the price target to $108. Analyst price targets for Disney range from a low of $63.00 to a high of $133.00, with a median estimate of $115.00 and an average target of $110.57.

Disney is a globally diversified entertainment and media enterprise, with operations spanning three main segments: Entertainment, Sports, and Experiences, making it a leader in the international family entertainment 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.