Good Morning, Traders!…👋

As we step into a pivotal day for the markets, stock futures are pointing lower, underscoring the high stakes of today's August jobs report. With the markets still reeling from a significant sell-off triggered last month by disappointing payroll figures, all eyes are once again on the Labor Department. The forthcoming release, scheduled for 8:30 AM Eastern time, is expected to reveal that the U.S. economy added 160,000 jobs in August, a notable increase from July's 114,000, according to data from FactSet.

In currency markets, the U.S. Dollar Index is on a downward trend ahead of the jobs data, suggesting that investors anticipate the Federal Reserve might cut interest rates more assertively if the report indicates labor market softening. A reduction in U.S. borrowing costs typically diminishes the dollar's allure for foreign investors seeking better returns elsewhere.

Meanwhile, in commodities, oil prices have inched higher after a week marked by concerns over reduced Chinese demand for crude. Brent crude is currently up by 0.3% at $72.87 a barrel, while the West Texas Intermediate benchmark has risen 0.2% to $69.31 a barrel.

On the bond front, yields have ticked lower in the last 24 hours. The yield on the 10-year U.S. Treasury note stands at 3.703%, closely shadowed by the 2-year note yield at 3.708%, as traders brace for more insights into the economic outlook from today's critical jobs data.

Happening Today

✓ 08:30 AM ET – Average Hourly Earnings (MoM) (Aug)

✓ 08:30 AM ET – Nonfarm Payrolls (Aug)

✓ 08:30 AM ET – Unemployment Rate (Aug)

✓ 08:45 AM ET – FOMC Member Williams Speaks

✓ 11:00 AM ET – Fed Waller Speaks

✓ 03:30 PM ET – CFTC S&P 500 speculative net positions

✓ 03:30 PM ET – CFTC Nasdaq 100 speculative net positions

PREMARKET SNAPSHOT📈

Market futures are down, with the S&P 500 slipping 0.10%, the Dow declining 0.33%, and the NASDAQ leading the drop with a 0.95% decrease.

SECTOR SNAPSHOT✨

Today's market showed varied sector performance. Consumer Discretionary led with a solid gain, while Consumer Staples and several other sectors faced declines. Energy and Financials experienced notable drops, contributing to a challenging day for these sectors. Health Care and Industrials also saw losses, reflecting broader market pressures. On a positive note, Information Technology and Communication Services made small gains, providing some uplift amidst the broader downturn.

PreMarket Unusual Volume Stocks

📈 Beneficient (BENF): Beneficient experienced a significant increase in trading activity with a volume of 19,078,194, far exceeding its average volume of 1,015,550. This surge in activity led to an 81.33% price change, reflecting heightened market interest.

📈 Expion360 Inc (XPON): Expion360 Inc saw a substantial rise in volume, trading 13,904,774 shares compared to its average of 9,842,270. This increase in trading volume resulted in a 17.15% price change.

📈 Psyence Biomedical Ltd (PBM): Psyence Biomedical Ltd's trading volume rose to 13,903,465, significantly higher than its average of 2,800,400. The stock's price change of 3.74% mirrors this spike in trading volume.

📈 Wheeler Real Estate Investment Trust Inc (WHLR): Wheeler Real Estate Investment Trust Inc saw its volume rise to 9,468,972, far surpassing its average of 1,552,330. This increase in trading activity resulted in a 109.66% price change.

📈 Siyata Mobile Inc (SYTA): Siyata Mobile Inc's volume spiked to 7,537,042, a substantial increase from its average of 498,640. The stock's 30.77% price change highlights the impact of the increased trading activity.

Premarket Picks

Wheeler Real Estate Investment Trust, Inc. (WHLR) saw its stock price surge by 70.53% to $7.05 following the Fourth Circuit Court's decision to uphold the dismissal of the class action lawsuit involving Cedar Realty Trust and Wheeler Real Estate Investment Trust.

Faraday Future Intelligent Electric Inc. (FFIE) saw its share price rise by 20.35% to $6.27 in premarket trading after revealing $30 million in financing commitments from investors in the Middle East, the United States, and Asia.

Vor Biopharma Inc. (VOR) saw a 9.35% increase in its stock price, reaching $0.90 in premarket trading, following the release of new clinical data from its ongoing Phase 1/2 VBP101 study involving patients with relapsed/refractory AML treated with trem-cel and Mylotarg™.

BloomZ Inc. (BLMZ) experienced a 44.80% boost in its share price, climbing to $1.17 in premarket trading after announcing a new business alliance with CrossVision Inc. to develop joint entertainment projects.

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

Top Upgrades:

1. Robinhood Markets, Inc. (HOOD)

Analyst Firm: Barclays
Upgrade: Underweight to Equal Weight
Price Target: $20
Yesterday's Close: $19.67

Barclays has upgraded Robinhood to Equal Weight from Underweight, with a new price target of $20, up from $18.

Analysts have set a range of stock price targets for Robinhood Markets, Inc. (HOOD), with a high estimate of $32.00, a low of $17.00, and a median of $23.50. The average target stands at $23.78. Robinhood continues to make finance accessible to a broad audience. In the U.S., users can invest, trade cryptocurrencies, and use various banking services, while in the UK and EU, Robinhood provides trading options for both stocks and cryptocurrencies.

2. Coinbase Global, Inc. (COIN)

Analyst Firm: Barclays
Upgrade: Underweight to Equal Weight
Price Target: $169
Yesterday's Close: $159.70

Barclays has also raised its rating on Coinbase to Equal Weight from Underweight, setting a price target of $169.

For Coinbase Global, Inc. (COIN), analysts have projected a high stock price target of $400.00, a low of $155.00, and a median of $253.00, with an average target of $250.18. Coinbase aims to enhance economic freedom through cryptocurrency and aspires to reach over 1 billion people globally. The platform supports crypto trading, staking, and spending, while also contributing to on-chain infrastructure and advocating for responsible crypto regulations worldwide.

3. United States Steel Corporation (X)

Analyst Firm: Exane BNP Paribas
Upgrade: Neutral to Outperform
Price Target: $40  
Yesterday's Close: $29.97

United States Steel Corporation (X) has a projected stock price target with a high of $49.00, a low of $37.00, and a median of $41.00, leading to an average target of $42.29. As a leading steel producer, U.S. Steel focuses on safety, innovation, and sustainability through its Best for All® strategy. With an annual production capacity of 22.4 million tons, U.S. Steel operates both in the U.S. and Central Europe, emphasizing high-value steel products and sustainable practices.

Exane BNP Paribas has upgraded U.S. Steel to Outperform from Neutral, with a price target of $40.

Happy investing,

Maeve Grace
Editor In Chief
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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.