Good Morning, Traders!…👋

U.S. stocks were poised for a lower open as traders anticipated the release of key inflation data and reacted to the debate between presidential candidates Kamala Harris and Donald Trump earlier today.

The main focus for the market is the consumer price index (CPI) report. Economists expect a 2.6% year-over-year rise in consumer prices for August, down from a 2.9% increase in July. This would mark the lowest CPI print since early 2021. If inflation eases as expected, it could solidify the outlook for the Federal Reserve to cut interest rates by a quarter-point in its upcoming decision.

Treasury yields have also reflected the anticipation, with the 10-year note standing at 3.618% early Wednesday, a slight dip from the previous day.

In stock moves, Trump Media shares tumbled following the first debate between Trump and Harris, GameStop saw a sharp decline in second-quarter sales, and Morgan Stanley was hit by a downgrade.

Happening Today

✓ 08:30 AM ET – Core CPI (MoM)/(YoY) (Aug)

✓ 08:30 AM ET – CPI (MoM)/(YoY) (Aug)

✓ 10:30 AM ET – Crude Oil Inventories

✓ 10:30 AM ET – Crude Oil Inventories

✓ 01:00 PM ET – 10-Year Note Auction

PREMARKET SNAPSHOT📈

Market futures are down, with the S&P 500 falling 0.25%, the Dow dropping 0.36%, and the NASDAQ down 0.30%.

SECTOR SNAPSHOT✨

Today’s market presented a diverse range of performance across sectors. The Consumer Discretionary sector led with a notable increase, reflecting strong positive momentum. Consumer Staples remained flat, showing no change. Energy faced a decline, while Financials also saw a decrease. Health Care improved modestly, and Industrials experienced a slight uptick. Materials showed a marginal gain, and Real Estate saw a significant rise, indicating robust performance. Information Technology added a respectable gain, with Communication Services and Utilities both showing modest improvements. Overall, the market exhibited resilience despite some declines in specific sectors.

PreMarket Unusual Volume Stocks

📈 CN Energy Group Inc (CNEY): CN Energy Group Inc experienced a massive increase in trading activity with a volume of 34,861,276, far exceeding its average volume of 195,570. This surge in activity led to a 221.80% price change, reflecting significant investor interest.

📈 Tantech Holdings Ltd (TANH): Tantech Holdings Ltd saw an extraordinary surge in volume, trading 25,103,186 shares compared to its average of 5,202,290. This dramatic increase resulted in a 43.64% price change.

📈 FTC Solar Inc (FTCI): FTC Solar Inc's trading volume rose to 18,928,225, significantly higher than its average of 1,435,440. The stock's price change of 77.65% mirrors this spike in trading volume.

📈 Quhuo Ltd ADR (QH): Quhuo Ltd ADR saw its volume rise to 14,042,738, far surpassing its average of 5,665,830. This increase in trading activity resulted in a 125.56% price change.

📈 Fangdd Network Group Ltd ADR (DUO): Fangdd Network Group Ltd ADR's volume spiked to 10,378,131, a substantial increase from its average of 340,820. The stock's 8.02% price change highlights the impact of the increased trading activity.

Premarket Picks

FTC Solar, Inc. (FTCI) stock shot up by 81.34% to $0.41 after announcing multi-year tracker supply agreement with Strata Clean Energy.

BIO-key International, Inc. (BKYI) stock climbed 18.50% in early trading to $2.37. The company announced that one of the world’s most respected government defense ministries has awarded BIO-key over $500K in new orders for BIO-key’s biometric user authentication solution pursuant to a three-year purchasing agreement.

Zoomcar Holdings, Inc. (ZCAR) stock jumped 11.95% in its stock price, reaching $0.14 after announcing partnership with Mappls MapmyIndi.

Quhuo Limited (QH) stock soared 122.55% to $2.95 following the recognition of Song Penghua, a delivery rider from the company, who was celebrated as the sole model worker in Henan Province.

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

Top Upgrades:

1. ONE Gas, Inc. (OGS)

Analyst Firm: Wells Fargo
Upgrade: Equal Weight to Overweight
Price Target: $80 (Previous: $71)
Yesterday’s Close: $69.99

Wells Fargo analyst Sarah Akers has upgraded ONE Gas, Inc. from Equal Weight to Overweight, raising the price target to $80 from $71. For ONE Gas, Inc., current analyst price targets range from a low of $63.00 to a high of $71.00, with a median estimate of $66.00 and an average of $67.36.

ONE Gas is a prominent player in natural gas distribution, serving approximately 2.3 million customers across Oklahoma, Kansas, and Texas. The company provides services to residential, commercial, and transportation sectors, solidifying its position as a significant entity in the natural gas industry.

2. Antero Resources Corporation (AR)

Analyst Firm: Wolfe Research
Upgrade: Peer Perform to Outperform
Price Target: $37
Yesterday’s Close: $37.00

Wolfe Research has upgraded Antero Resources Corporation from Peer Perform to Outperform, setting a price target of $37. Analyst price targets for Antero Resources range from a low of $28.00 to a high of $44.00, with a median estimate of $37.00 and an average of $36.00.

Antero Resources is focused on the development, production, and exploration of natural gas, natural gas liquids (NGLs), and oil properties in the U.S. Its operations are divided into three segments: Exploration and Development, Marketing, and Equity Method Investment in Antero Midstream.

3. Williams-Sonoma, Inc. (WSM)

Analyst Firm: Jefferies
Upgrade: Hold to Buy
Price Target: $156 (Previous: $148)
Yesterday’s Close: $130.33

Jefferies has upgraded Williams-Sonoma, Inc. from Hold to Buy, raising the price target to $156 from the previous $148. Analysts predict stock price targets for Williams-Sonoma ranging from a low of $116.00 to a high of $165.00, with a median estimate of $145.00 and an average of $142.94.

Williams-Sonoma is a leading specialty retailer, known for its diverse range of home products. The company’s brands, including Williams Sonoma and Pottery Barn, offer cookware, dining items, furniture, and décor, contributing to its robust presence in the home goods market.

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.