Good Morning, Traders!…👋

U.S. equity futures are trending lower as markets approach a critical period, with key inflation data set for release on Wednesday, followed by major interest-rate decisions from central banks in both the U.S. and Europe.

Investors are treading cautiously, attempting to balance concerns over a potential U.S. recession with hopes for a soft landing. At the same time, there are worries that the Federal Reserve may be falling behind in its efforts to manage inflation, especially as the labor market shows signs of cooling.

Political risk is also coming into focus, with a much-anticipated debate between former President Donald Trump and Vice President Kamala Harris taking place later today.

In the cryptocurrency space, Bitcoin edged up 0.2% to $57,138.17, while Ether rose 0.4% to $2,350.68.

Bond markets saw the yield on 10-year U.S. Treasuries rise slightly by one basis point to 3.71%.

On the commodities front, West Texas Intermediate crude slipped 1.2% to $67.87 per barrel, while spot gold dipped 0.1% to $2,503.38 an ounce.

Happening Today

✓ 10:00 AM ET – Fed Vice Chair for Supervision Barr Speaks

✓ 12:00 PM ET – EIA Short-Term Energy Outlook

✓ 12:15 PM ET – FOMC Member Bowman Speaks

✓ 03:00 PM ET – 3-Year Note Auction

✓ 04:30 PM ET – API Weekly Crude Oil Stock

PREMARKET SNAPSHOT📈

Market futures are relatively flat, with the S&P 500 unchanged, the Dow down slightly by 0.06%, and the NASDAQ dipping 0.23%.

SECTOR SNAPSHOT✨

The stock market displayed a mix of gains and modest increases today. The Consumer Discretionary sector led with a notable uptick, while Consumer Staples also saw a positive change. The Energy sector experienced a slight increase, contributing to a generally favorable environment. Financials were among the sectors showing strong performance, alongside Health Care, which saw an improvement. Industrials and Materials both rose, reflecting a positive trend across multiple sectors. Real Estate and Information Technology also experienced increases, with the latter showing a particularly robust gain. Communication Services and Utilities rounded out the day with modest advances, indicating overall market resilience.

PreMarket Unusual Volume Stocks

📈 Silexion Therapeutics Corp (SLXN): Silexion Therapeutics Corp experienced a significant increase in trading activity with a volume of 15,178,171, far exceeding its average volume of 492,920. This surge in activity led to a 38.79% price change, reflecting heightened market interest.

📈 Quoin Pharmaceuticals Ltd ADR (QNRX): Quoin Pharmaceuticals Ltd ADR saw a substantial rise in volume, trading 9,367,349 shares compared to its average of 124,310. This increase in trading volume resulted in a 19.79% price change.

📈 SMX (Security Matters) Plc (SMX): SMX (Security Matters) Plc saw its trading volume spike to 4,122,851, significantly higher than its average of 170,510. The stock's price change of 120.32% reflects this strong investor activity.

📈 Actelis Networks Inc (ASNS): Actelis Networks Inc's volume rose to 3,977,016, surpassing its average volume of 3,745,410. This increase in trading activity resulted in a 14.77% price change.

📈 Quhuo Ltd ADR (QH): Quhuo Ltd ADR's volume reached 2,792,508, exceeding its average of 170,370. Despite the increased trading activity, the stock experienced a -2.17% price change.

Premarket Picks

Quoin Pharmaceuticals, Ltd. (QNRX) stock shot up by 25% to $1.20 after the CEO and COO bought a big chunk of the company's shares. This shows they believe the company will do well in the future.

Actelis Networks, Inc. (ASNS) stock climbed 16% in early trading to $1.73. This happened after they got a large order from the U.S. Department of Aerial Transportation Agency.

Mission Produce, Inc. (AVO) stock jumped 23% in its stock price, reaching $13.20 after they announced their financial results for the third quarter of 2024.

Sphere 3D Corp. (ANY) stock soared 17% to $0.83 after they said they would buy a 12.5 MW site in Iowa. This site will start producing energy by December 2024.

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

Top Upgrades:

1. Oracle Corporation (ORCL)

Analyst Firm: JMP Securities
Upgrade: Market Perform to Outperform
Price Target: $175
Yesterday’s Close: $139.89

JMP Securities has upgraded Oracle Corporation from Market Perform to Outperform, setting a new price target of $175. Analyst price targets for Oracle range from a low of $120.00 to a high of $185.00, with a median estimate of $171.00 and an average target of $163.92.

Oracle, known for its comprehensive suites of applications and secure, autonomous cloud infrastructure, continues to be a key player in the tech industry, driving innovation and digital transformation for enterprises globally.

2. Equity Residential (EQR)

Analyst Firm: Deutsche Bank
Upgrade: Hold to Buy
Price Target: $83 (Previous: $62)
Yesterday’s Close: $75.10

Deutsche Bank analyst Omotayo Okusanya has upgraded Equity Residential from Hold to Buy, raising the price target to $83 from the previous $62. Analyst price targets for Equity Residential range from a low of $62.00 to a high of $85.00, with a median target of $76.00 and an average of $75.11.

As a member of the S&P 500, Equity Residential focuses on developing and managing residential properties in dynamic cities that attract long-term, affluent renters, fostering thriving urban communities.

3. Johnson Controls International plc (JCI)

Analyst Firm: BofA
Upgrade: Neutral to Buy
Price Target: $80
Yesterday’s Close: $68.60

BofA has upgraded Johnson Controls International plc from Neutral to Buy, with a new price target of $80. Analyst price targets for Johnson Controls range from a low of $62.00 to a high of $89.00, with a median estimate of $79.00 and an average target of $77.58.

Johnson Controls is recognized for its leadership in smart, healthy, and sustainable building solutions, aiming to enhance the performance of environments where people live, work, learn, and play, all while advancing sustainability for both people and the planet.

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.