Good Morning, Traders!…👋

U.S. stock index futures declined on Tuesday as a selloff in bonds pushed Treasury yields higher, putting pressure on rate-sensitive stocks. Investors are also awaiting a wave of corporate earnings reports to gain a clearer sense of market direction.

Treasury yields rose across the board as investors assessed the potential impact of the upcoming presidential election on fiscal policy and re-evaluated the effects of a strong U.S. economy on the Federal Reserve’s interest rate strategy. The yield on the benchmark 10-year note reached 4.222%, continuing its upward trend since early October, following a stronger-than-expected jobs report that led investors to reduce their expectations for significant monetary easing this year.

Traders are currently pricing in an 89% chance of a 25-basis-point rate cut in November, according to CME's FedWatch tool.

However, the main focus remains on corporate earnings, with over 100 companies set to report their results this week. Investors will be closely watching to see how these earnings reports shape the market's next move.

Happening Today

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PREMARKET SNAPSHOT 📈

Market futures are showing declines across the board, with the S&P 500 down 0.39%, the Dow falling 0.41%, and the NASDAQ dropping 0.43%.

SECTOR SNAPSHOT✨

Yesterday's market faced a downturn, with most sectors experiencing declines. Consumer Discretionary and Consumer Staples led the losses, indicating weakened consumer sentiment. Financials and Health Care also saw significant drops, contributing to the overall negative trend. Industrials and Materials recorded minor declines, while Real Estate faced a more pronounced decrease. However, Information Technology stood out with a notable increase, providing some support amidst the broader market weakness. Communication Services and Utilities remained relatively flat, rounding out a day characterized by overall caution in the market.

PreMarket Unusual Volume Stocks

📈 Urgent.ly Inc (ULY) has seen significant pre-market activity, with over 7.9 million shares traded compared to its average volume of 241K. The stock has risen 52.43%, bringing its pre-market price to $0.99. This sharp rise in both volume and price reflects strong investor interest heading into the trading session.

📈 SRM Entertainment Inc (SRM) is showing a considerable pre-market boost, with over 6.5 million shares traded, far exceeding its average volume of 227K. The stock is up 60.33%, pushing its pre-market price to $1.18. This substantial gain signals a positive outlook as markets open.

📈 Ensysce Biosciences Inc (ENSC) is experiencing extraordinary pre-market volume, with over 59.3 million shares traded compared to its average of 2.1 million. The stock has surged 96.75%, bringing its pre-market price to $0.41. This dramatic increase indicates heightened investor interest.

📈 TC BioPharm (Holdings) plc ADR (TCBP) has traded over 5.3 million shares pre-market, well above its average volume of 290K. The stock has gained 52.42%, bringing its pre-market price to $3.46. This sharp rise could indicate strong early market momentum.

📈 Hyzon Motors Inc (HYZN) has seen pre-market volume of over 3.6 million shares, compared to its average of 270K. The stock has surged 79.27%, bringing its pre-market price to $3.46. This considerable jump reflects strong interest from traders as the market prepares to open.

Premarket Picks

Ensysce Biosciences, Inc. (ENSC) saw its pre-market price rise to $0.34, experiencing a remarkable surge of 67.47%. This spike followed the company’s filing of an 8-K form with the SEC, indicating positive developments.

Immunic, Inc. (IMUX) reached a pre-market price of $1.84, with a surge of 18.77%. This increase was driven by the announcement of positive outcomes in the interim analysis of its Phase 3 ENSURE program for Vidofludimus Calcium, which targets relapsing multiple sclerosis.

iRhythm Technologies, Inc. (IRTC) recorded a pre-market price of $72.65, reflecting a 16.99% surge. The boost came after the company received FDA 510(k) clearance for design updates made to its Zio® AT device, enhancing its product capabilities.

JBDI Holdings Limited (JBDI) experienced a pre-market price of $1.19, with a surge of 15.53%. This increase followed the resolution of a compliance deficiency notice from Nasdaq after the company filed a delayed form 20-F, demonstrating its commitment to regulatory standards.

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

Top Upgrades:

1. Corvus Pharmaceuticals, Inc. (CRVS)

Analyst Firm: Mizuho
Upgrade: Neutral to Outperform
Price Target: $12
Yesterday's Close: $7.56

Mizuho has upgraded Corvus Pharmaceuticals from "Neutral" to "Outperform," raising the price target from $3.50 to $12. Analyst estimates for Corvus Pharmaceuticals suggest a high stock price target of $21.00, a median of $8.00, and a low of $3.50, with an average target of $10.13.

Corvus Pharmaceuticals specializes in developing ITK inhibitors for cancer and immune diseases, with its leading product, soquelitinib, an oral drug that specifically targets ITK.

2. Aegon Ltd. (AEG)

Analyst Firm: UBS
Upgrade: Neutral to Buy
Price Target: $7.09
Yesterday's Close: $6.35

UBS has raised its rating on Aegon from "Neutral" to "Buy," setting a price target of $7.09. Analysts forecast a high stock price target of $8.28, a median of $6.60, and a low of $5.24, resulting in an average target of $6.84.

Aegon is an international financial services company that offers investment, protection, and retirement solutions to its global customer base.

3. Fluor Corporation (FLR)

Analyst Firm: Citi
Upgrade: Neutral to Buy
Price Target: $65
Yesterday's Close: $53.86

Citi upgraded Fluor Corporation from "Neutral" to "Buy," raising the price target from $52 to $65. Analyst estimates for Fluor Corporation include a high stock price target of $66.00, a median of $54.00, and a low of $45.00, with an average target of $54.67.

Fluor Corporation provides expert solutions to complex client challenges, reporting $15.5 billion in revenue in 2023, and is ranked 265 on the Fortune 500 list.

Happy investing,

Maeve Grace
Editor In Chief
Premium Stock 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.