Good Morning, Traders!…👋

The spotlight in the markets is shifting this week, with a powerful lineup of events that could set the tone for weeks to come. Early Monday, U.S. stock futures wavered as investors braced for a pivotal week featuring the U.S. presidential election and a key Federal Reserve policy meeting.

On Tuesday, Americans will cast their votes to decide between Democratic candidate Vice President Kamala Harris and Republican candidate former President Donald Trump, though final results may not be immediate.

Once the election dust begins to settle, attention will turn to the Federal Reserve’s two-day policy meeting, wrapping up Thursday. Markets widely anticipate a quarter-point rate cut, a move that could set the pace for the remainder of the year.

In the bond market, the 10-year Treasury yield ticked down to 4.319% early Monday, easing slightly from last week’s levels. Meanwhile, crude oil prices surged nearly 2% on news that OPEC has agreed to extend output cuts through December, adding fresh momentum to the energy sector.

Happening Today

✓ 10:00 AM ET – Factory Orders (MoM) (Sep)

✓ 01:00 PM ET – 3-Year Note Auction

PREMARKET SNAPSHOT 📈

Market futures are up, with the S&P 500 rising 0.20%, the Dow up 0.09%, and the NASDAQ gaining 0.17%.

SECTOR SNAPSHOT✨

Yesterday's market showcased a positive trend, particularly in the Consumer Discretionary sector, which led the gains significantly. Financials and Health Care also posted modest increases, contributing to overall market strength. Industrials and Information Technology managed to record slight upticks as well. However, Consumer Staples, Energy, and Materials faced minor declines, indicating some caution in those areas. Real Estate and Utilities saw notable drops, reflecting challenges in those sectors. Overall, the market displayed selective strength with a mix of gains and losses across various sectors.

PreMarket Unusual Volume Stocks

📈 Castellum Inc (CTM) has shown significant pre-market activity, trading over 6.7 million shares compared to its average volume of 204K. The stock has gained 43.29%, bringing its pre-market price to $0.20. This substantial increase reflects strong early interest from investors.

📈 NLS Pharmaceutics Ltd (NLSP) is experiencing notable pre-market volume, with over 265K shares traded, surpassing its average volume of 21K. The stock is up 23.06%, with a pre-market price of $4.43. This rise signals growing investor optimism.

📈 Nuwellis Inc (NUWE) has seen heightened pre-market action, with over 5 million shares traded, well above its average volume of 669K. The stock has surged 102.21%, pushing its pre-market price to $2.75. This sharp rise suggests strong demand as the market opens.

📈 Hanryu Holdings Inc (HRYU) has traded over 6.7 million shares pre-market, compared to its average volume of 1.86 million. The stock is up 9.86%, bringing its pre-market price to $0.23. This moderate gain indicates positive sentiment among traders.

📈 Tenaya Therapeutics Inc (TNYA) has experienced pre-market activity of over 1.5 million shares, exceeding its average volume of 483K. The stock has risen 14.43%, bringing its pre-market price to $2.22. This increase reflects steady early interest from investors.

Premarket Picks

Nuwellis, Inc. (NUWE) is seeing a significant pre-market surge of 78.68%, with a current price of $2.43, following the announcement of preliminary results for the third quarter of 2024.

ESSA Pharma Inc. (EPIX) has experienced a pre-market increase of 13.57%, now priced at $1.59. This rise follows the company's decision to terminate its Phase 2 clinical trial evaluating masofaniten in combination with enzalutamide for patients with metastatic castration-resistant prostate cancer.

Viking Therapeutics, Inc. (VKTX) is up 18.69% in pre-market trading, with a price of $86.50, as it reported new data from its VK2735 Obesity Program at ObesityWeek 2024.

Biodesix, Inc. (BDSX) is also making gains, rising 11.54% to a pre-market price of $1.45, after announcing its third quarter 2024 results, which showed a 35% increase in revenue compared to Q3 2023, totaling $18.2 million.

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

Top Upgrades:

1. Entergy Corporation (ETR)

Analyst Firm: Morgan Stanley
Upgrade: Underweight to Equal Weight
Price Target: $150
Friday's Close: $144.79

Morgan Stanley has upgraded Entergy Corporation's rating from "Underweight" to "Equal Weight," raising the price target from $116 to $150.

Entergy serves 3 million customers across Arkansas, Louisiana, Mississippi, and Texas, focusing on enhancing energy system reliability and promoting cleaner, more efficient energy solutions.

Analysts’ stock price targets for Entergy range from a low of $117.00 to a high of $170.00, with a median of $147.00 and an average target of $150.13.

2. Roblox Corporation (RBLX)

Analyst Firm: Morgan Stanley
Upgrade: Equal Weight to Overweight
Price Target: $65
Friday's Close: $51.44

Morgan Stanley has upgraded Roblox's rating from "Equal Weight" to "Overweight," with a revised price target of $65, up from $38.

Roblox is a leading immersive platform that enables users to create, play, work, and connect in various experiences crafted by a global community of creators.

Analysts’ stock price targets for Roblox range from a low of $26.00 to a high of $70.00, with a median of $58.00 and an average of $53.96.

3. Keysight Technologies, Inc. (KEYS)

Analyst Firm: Barclays
Upgrade: Equal Weight to Overweight
Price Target: $180
Friday's Close: $151.55

Barclays upgraded Keysight Technologies from "Equal Weight" to "Overweight," increasing the price target from $158 to $180.

Keysight, an S&P 500 company, supports innovators with design, emulation, and testing solutions that accelerate product deployment with minimized risk.

Analysts’ stock price targets for Keysight range from a low of $150.00 to a high of $185.00, with a median of $165.00 and an average of $169.73.

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.