Good Morning, Traders!…👋

U.S. stock futures signaled a negative open on Thursday as investors braced for the impact of Hurricane Milton and awaited key U.S. inflation data. The yield on the benchmark 10-year Treasury note held steady at 4.075% early Thursday, remaining flat from the previous day.

Minutes from the Federal Reserve's September meeting, released Wednesday afternoon, revealed that officials debated whether to cut interest rates by a quarter or half a percentage point. Now, all eyes turn to inflation data.

The Bureau of Labor Statistics is set to release the September consumer price index (CPI) at 8:30 a.m. Eastern time. Economists expect inflation to have eased for the sixth consecutive month, with a year-over-year rate of 2.3%, down from 2.5% in August.

In stock news, Tesla shares are rising ahead of its much-anticipated Robotaxi Day, 10x Genomics is seeing sharp declines after cutting its revenue guidance, and Delta Air Lines is set to report third-quarter earnings.

Happening Today

✓ 08:30 AM ET – Initial Jobless Claims

✓ 08:30 AM ET – Core CPI (MoM) (Sep)

✓ 11:00 AM ET – FOMC Member Williams Speaks

✓ 01:00 PM ET – 30-Year Bond Auction

✓ 02:00 PM ET – Federal Budget Balance (Sep)

✓ 04:30 PM ET – Fed's Balance Sheet

PREMARKET SNAPSHOT 📈

Market futures are down, with the S&P 500 falling 0.18%, the Dow declining 0.12%, and the NASDAQ dropping 0.25%.

SECTOR SNAPSHOT✨

Yesterday's market reflected a generally positive trend, with most sectors showing gains. Consumer Discretionary and Financials both posted solid increases, indicating strong investor confidence. Health Care also performed well, along with Industrials and Materials, contributing to the overall positive sentiment. Energy saw a modest rise, while Information Technology continued its upward momentum. However, Communication Services and Utilities faced declines, showing some weakness in those areas. Overall, it was a day of mixed results, with the majority of sectors ending on a high note.

PreMarket Unusual Volume Stocks

📈 Tevogen Bio Holdings Inc. (TVGN) has seen a significant surge in pre-market activity, trading over 9.6 million shares compared to its average of 310K. The stock is up 40.96%, bringing its pre-market price to $0.37. This sharp rise in both volume and price signals heightened investor interest as the market prepares to open.

📈 Jet.AI Inc (JTAI) is experiencing robust pre-market volume, with over 15 million shares traded, far exceeding its average of 2.4 million. The stock has climbed 21.49%, reaching a pre-market price of $0.11. This strong upward movement could suggest continued momentum when trading opens.

📈 Crown ElectroKinetics Corp (CRKN) has seen pre-market trading of over 2.4 million shares, well above its average volume of 997K. The stock is up 16.24%, with a pre-market price of $1.36. This surge could lead to further gains as the regular session begins.

📈 Simpple Ltd (SPPL) has traded 108K shares pre-market, surpassing its average volume of 80K. However, the stock has declined by 1.07%, bringing its pre-market price to $0.46. Investors may monitor this slight dip closely during the trading day.

📈 Gritstone Bio Inc (GRTS) has seen over 2.6 million shares traded pre-market, exceeding its average volume of 2 million. Despite the high volume, the stock has dropped 49.60%, with a pre-market price of $0.10. This significant decline may prompt caution as the market opens.

Premarket Picks

Jet.AI Inc. (JTAI) saw a notable jump of 20.09%, raising its pre-market price to $0.112 following the submission of an S-1/A form to the SEC and some Stock Promoters are also pushing this today.

Tevogen Bio Holdings Inc. (TVGN) experienced a remarkable increase of 42.19%, bringing its pre-market price to $0.3687. The company confirmed its top-line results from the Proof-of-Concept trial for TVGN 489, its first clinical product utilizing ExacTcell™ technology, intended for high-risk SARS-CoV-2 patients.

BloomZ Inc. (BLMZ) surged by 60.79%, reaching a pre-market price of $1.15 after being chosen as the main animation production contractor for the upcoming project "Kakushite! Makina-san!," set to air in 2025.

Faraday Future Intelligent Electric Inc. (FFIE) saw its shares climb 15.14% to $2.82 in pre-market trading after expressing gratitude for Grow Fandor’s acquisition of a 10% stake, previously held by YT Jia, the company’s Founder and Chief Product User Ecosystem Officer.

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

Top Upgrades:

1. Brinker International, Inc. (EAT)

Analyst Firm: BofA
Upgrade: Underperform to Neutral
Price Target: $90
Yesterday's Close: $82.96

BofA has upgraded Brinker International’s rating from "Underperform" to "Neutral," with a revised price target of $90. Brinker International operates casual dining restaurants across the U.S. and internationally.

Analyst estimates for the stock price target range from a low of $50.00 to a high of $90.00, with a median target of $68.50 and an average target of $69.56.

2. NIKE, Inc. (NKE)

Analyst Firm: Truist
Upgrade: Hold to Buy
Price Target: $97
Yesterday's Close: $82.45

Truist analyst Joseph Civello has upgraded NIKE from "Hold" to "Buy," raising the price target from $83 to $97. NIKE, headquartered near Beaverton, Oregon, is a global leader in the design, marketing, and distribution of athletic footwear, apparel, and equipment.

Analyst price targets for NIKE range from a low of $57.00 to a high of $120.00, with a median target of $88.50 and an average target of $90.12.

3. Medtronic plc (MDT)

Analyst Firm: RBC Capital
Upgrade: Sector Perform to Outperform
Price Target: $105
Yesterday's Close: $88.35

RBC Capital analyst Shagun Singh has upgraded Medtronic’s rating from "Sector Perform" to "Outperform," raising the price target from $98 to $105. Medtronic plc, based in Galway, Ireland, is a global leader in healthcare technology, addressing critical health challenges.

Analyst estimates for Medtronic’s stock price target range from a low of $82.00 to a high of $106.00, with a median target of $95.00 and an average target of $94.56.

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.