Good Morning, Traders!…👋

Stock futures are rising this Friday after a week of gains, with the spotlight firmly on the Federal Reserve's monetary policy meeting next week. Traders are digesting a series of macroeconomic data that broadly confirm the trend of cooling inflation.

Following a report in The Wall Street Journal suggesting that the Fed's decision could be a close call, market participants have quickly priced in the possibility of a 50 basis-point cut to interest rates at the upcoming September meeting. Fed funds futures now indicate a 43% chance of a half-percentage point reduction and a 57% chance of a quarter-point reduction.

In corporate news, Boeing's largest labor union has gone on strike, potentially affecting the company's production and deliveries. Oracle shares are surging after the company issued strong revenue forecasts, signaling robust demand for its cloud services. Meanwhile, Adobe's stock is under pressure as the company's guidance failed to meet investor expectations.

On the commodities front, gold prices are climbing as investors flock to safe-haven assets ahead of the anticipated interest rate cuts by the Federal Reserve next week. Oil prices continue to recover, driven by supply disruptions in the U.S. Gulf of Mexico after Hurricane Francine made landfall on the Louisiana coast before being downgraded to a tropical depression.

Happening Today

✓ 08:30 AM ET – Export/Import Price Index (MoM) (Aug)

✓ 10:00 AM ET – Michigan 1-Year/5-Year Inflation Expectations (Sep)

✓ 10:00 AM ET – Michigan Consumer Expectations/Sentiment (Sep)

✓ 01:00 PM ET – 30-Year Bond Auction

✓ 03:30 PM ET – CFTC Nasdaq 100 speculative net positions

✓ 03:30 PM ET – CFTC S&P 500 speculative net positions

PREMARKET SNAPSHOT📈

Market futures are positive, with the S&P 500 up 0.20%, the Dow rising 0.17%, and the NASDAQ gaining 0.06%.

SECTOR SNAPSHOT✨

Today, the market saw a generally positive trend across various sectors. Consumer Discretionary led with a notable gain, while Consumer Staples also showed a modest increase. Energy, Financials, and Health Care sectors recorded slight improvements, contributing to the overall upward momentum. Industrials and Materials continued their positive performance with respectable gains. Real Estate saw a minimal increase, and Information Technology maintained its positive trajectory. Communication Services experienced a strong rise, standing out as one of the day's top performers, while Utilities ended with a small gain, rounding out a broadly positive market performance.

PreMarket Unusual Volume Stocks

📈 Vision Marine Technologies Inc (VMAR): Vision Marine Technologies Inc experienced a massive increase in trading activity with a volume of 7,817,686, far exceeding its average volume of 63,930. This surge in activity led to a 105.40% price change, reflecting significant market interest.

📈 Immuneering Corp (IMRX): Immuneering Corp saw a substantial rise in volume, trading 6,302,410 shares compared to its average of 1,811,130. This increase in trading volume resulted in a 41.96% price change.

📈 22nd Century Group Inc (XXII): 22nd Century Group Inc's trading volume rose to 2,952,091, significantly higher than its average of 617,060. The stock's price change of 2.23% mirrors this spike in trading volume.

📈 SMX (Security Matters) Plc (SMX): SMX (Security Matters) Plc saw its volume rise to 2,611,750, far surpassing its average of 645,380. This increase in trading activity resulted in a 55.51% price change.

📈 Tenon Medical Inc (TNON): Tenon Medical Inc's volume spiked to 2,342,274, a substantial increase from its average of 611,060. The stock's 218.86% price change highlights the impact of the increased trading activity.

Premarket Picks

Immuneering Corporation (IMRX) saw its stock price jump by 38.46% to $1.98 following the release of positive preliminary data from its ongoing Phase 2a clinical trial. This data, involving the first five patients treated with IMM-1-104 in combination with modified gemcitabine/nab-paclitaxel for first-line pancreatic cancer, spurred the increase.

SMX (Security Matters) Public Limited Company (SMX) experienced a significant 57.55% surge in its stock price during early trading, reaching $3.86. This boost followed the company's announcement of completing a private placement, raising approximately $5,350,000 through the sale of Ordinary Shares and pre-funded investor warrants, priced at $1.00 per Common Unit.

Tenon Medical, Inc. (TNON) saw its stock price soar by 284.09% to $16.90 after pricing a $4.5 million public offering in line with Nasdaq rules. Additionally, the company introduced its new Catamaran® SE SI Joint Fusion System in a separate press release.

Singular Genomics Systems, Inc. (OMIC) saw its stock rise by 58.21% to $8.86 after receiving a non-binding acquisition proposal from Deerfield.

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

Top Upgrades:

1. Sunstone Hotel Investors, Inc. (SHO)

Analyst Firm: Wells Fargo
Upgrade: Underweight to Equal Weight
Price Target: $10.50
Yesterday’s Close: $10.04

Wells Fargo analyst Dori Kesten has revised the rating for Sunstone Hotel Investors, Inc. from Underweight to Equal Weight, raising the price target to $10.50. Sunstone Hotel Investors, a real estate investment trust (REIT) specializing in premium hotel and resort properties, has an average stock price target of $11.00, with estimates ranging from a low of $10.00 to a high of $12.00.

The company’s portfolio includes 14 hotels with 6,675 rooms, primarily under major brands, and focuses on value creation through the acquisition, management, and sale of high-quality properties.

2. Xenia Hotels & Resorts, Inc. (XHR)

Analyst Firm: Wells Fargo
Upgrade: Neutral to Buy
Price Target: $15
Yesterday’s Close: $13.40

Wells Fargo has upgraded Xenia Hotels & Resorts, Inc. from Neutral to Buy, setting a new price target of $15. Xenia Hotels & Resorts, a self-managed REIT specializing in luxury and upper upscale hotels, has an average stock price target of $15.79, with estimates ranging from a low of $12.00 to a high of $18.00.

Xenia’s portfolio features 32 properties across 14 states, with 9,511 rooms operated under prominent brands such as Marriott, Hyatt, and Hilton, targeting key U.S. markets and leisure destinations.

3. Borr Drilling Limited (BORR)

Analyst Firm: Evercore ISI
Upgrade: In Line to Outperform
Price Target: $9
Yesterday’s Close: $5.28

Evercore ISI has upgraded Borr Drilling Limited from In Line to Outperform, assigning a price target of $9. Borr Drilling, an offshore drilling contractor specializing in shallow-water operations, has an average stock price target of $8.45, with estimates ranging from a low of $6.18 to a high of $10.00.

The company operates jack-up rigs and provides essential equipment and crews for global oil and gas drilling and workover activities, positioning it as a significant player in the energy services industry.

Happy investing,

Maeve Grace
Editor In Chief
Premium Trade 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.