Early Edge: Pre-Market Moves for Big Gains!

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Hello Part-time Trader…👋

U.S. stock markets edged slightly lower in premarket trading on Friday. Investors are keenly awaiting the release of June's manufacturing and services Purchasing Managers' Index (PMI) readings, alongside May's existing home sales data.

Friday's trading session is anticipated to be more volatile than usual due to several mechanical deadlines in the stock market. June 21 marks this quarter’s “triple witching,” when stock futures and index options contracts expire simultaneously with many highly traded individual stock options. This can lead to abnormally high volatility as traders close out their options positions.

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Adding to the volatility, Friday is the final day before the rebalance of many indexes followed by major funds takes effect. This includes CrowdStrike joining the S&P 500 and a significant shift in the weights of Nvidia and Apple in the Technology Select Sector Index. One ETF is expected to acquire more than $10 billion worth of Nvidia to align with the new index weights.

Happening Today

✓ 09:45 AM ET – S&P Global US Manufacturing PMI (Jun)

09:45 AM ET – S&P Global Composite PMI (Jun)

✓ 09:45 AM ET – S&P Global Services PMI (Jun)

✓ 10:00 AM ET – Existing Home Sales (May)

✓ 11:00 AM ET – Fed Monetary Policy Report

✓ 03:30 PM ET – CFTC Nasdaq 100 and S&P 500 speculative net positions


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PREMARKET SNAPSHOT 📈

Market futures are mixed, with the S&P 500 and NASDAQ showing slight declines, while the Dow edges up marginally.

S&P500

$5475.50

 ⬇️ -0.02%

Dow

$39151.00

⬆️ 0.01%

NASDAQ 

$19762.00

  ⬇️ 0.01%

SECTOR SNAPSHOT 

Broad market gains driven by Energy and Financials, while Information Technology and Consumer Staples show declines.

NAME

PRICE

%CHANGE

Consumer Discretionary

1,470.36

+0.45% 🟢

Consumer Staples

825.12

-0.21% 🔴 

Energy

684.65

+1.86% 🟢

Financials

687.89

+0.56% 🟢

Health Care

1,701.38

+0.37% 🟢

Industrials

1,039.62

+0.05% 🟢

Materials

562.34

+0.11% 🟢

Real Estate

238.87

-0.25% 🔴 

Information Technology

4,397.08

-1.60% 🔴 

Communication Services

304.31

+0.50% 🟢

Utilities

351.95

+0.89% 🟢


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PreMarket Unusual Volume Stocks

📈 36Kr Holdings Inc ADR (KRKR): Exhibited a trading volume of 6.50 million shares, significantly higher than its average volume of 0.05 million shares. The stock closed at $0.63, marking an increase of 83.75%.

📈 DermTech Inc (DMTK): Experienced a notable trading volume of 21.04 million shares compared to its average of 0.78 million shares. The stock price stood at $0.14, reflecting an increase of 22.05%.

📈 Professional Diversity Network Inc (IPDN): Recorded an unusual trading volume of 2.45 million shares, well above its average volume of 0.10 million shares. The stock price fell to $0.50, showing a decline of 22.42%.

📈 Qualigen Therapeutics Inc (QLGN): Saw an exceptional trading volume of 6.42 million shares, compared to its average volume of 0.64 million shares. The stock price rose to $0.20, with an increase of 12.93%.

📈 Zoomcar Holdings Inc (ZCAR): Reported a trading volume of 24.26 million shares against its average of 3.81 million shares. The stock closed at $0.18, experiencing an increase of 22.16%.


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Premarket Picks

Zoomcar Holdings, Inc. (ZCAR) announced the closing of a $3.6 million notes private placement, and its stock surged an impressive 13.95% to $0.18.

Spectaire Holdings Inc. (SPEC) saw a notable pre-market increase of 111.76%, with its share price reaching $0.72. This uptick followed the filing of an 8-K form with the SEC.

DermTech, Inc. (DMTK) also experienced a pre-market boost, with its share price climbing 39.10% to $0.16 following the filing of an 8-K form with the SEC.

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

Pre Market Gainers

Pre Market Change

Pre Market Volume

ZCAR

+42.95%

20.51M

DMTK

+32.82%

19.87M

SPEC

+100.62%

9.72M

TPHS

+42.75%

9.69M

QLGN

+16.37%

6.14M

KTRA

+30.88%

5.87M

SVMH

+4.79%

3.58M

NKLA

+5.79%

2.02M

HOLO

+9.28%

1.42M

AKTS

+2.68%

1.21M


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Important FDA 

Recently Announced

In a win for both patients and Merck (MRK), the FDA granted its approval on June 17th, 2024, for KEYTRUDA (pembrolizumab) to be used in combination with chemotherapy for the treatment of primary advanced or recurrent endometrial carcinoma.

Ligand Pharmaceuticals (LGND) also celebrated a successful FDA decision on June 18th, 2024. Their vaccine, CAPVAXIVE (formerly V116), received approval to help prevent invasive pneumococcal disease and pneumococcal pneumonia in adults.

Sarepta Therapeutics (SRPT) achieved a milestone for their Duchenne muscular dystrophy treatment, ELEVIDYS, on June 20th, 2024. The FDA granted traditional approval for the drug for ambulatory patients while maintaining its accelerated approval status for those who are non-ambulatory.

Announcing Today

argenx SE (ARGX) is awaiting an FDA decision today on the expanded use of VYVGART Hytrulo for the treatment of Chronic Inflammatory Demyelinating Polyneuropathy (CIDP). CIDP is a rare autoimmune disease that affects the nerves.

Halozyme Therapeutics, Inc. (HALO) is also waiting on an FDA decision today regarding VYVGART. Their application seeks approval for the expanded use of VYVGART for the treatment of Chronic Inflammatory Demyelinating Polyneuropathy (CIDP).

Harmony Biosciences Holdings, Inc. (HRMY) has submitted a new drug application (sNDA) to the FDA for WAKIX. The application seeks approval for the expanded use of WAKIX to treat excessive daytime sleepiness (EDS) or cataplexy in pediatric patients 6 years of age and older with narcolepsy.

Bristol-Myers Squibb Co. (BMY) is awaiting an FDA decision on their sNDA for KRAZATI. The application proposes an expanded use of KRAZATI in combination with Cetuximab for the treatment of patients with previously treated KRAS G12C-Mutated Locally Advanced or Metastatic Colorectal Cancer.


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Upcoming Announcements

Merck & Co Inc. (MRK) is awaiting an FDA decision on June 26th regarding Patritumab deruxtecan (HER3-DXd). This drug is being evaluated for its potential to treat certain patients with previously treated locally advanced or metastatic EGFR-mutated non-small cell lung cancer.

Verona Pharma plc (VRNA) has a key date with the FDA on June 26th. Their drug, Ensifentrine, is up for review for approval as a maintenance treatment for chronic obstructive pulmonary disease (COPD).

GENMAB A/S (GMAB) has an upcoming FDA decision on June 28th for Epcoritamab-bysp. This application seeks expanded use of the drug to treat adult patients with relapsed or refractory (R/R) follicular lymphoma (FL) after two or more lines of systemic therapy.

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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.

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