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US stocks dipped on Wednesday during the pre-market after Alphabet and Tesla reported their second-quarter results.

Earlier in the week, about 20% of S&P 500 companies had reported their second-quarter earnings, with 80% beating expectations according to FactSet data. During Tuesday's trading session, the broad market index retreated by 0.2%, while the Nasdaq Composite and the Dow each edged down around 0.1%.

Investors are anticipating a potential Federal Reserve interest rate cut in September, which, along with growing confidence in a soft landing, has fueled a market rally. Rate-sensitive sectors like small caps and industrials have seen notable gains in recent weeks.

Today, attention turns to the earnings reports of AT&T, General Dynamics, and Boston Scientific.

Happening Today

✓ 08:30 AM ET – Building Permits

✓ 08:30 AM ET – Goods Trade Balance (Jun)

✓ 08:30 AM ET – Retail Inventories Ex Auto (Jun)

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

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

✓ 10:00 AM ET – New Home Sales (Jun)

✓ 10:30 AM ET – Crude Oil Inventories

✓ 01:00 PM ET – 5-Year Note Auction

PREMARKET SNAPSHOT📈

Market futures are down, with the S&P 500, Dow, and NASDAQ all showing declines.

SECTOR SNAPSHOT✨

The market saw mixed performance with slight gains in Consumer Discretionary and Financials, indicating cautious optimism. Materials posted modest gains, standing out in an otherwise subdued session. However, Energy faced a significant decline, and sectors like Consumer Staples, Industrials, and Information Technology experienced minor setbacks. Overall, the market sentiment was cautious, with more sectors posting losses than gains.

PreMarket Unusual Volume Stocks

📈 Dermata Therapeutics Inc (DRMA): Dermata Therapeutics Inc saw an extraordinary surge in trading activity with a volume of 12,187,334, far surpassing its average volume of 87,180. This massive uptick in interest resulted in a significant 138.46% price change, reflecting heightened market interest.

📈 Hoth Therapeutics Inc (HOTH): Hoth Therapeutics Inc experienced a substantial rise in volume, trading 11,735,889 shares compared to its average of 96,890. This dramatic increase in trading volume resulted in a 33.75% price change, indicating strong investor activity.

📈 Pieris Pharmaceuticals Inc (PIRS): Pieris Pharmaceuticals Inc saw its trading volume surge to 467,324, significantly higher than its average of 20,910. The stock's price change of 58.15% mirrors this spike in trading volume.

📈 Bone Biologics Corp (BBLG): Bone Biologics Corp's volume spiked to 3,988,983, a substantial increase from its average of 212,340. The stock's 81.60% price change highlights the impact of the increased trading activity.

📈 Regencell Bioscience Holdings Ltd (RGC): Regencell Bioscience Holdings Ltd saw its volume rise to 430,173, far exceeding its average of 32,610. The stock's 32.35% price change reflects the surge in trading volume.

Premarket Picks

Hoth Therapeutics (HOTH) stock price jumped sharply before the market opened, rising over 44% to more than $1.39 per share. This happened after they announced a collaboration with LTS Therapy Systems to develop a new treatment in film form.

NuZee (NUZE) stock price also soared pre-market, surging nearly 150% to over $2.57 per share. This rise follows a significant purchase of NuZee shares by Liu Yumei.

Pieris Pharmaceuticals (PIRS) saw a pre-market increase of over 73%, with its stock price going above $13.75. This comes after they announced a merger with Palvella Therapeutics.

Allarity Therapeutics (ALLR) stock price increased by more than 21% before the market opened, reaching $0.20 per share. This rise follows the company's request to shareholders to approve a reverse stock split.

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

Important FDA

Recently Announced

Phathom Pharmaceuticals (PHAT) scored a win on July 18th, 2024, as their VOQUEZNA tablets received FDA approval. This approval allows VOQUEZNA to be used as a treatment for heartburn caused by non-erosive GERD in adults.

Arcutis Biotherapeutics (ARQT) received positive news on July 9th, 2024, with the FDA approving their Roflumilast Cream 0.15%. This topical cream provides a new approach to managing mild to moderate atopic dermatitis, or eczema, for both adults and children as young as six years old. This approval broadens the treatment options available for this chronic skin condition.

However, Rocket Pharmaceuticals (RCKT) faced a setback on June 28th, 2024. The FDA issued a Complete Response Letter (CRL) for their drug KRESLADI (RP-L201). This drug was being evaluated for treating Leukocyte Adhesion Deficiency-I, a rare genetic disorder. The CRL signifies that the FDA requires further information or adjustments before approving the treatment.

On a brighter note, AbbVie (ABBV) received positive news on June 26th, 2024, as the FDA approved an expanded use for their drug Epcoritamab-bysp. This approval allows the drug to be used for adult patients with a specific type of lymphoma who have undergone at least two prior lines of treatment without success. This offers new hope for patients who have exhausted other options.

Upcoming Announcements

AstraZeneca (AZN.L, AZN): A critical date looms for AstraZeneca on July 25th, 2024. The FDA panel will be reviewing IMFINZI, a potential treatment for resectable non-small cell lung cancer. This decision could significantly impact the treatment landscape for this type of cancer.

scPharmaceuticals Inc. (SCPH): August 2024 holds a crucial FDA verdict for scPharmaceuticals. The decision concerns the expansion of FUROSCIX's use to encompass patients with the most severe form of heart failure, New York Heart Association Class IV. This expansion has the potential to significantly increase treatment options for this patient population.

Zevra Therapeutics, Inc. (ZVRA): The journey for a treatment for Niemann-Pick disease type C, a rare and progressive genetic disorder, reaches a critical juncture on August 2nd, 2024. The FDA panel will be reviewing Zevra Therapeutics' Arimoclomol, with the outcome holding immense importance for patients and families battling this condition.

Adaptimmune Therapeutics plc (ADAP): Another key FDA decision is on the horizon for Adaptimmune Therapeutics. On August 4th, 2024, the agency will decide on Afami-cel, a potential treatment for advanced synovial sarcoma. This decision will determine if Afami-cel can be approved, offering a new weapon against this aggressive form of cancer.

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.