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Key Pre-Market Stocks for Today's Trading
Noor Saba
July 30, 2024
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Hello Part-time Trader…👋
On Tuesday, US stocks saw a slight uptick as investors geared up for key corporate earnings reports and the commencement of the Federal Reserve's policy meeting.
Investors are particularly focused on pre-market earnings releases from Merck, Pfizer, PayPal, Procter & Gamble, and JetBlue, which are likely to set the tone for the trading session. Post-market, attention will shift to the earnings reports from Microsoft, Advanced Micro Devices, and Starbucks.
The Federal Reserve's two-day policy meeting starts today, with central bank Chief Jerome Powell expected to provide insights into the timing and frequency of anticipated rate cuts over the coming months. The Fed had previously indicated the possibility of only one rate cut for the rest of 2024, but the CME FedWatch Tool now suggests a 100% probability of a rate cut in September.
Traders are also keeping an eye on June's job openings data, with expectations set at 8.1 million, unchanged from May, based on a Dow Jones survey. Additionally, July's consumer confidence figures will be released today, providing further insight into economic sentiment.
Happening Today
✓ 09:00 AM ET – S&P/CS HPI Composite - 20 n.s.a. (YoY) (May)
✓ 10:00 AM ET – Dallas Fed Mfg Business Index (Jul)
✓ 10:00 AM ET – JOLTs Job Openings (Jun)
✓ 04:30 AM ET – API Weekly Crude Oil Stock
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PREMARKET SNAPSHOT📈
Market futures are showing gains, with the S&P 500 up 0.20%, the Dow rising 0.05%, and the NASDAQ increasing 0.24%.
S&P500$5513.75 ⬆️ 0.20% | Dow$40792.00 ⬆️ 0.05% | NASDAQ$19254.50 ⬆️ 0.24% |
SECTOR SNAPSHOT✨
The market showed a mixed performance with Consumer Discretionary and Real Estate leading the gains, reflecting strong investor confidence in these areas. Communication Services and Health Care also posted positive results. However, sectors like Energy and Financials experienced declines, alongside minor setbacks in Industrials and Information Technology. Overall, the sentiment was cautiously optimistic, with several key sectors ending the day on a high note.
NAME | PRICE | %CHANGE |
|---|---|---|
Consumer Discretionary | 1,498.16 | +1.42% 🟢 |
Consumer Staples | 841.57 | +0.07% 🟢 |
Energy | 698.68 | -0.87% 🔴 |
Financials | 720.30 | -0.21% 🔴 |
Health Care | 1,747.59 | +0.09% 🟢 |
Industrials | 1,066.92 | -0.16% 🔴 |
Materials | 576.56 | +0.17% 🟢 |
Real Estate | 257.14 | +0.62% 🟢 |
Information Technology | 4,179.38 | -0.33% 🔴 |
Communication Services | 293.04 | +0.87% 🟢 |
Utilities | 363.10 | +0.44% 🟢 |
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PreMarket Unusual Volume Stocks
📈 Imunon Inc (IMNN): Imunon Inc experienced a significant increase in trading activity with a volume of 12,839,303, far exceeding its average volume of 163,380. This surge in activity led to a 166.39% price change, reflecting heightened market interest.
📈 Jet.AI Inc (JTAI): Jet.AI Inc saw an extraordinary surge in volume, trading 12,487,298 shares compared to its average of 383,640. This dramatic increase resulted in a 93.04% price change, indicating strong investor activity.
📈 Enveric Biosciences Inc (ENVB): Enveric Biosciences Inc's trading volume rose to 12,510,685, significantly higher than its average of 577,180. The stock's price change of 27.51% mirrors this spike in trading volume.
📈 QXO Inc. (QXO): QXO Inc saw its volume rise to 228,525, far surpassing its average of 63,620. Despite the increased trading activity, the stock experienced an -80.15% price change.
📈 Pharming Group N.V. ADR (PHAR): Pharming Group N.V. ADR's volume spiked to 15,098, a substantial increase from its average of 4,880. The stock's 21.26% price change highlights the impact of the increased trading activity.
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Premarket Picks
Imunon, Inc. (IMNN) experienced a remarkable surge in its stock price, climbing 172.88% in pre-market trading to $3.22 per share. This significant increase follows the company's announcement of topline results from the Phase 2 OVATION 2 Study with IMNN-001 in patients with advanced ovarian cancer.
CNS Pharmaceuticals, Inc. (CNSP) saw its shares rise by 58.65% in pre-market trading, reaching $1.65 per share. This boost came after the company revealed it had entered into an exclusive license agreement with Cortice Biosciences, Inc.
Alumis Inc. (ALMS) stock soared by 22.14% in pre-market trading, exceeding $15.61 per share. This uptick followed the announcement that patient dosing has commenced in the ONWARD Phase 3 clinical program.
Sprouts Farmers Market, Inc. (SFM) shares increased by 16.91% in pre-market trading to $98.98 per share, driven by the company’s positive second-quarter 2024 results.
Below is a list of other hot stocks in pre-market today:
Pre Market Gainers | Pre Market Change | Pre Market Volume |
|---|---|---|
ENVB | +34.50% | 11.31M |
JTAI | +57.85% | 9.45M |
IMNN | +136.13% | 7.76M |
RR | +3.80% | 831.39K |
ATPC | +10.74% | 528.98K |
PFE | +2.70% | 363.22K |
SPCB | +3.74% | 276.44K |
INVO | +14.46% | 275.71K |
TLRY | +9.84% | 265.40K |
HOLO | +3.82% | 196.76K |
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Important FDA
Recently Announced
On July 25, 2024, AstraZeneca (AZN) faced a challenge when an FDA panel expressed concerns regarding the trial design of IMFINZI for resectable non-small cell lung cancer. The panel found it difficult to clearly determine the drug's effectiveness across various treatment phases.
Phathom Pharmaceuticals (PHAT) received good news on July 18, 2024, as the FDA approved VOQUEZNA tablets for the treatment of heartburn associated with non-erosive GERD. This approval represents a significant milestone for the company and introduces a new treatment option for patients.
Arcutis Biotherapeutics (ARQT) broadened treatment options for atopic dermatitis with the FDA's approval of Roflumilast cream on July 9, 2024. The cream is now available for both adults and children aged six and older, providing relief for mild to moderate cases of the condition.
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Upcoming Announcements
scPharmaceuticals Inc. (SCPH) is awaiting a critical FDA decision in August regarding its drug FUROSCIX. The company aims to expand the drug's indication to include patients with New York Heart Association Class IV heart failure.
ZEVRA THERAPEUTICS, INC. (ZVRA) will undergo an FDA panel review on August 2nd to discuss the approval of Arimoclomol for treating Niemann-Pick disease type C. A favorable outcome could bring much-needed hope to patients suffering from this rare genetic disorder.
Adaptimmune Therapeutics plc (ADAP) is eagerly awaiting the FDA's decision on August 10th regarding the use of Afami-cel for treating advanced synovial sarcoma. If approved, this immunotherapy could offer a new treatment option for patients with this aggressive cancer.
Humacyte, Inc. (HUMA) is approaching a significant milestone as the FDA is set to decide on August 10th whether to approve its Human Acellular Vessel for treating vascular trauma. A positive decision could revolutionize the management of life-threatening injuries.
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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