Good Morning, Traders!…👋

U.S. stock futures were mixed on Tuesday following Monday’s selloff, which was triggered by rising bond yields. Meanwhile, China's stock rally lost steam after a much-anticipated briefing from the country’s top economic planners left investors underwhelmed.

The yield on the 10-year Treasury note stood at 4.005% early Tuesday, slightly down from the previous day but still above the 4% mark, which it crossed for the first time since August. Rising yields, along with climbing oil prices driven by escalating fears in the Middle East, have kept markets on edge. Additionally, investors are keeping an eye on Hurricane Milton, which weakened to a Category 4 storm as it approaches Florida’s west coast, where it is expected to make landfall on Wednesday.

Stocks making notable moves today include Super Micro Computer, which extended its gains after a 16% rise on Monday, and General Motors, which is hosting an investor day with a focus on its electric vehicle strategy. PepsiCo is also set to report its third-quarter earnings, drawing attention from the market.

Happening Today

✓ 08:30 AM ET – Exports/Imports (Aug)

✓ 10:30 AM ET – Atlanta Fed GDPNow (Q3)

✓ 12:00 PM ET – EIA Short-Term Energy Outlook

✓ 06:00 PM ET – FOMC Member Bostic Speaks

PREMARKET SNAPSHOT 📈

Market futures are showing gains, with the S&P 500 up 0.40%, the Dow rising 0.16%, and the NASDAQ leading with a 0.47% increase.

SECTOR SNAPSHOT✨

Yesterday's market experienced widespread declines, with most sectors facing notable losses. Consumer Discretionary and Consumer Staples led the way down, reflecting weak consumer sentiment. Financials and Health Care also saw significant declines, contributing to the overall negative tone. Industrials and Information Technology recorded minor drops as well. Energy managed to post a small gain, providing a slight uplift amidst the downturn. However, Real Estate and Utilities faced sharper losses, rounding out a day characterized by overall bearish sentiment across the market.

PreMarket Unusual Volume Stocks

📈 Ontrak Inc (OTRK) is experiencing a surge in pre-market activity, trading over 6.5 million shares, significantly higher than its average volume of 69K. The stock has soared 70.82%, bringing the pre-market price to $3.11. This sharp increase in both volume and price makes OTRK a stock to watch as the market opens.

📈 Nature's Miracle Holding Inc (NMHI) has seen impressive pre-market movement, with over 33 million shares traded, far exceeding its average of 1 million. The stock is up 80.89%, pushing its pre-market price to $0.25. This substantial gain suggests heightened interest as trading begins.

📈 Virios Therapeutics Inc (VIRI) has also seen a significant volume jump in pre-market trading, with over 17 million shares traded, well above its average of 1 million. The stock has climbed 52.28%, bringing its pre-market price to $0.21. Traders may be keen to see how this momentum carries into the trading session.

📈 Vincerx Pharma Inc (VINC) has traded over 3.2 million shares pre-market, surpassing its average volume of 244K. However, the stock has dropped 14.58%, with a pre-market price of $0.60. Investors should keep an eye on VINC to see if it rebounds during regular trading.

📈 Bio-Path Holdings Inc (BPTH) has traded 3.3 million shares in pre-market action, compared to its average volume of 333K. The stock has gained 38.61%, bringing its pre-market price to $1.18. This strong early movement suggests potential for further gains as the market opens.

Premarket Picks

Virios Therapeutics, Inc. (VIRI) saw a notable increase of 55.69%, bringing its pre-market price to $0.21. The company, along with Wex Pharmaceuticals, Inc., announced a merger to create Dogwood Therapeutics, Inc. (DWTX).

GRI Bio, Inc. (GRI) experienced a significant rise of 17.96%, raising its pre-market price to $0.40. The firm recently revealed that its abstract has been accepted for a poster presentation at the 22nd International Colloquium on Lung and Airway Fibrosis (ICLAF 2024), scheduled for October 12-16, 2024, in Athens, Greece.

Nuburu, Inc. (BURU) surged by 47.48%, reaching a pre-market price of $0.65. Liqueous LP announced a substantial $65 million financing initiative for Nuburu Inc. (BURU).

Bio-Path Holdings, Inc. (BPTH) shares jumped 30.21% to $1.13 in pre-market trading after announcing the launch of a therapeutic program aimed at developing BP1001-A for treating obesity and related metabolic conditions.

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

Top Upgrades:

1. Sun Country Airlines Holdings, Inc. (SNCY)

Analyst Firm: Wolfe Research
Upgrade: Peer Perform to Outperform
Price Target: $14
Yesterday's Close: $9.93

Wolfe Research has upgraded Sun Country Airlines from "Peer Perform" to "Outperform," setting a new price target of $14.

Sun Country Airlines is focused on redefining air travel as a hybrid low-cost carrier, dedicated to connecting passengers with their preferred destinations and providing memorable travel experiences.

Analyst estimates for the stock price target range from a low of $11.00 to a high of $20.00, with an average target of $17.80.

2. Affirm Holdings, Inc. (AFRM)

Analyst Firm: BTIG
Upgrade: Neutral to Buy
Price Target: $68
Yesterday's Close: $38.60

BTIG has upgraded Affirm Holdings from "Neutral" to "Buy," with an increased price target of $68.

Affirm is committed to improving financial well-being through transparent and trustworthy financial products. By offering consumers innovative payment solutions and equipping businesses with essential growth tools, Affirm continues to revolutionize financial services.

Analyst price targets for Affirm Holdings range from a low of $20.00 to a high of $65.00, with an average target of $42.07.

3. Wells Fargo & Company (WFC)

Analyst Firm: Wolfe Research
Upgrade: Peer Perform to Outperform
Price Target: $65
Yesterday's Close: $57.16

Wolfe Research has upgraded Wells Fargo from "Peer Perform" to "Outperform," raising the price target to $65.

Wells Fargo & Company is a leading financial services firm, managing assets of approximately $1.9 trillion.

Analysts have set stock price targets ranging from a low of $57.00 to a high of $70.00, with an average target of $63.92.

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.