Hello Part-time Trader…👋

U.S. stocks are flat Monday as investors await key inflation data for insights into the sustainability of this year's market rally. Major earnings reports from financial giants and consumer companies are also on the horizon.

The S&P 500 is riding high, having notched its fourth positive week out of the last five, fueled by optimism that easing inflation and potential economic weaknesses could prompt a Federal Reserve interest rate cut later this year.

The June consumer price index, due for release on Thursday, may reinforce these hopes if the headline number shows the expected slight improvement. Additionally, producer price index data will be released on Friday.

Last week’s labor data revealed a cooling job market, raising expectations of a rate cut. Despite the U.S. economy adding more jobs in June than expected, the unemployment rate unexpectedly rose to 4.1% from 4%. Traders are now anticipating two interest rate cuts in 2024, with the first expected in September, according to the CME FedWatch Tool.

This week marks the beginning of the second-quarter earnings season, with major banks like Citigroup and JPMorgan Chase, as well as companies like PepsiCo and Delta Air Lines, set to report their results.

Happening Today

✓ 11:00 AM ET – NY Fed 1-Year Consumer Inflation Expectations

✓ 03:00 PM ET – Consumer Credit (May)

✓ 03:30 PM ET – CFTC Crude Oil speculative net positions

✓ 03:30 PM ET – CFTC Gold speculative net positions

✓ 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 mixed, with the S&P 500 and NASDAQ slightly down, while the Dow is up marginally.

SECTOR SNAPSHOT ✨

The market saw positive momentum today, led by strong gains in Communication Services, Consumer Staples, and Consumer Discretionary. Health Care and Information Technology also posted solid increases. However, Energy and Industrials experienced notable declines, indicating some sector-specific challenges. Overall, the market sentiment remained optimistic with broad-based gains across several key sectors.

PreMarket Unusual Volume Stocks

📈 Shapeways Holdings Inc (SHPW): Shapeways Holdings Inc saw an extraordinary surge in trading activity with a volume of 8,599,908, far surpassing its average volume of 97.75. This massive uptick in interest resulted in a significant 86.86% price change.

📈 Inspire Veterinary Partners Inc (IVP): Inspire Veterinary Partners Inc experienced a substantial rise in volume, trading 8,921,406 shares compared to its average of 951.53. This increased activity was accompanied by a notable 104.03% price change.

📈 Kineta Inc (KA): Kineta Inc saw its trading volume soar to 3,345,154, significantly higher than its average of 590.60. The stock's 17.01% price change reflects the surge in trading volume.

📈 Dynatronics Corp (DYNT): Dynatronics Corp's volume spiked to 3,375,789, a substantial increase from its average of 602.69. The price change of 28.49% indicates growing investor interest.

📈 Zapp Electric Vehicles Group Ltd (ZAPP): Zapp Electric Vehicles Group Ltd saw its volume rise to 4,674,860, far exceeding its average of 4,579.69. The stock's 83.54% price change reflects the surge in trading volume.

Premarket Picks

Morphic Holding, Inc. (MORF) skyrocketed in pre-market trading, surging 77.17% to $56.41 per share. This surge comes after the company announced a definitive agreement to be acquired by Eli Lilly and Company.

Kineta, Inc. (KA) also enjoyed a strong pre-market performance, climbing 20.92% to $0.73 per share. This follows news of the company entering into an exclusivity and right of first offer agreement with TuHURA Biosciences, Inc.

Grifols, S.A. (GRFS) saw its share price sharpen pre-market by 23.15%, reaching $8.67. This upward movement comes after the company received a joint takeover bid from its founding family and Canadian fund Brookfield.

IDEAYA Biosciences, Inc. (IDYA) received a pre-market boost of 16.75%, reaching $40.00 per share. This positive movement follows the announcement of positive clinical data for the IDE397 Phase 2 monotherapy expansion dose in methylthioadenosine phosphorylase (MTAP)-deletion urothelial and non-small cell lung cancer (NSCLC) patients.

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

Important FDA 

Recently Announced

Good news for Verona Pharma (VRNA) as their drug Ensifentrine, marketed as Ohtuvayre, received FDA approval on June 26th. This is a significant development because Ohtuvayre is the first inhaled maintenance treatment for COPD with a new mechanism of action to be approved in over two decades.

Merck (MRK) unfortunately encountered a hurdle with their lung cancer treatment Patritumab deruxtecan (HER3-DXd). The FDA issued a Complete Response Letter due to manufacturing problems identified by an outside party. This means Merck will need to address these issues before resubmitting their application.

AbbVie (ABBV) and Genmab (GMAB) received positive news on June 26th with the FDA approval of Epcoritamab-bysp. This new treatment offers hope for adults with relapsed or refractory follicular lymphoma who have already undergone multiple prior therapies. Epcoritamab-bysp expands the treatment options available for this type of cancer.

Rocket Pharmaceuticals (RCKT) received a Complete Response Letter from the FDA on June 28th for their treatment KRESLADI (RP-L201) for Leukocyte Adhesion Deficiency-I. This letter indicates that further work is required by the company before the drug can be approved.

Upcoming Announcements

Phathom Pharmaceuticals Inc. (PHAT) investors are eagerly awaiting July 19th, 2024. On that day, the FDA will announce its decision on VOQUEZNA Tablets, a medication designed to treat heartburn associated with a specific type of gastroesophageal reflux disease (GERD) known as non-erosive GERD.

AstraZeneca PLC (AZN) has a key date approaching on July 25th, 2024. An external panel of experts will convene to review the use of their drug IMFINZI. This review will specifically focus on using IMFINZI in combination with chemotherapy before surgery (neoadjuvant treatment), followed by IMFINZI as a single treatment after surgery. The goal is to assess its effectiveness for adult patients with a specific type of lung cancer - resectable non-small cell lung 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.