Good Morning, Traders!…👋

U.S. stocks appear ready to take a pause on Friday, wrapping up a stellar week that has rekindled hopes of a soft landing for the economy.

On the economic front, weekly jobs data added more fuel to optimism, as unemployment claims hit their lowest since May. With interest rates declining and the job market staying robust, investors remain hopeful that the Federal Reserve can curb inflation without triggering a recession.

Meanwhile, bond yields stayed flat, with the 10-year Treasury at 3.717% and the 2-year at 3.589%.

In corporate news, Nike shares gained in after-hours trading following the announcement that CEO John Donahoe will step down next month.

Happening Today

✓ 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 down 0.23% and the NASDAQ declining 0.43%, while the Dow shows a slight gain of 0.05%.

SECTOR SNAPSHOT✨

Today's market showcased a strong performance, with Consumer Discretionary leading the gains, reflecting renewed investor confidence. Information Technology had an impressive rise, significantly contributing to the positive sentiment. Energy and Financials also posted solid increases, while Industrials and Materials enjoyed notable growth. Health Care continued its upward trend, albeit with more modest gains. Despite the overall positive tone, Consumer Staples and Real Estate faced slight declines, and Utilities ended the day down. Communication Services managed a healthy increase, rounding out a day of widespread gains across most sectors.

PreMarket Unusual Volume Stocks

📈 SRIVARU Holding Ltd (SVMH): SRIVARU Holding Ltd saw a remarkable surge in trading activity, with the volume reaching 32,416,740 shares, significantly higher than its average of 6,347,920 shares. This boost in volume was accompanied by a 52.02% increase in the stock price, indicating strong market interest.

📈 Banzai International Inc (BNZI): Banzai International Inc experienced a significant jump in trading volume, soaring to 4,406,957 shares compared to its average of 48,470 shares. This notable increase resulted in a 110.07% price gain, reflecting elevated enthusiasm from investors.

📈 Leafly Holdings Inc (LFLY): Leafly Holdings Inc's trading volume spiked to 3,780,477 shares, greatly exceeding its average volume of 99,900 shares. This sharp rise in trading activity led to an 81.56% increase in the stock price, signaling heightened market attention.

📈 Golden Heaven Group Holdings Ltd (GDHG): Golden Heaven Group Holdings Ltd saw its trading volume rise to 3,051,726 shares, well above its average of 106,120 shares. This activity contributed to a 54.55% price increase, reflecting growing interest in the stock.

📈 Tenon Medical Inc (TNON): Tenon Medical Inc's trading volume jumped to 3,025,916 shares, surpassing its average of 1,194,040 shares. This surge in trading was accompanied by a 33.20% rise in the stock price, indicating strong investor sentiment.

Premarket Picks

SRIVARU Holding Limited (SVMH) experienced a significant surge of 49.67%, with a pre-market price of $0.185, following the company’s Nasdaq panel approval for continued listing amid compliance efforts.

Tenon Medical, Inc. (TNON) saw a pre-market price of $6.65 and surged 32.21% after announcing the issuance of three notices of allowance for patent applications from the USPTO.

Banzai International, Inc. (BNZI) jumped an impressive 112.09% to a pre-market price of $6.09, following the announcement of a reverse split to regain NASDAQ compliance.

Finally, Battalion Oil Corporation (BATL) reported a pre-market price of $6.43, up 118.74%, after announcing an amendment to its merger agreement with Fury Resources, Inc.

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

Top Upgrades:

1. AGNC Investment Corp. (AGNC)

Analyst Firm: Wells Fargo
Upgrade: Equal Weight to Overweight
Price Target: $12
Yesterday’s Close: $10.56

Wells Fargo analyst Donald Fandetti has upgraded AGNC Investment Corp. from Equal Weight to Overweight, raising the price target to $12 from the previous $10. Analyst price targets for AGNC Investment Corp. range from a low of $9.00 to a high of $12.00, with an average target of $10.44.

AGNC primarily invests in Agency mortgage-backed securities backed by Fannie Mae, Freddie Mac, or Ginnie Mae. The company employs leverage through repurchase agreements and utilizes risk management strategies to safeguard its portfolio from market volatility.

2. Assembly Biosciences, Inc. (ASMB)

Analyst Firm: Jefferies
Upgrade: Hold to Buy
Price Target: $35
Yesterday’s Close: $18.50

Jefferies has upgraded Assembly Biosciences, Inc. from Hold to Buy, boosting its price target to $35, up from $2. Analyst price targets for Assembly Biosciences average at $35.50, with a high of $36.00 and a low of $35.00.

Assembly Biosciences is a biotechnology firm dedicated to developing small-molecule therapeutics aimed at treating serious viral diseases and improving patient outcomes. The company is led by a team of seasoned experts in virology and drug development.

3. Annaly Capital Management, Inc. (NLY)

Analyst Firm: Wells Fargo
Upgrade: Equal Weight to Overweight
Price Target: $23
Yesterday’s Close: $20.80

Wells Fargo has upgraded Annaly Capital Management, Inc. from Equal Weight to Overweight, increasing the price target to $23 from $19. Analyst price targets for Annaly range from a low of $20.50 to a high of $23.50, with an average target of $21.45.

Annaly operates as a diversified capital manager focused on mortgage finance, seeking to generate net income for its stockholders while optimizing returns through strategic investment management. The company is structured as a real estate investment trust (REIT) for tax purposes and is internally managed.

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.