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- 🚀 Pre-Market Rockets—Ready to Fly?
🚀 Pre-Market Rockets—Ready to Fly?
Noor Saba
October 24, 2024
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Good Morning, Traders!…👋
U.S. stock futures rebounded on Thursday after a sharp sell-off in the previous session, while the dollar slipped as the euro, yen, and pound strengthened. S&P 500 futures climbed 0.41% following Wednesday’s 0.9% drop in the index.
In bond markets, the 10-year U.S. Treasury yield pulled back by around 5 basis points to 4.196%, easing after hitting a three-month high of 4.26% on Wednesday.
Strong economic data continues to raise doubts among traders about how much room the Federal Reserve has to cut interest rates in its two remaining meetings this year. Money market prices are currently pricing in just 40 basis points of easing for the remainder of 2024.
Meanwhile, oil prices recovered after a sharp fall driven by a significant build in U.S. crude stockpiles. Brent crude futures rose 1.61% to $76.17 a barrel, recouping some of its recent losses.
Happening Today
✓ 08:30 AM ET – Initial Jobless Claims
✓ 08:30 AM ET – Building Permits (Sep)
✓ 09:45 AM ET – S&P Global US Manufacturing PMI (Oct)
✓ 09:45 AM ET – S&P Global Services PMI (Oct)
✓ 10:00 AM ET – New Home Sales (Sep)
✓ 01:00 PM ET – 5-Year TIPS Auction
✓ 04:30 PM ET – Fed's Balance Sheet
We already know Trump has vowed to "drill, baby, drill," which would be beneficial for domestic oil companies. Cryptocurrencies could also do well, especially with Trump's pro-crypto running mate, Senator J.D. Vance. Plus, Trump is also bullish on cryptocurrencies, referring to himself as pro-crypto.
If you believe Vice President Kamala Harris will win the election, you may want to invest in all things green. That includes green energy and cannabis.
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PREMARKET SNAPSHOT 📈
Market futures are mixed, with the S&P 500 up 0.43% and the NASDAQ rising 0.79%, while the Dow is down slightly by 0.13%.
S&P500$5863.00 ⬆️ 0.43% | Dow$42681.00 ⬇️ 0.13% | NASDAQ$20380.50 ⬆️ 0.79% |
SECTOR SNAPSHOT✨
Yesterday's market faced significant challenges, with most sectors showing declines. Consumer Discretionary led the losses, indicating a notable drop in consumer confidence. Consumer Staples, Energy, and Financials also experienced slight downturns, reflecting broader market weakness. Health Care and Industrials recorded minor declines, while Materials followed suit. However, Real Estate and Utilities managed to post gains, providing some support amidst the overall negative sentiment. Information Technology and Communication Services faced notable drops, rounding out a day characterized by widespread declines across the market.
Name | Price | Change Percentage |
Consumer Discretionary | 1,552.44 | -1.82% 🔴 |
Consumer Staples | 881.16 | -0.12% 🔴 |
Energy | 691.83 | -0.48% 🔴 |
Financials | 783.27 | -0.12% 🔴 |
Health Care | 1,752.58 | -0.46% 🔴 |
Industrials | 1,155.80 | -0.30% 🔴 |
Materials | 604.62 | -0.35% 🔴 |
Real Estate | 277.94 | +1.02% 🟢 |
Information Technology | 4,498.79 | -1.68% 🔴 |
Communication Services | 312.23 | -1.37% 🔴 |
Utilities | 417.22 | +1.01% 🟢 |
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PreMarket Unusual Volume Stocks
📈 CCSC Technology International Holdings Ltd (CCTG) is experiencing strong pre-market activity, with over 10.8 million shares traded compared to its average volume of 49K. The stock has surged 78.17%, bringing its pre-market price to $3.10. This significant rise in both volume and price suggests strong investor interest heading into the trading session.
📈 Qualigen Therapeutics Inc (QLGN) has seen extraordinary pre-market movement, trading over 36.8 million shares, far surpassing its average volume of 495K. The stock is up 47.53%, with a pre-market price of $0.26. This sharp increase reflects strong early market momentum.
📈 Linkage Global Inc. (LGCB) has shown substantial pre-market volume, with over 20 million shares traded against its average of 465K. The stock has jumped 119.44%, bringing its pre-market price to $0.59. This dramatic rise in volume and price signals heightened interest from traders.
📈 Twin Vee PowerCats Co (VEEE) has traded over 2.2 million shares pre-market, exceeding its average volume of 150K. The stock is up 31.14%, pushing its pre-market price to $0.56. This positive movement could indicate continued gains as the market opens.
📈 Mobile Health Network Solutions (MNDR) has seen pre-market activity of over 5 million shares, compared to its average volume of 434K. The stock is up 35.29%, bringing its pre-market price to $0.69. This strong upward momentum suggests potential for further gains during the trading session.
I call these trades "live lottos" as they're options trades I open on Thursday that expire on Friday. We're not going nuts here. We're putting in $50, $85, $100 in and hope to land a 500% winner as I just did on Home Depot on July 12th. They don't win every time, but it's fun when they hit. Discover how I find these trades in my new free presentation.
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Premarket Picks
CNS Pharmaceuticals, Inc. (CNSP) saw its pre-market price rise to $0.19, a jump of 34.82%, following the announcement of a $3 million registered direct offering of common stock priced at-the-market according to Nasdaq regulations.
Mobile-health Network Solutions (MNDR) reached a pre-market price of $0.72, up 41.18%, after reporting a 77% increase in revenue for fiscal year 2024.
SAG Holdings Limited Ordinary Shares (SAG) had a pre-market price of $7.80, an increase of 22.64%, after announcing the pricing for its initial public offering and its listing on the Nasdaq capital market.
Tesla, Inc. (TSLA) recorded a pre-market price of $241.05, up 12.41%, following the release of its Q3 2024 earnings report.
Below is a list of other hot stocks in pre-market today:
Pre Market Gainers | Pre Market Change | Pre Market Volume |
|---|---|---|
QLGN | +42.53% | 33.48M |
CCTG | +109.78% | 7.05M |
LGCB | +65.46% | 4.51M |
MNDR | +40.49% | 4.29M |
VEEE | +27.90% | 1.94M |
TSLA | +12.03% | 1.81M |
BSFC | +13.20% | 461.37K |
BIVI | +11.28% | 307.26K |
SGMO | +5.84% | 289.91K |
EEIQ | +4.65% | 286.60K |
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Top Upgrades:
1. STERIS plc (STE)
Analyst Firm: Piper Sandler
Upgrade: Neutral to Overweight
Price Target: $260
Yesterday's Close: $221.15
Piper Sandler has upgraded STERIS from "Neutral" to "Overweight," raising the price target from $230 to $260. The stock price targets for STERIS range from a high of $265.00 to a low of $230.00, with a median target of $260.00 and an average target of $255.00.
STERIS is a global leader in infection prevention, offering innovative solutions that enhance patient care and promote a healthier, safer world.
2. Tesla, Inc. (TSLA)
Analyst Firm: GI Securities
Upgrade: Neutral to Outperform
Price Target: $276
Yesterday's Close: $213.65
GI Securities has upgraded Tesla from "Neutral" to "Outperform," with a new price target of $276. Tesla's stock price targets range widely, with a high of $400.00, a low of $38.00, a median of $225.00, and an average target of $217.74.
Tesla is renowned for designing and manufacturing electric vehicles, as well as energy generation and storage systems, with operations spanning the United States and the global market.
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3. UP Fintech Holding Limited (TIGR)
Analyst Firm: China Renaissance
Upgrade: Hold to Buy
Price Target: $7.58
Yesterday's Close: $6.05
China Renaissance has upgraded UP Fintech from "Hold" to "Buy," setting a price target of $7.58. Analysts have provided stock price targets for UP Fintech, ranging from a high of $20.00 to a low of $4.16, with a median target of $9.75 and an average target of $10.92.
As a prominent online brokerage, UP Fintech offers a platform for global investors to trade equities and financial instruments across a range of exchanges.
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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