Good Morning, Traders!…👋

U.S. stock futures dipped on Wednesday, extending the declines from Tuesday as traders seemed to be reassessing the substantial gains following Donald Trump's election victory last week.

Market momentum has been relatively quiet, with investors mainly speculating on potential Trump administration policies aimed at boosting corporate profits. However, this could shift today with the release of new inflation data, expected to indicate that prices remain above the Federal Reserve’s target—a factor that could challenge the likelihood of another rate cut in December.

The pause isn’t limited to equities; Bitcoin, which recently hit new highs, saw a slight pullback. Tesla, led by Trump ally Elon Musk, also fell after a striking 40% rally in the wake of last week's election.

Meanwhile, bond yields continued their upward trajectory amid expectations that Trump’s policies could stoke higher inflation. The 10-year Treasury yield rose slightly to 4.419%, while the two-year yield edged up to 4.345%.

Happening Today

✓ 08:30 AM ET - CPI (MoM) (YoY) (Oct)

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

✓ 02:00 PM ET – Federal Budget Balance (Oct)

✓ 04:30 PM ET – API Weekly Crude Oil Stock

PREMARKET SNAPSHOT 📈

Market futures are down, with the S&P 500 falling 0.26%, the Dow declining 0.34%, and the NASDAQ down 0.29%.

SECTOR SNAPSHOT✨

Yesterday, the market faced broad declines across most sectors. Consumer Discretionary and Health Care led the losses, down 1.10% and 1.34%, respectively. Industrials, Materials, and Real Estate also experienced significant declines. Energy and Financials saw slight drops, while Utilities fell by 1.13%. On the positive side, Information Technology and Communication Services managed modest gains, rising by 0.45% and 0.51%. Overall, the market struggled with most sectors in the red, except for a few in tech and communications.

PreMarket Unusual Volume Stocks

📈 Kairos Pharma Ltd (KAPA) experienced significant pre-market activity, with over 2.9 million shares traded, surpassing its average volume of 174K. The stock rose by 40.19%, closing at $2.88. This substantial increase highlights strong investor interest and potential positive developments for the company.

📈 Microvast Holdings Inc (MVST) saw an impressive surge, with its stock price jumping 129.72% to $0.42. The company traded over 39.7 million shares, greatly exceeding its average volume of 2.4 million. This remarkable performance suggests heightened optimism among investors and increased market attention.

📈 Cyclacel Pharmaceuticals Inc (CYCC) posted a 21.98% gain, closing at $0.50. The company saw a trading volume of over 5.3 million shares, above its average of 1.2 million. This increase indicates a positive market response, potentially fueled by news or market sentiment in the biotech sector.

📈 Nature's Miracle Holding Inc (NMHI) had a strong pre-market performance, with a 52.86% rise in its stock price to $0.13. The trading volume reached over 36.4 million shares, well above its average of 12 million, reflecting strong investor interest in the company.

📈 Kaixin Holdings (KXIN) experienced a 58.22% jump in its stock price, closing at $4.62. The company traded over 1.7 million shares, surpassing its average volume of 626K. This notable increase suggests positive sentiment and interest in the company as it moves into the trading day.

Premarket Picks

Microvast Holdings, Inc. (MVST) saw a remarkable pre-market surge of 126.95%, with its stock price rising to $0.41. This surge followed the company's announcement of its third-quarter 2024 financial results, which revealed a record revenue of $101.4 million, marking a 26.6% year-over-year increase.

Nature's Miracle Holding Inc. (NMHI) experienced a pre-market gain of 43.87%, with its stock reaching $0.12. The increase came after the company announced the successful closing of a $3.0 million public offering.

Rocket Lab USA, Inc. (RKLB) saw a pre-market rise of 24.15%, bringing its price to $18.20. This surge was driven by the company's third-quarter earnings report and the announcement of its first customer for the upcoming Neutron rocket.

Ensysce Biosciences, Inc. (ENSC) saw a pre-market gain of 19.33%, with its stock price climbing to $0.80. The increase followed the release of the company’s financial and operational results for the third quarter ended September 30, 2024.

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

Top Upgrades:

1. PACCAR Inc (PCAR)

Analyst Firm: Evercore ISI
Upgrade: In-Line to Outperform
Price Target: $129
Yesterday's Close: $116.79

Evercore ISI has upgraded PACCAR Inc from In Line to Outperform and increased its price target to $129 from $99. PACCAR, known for its Kenworth, Peterbilt, and DAF brands, is a global leader in the truck manufacturing industry. Analysts have set the stock price targets for PACCAR between a low of $32.67 and a high of $129.00, with a median of $117.00 and an average target of $110.54.

2. BankUnited, Inc. (BKU)

Analyst Firm: Wells Fargo
Upgrade: Equal Weight to Overweight
Price Target: $48
Yesterday's Close: $39.78

Wells Fargo upgraded BankUnited to Overweight from Equal Weight, raising its price target to $48 from $38. BankUnited Inc. provides a comprehensive range of banking services, serving Florida, the New York metro area, Dallas, the Southeast, and Atlanta through its wholesale division. Analysts' stock price targets for BankUnited range from a low of $36.00 to a high of $48.00, with a median target of $38.00 and an average target of $39.50.

3. The Timken Company (TKR)

Analyst Firm: Evercore ISI
Upgrade: In-Line to Outperform
Price Target: $91
Yesterday's Close: $74.63

Evercore ISI also upgraded The Timken Company to Outperform from In Line, increasing the price target to $91 from $87. Timken, a global leader in engineered bearings and industrial motion products, services various industries with innovative solutions. Analysts' stock price targets for Timken range from a low of $73.00 to a high of $99.00, with a median of $87.00 and an average of $87.45.

Happy investing,

Maeve Grace
Editor In Chief
Premium Stock 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.