Good Morning, Traders!…👋

U.S. stock futures are up early Thursday as traders react to the Federal Reserve's recent decision to lower interest rates by half a percentage point. This move, which brought the overnight lending rate down to a range of 4.75% to 5.00%—the first reduction in four years—caught some investors by surprise, sparking debate over the size of the cut.

Despite an initial rally that pushed the S&P 500 and Dow Jones to new record highs following the announcement, stocks closed lower on Wednesday. Tom Porcelli, chief U.S. economist at PGIM Fixed Income, noted that the market’s decline was largely due to Fed Chair Jerome Powell's comments, indicating that this initial 50 basis point cut does not necessarily signal further aggressive reductions ahead.

In Other Markets:

• Cryptocurrencies: Bitcoin rose 3.3% to $62,189.86, while Ether climbed 4.6% to $2,432.79.

• Bonds: The yield on 10-year Treasuries declined one basis point to 3.69%. In Europe, Germany’s 10-year yield advanced one basis point to 2.20%, while Britain’s 10-year yield remained little changed at 3.84%.

• Commodities: Brent crude increased by 1.2% to $74.55 a barrel, and spot gold rose 1.3% to $2,592.17 an ounce.

Looking ahead, traders are keeping an eye on earnings reports from Darden Restaurants, FedEx, and Lennar, as well as August’s existing home sales and the latest weekly jobless claims.

Happening Today

✓ 08:30 AM ET – Initial Jobless Claims

✓ 08:30 AM ET – Philadelphia Fed Manufacturing Index (Sep)

✓ 10:00 AM ET – Existing Home Sales (Aug)

✓ 10:00 PM ET – Philly Fed Employment (Sep)

✓ 10:00 AM ET – US Leading Index (MoM) (Aug)

✓ 01:00 PM ET – 10-Year TIPS Auction

✓ 04:30 PM ET – Fed's Balance Sheet

PREMARKET SNAPSHOT📈

Market futures are showing strong gains, with the S&P 500 up 1.62%, the Dow rising 1.10%, and the NASDAQ leading with a 2.07% increase.

SECTOR SNAPSHOT✨

Market reflected a generally negative sentiment, with most sectors experiencing declines. Consumer Discretionary and Financials led the losses, showing signs of weakness in consumer confidence. Health Care and Industrials also faced slight downturns, contributing to the overall trend. While Energy managed a modest gain, it wasn't enough to counterbalance the losses in other areas. Information Technology and Materials both experienced notable declines, while Real Estate also dipped. On a brighter note, Communication Services saw a marginal increase, but Utilities suffered a significant drop, rounding out a day marked by widespread declines across the market.

PreMarket Unusual Volume Stocks

📈 Freight Technologies Inc (FRGT): The stock of Freight Technologies Inc exhibited a substantial increase in trading activity, with the volume surging to 29,565,088, significantly higher than its average of 3,095,740. This led to a 21.95% change in the stock price, indicating elevated market interest.

📈 Telesis Bio Inc (TBIO): Telesis Bio Inc experienced a notable trading volume spike to 10,468,375, far exceeding its average of 152,140. This dramatic surge resulted in a 194.12% price increase, suggesting strong investor enthusiasm.

📈 Signing Day Sports Inc (SGN): Signing Day Sports Inc saw its trading volume jump to 10,140,758, compared to an average of 497,950. This significant increase correlated with a 107.62% rise in the stock price, highlighting heightened market activity.

📈 Vision Marine Technologies Inc (VMAR): Vision Marine Technologies Inc's trading volume reached 5,594,006, surpassing its average of 696,730. The stock's price change of 16.09% aligns with this uptick in trading activity.

📈 Venus Concept Inc (VERO): Venus Concept Inc recorded a trading volume of 4,643,698, well above its average volume of 388,780. This resulted in a 71.16% price increase, indicating strong market interest.

Premarket Picks

Exicure, Inc. (XCUR) is trading at $6.0500 in pre-market, up 164.19% after receiving an extension from the Nasdaq Hearings Panel to continue its listing, subject to compliance by November 14, 2024. The company recently regained compliance with Nasdaq's minimum bid price requirement and exchanged $1 million of debt for equity at $3.00 per share.

Venus Concept Inc. (VERO) is trading at $0.8130 in pre-market, up 61.79% after receiving Australian regulatory approval for its Venus Bliss MAX system, a comprehensive body treatment solution now cleared for marketing in Australia.

Galmed Pharmaceuticals Ltd. (GLMD) is trading at $10.70 in pre-market, up 55.07% after announcing an expansion into cancer and major cardiometabolic diseases. The company plans two new programs: one targeting drug resistance in advanced colorectal and hepatic cancers and another focusing on developing treatments for cardiac fibrosis, with new data expected in Q4 2024.

Signing Day Sports, Inc. (SGN) is trading at $0.2800 in pre-market, up 115.55% after signing a binding term sheet to acquire 95-99% of Swifty Global, a sports and casino technologies company. This all-equity deal marks the start of Signing Day Sports' growth strategy to acquire companies in the sports and casino technology sector.

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

Top Upgrades:

1. Equifax Inc. (EFX)

Analyst Firm: Exane BNP Paribas
Upgrade: Underperform to Neutral
Price Target: $310
Yesterday’s Close: $297.57

Exane BNP Paribas analyst Andrew Grobler has upgraded Equifax Inc. from Underperform to Neutral, setting a price target of $310. Equifax, a data, analytics, and technology company, operates through three main segments: Workforce Solutions, U.S. Information Solutions (USIS), and International.

Analyst price targets for Equifax range from a low of $270.00 to a high of $380.00, with a median of $306.00 and an average target of $309.17.

2. Prelude Therapeutics Incorporated (PRLD)

Analyst Firm: H.C. Wainwright
Upgrade: Neutral to Buy
Price Target: $5
Yesterday’s Close: $2.44

H.C. Wainwright has upgraded Prelude Therapeutics Incorporated from Neutral to Buy, maintaining a price target of $5. Prelude Therapeutics is a clinical-stage biopharmaceutical company dedicated to discovering and developing novel precision cancer medicines for underserved patients.

Analyst estimates for Prelude Therapeutics set the stock price target with a high of $10.00, a median of $5.50, and a low of $3.00, leading to an average target of $6.00.

3. DoorDash, Inc. (DASH)

Analyst Firm: BTIG
Upgrade: Neutral to Buy
Price Target: $155
Yesterday’s Close: $132.48

BTIG analyst Jake Fuller has upgraded DoorDash, Inc. from Neutral to Buy, setting a price target of $155. DoorDash operates a commerce platform that connects merchants, consumers, and independent contractors in the United States and internationally.

The stock price target for DoorDash ranges from a low of $119.00 to a high of $174.00, with a median of $145.00 and an average of $145.03.

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.