Good Morning, Traders!…👋

Stock futures are down in premarket trading on Monday, extending the recent market turbulence.

This week’s focus is squarely on Federal Reserve Chair Jerome Powell’s highly anticipated speech at the Jackson Hole summit on Friday, where he is expected to signal a dovish stance, potentially paving the way for an interest rate cut in September.

Adding to the week's significance, the Federal Reserve will release the minutes from its July meeting on Wednesday, which could provide further clues on whether policymakers are ready to conclude their battle against inflation.

In other news, oil prices are sliding as U.S. Secretary of State Antony Blinken arrives in Tel Aviv to discuss a ceasefire between Israel and Hamas.

Happening Today

✓ 09:15 AM ET – Fed Waller Speaks

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

PREMARKET SNAPSHOT📈

Market futures are nearly flat, with the S&P 500, Dow, and NASDAQ all showing very slight declines.

SECTOR SNAPSHOT✨

The market showed modest gains, with Financials and Information Technology leading the positive momentum. Consumer Discretionary and Consumer Staples also edged higher, contributing to the overall upward trend. However, Energy and Industrials faced minor declines, while Real Estate remained relatively flat. Despite these mixed results, the day was marked by a steady performance across most sectors, reflecting cautious optimism in the market.

PreMarket Unusual Volume Stocks

📈 Applied Dna Sciences Inc (APDN): Applied Dna Sciences Inc experienced a significant increase in trading activity with a volume of 27,906,695, far exceeding its average volume of 2,353,540. This surge in activity led to a 118.42% price change, reflecting heightened market interest.

📈 Virax Biolabs Group Ltd (VRAX): Virax Biolabs Group Ltd saw an extraordinary surge in volume, trading 10,833,777 shares compared to its average of 1,711,240. This dramatic increase resulted in a 130.52% price change, indicating strong investor activity.

📈 Tonix Pharmaceuticals Holding Corp (TNXP): Tonix Pharmaceuticals Holding Corp's trading volume rose to 19,703,229, significantly higher than its average of 3,313,180. The stock's price change of 23.60% mirrors this spike in trading volume.

📈 Chimerix Inc (CMRX): Chimerix Inc saw its volume rise to 1,450,644, far surpassing its average of 281,120. This increase in trading activity resulted in a 7.84% price change.

📈 ALT5 Sigma Corp. (ALTS): ALT5 Sigma Corp.'s volume spiked to 778,353, a substantial increase from its average of 162,840. The stock's 33.04% price change highlights the impact of the increased trading activity.

Premarket Picks

Tonix Pharmaceuticals Holding Corp. (TNXP) stock price has skyrocketed over 25% this morning before the market opens, reaching $0.56 per share. This big jump comes after the company released its financial results for the second quarter of 2024.

GeoVax Labs, Inc. (GOVX) stock is up a massive 53.68% in pre-market trading, reaching $10.85 per share. The company is excited to announce it will be presenting at the upcoming Emerging Growth Conference on August 21-22, 2024.

RedHill Biopharma Ltd. (RDHL)  shares are soaring over 18% in early trading, reaching $0.34 per share. This surge is due to positive results from their Opaganib treatment for obesity and diabetes.

SciSparc Ltd. (SPRC) stock has climbed 24.32% to $0.46 per share before the market opens. The company has just signed a deal with Polyrizon Ltd. to license their SCI-160 program for pain treatment.

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

Top Upgrades:

1. Newmont Corporation (NEM)

Analyst Firm: Scotiabank
Upgrade: Sector Perform to Outperform
Price Target: $58 (Previous: $48)
Friday's Close: $50.21

Scotiabank has raised its outlook for Newmont. They now believe Newmont will outperform its industry and set a potential stock price of $59, up from their previous estimate of $48.

Newmont Corporation (NEM), the world’s leading gold producer, has a stock price target ranging from $41.94 to $61.00. The median target is $54.00, and the average is $53.12, reflecting its strong global portfolio in favorable mining regions.

2. Gates Industrial Corporation plc (GTES)

Analyst Firm: RBC Capital
Upgrade: Sector Perform to Outperform
Price Target: $22 (Previous: $20)
Friday's Close: $17.43

RBC Capital has improved its rating for Gates Industrial. They now expect the company to outperform its industry and predict a stock price of $22, increased from their earlier prediction of $20.

Gates Industrial Corporation plc (GTES), a global leader in power transmission and fluid power solutions, has a stock price target ranging from $16.00 to $22.00. The median target is $21.50, with an average of $20.40, showcasing its broad product portfolio and market presence.

3. Taylor Morrison Home Corporation (TMHC)

Analyst Firm: BTIG
Upgrade: Neutral to Buy
Price Target: $78
Friday's Close: $61.57

BTIG has upgraded its recommendation for Taylor Morrison. They now suggest buying the stock and have set a target price of $78.

Taylor Morrison Home Corporation (TMHC), one of the top homebuilders in the U.S., has a stock price target between $65.00 and $88.00. The median target is $74.00, and the average is $76.00, indicating confidence in its diverse housing brands and nationwide reach.

Happy investing,

Maeve Grace
Editor In Chief
Premium Trade 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.