Hello Part-time Trader…👋

US Stocks fell in the Premarket Today after a record-setting day for the Dow Jones Industrial Average, with semiconductor shares leading the decline. This downturn followed a Bloomberg report that the Biden administration might tighten trade restrictions on companies supplying U.S.-made semiconductor technology to China. The VanEck Semiconductor ETF (SMH) dropped nearly 3%, and Nvidia and Taiwan Semiconductor shares each lost 3% in premarket trading.

Semiconductor stocks, which have been significant contributors to this year’s market gains due to AI-driven profit potential, faced pressure. Despite this, the Dow had surged over 700 points to a new record on Tuesday, while small caps continued their rise, with the Russell 2000 gaining 3.5% and marking a five-day winning streak.

The market rally is broadening as optimism grows around potential interest rate cuts, which would benefit small caps and highly leveraged companies. According to the CME FedWatch tool, there is now a 100% expectation that the Federal Reserve will lower rates in September.

Happening Today

✓ 08:30 AM ET – Building Permits (Jun)

✓ 08:30 AM ET – Housing Starts (MoM) (Jun)

✓ 09:15 AM ET – Industrial Production (YoY) (MoM) (Jun)

✓ 09:35 AM ET – Fed Waller Speaks

✓ 10:30 AM ET – Crude Oil Inventories

✓ 11:15 AM ET – Atlanta Fed GDPNow (Q2)

✓ 01:00 PM ET – 20-Year Bond Auction

PREMARKET SNAPSHOT📈

Market futures are down, with the S&P 500, Dow, and NASDAQ all showing declines.

SECTOR SNAPSHOT✨

The market had a strong showing, with Industrials and Materials leading the charge with impressive gains. Consumer Discretionary and Health Care also posted solid increases, reflecting robust market confidence. Financials and Consumer Staples added to the positive momentum. However, Information Technology and Communication Services faced minor declines, standing out in an otherwise bullish market. Overall, the sentiment remained highly positive across most sectors.

PreMarket Unusual Volume Stocks

📈Aditxt Inc (ADTX): Aditxt Inc saw a significant increase in trading activity with a volume of 5,427,112, well above its average volume of 42.87. This notable rise in volume corresponds with a 53.76% price change, reflecting heightened market interest.

📈CytoMed Therapeutics Ltd (GDTC): CytoMed Therapeutics Ltd experienced a substantial rise in volume, trading 474,865 shares compared to its average of 4.19. This dramatic increase in trading volume resulted in a 30.10% price change, indicating strong investor activity.

📈Asset Entities Inc (ASST): Asset Entities Inc saw its trading volume surge to 2,546,527, significantly higher than its average of 86.26. The stock's price change of 37.52% mirrors this spike in trading volume.

📈Aptevo Therapeutics Inc (APVO): Aptevo Therapeutics Inc's volume spiked to 21,813,745, a substantial increase from its average of 992.13. The stock's 31.34% price change highlights the impact of the increased trading activity.

📈Shimmick Corp. (SHIM): Shimmick Corp. saw its volume rise to 2,622,436, far exceeding its average of 184.54. The stock's 43.00% price change reflects the surge in trading volume.

Premarket Picks

Aditxt, Inc. (ADTX) surged nearly 99% in pre-market trading to $3.17 per share after announcing an accelerated merger timeline with Evofem, aiming for a September 30 closing date.

Shimmick Corporation (SHIM) skyrocketed almost 50% to $3.02 per share in pre-market following the award of a $27.6 million subcontract for electrical work on the Sunol Valley Water Treatment Plant Ozonation project.

ORIC Pharmaceuticals, Inc. (ORIC) climbed nearly 11.5% to over $12.25 per share after announcing multiple clinical collaborations to support its ongoing prostate cancer trial evaluating ORIC-944 in combination with AR inhibitors.

Aclaris Therapeutics, Inc. (ACRS) increased by 11.2% to $1.49 per share in pre-market trading after announcing the sale of OLUMIANT® royalties and milestones to OMERS Life Sciences for up to $31.5 million.

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

Important FDA

Recently Announced

Arcutis Biotherapeutics (ARQT) secured FDA approval on July 9, 2024, for its Roflumilast Cream (0.15%). The cream is now authorized to treat mild to moderate eczema in patients aged six and older.

Rocket Pharmaceuticals (RCKT) encountered a setback on June 28, 2024, when the FDA requested additional data for its KRESLADI treatment. The company must now provide the requested information before resubmitting its application for approval.

AbbVie (ABBV) received positive news on June 26, 2024, as the FDA approved its Epcoritamab-bysp treatment for a specific type of lymphoma. This approval represents a significant milestone for AbbVie and offers new hope for patients with this cancer.

Upcoming Announcements

Phathom Pharmaceuticals (PHAT) is awaiting a critical FDA decision on July 19, 2024. The agency will announce its approval or rejection of VOQUEZNA Tablets for treating heartburn associated with non-erosive GERD.

AstraZeneca (AZN) investors should mark July 25, 2024, on their calendars. An expert panel will convene to assess the lung cancer treatment, IMFINZI. The focus will be on its effectiveness when used with chemotherapy before surgery (neoadjuvant) and as a standalone treatment after surgery for patients with resectable non-small cell lung cancer.

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.