Good Morning, Traders!…👋

U.S. stock index futures saw modest gains on Thursday, buoyed by optimism that the Federal Reserve might begin easing its policy as early as next month. This positive sentiment is largely fueled by the anticipation of comments from Fed officials at the Jackson Hole Economic Symposium, which starts today.

The likelihood of a rate cut in September was reinforced by the minutes from the Fed's latest meeting, released on Wednesday, where a "vast majority" of officials indicated that a rate reduction was probable. These discussions took place before the release of July's underwhelming employment data and other indicators suggesting a cooling inflation and a still-resilient economy.

Attention is now keenly focused on Fed Chair Powell, who is expected to speak on Friday at Jackson Hole. According to the CME FedWatch Tool, the money markets are pricing in a 69.5% chance of at least a 25-basis-point cut in September, with potential for up to 100 basis points of easing by year-end, as per LSEG data.

Today also brings fresh economic data, with U.S. jobless claims set to be released at 8:30 a.m. ET and preliminary estimates of August U.S. business activity due at 9:45 a.m. ET.

Happening Today

✓ 08:30 AM ET – Initial Jobless Claims

✓ 09:45 AM ET – S&P Global US Manufacturing PMI (Aug)

✓ 09:45 AM ET – S&P Global Services PMI (Aug)

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

✓ 01:00 PM ET – 30-Year TIPS Auction

✓ 04:30 PM ET – Fed's Balance Sheet

PREMARKET SNAPSHOT📈

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

SECTOR SNAPSHOT✨

The market enjoyed a broadly positive session, with gains led by Consumer Discretionary and Materials. Information Technology and Industrials also posted solid increases, contributing to the overall upbeat sentiment. Consumer Staples and Health Care added to the momentum with steady gains. While Energy and Financials saw minor declines, the general market tone was optimistic, with most sectors finishing the day in the green. Utilities also performed well, rounding out a strong day across the board.

PreMarket Unusual Volume Stocks

📈 Mobix Labs Inc (MOBX): Mobix Labs Inc experienced a significant increase in trading activity with a volume of 6,808,837, far exceeding its average volume of 66,630. This surge in activity led to a 64.74% price change, reflecting heightened market interest.

📈 Staffing 360 Solutions Inc (STAF): Staffing 360 Solutions Inc saw an extraordinary surge in volume, trading 10,668,544 shares compared to its average of 114,600. This dramatic increase resulted in a 143.42% price change, indicating strong investor activity.

📈 Air Industries Group (AIRI): Air Industries Group's trading volume rose to 932,006, significantly higher than its average of 24,350. The stock's price change of 41.07% mirrors this spike in trading volume.

📈 Quantum Corp (QMCO): Quantum Corp saw its volume rise to 3,491,871, far surpassing its average of 520,720. This increase in trading activity resulted in a 9.41% price change.

📈 Guardion Health Sciences Inc (GHSI): Guardion Health Sciences Inc's volume spiked to 57,762, a substantial increase from its average of 9,030. The stock's 18.78% price change highlights the impact of the increased trading activity.

Premarket Picks

Mobix Labs, Inc. (MOBX) is soaring in the premarket, up 77.23% to $1.56, thanks to impressive Q3 financial results. Revenue surged 80% and gross margin expanded.

Air Industries Group (AIRI) is gaining 47.47% to $5.53 after securing a $110 million contract for Thrust Struts used in GTF jet engines.

Guardion Health Sciences, Inc. (GHSI) is up 18.45% to $10.72 as investors cheer a $5.00 per share dividend declaration.

Peloton Interactive, Inc. (PTON) is seeing a more modest 11.60% increase to $3.75, likely driven by its latest financial results.

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

Top Upgrades:

1. SentinelOne, Inc. (S)

Analyst Firm: Wells Fargo
Upgrade: Equal Weight to Overweight
Price Target: $29 (Previous: $19)
Yesterday’s Close: $24.56

Wells Fargo has upgraded SentinelOne, Inc. from Equal Weight to Overweight, raising its price target to $29 from the previous $19. This upgrade reflects increased confidence in SentinelOne’s growth prospects. Analyst estimates for the stock range from a low of $18.00 to a high of $37.00, with a median of $25.00 and an average target of $25.49.

SentinelOne is recognized as a leading AI-powered cybersecurity platform, distinguished by its pioneering unified Data Lake. This innovative technology enables SentinelOne to deliver intelligent, data-driven systems that autonomously manage complexity and risk, ensuring secure operations and continuous innovation.

2. Unilever PLC (UL)

Analyst Firm: BofA
Upgrade: Underperform to Buy
Price Target: $72 (Previous: $47)
Yesterday’s Close: $61.80

BofA analyst Victoria Petrova has significantly upgraded Unilever PLC, moving the rating from Underperform to Buy, with a new price target of $72, up from the previous $47. This notable upgrade indicates a positive outlook on Unilever's future performance.

Analyst price targets for Unilever range from a low of $50.64 to a high of $74.02, with a median of $63.45 and an average of $63.24.

Unilever is a global powerhouse in sectors such as Beauty & Wellbeing, Personal Care, Home Care, Nutrition, and Ice Cream. With products used daily by 3.4 billion people across over 190 countries and a workforce of 127,000 employees, Unilever achieved €59.6 billion in sales in 2023.

3. The Estée Lauder Companies Inc. (EL)

Analyst Firm: Piper Sandler
Upgrade: Neutral to Overweight
Price Target: $114 (Previous: $95)
Yesterday’s Close: $91.51

Piper Sandler has upgraded The Estée Lauder Companies Inc. from Neutral to Overweight, increasing the price target to $114 from the previous $95. This upgrade underscores increased confidence in Estée Lauder’s market potential. Analyst price targets for Estée Lauder range from a low of $86.00 to a high of $150.00, with a median of $109.00 and an average of $113.75.

Estee Lauder is a global leader in the manufacture, marketing, and sale of premium skincare, makeup, fragrance, and hair care products, renowned for its commitment to quality and innovation in the beauty industry.

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.