Pre-Market Edge: Stocks Ready to Soar!

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Hello Part-time Trader…👋

U.S. stocks are trending higher in the Friday premarket session, as the market anticipates key inflation data while counting down the final moments of an impressive first half of the year. Today’s focal point, the headline Personal Consumption Expenditures (PCE) index—the Fed's preferred measure of inflation—is projected to show a monthly increase of 0.1% and an annual rise of 2.6%, excluding food and energy.

This inflation data is crucial for market participants gauging the Federal Reserve's next moves, particularly potential rate cuts. Additionally, this morning will bring updates on consumer spending and personal income, along with measures of consumer sentiment, providing a comprehensive snapshot of economic health as we close out the first half of 2024.

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Today is not just the end of the week, but also the month, the quarter, and the half-year, marking a pivotal day for financial markets. The Nasdaq Composite has surged about 19% in the first half, driven largely by the frenzy around artificial intelligence technologies. The broader S&P 500 has seen a nearly 15% increase, while the Dow Jones Industrial Average has experienced a more modest rise of just under 4%.

Despite the Dow’s underperformance, primarily due to a pullback this quarter, all three major indexes have shown positive momentum in June. The Nasdaq has been particularly strong, rallying more than 6% month-to-date. Meanwhile, the S&P 500 and Dow have also posted gains of over 3% and 1%, respectively.

Happening Today

✓ 08:30 AM ET – Core PCE Price Index (MoM)(YoY) (May)

08:30 AM ET – Personal Spending (MoM) (May)

✓ 09:45 AM ET – Chicago PMI (Jun)

✓ 10:00 AM ETMichigan 1 & 5-Year Inflation Expectations (Jun)

✓ 10:30 AM ET – Atlanta Fed GDPNow (Q2)

✓ 03:30 PM ET – CFTC Crude Oil & Gold speculative net positions

✓ 03:30 PM ET – CFTC Nasdaq 100 & S&P 500 speculative net positions


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PREMARKET SNAPSHOT 📈

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

S&P500

$5565.25

 ⬆️ 0.35%

Dow

$39581.00

 ⬆️ 0.08%

NASDAQ 

$20122.75

  ⬆️ 0.42%

SECTOR SNAPSHOT 

Market gains led by Consumer Discretionary and Real Estate, while Consumer Staples and Materials show declines.

NAME

PRICE

%CHANGE

Consumer Discretionary

1,512.77

+0.90% 🟢

Consumer Staples

823.67

-0.50% 🔴

Energy

695.32

+0.25% 🟢

Financials

681.64

-0.25% 🔴

Health Care

1,701.63

-0.17% 🔴

Industrials

1,031.13

+0.05% 🟢

Materials

556.59

-0.32% 🔴

Real Estate

239.68

+0.93% 🟢

Information Technology

4,359.81

-0.06% 🔴

Communication Services

315.32

+0.77% 🟢

Utilities

350.12

+0.14% 🟢


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PreMarket Unusual Volume Stocks

📈 African Agriculture Holdings Inc (AAGR): African Agriculture Holdings Inc saw an extraordinary surge in trading activity with a volume of 27,070,520, far surpassing its average volume of 273.69. This massive uptick in interest resulted in a significant price change, highlighting heightened investor activity.

📈 Cosmos Health Inc (COSM): Cosmos Health Inc experienced a substantial rise in volume, trading 9,214,716 shares compared to its average of 190.28. The increased activity was accompanied by a notable price change, indicating strong market engagement.

📈 Carisma Therapeutics Inc (CARM): Carisma Therapeutics Inc saw its trading volume soar to 3,512,590, significantly higher than its average of 272.37. The stock's significant price change reflects the surge in trading volume.

📈 CISO Global Inc (CISO): CISO Global Inc's volume spiked to 210,799, a substantial increase from its average of 69.84. Despite the relatively modest volume compared to others on the list, the price change indicates growing investor interest.

📈 Ocean Power Technologies (OPTT): Ocean Power Technologies saw its volume rise to 19,491,549 from an average of 10,010.76. However, despite the increased trading activity, the stock price changed notably, reflecting the market's reaction to the higher volume.


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Premarket Picks

Emerson Radio Corp. (MSN) surged 17.72% in pre-market trading, reaching $0.60 per share after filing its 10-K form with the SEC.

BranchOut Food Inc. (BOF) also saw a pre-market jump of 6.47%, reaching $0.72 per share. This follows news that the nation's largest retailer increased store count and projected sales for their third contract with BranchOut Food.

Esperion Therapeutics, Inc. (ESPR) joined the surge with a 10.82% gain in pre-market trading, reaching $2.56 per share. The increase comes after announcing a Royalty Purchase Agreement with OMERS Life Sciences (OMERS).

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

Pre Market Gainers

Pre Market Change

Pre Market Volume

AAGR

+88.04%

21.87M

OPTT

+42.00%

6.47M

COSM

+53.17%

4.78M

CARM

+35.94%

2.38M

DJT

+8.71%

476.42K

HOLO

+4.33%

320.08K

ASNS

+17.57%

286.39K

MTC

+7.24%

230.06K

SPCB

+2.37%

201.41K

AGRI

+4.51%

157.43K


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Important FDA 

Recently Announced

On June 26th, 2024, the FDA delivered positive news for Genmab A/S (GMAB). Their drug Epcoritamab-bysp received accelerated approval for the treatment of relapsed or refractory follicular lymphoma.

Verona Pharma plc (VRNA) also had a successful day on June 26th, 2024. The FDA approved their drug Ensifentrine, under the brand name Ohtuvayre. Ohtuvayre is now indicated for the maintenance treatment of chronic obstructive pulmonary disease (COPD) in adult patients.

Merck & Co Inc. (MRK) experienced a setback on June 26th, 2024. Their application for Patritumab deruxtecan to treat certain lung cancer patients was issued a Complete Response Letter (CRL) by the FDA. This means Merck needs to address concerns raised during an inspection of a third-party manufacturer before the drug can be approved.

AbbVie (ABBV) announced recently that the FDA granted accelerated approval to Epcoritamab-bysp on June 26th, 2024 for the treatment of adult patients with relapsed or refractory follicular lymphoma after two or more lines of systemic therapy.


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Upcoming Announcements

On June 30th, 2024, Rocket Pharmaceuticals (RCKT) is anticipating a crucial decision from the FDA regarding their drug KRESLADI (RP-L201). This drug is being evaluated for its potential to treat severe Leukocyte Adhesion Deficiency-I (LAD-I), a rare and life-threatening genetic disorder. The FDA's decision will determine whether KRESLADI receives approval as a treatment option for this devastating condition.

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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.

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