Pre-Market Edge: Stocks Ready to Soar!

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Hello Part-time Traderβ€¦πŸ‘‹

In the premarket, Wednesday, U.S. stock market saw an uptick as Federal Reserve Chair Jerome Powell ignited hopes for upcoming interest-rate cuts.

Addressing Congress, Powell expressed heightened concern over the weakening labor market and its potential to curb inflation. His statements strengthened the belief that the Fed might initiate rate cuts as soon as September, setting the stage for a potential stock market rally. Upcoming inflation data on Thursday will provide additional clarity.

On the corporate front, Apple made headlines by becoming the first company to close with a market value exceeding $3.5 trillion. Meanwhile, Tesla is poised to mark its 11th consecutive session of gains, continuing its impressive streak.

In the digital asset realm, Bitcoin and other major cryptocurrencies climbed early Wednesday, boosted by Powell's latest comments which sparked renewed investor interest in digital assets.

Happening Today

βœ“ 10:00 AM ET – Fed Chair Powell Testifies

βœ“ 10:30 AM ET – Crude Oil Inventories

βœ“ 12:00 PM ET – Atlanta Fed GDPNow (Q2)

βœ“ 01:00 PM ET – 10-Year Note Auction

βœ“ 02:30 PM ET – FOMC Member Bowman Speaks

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PREMARKET SNAPSHOT πŸ“ˆ

Market futures are mixed, with the S&P 500 up 0.14% and the NASDAQ rising 0.27%, while the Dow is slightly down by 0.01%.

S&P500

$5639.00

 β¬†οΈ 0.14%

Dow

$39594.00

⬇️ 0.01%

NASDAQ 

$20733.75

 β¬†οΈ 0.27%

SECTOR SNAPSHOT βœ¨

Market showed mixed performance with gains led by Financials, Health Care, and Consumer Discretionary. However, Energy and Materials experienced notable declines, indicating sector-specific challenges. Overall, a balance of modest gains and losses was observed across different sectors.

NAME

PRICE

%CHANGE

Consumer Discretionary

1,552.03

+0.26% 🟒

Consumer Staples

824.63

-0.24% πŸ”΄

Energy

678.86

-0.94% πŸ”΄

Financials

694.03

+0.65% 🟒

Health Care

1,689.61

+0.43% 🟒

Industrials

1,022.88

-0.45% πŸ”΄

Materials

549.87

-1.01% πŸ”΄

Real Estate

240.99

+0.07% 🟒

Information Technology

4,542.49

+0.04% 🟒

Communication Services

319.20

+0.04% 🟒

Utilities

349.50

+0.28% 🟒

7 Stocks to Own Before the 2024 Election

The only thing that can be certain about the 2024 election cycle is another year of mudslinging and rancor among parties. What this means for investors is another year with potentially high volatility and uncertainty in the stock market. The only way to avoid the hassle is to be out of the market, which isn't viable. Where should investors put their money? MarketBeat's team of analysts have made a list of these stocks in a special report titled "7 Stocks to Own Before the 2024 Election."

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PreMarket Unusual Volume Stocks

πŸ“ˆ Ampco-Pittsburgh Corp. (AP): Ampco-Pittsburgh Corp. saw a significant increase in trading activity with a volume of 6,867,836, well above its average volume of 135.13. This notable rise in volume corresponds with a 49.04% price change, reflecting heightened market interest.

πŸ“ˆ Seelos Therapeutics Inc (SEEL): Seelos Therapeutics Inc experienced a substantial rise in volume, trading 4,414,293 shares compared to its average of 171.67. This dramatic increase in trading volume resulted in a 32.35% price change, indicating strong investor activity.

πŸ“ˆ SU Group Holdings Ltd. (SUGP): SU Group Holdings Ltd. saw its trading volume surge to 415,751, significantly higher than its average of 24.84. Despite the increased trading activity, the stock experienced a -14.35% price change.

πŸ“ˆ Naas Technology Inc ADR (NAAS): Naas Technology Inc ADR's volume spiked to 3,387,088, a substantial increase from its average of 203.89. The stock's 69.85% price change highlights the impact of the increased trading activity.

πŸ“ˆ VivoPower International PLC (VVPR): VivoPower International PLC saw its volume rise to 9,936,875, far exceeding its average of 1,222.11. The stock's 99.22% price change reflects the surge in trading volume.

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Premarket Picks

VivoPower International (VVPR) skyrocketed 92% pre-market to nearly $5 after securing a loan agreement extension with a major shareholder.

Ampco-Pittsburgh (AP) soared over 54% pre-market to $1.18 on news of contract wins and a growing sales backlog for its subsidiaries.

Soligenix (SNGX) jumped almost 23.5% pre-market to over $9 following an update on a treatment study for early-stage skin cancer.

Aehr Test Systems (AEHR) surged nearly 16% pre-market to $14.38 after releasing preliminary financial results for fiscal year 2024.

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

Pre Market Gainers

Pre Market Change

Pre Market Volume

AP

+68.65%

5.03M

VVPR

+72.94%

3.69M

SEEL

+33.09%

3.24M

LUCY

+6.08%

1.97M

OPTT

+3.77%

411.24K

GDHG

+4.35%

146.40K

MTC

+4.92%

131.47K

CORZ

+4.60%

128.25K

BHAT

+8.00%

112.29K

WULF

+3.18%

73.46K

The NEXT Trillion Dollar Company?

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Details on the controversy here.
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Important FDA 

Recently Announced

Arcutis Biotherapeutics Inc. (ARQT) received a positive decision from the FDA on July 9, 2024. Their Roflumilast Cream 0.15% was approved for treating mild to moderate atopic dermatitis in adult and pediatric patients 6 years of age and older.

Rocket Pharmaceuticals, Inc. (RCKT) did not receive good news from the FDA on June 28, 2024. The FDA issued a Complete Response Letter for their KRESLADI treatment.

AbbVie (ABBV) on the other hand, received approval from the FDA on June 26, 2024 for their Epcoritamab-bysp treatment for a specific type of lymphoma.

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Upcoming Announcements

Mark your calendars! Investors in Phathom Pharmaceuticals Inc. (PHAT) have a date to circle: July 19th, 2024. This is the day the FDA will announce its decision on VOQUEZNA Tablets, a medication designed to treat heartburn associated with a specific type of gastroesophageal reflux disease (GERD) called non-erosive GERD.

AstraZeneca PLC (AZN) investors should keep an eye on July 25th, 2024. A critical date is looming as an external panel of experts convenes to review the use of their drug IMFINZI. This review will focus specifically on the efficacy of using IMFINZI in combination with chemotherapy before surgery (neoadjuvant treatment), followed by IMFINZI as a standalone treatment after surgery, for adult patients with resectable non-small cell lung cancer.

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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