Hello Part-time Trader…👋

U.S. stock futures are on the rise in the premarket Friday, bouncing back after a rollercoaster trading session on Thursday. Investors are making bold moves, shifting away from technology stocks and exploring other opportunities.

The excitement is partly fueled by the prospect of interest-rate cuts from the Federal Reserve, which is giving a boost to select stocks. However, the big-name tech giants that once led the market rally are now feeling the heat and seeing a pullback. All eyes are on Friday's key inflation data—the personal consumption expenditures (PCE) index—which could be a game-changer for the market if it signals that the Fed has room to adjust rates.

In the bond market, yields are holding steady. The benchmark 10-year U.S. Treasury bond yield is at 4.258%, while the 2-year note yield stands at 4.437%. The market is buzzing with anticipation as traders and investors brace for the day's developments.

Happening Today

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

✓ 08:30 AM ET – Personal Spending (MoM) (Jun)

✓ 10:00 AM ET – Michigan 1-Year Inflation Expectations (Jul)

✓ 10:30 AM ET – Atlanta Fed GDPNow (Q3)

✓ 03:30 PM ET – CFTC Nasdaq 100 speculative net positions

PREMARKET SNAPSHOT📈

Market futures are up, with the S&P 500 rising by 0.72%, the Dow increasing by 0.56%, and the NASDAQ gaining 0.98%.

SECTOR SNAPSHOT✨

The market showed a mixed performance with notable gains in Energy and Industrials, indicating some strength in these sectors. Financials and Materials also posted modest increases. However, Information Technology and Communication Services faced significant declines, dragging the overall sentiment. Consumer Discretionary and Real Estate also experienced minor setbacks, while Utilities and Health Care saw modest declines, reflecting a cautious market environment.

PreMarket Unusual Volume Stocks

📈 Carbon Revolution Public Ltd. Co. (CREV): Carbon Revolution Public Ltd. Co. experienced a significant increase in trading activity with a volume of 2,547,754, far exceeding its average volume of 16,160. This surge in activity led to a 91.25% price change, reflecting heightened market interest.

📈 Windtree Therapeutics Inc (WINT): Windtree Therapeutics Inc saw an extraordinary surge in volume, trading 4,528,165 shares compared to its average of 61,470. This dramatic increase resulted in a 105.17% price change, indicating strong investor activity.

📈 Avinger Inc (AVGR): Avinger Inc's trading volume soared to 648,797, significantly higher than its average of 18,540. Despite the increased trading activity, the stock experienced a -14.29% price change.

📈 BurgerFi International Inc (BFI): BurgerFi International Inc saw its volume rise to 10,789,043, far surpassing its average of 580,810. This massive uptick in trading activity resulted in a significant 66.92% price change.

📈 Vintage Wine Estates Inc (VWE): Vintage Wine Estates Inc's volume spiked to 13,430,896, a substantial increase from its average of 1,679,830. The stock's 20.03% price change highlights the impact of the increased trading activity.

Premarket Picks

BurgerFi International (BFI) stock soared over 72% in pre-market trading, reaching $0.37 per share. The surge follows the company's announcement of a settlement agreement with Lion Point Capital.

Coursera (COUR) shares jumped 26% in pre-market trading, surpassing $9.35 per share. The increase comes after the company reported strong second-quarter 2024 financial results.

Carbon Revolution (CREV) stock climbed more than 112% in pre-market trading, exceeding $13.13 per share. The company announced it will supply carbon fiber wheels for the new Chevrolet Corvette ZR1.

Everi Holdings (EVRI) shares rose over 36% in pre-market trading, hitting $12.50 per share. The company will be acquired by a new holding company owned by Apollo Global Management in a $6.3 billion all-cash deal.

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

Important FDA

Recently Announced

Phathom Pharmaceuticals (PHAT) received positive news on July 18th, 2024, when the FDA approved its VOQUEZNA tablets for treating adult heartburn caused by non-erosive GERD.

Arcutis Biotherapeutics (ARQT) also celebrated a victory on July 9th, 2024, with the FDA's approval of Roflumilast Cream 0.15%. This topical treatment offers a new approach to managing mild to moderate atopic dermatitis (eczema) in adults and children as young as six, expanding treatment options for this chronic condition.

Unfortunately, Rocket Pharmaceuticals (RCKT) faced a setback on June 28th, 2024. The FDA issued a Complete Response Letter (CRL) for KRESLADI (RP-L201), a potential treatment for Leukocyte Adhesion Deficiency-I. The CRL indicates that the FDA requires additional information or modifications before approving the drug.

Upcoming Announcements

Several pharmaceutical companies have crucial FDA events scheduled for August.

scPharmaceuticals Inc. (SCPH) is awaiting an FDA decision on expanding the indication for its drug FUROSCIX to include New York Heart Association Class IV heart failure patients. A positive outcome could significantly impact the company's market reach.

ZEVRA THERAPEUTICS, INC. (ZVRA) is set for an FDA panel review on August 2nd to discuss its drug Arimoclomol as a potential treatment for Niemann-Pick disease type C. A favorable outcome from this panel could be a game-changer for the company. 

Adaptimmune Therapeutics plc (ADAP) is anticipating an FDA decision on August 4th regarding the use of Afami-cel for treating advanced synovial sarcoma. A positive verdict would mark a significant advancement in the treatment of this condition.

Lastly, Humacyte, Inc. (HUMA) is awaiting an FDA decision on August 10th on its Human Acellular Vessel for the treatment of vascular trauma. The outcome of this review will determine the product's path to market and its potential impact on patient care.

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.