Hello Part-time Trader…👋

Stock futures are on the rise this Thursday, following inflation data that has solidified expectations for a Federal Reserve interest rate cut next month.

Traders are now slightly favoring a quarter-point reduction from the Fed in September, a shift from last week’s certainty of a larger half-point cut, according to the CME FedWatch tool.

Today’s focus also includes the weekly jobless claims figures, which have taken on added significance after last week’s data reassured markets about the labor sector’s resilience, despite an uptick in the unemployment rate.

In the corporate sphere, Alibaba has managed to post modest gains this year, even as China grapples with sluggish growth, deflation, and ongoing challenges in the property market.

Key market indicators today include Walmart’s earnings and retail sales data, both of which will provide critical insights into consumer spending—the backbone of the economy.

Oil prices are inching higher in early trading, recovering some of the losses experienced during Wednesday’s sell-off.

Happening Today

✓ 08:30 AM ET – Core Retail Sales (MoM) (Jul)

✓ 08:30 AM ET – Initial Jobless Claims

✓ 08:30 AM ET – Philadelphia Fed Manufacturing Index (Aug)

✓ 08:30 AM ET – Retail Sales (MoM) (Jul)

PREMARKET SNAPSHOT📈

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

SECTOR SNAPSHOT✨

The market had a mixed day, with Financials and Energy leading the gains, reflecting strong investor confidence in these sectors. Information Technology and Health Care also posted solid increases, contributing to the overall positive sentiment. However, Consumer Discretionary and Communication Services faced declines, showing some sector-specific challenges. Materials remained flat, while Utilities saw a slight dip. Despite these mixed results, the overall market trend leaned positive, driven by gains in key sectors.

PreMarket Unusual Volume Stocks

📈 Vs Media Holdings Ltd (VSME): Vs Media Holdings Ltd experienced a significant increase in trading activity with a volume of 12,949,098, far exceeding its average volume of 316,460. This surge in activity led to a 71.96% price change, reflecting heightened market interest.

📈 Cingulate Inc (CING): Cingulate Inc saw an extraordinary surge in volume, trading 1,766,355 shares compared to its average of 67,360. This dramatic increase resulted in a 114.09% price change, indicating strong investor activity.

📈 SciSparc Ltd (SPRC): SciSparc Ltd's trading volume rose to 23,592,896, significantly higher than its average of 1,258,790. The stock's price change of 104.00% mirrors this spike in trading volume.

📈 Quince Therapeutics Inc (QNCX): Quince Therapeutics Inc saw its volume rise to 1,578,512, far surpassing its average of 101,240. Despite the increased trading activity, the stock experienced a modest -1.82% price change.

📈 Altamira Therapeutics Ltd (CYTO): Altamira Therapeutics Ltd's volume spiked to 6,792,794, a substantial increase from its average of 982,990. The stock's 23.94% price change highlights the impact of the increased trading activity.

Premarket Picks

SciSparc Ltd. (SPRC) is experiencing a significant surge today, with its pre-market price at $0.7300 and a staggering 126.63% increase. The company's announcement of progress on its merger with AutoMax Motors Ltd. and SciSparc Merger Sub Ltd. has ignited investor optimism, propelling the stock price upwards. 

Airship AI Holdings, Inc. (AISP) is on the rise following the release of its impressive Q2 2024 financial results. The company reported strong second-quarter net revenues of $6.4 million, a gross profit of $4.5 million, and a gross margin of 70%. These positive figures have captured investor attention and sent the stock soaring, with a pre-market price of $3.16 and a 25.39% surge.

Accuray Incorporated (ARAY) is gaining momentum after reporting solid financial performance for both Q4 and fiscal 2024. The company achieved 14% revenue and 8% order growth, instilling confidence in investors. As a result, ARAY's stock price is on the rise, with a pre-market price of $1.78 and a 24.48% surge. 

Lumentum Holdings Inc. (LITE) is shining bright in the pre-market with a substantial surge driven by its robust fiscal Q4 and full-year financial results. The company reported net revenue of $308.3 million for the fiscal fourth quarter and $1.36 billion for the fiscal year. These impressive figures have captured investor attention, sending the stock price upward to $52.65, representing a 15.64% increase.

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

Top Upgrades:

1. Medtronic plc (MDT)

Analyst Firm: UBS
Upgrade: Sell to Neutral
Price Target: $90 (Previous: $76)
Yesterday’s Close: $81.74

UBS has upgraded its outlook on Medtronic plc, moving the rating from Sell to Neutral and raising the price target to $90, up from the previous $76. This revision suggests a potential 10% upside from the recent closing price of $81.74. Analyst estimates for Medtronic range from a low of $77 to a high of $105, with an average target of $92.27. Medtronic, headquartered in Dublin, Ireland, is a global leader in healthcare innovation, dedicated to developing solutions for some of the most complex health challenges.

2. The Progressive Corporation (PGR)

Analyst Firm: Goldman Sachs
Upgrade: Hold to Buy
Price Target: $262 (Previous: $230)
Yesterday’s Close: $234.34

Goldman Sachs has upgraded The Progressive Corporation from Hold to Buy, raising the price target to $262, up from $230. This new target indicates a potential 14% return from the recent closing price of $234.34. Analyst estimates for Progressive vary, with targets ranging from $197 to $294, and an average of $248.50. Progressive, a pioneer in the insurance industry since 1937, is known for its innovative products such as Name Your Price® and Snapshot®.

3. Nucor Corporation (NUE)

Analyst Firm: Morgan Stanley
Upgrade: Equal Weight to Overweight
Price Target: $176
Yesterday’s Close: $141.26

Morgan Stanley has taken a more optimistic stance on Nucor Corporation, upgrading the stock from Equal Weight to Overweight with a price target of $176, implying a 24% upside from the recent close of $141.26. Analyst estimates for Nucor range from $170 to $240, with an average target of $184.89. As one of North America’s leading steel producers, Nucor is a critical player in the steel industry, renowned for its innovative approach to production and sustainability.

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.