Good Morning, Traders!…👋

U.S. stock futures are experiencing a significant drop as markets reopen following the Labor Day holiday. This week, investors' attention will be riveted on key economic data that could influence the Federal Reserve's interest rate decision scheduled for September 18.

The focal point will be Friday’s U.S. jobs report, with additional insights expected from today's ISM manufacturing sector data for August, providing early signals on the economic slowdown's severity.

In other news, Vice President Kamala Harris has expressed opposition to the proposed $14.1 billion acquisition of U.S. Steel by Japan’s Nippon Steel. Meanwhile, Tesla reports a 3% increase in sales of China-made electric vehicles in August compared to the same period last year.

Happening Today

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

✓ 10:00 AM ET – Construction Spending (MoM) (Jul)

✓ 10:00 AM ET – ISM Manufacturing PMI (Aug)

✓ 11:00 AM ET – Atlanta Fed GDPNow

PREMARKET SNAPSHOT📈

Market futures are down, with the S&P 500, Dow, and NASDAQ all showing declines, led by the NASDAQ with a 0.60% drop.

SECTOR SNAPSHOT✨

The market saw strong, across-the-board gains, with Consumer Discretionary and Industrials leading the charge. Information Technology and Financials also posted robust increases, contributing to the positive momentum. Health Care and Consumer Staples added to the rally, while Energy and Communication Services showed steady growth. Real Estate and Materials continued the upward trend, rounding out a day of widespread optimism across all sectors. Utilities also joined in with a solid gain, signaling broad market strength.

PreMarket Unusual Volume Stocks

📈 Sify Technologies Limited ADR (SIFY): Sify Technologies Limited ADR experienced a significant increase in trading activity with a volume of 29,296,058, far exceeding its average volume of 636,400. This surge in activity led to a 149.64% price change, reflecting heightened market interest.

📈 Aptose Biosciences Inc (APTO): Aptose Biosciences Inc saw an extraordinary surge in volume, trading 8,234,345 shares compared to its average of 196,370. This dramatic increase resulted in a 29.09% price change, indicating strong investor activity.

📈 Motorsport Games Inc (MSGM): Motorsport Games Inc's trading volume rose to 4,716,439, significantly higher than its average of 152,770. The stock's price change of 32.48% mirrors this spike in trading volume.

📈 Jiayin Group Inc ADR (JFIN): Jiayin Group Inc ADR saw its volume rise to 1,484,563, far surpassing its average of 49,200. Despite the increased trading activity, the stock experienced a -5.91% price change.

📈 Zhibao Technology Inc (ZBAO): Zhibao Technology Inc's volume spiked to 209,748, a substantial increase from its average of 8,650. Despite the increased trading activity, the stock experienced a modest -0.30% price change.

Premarket Picks

Sify Technologies Limited (SIFY) saw its stock rise by 149.69%, reaching $0.82, following its announcement that it has become an NVIDIA colocation partner under the NVIDIA DGX-Ready Data Center program, which is certified for liquid cooling.

Aptose Biosciences Inc. (APTO) experienced a 23.21% increase in its share price, reaching $0.50 in premarket trading, after revealing it secured a $10 million loan from Hanmi Pharmaceutical Co. Ltd. through a Facility Agreement.

Motorsport Games Inc. (MSGM) saw its stock price go up by 24.45% to $1.48 in premarket trading today. This boost came after the company filed a PRE 14A form with the SEC.

Auddia Inc. (AUUD) saw its share price climb by 22.36%, hitting $1.05 in premarket trading, following the announcement of the integration of faidr with Apple CarPlay and Android Auto.

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

Top Upgrades:

1. Wells Fargo & Company (WFC)

Analyst Firm: Deutsche Bank
Upgrade: Hold to Buy
Price Target: $65
Friday’s Close: $58.47

Deutsche Bank analyst Matt O'Connor has upgraded Wells Fargo & Company from Hold to Buy, setting a price target of $65. Wells Fargo, a significant player in the financial sector with $1.9 trillion in assets, has a stock price target range that reflects varying analyst opinions.

The high estimate is $70.00, while the low estimate stands at $57.00, with a median target of $63.00 and an average target of $63.99. With its extensive offerings across Consumer Banking, Commercial Banking, Corporate and Investment Banking, and Wealth Management, Wells Fargo continues to hold a crucial position in the industry.

2. Bank of America Corporation (BAC)

Analyst Firm: Deutsche Bank
Upgrade: Hold to Buy
Price Target: $45
Friday’s Close: $40.75

Matt O'Connor of Deutsche Bank has also upgraded Bank of America Corporation from Hold to Buy, with a new price target of $45. Bank of America, another major financial institution, has a stock price target range with a high estimate of $52.00 and a low estimate of $40.00. The median target is $45.50, and the average target is $45.79.

Bank of America provides a comprehensive array of banking, investment, and financial services on a global scale, including consumer and business banking, wealth management, and corporate and investment banking.

3. Visa Inc. (V)

Analyst Firm: Exane BNP Paribas
Upgrade: Neutral to Outperform
Price Target: $325
Friday’s Close: $276.37

Exane BNP Paribas analyst Alexandre Faure has elevated Visa Inc.’s rating from Neutral to Outperform, setting a price target of $325. Visa, a global leader in digital payments, is forecasted by analysts to have a stock price target range with a high of $330.00 and a low of $251.00. The median estimate is $314.00, and the average target is $306.15.

Visa’s extensive network, which connects millions of cardholders and merchants worldwide, ensures secure and efficient electronic transactions, solidifying its position as a key player in the digital payment landscape.

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.