Hello Part-time Trader…👋

On Thursday, stock futures remained relatively unchanged after the Federal Reserve hinted at potential interest-rate cuts in September. This comes as Meta Platforms, the parent company of Facebook, reported a remarkable 73% jump in second-quarter earnings, surpassing expectations.

Investors are now eagerly awaiting the earnings reports from tech giants Apple and Amazon.com, scheduled for release after the market closes.

Despite the Federal Reserve's signal of upcoming interest-rate cuts, cryptocurrencies faced a downturn on Thursday, with Bitcoin, Ether, Solana, Cardano, and Ripple's XRP all trading lower.

Attention is particularly focused on Amazon as investors scrutinize the company's spending on artificial intelligence. There are concerns about overspending, yet optimism remains that these investments are beginning to yield results. All eyes will be on Amazon's financial disclosures after Thursday's close to gauge the impact of its AI strategies.

Happening Today

✓ 08:30 AM ET – Continuing Jobless Claims

✓ 08:30 AM ET – Initial Jobless Claims

✓ 08:30 AM ET – Nonfarm Productivity (QoQ) (Q2)

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

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

✓ 12:30 AM ET – Atlanta Fed GDPNow (Q3)

✓ 04:30 AM ET – Fed's Balance Sheet

PREMARKET SNAPSHOT📈

Market futures are showing gains, with the S&P 500 up 0.41%, the Dow rising 0.07%, and the NASDAQ increasing 0.49%.

SECTOR SNAPSHOT✨

The market soared, driven by a strong rally in Information Technology and Consumer Discretionary, which led the gains. Industrials and Materials also posted impressive increases, contributing to the overall positive momentum. Communication Services and Utilities showed solid performance, reflecting broad investor confidence. However, Consumer Staples, Financials, and Health Care faced minor declines, and Real Estate experienced a slight setback. Despite these challenges, the market sentiment was overwhelmingly positive, with most sectors enjoying significant gains.

PreMarket Unusual Volume Stocks

📈 FSD Pharma Inc (HUGE): FSD Pharma Inc experienced a significant increase in trading activity with a volume of 38,992,400, far exceeding its average volume of 1,411,500. This surge in activity led to a 30.69% price change, reflecting heightened market interest.

📈 Redhill Biopharma Ltd. ADR (RDHL): Redhill Biopharma Ltd. ADR saw an extraordinary surge in volume, trading 6,266,567 shares compared to its average of 276,880. This dramatic increase resulted in a 50.27% price change, indicating strong investor activity.

📈 Immuneering Corp (IMRX): Immuneering Corp's trading volume rose to 7,313,735, significantly higher than its average of 354,780. The stock's price change of 33.63% mirrors this spike in trading volume.

📈 Bone Biologics Corp (BBLG): Bone Biologics Corp saw its volume rise to 6,364,048, far surpassing its average of 997,700. This increase in trading activity resulted in a 52.31% price change.

📈 AtlasClear Holdings Inc (ATCH): AtlasClear Holdings Inc's volume spiked to 821,046, a substantial increase from its average of 159,410. The stock's 13.77% price change highlights the impact of the increased trading activity.

Premarket Picks

RedHill Biopharma Ltd. (RDHL) stock soared 44.67% to $0.55 per share pre-market after positive Phase 3 data showed a 64% efficacy boost for its Crohn’s disease drug, RHB-104.

MediaAlpha, Inc. (MAX)  shares jumped 24.68% to $18.29 per share pre-market following its strong second-quarter 2024 financial results.

Immuneering Corporation (IMRX) stock surged 28.31% to over $1.45 per share pre-market after securing FDA Fast Track designation for its lead drug candidate, IMM-1-104, as a first-line treatment for pancreatic cancer.

CareDx, Inc (CDNA) shares climbed 27.21% to $25.42 per share pre-market on the back of strong second-quarter 2024 results and increased revenue guidance.

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

Important FDA

Recently Announced

AstraZeneca (AZN) hit a roadblock on July 25th when an FDA panel questioned the trial design for its lung cancer drug, IMFINZI. The panel expressed difficulty in determining the drug's effectiveness across different treatment phases.

Phathom Pharmaceuticals (PHAT) scored a major win on July 18th with FDA approval of VOQUEZNA tablets for heartburn. This breakthrough offers a new treatment option for patients with non-erosive GERD.

Arcutis Biotherapeutics (ARQT) expanded treatment options for atopic dermatitis on July 9th with FDA approval of Roflumilast cream. The cream is now available for adults and children aged six and up, providing relief for mild to moderate cases.

Upcoming Announcements

scPharmaceuticals Inc. (SCPH) awaits the FDA’s August decision on expanding FUROSCIX for severe heart failure treatment.

ZEVRA THERAPEUTICS, INC. (ZVRA) faces a crucial FDA panel review on August 2nd for Arimoclomol to treat Niemann-Pick disease type C. Approval could be a lifeline for patients with this rare disorder.

Adaptimmune Therapeutics plc (ADAP) is watching the FDA's August 10th decision on Afami-cel for advanced synovial sarcoma. Approval would offer new hope for patients with this aggressive cancer.

Humacyte, Inc. (HUMA) is on the cusp of a breakthrough as the FDA decides on August 10th whether to approve its Human Acellular Vessel for life-threatening vascular injuries. Approval could revolutionize treatment.

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.