Good Morning, Traders!…👋

U.S. stock futures moved higher on Friday, rebounding from Thursday's sell-off as investors gear up for a crucial speech from Federal Reserve Chairman Jerome Powell at the Jackson Hole Economic Symposium. Powell is expected to provide key insights into the timing and pace of anticipated interest rate cuts.

Thursday saw stocks decline as market participants grappled with uncertainties about the extent of the Fed's potential rate cuts in the coming months. Although recent positive economic data has bolstered confidence in the U.S. economic outlook, it has also sparked concerns that the Federal Reserve might not need to cut interest rates as quickly in response to a slowing economy.

In other news, the latest Covid-19 vaccines are set to be distributed following FDA approval, and record travel is anticipated for the upcoming Labor Day weekend. In corporate news, Workday's stock surged after the company projected significant growth, Tesla shares increased, Ross Stores raised its fiscal-year guidance, and Cava reported second-quarter revenues that exceeded Wall Street's expectations.

Happening Today

✓ 08:30 AM ET – Building Permits (Jul)

✓ 10:00 AM ET – Fed Chair Powell Speaks

✓ 10:00 AM ET – New Home Sales (Jul)

✓ 01:00 PM ET – U.S. Baker Hughes Oil Rig Count

✓ 03:30 PM ET – CFTC Nasdaq 100/S&P 500 speculative net positions

PREMARKET SNAPSHOT📈

Market futures are showing strong gains, with the S&P 500 up 0.51%, the Dow rising 0.35%, and the NASDAQ increasing 0.76%.

SECTOR SNAPSHOT✨

The market faced a challenging session, with significant declines in Information Technology and Consumer Discretionary leading the downturn. Communication Services also struggled, reflecting broader market caution. While most sectors ended in the red, Energy and Financials managed to post modest gains, and Real Estate showed resilience with a slight increase. Overall, the market sentiment was subdued, with more sectors experiencing losses than gains.

PreMarket Unusual Volume Stocks

📈 Elevai Labs Inc. (ELAB): Elevai Labs Inc. experienced a significant increase in trading activity with a volume of 22,744,024, far exceeding its average volume of 94,810. This surge in activity led to a 46.05% price change, reflecting heightened market interest.

📈 Sequans Communications S.A ADR (SQNS): Sequans Communications S.A ADR saw an extraordinary surge in volume, trading 13,333,261 shares compared to its average of 112,600. This dramatic increase resulted in a 161.41% price change, indicating strong investor activity.

📈 OKYO Pharma Limited (OKYO): OKYO Pharma Limited's trading volume rose to 3,065,878, significantly higher than its average of 50,210. The stock's price change of 7.69% mirrors this spike in trading volume.

📈 Portage Biotech Inc (PRTG): Portage Biotech Inc saw its volume rise to 2,376,313, far surpassing its average of 102,780. This increase in trading activity resulted in a 75.54% price change.

📈 Momentus Inc (MNTS): Momentus Inc's volume spiked to 13,510,016, a substantial increase from its average of 2,944,080. The stock's 104.97% price change highlights the impact of the increased trading activity.

Premarket Picks

Sequans Communications S.A. (SQNS) is surging in premarket trading, rising by 176.14% to $1.50 after releasing preliminary financial results for the second quarter, which ended on June 30, 2024.

OKYO Pharma Limited (OKYO) is climbing 8.65% to $1.13 after announcing that Panetta Partners Limited, an entity in which Executive Chairman Gabriele Cerrone has a beneficial interest, purchased 50,000 of the company's ordinary shares on NASDAQ at $1.05 per share.

Workday, Inc. (WDAY) has gained 12.54% to reach $260.05 following the release of its results for the fiscal 2025 second quarter, which ended on July 31, 2024.

Rezolve AI Limited (RZLV) is experiencing a smaller rise of 7.95% to $11.13 after announcing a strategic partnership with ePages.

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

Top Upgrades:

1. Bilibili Inc - ADR (NASDAQ: BILI)

Analyst Firm: Barclays
Upgrade: Equal Weight to Overweight
Price Target: $19 (Previous: $14)
Yesterday’s Close: $12.96

Barclays analyst Jiong Shao has upgraded Bilibili Inc from "Equal Weight" to "Overweight," raising the price target from $14 to $19. This reflects increased optimism about the company’s future growth prospects.

Bilibili, a leading video community in China, is dedicated to enriching the lives of young generations with its diverse video content, encapsulated by the phrase "All the Videos You Like." Analyst price targets for Bilibili range from a low of $12.00 to a high of $21.00, with an average target of $16.61, indicating a mix of optimism and caution regarding the company’s potential.

2. BJ's Wholesale Club Holdings Inc (NYSE: BJ)

Analyst Firm: Wells Fargo
Upgrade: Equal Weight to Overweight
Price Target: $92 (Previous: $75)
Yesterday’s Close: $81.66

Wells Fargo has upgraded BJ's Wholesale Club Holdings Inc from "Equal Weight" to "Overweight," increasing the price target from $75 to $92. This upgrade highlights strong confidence in BJ's business model and market position.

BJ’s operates membership warehouse clubs, focusing on delivering significant value to its members under the purpose, "We take care of the families who depend on us." Analyst price targets for BJ’s range from a low of $74.00 to a high of $95.00, with an average target of $87.16, reflecting a solid belief in the company’s ongoing success.

3. Snowflake Inc (NYSE: SNOW)

Analyst Firm: HSBC
Upgrade: Reduce to Hold
Price Target: $121
Yesterday’s Close: $115.21

HSBC has upgraded Snowflake Inc from "Reduce" to "Hold," setting a new price target of $121. This revision suggests a more balanced view of the company’s prospects.

Snowflake, a leader in enterprise AI, offers cutting-edge technology through its AI Data Cloud, which is utilized by thousands of organizations worldwide, including many of the largest global enterprises.

The stock’s price targets vary widely, ranging from a low of $105.00 to a high of $500.00, with a median target of $172.50 and an average of $178.19, reflecting diverse opinions on Snowflake’s potential in the rapidly evolving AI sector.

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.