Hello Part-time Trader…👋

US equity futures found their footing on Friday after a tech-driven selloff rocked Wall Street. Traders are now eagerly awaiting the next round of price data and earnings reports from some of the nation's largest banks. In premarket trading, tech giants Apple Inc. and Microsoft Corp. showed signs of recovery, while Nasdaq 100 contracts bounced back from an earlier dip following a steep 2.2% drop on Thursday.

As the earnings season kicks off, savvy investors are pivoting from pricey tech stocks to more affordable cyclical plays, including banks. Heavyweights like JPMorgan Chase & Co., Wells Fargo & Co., and Citigroup Inc. are set to unveil their results today, with Goldman Sachs Group Inc. following suit on Monday, and Morgan Stanley and Bank of America Corp. rounding out the announcements on Tuesday.

Thursday's inflation data has fueled speculation that the Federal Reserve will cut interest rates soon, with a September reduction now seen as a sure bet and at least two cuts anticipated by the end of the year.

Happening Today

✓ 08:30 AM ET – Core PPI (MoM) (Jun)

✓ 08:30 AM ET – PPI (MoM) (Jun)

✓ 10:00 AM ET – Michigan 1 & 5-Year Inflation Expectations (Jul)

✓ 10:00 AM ET – Michigan Consumer Expectations (Jul)

✓ 12:00 PM ET – WASDE Report

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

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

PREMARKET SNAPSHOT 📈

Market futures are mixed, with the S&P 500 and Dow slightly up, while the NASDAQ shows a minor decline.

SECTOR SNAPSHOT ✨

The market danced through a mix of highs and lows. Real Estate and Industrials led the charge with impressive gains, while Energy and Materials added their own sparkle. In contrast, Information Technology and Communication Services faced significant declines, stumbling through the session. Despite these setbacks, the overall market vibe remained upbeat, with several key sectors showcasing strong performances.

PreMarket Unusual Volume Stocks

📈 Crown LNG Holdings Ltd (CGBS): Crown LNG Holdings Ltd saw a significant increase in trading activity with a volume of 6,709,322, well above its average volume of 50.34. This notable rise in volume corresponds with a 74.27% price change, reflecting heightened market interest.

📈 TOYO Co Ltd (TOYO): TOYO Co Ltd experienced a substantial rise in volume, trading 10,142,265 shares compared to its average of 120.38. This dramatic increase in trading volume resulted in a 69.68% price change, indicating strong investor activity.

📈 Sentage Holdings Inc (SNTG): Sentage Holdings Inc saw its trading volume surge to 3,518,421, significantly higher than its average of 67.50. The stock's price change of 34.74% mirrors this spike in trading volume.

📈 Above Food Ingredients Inc (ABVE): Above Food Ingredients Inc's volume spiked to 1,031,028, a substantial increase from its average of 32.22. Despite the high trading volume, the stock experienced a -9.48% price change.

📈 Immutep Limited ADR (IMMP): Immutep Limited ADR saw its volume rise to 1,232,493, far exceeding its average of 323.84. The stock's 16.42% price change reflects the surge in trading volume.

Premarket Picks

Qualigen Therapeutics, Inc. (QLGN) saw a significant pre-market surge today, climbing over 16.51% to nearly $0.24 per share after filing an 8-K form with the SEC.

Instil Bio, Inc. (TIL) experienced a rise of over 21.03% in pre-market trading, reaching $11.74 per share, following the announcement of a major leasing agreement with AstraZeneca Pharmaceuticals LP (NASDAQ: AZN).

Immutep Limited (IMMP) saw its pre-market stock price increase by approximately 12.44%, reaching over $2.26 per share, after reporting positive results in First Line Head and Neck Squamous Cell Carcinoma Patients with Negative PD-L1 Expression.

Crown LNG Holding AS (CGBS) had a remarkable pre-market jump of almost 140.66%, reaching $5.80 per share. The company recently announced that it has completed its previously announced business combination with Catcha Investment Corp.

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

Important FDA 

Recently Announced

Arcutis Biotherapeutics (ARQT) achieved a significant milestone on July 9th, 2024, with the FDA approving their Roflumilast Cream 0.15% for treating mild to moderate atopic dermatitis in adults and children aged six and older.

In contrast, Rocket Pharmaceuticals (RCKT) encountered a setback on June 28th, 2024, when the FDA issued a Complete Response Letter for their KRESLADI treatment. This requires Rocket Pharmaceuticals to address the FDA's concerns before resubmitting their application for approval.

On a positive note, AbbVie (ABBV) received FDA approval on June 26th, 2024, for their Epcoritamab-bysp treatment for a specific type of lymphoma. This approval is beneficial for both AbbVie and patients battling this form of cancer.

Upcoming Announcements

Phathom Pharmaceuticals (PHAT) is anticipating an important event on July 19th, 2024. On this date, the FDA will announce its decision regarding the approval of VOQUEZNA Tablets, which are designed to treat heartburn associated with non-erosive GERD.

AstraZeneca investors (AZN) should take note of July 25th, 2024. On this day, a panel of experts will evaluate IMFINZI, a lung cancer treatment. The focus will be on its effectiveness when used with chemotherapy before surgery (neoadjuvant treatment) and on its own after surgery, for adults with resectable non-small cell lung cancer.

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.