Good Morning, Traders!…👋

U.S. futures are mixed in premarket trading on Tuesday, following early gains that have put stocks on track to continue their recent upward momentum. The S&P 500 is on pace for its first nine-day winning streak since November 2004, according to data from FactSet.

Market sentiment remains buoyed by expectations that the Federal Reserve will soon begin cutting interest rates. Investors are eagerly awaiting more clarity on monetary policy, which Fed Chair Jerome Powell may provide during his address at the Jackson Hole conference on Friday.

Ahead of Tuesday’s opening bell, all eyes are on Lowe’s as the home-improvement giant reports its quarterly earnings, offering another glimpse into the health of the American consumer following Walmart’s strong results last week. Meanwhile, cybersecurity firm Palo Alto Networks delivered better-than-expected adjusted earnings and revenue, while Boeing has encountered issues, finding cracks in the structure of its 777x test fleet.

In the commodities market, oil prices are pulling back, with Brent crude and WTI both down 1%, trading at $76.85 and $72.89 per barrel, respectively.

Happening Today

✓ 01:35 PM ET – FOMC Member Bostic Speaks

✓ 02:45 PM ET – Fed Vice Chair for Supervision Barr Speaks

✓ 04:30 PM ET – API Weekly Crude Oil Stock

PREMARKET SNAPSHOT📈

Market futures are mixed, with the S&P 500 and NASDAQ showing slight gains, while the Dow is down slightly.

SECTOR SNAPSHOT✨

The market had a strong day across the board, with every sector posting gains. Information Technology and Communication Services led the rally, reflecting robust investor confidence. Consumer Discretionary and Health Care also showed solid growth, contributing to the overall positive sentiment. Energy and Financials added steady gains, while Real Estate and Industrials followed suit with notable increases. The broad-based rally signals widespread optimism, with all sectors ending the day in the green.

PreMarket Unusual Volume Stocks

📈 Treasure Global Inc (TGL): Treasure Global Inc experienced a significant increase in trading activity with a volume of 20,530,460, far exceeding its average volume of 98,490. This surge in activity led to a 158.62% price change, reflecting heightened market interest.

📈 Auddia Inc (AUUD): Auddia Inc saw an extraordinary surge in volume, trading 8,885,526 shares compared to its average of 94,150. This dramatic increase resulted in a 78.26% price change, indicating strong investor activity.

📈 Titan Pharmaceuticals, Inc. (TTNP): Titan Pharmaceuticals, Inc.'s trading volume rose to 2,181,619, significantly higher than its average of 23,860. The stock's price change of 103.78% mirrors this spike in trading volume.

📈Heramba Electric plc (PITA): Heramba Electric plc saw its volume rise to 11,356,537, far surpassing its average of 128,330. This increase in trading activity resulted in a 69.05% price change.

📈 Solidion Technology Inc (STI): Solidion Technology Inc's volume spiked to 13,673,964, a substantial increase from its average of 761,390. The stock's modest 2.28% price change highlights the impact of the increased trading activity.

Premarket Picks

Auddia Inc. (AUUD) is experiencing a significant pre-market surge, with its share price climbing 102.60%. The company attributed this jump to the launch of its upgraded faidr 3.1 platform.

Titan Pharmaceuticals, Inc. (TTNP) is another standout pre-market gainer, with shares soaring 104.02%. This dramatic increase follows the company's announcement of a merger and share exchange agreement with KE Sdn. Bhd.

Actelis Networks, Inc. (ASNS) has seen its stock price rise by 18.46% in pre-market trading. The company entered into a strategic partnership with an advanced cybersecurity provider to develop an AI-powered SaaS offering under its 'Cyber Aware Networking' initiative.

Fabrinet (FN) is trading significantly higher in pre-market, with a 10.52% surge. The company's strong financial performance in the fourth quarter and fiscal year ended June 28, 2024, has fueled investor optimism.

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

Top Upgrades:

1. Vornado Realty Trust (VNO)

Analyst Firm: Evercore ISI
Upgrade: Sell to Buy
Price Target: $38 (Previous: $32)
Yesterday’s Close: $32.94

Evercore ISI analyst Steve Sakwa has upgraded Vornado Realty Trust from a "Sell" to a "Buy" recommendation, raising the price target to $38 from the previous $32. This upgrade reflects increased confidence in Vornado's market position and potential for growth.

Vornado Realty Trust, a prominent real estate investment trust, has a broad range of stock price targets, with estimates ranging from a conservative $19.00 to an optimistic $40.00. The average target price stands at $27.38, reflecting a divided sentiment among analysts.

2. SFL Corporation Ltd. (SFL)

Analyst Firm: Pareto
Upgrade: Hold to Buy
Price Target: $13.50
Yesterday’s Close: $11.55

Pareto has upgraded SFL Corporation Ltd. from "Hold" to "Buy," setting a new price target of $13.50 per share. This upgrade indicates a positive outlook on the company’s future performance.

SFL Corporation, operating in the maritime industry, has a strong track record of dividend payments since its IPO in 2004. Analyst price targets for the stock are relatively consistent, ranging from $12.50 to $16.00, with an average target of $14.00, suggesting steady growth potential.

3. BioMarin Pharmaceutical Inc. (BMRN)

Analyst Firm: Bernstein
Upgrade: Hold to Buy
Price Target: $110 (Previous: $94)
Friday’s Close: $92.76

Bernstein has upgraded BioMarin Pharmaceutical Inc. from "Hold" to "Buy," raising the price target to $110 from the previous $94. This change reflects increased confidence in the company’s growth prospects.

BioMarin, a leader in biotechnology focused on genetic therapies, has a wide range of analyst price projections, with estimates ranging from a low of $72.00 to a high of $140.00, and a median target of $111.50. This variability highlights the diverse views on the company’s potential in the rapidly evolving biotech sector.

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.