Good Morning, Traders!…👋

Wednesday's U.S. stock futures are trending downward as September begins on a sour note, continuing the slump from yesterday's session, marking the S&P 500's worst performance since early August.

Wall Street reels from significant losses, with major indices reflecting the sharpest decline since the August 5th downturn. Pressure mounted particularly on semiconductor stocks amidst economic indicators suggesting a slowdown in U.S. growth. The Dow Jones Industrial Average plummeted over 600 points, a 1.5% drop, while the S&P 500 and Nasdaq Composite fell 2.1% and 3.3%, respectively.

As September historically poses challenges for the stock market, traders anticipate potential volatility, with expectations of a 5% decline looming. However, some investors see any downturn as an opportunity to buy.

On the corporate front, Hewlett Packard Enterprise is scheduled to release its earnings post-market close, drawing close attention as the earnings season winds down.

Happening Today

✓ 08:30 AM ET – Imports & Exports (Jul)

✓ 08:30 AM ET – Trade Balance (Jul)

✓ 10:00 AM ET – Factory Orders (MoM) (Jul)

✓ 10:00 AM ET – JOLTs Job Openings (Jul)

✓ 12:00 AM ET – Atlanta Fed GDPNow

✓ 02:00 PM ET – Beige Book

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

PREMARKET SNAPSHOT📈

Market futures are down, with the S&P 500 falling 0.38%, the Dow down 0.15%, and the NASDAQ leading the declines with a 0.71% drop.

SECTOR SNAPSHOT✨

The market faced significant declines, with Information Technology and Industrials leading the losses. Energy and Communication Services also saw sharp drops, contributing to the overall negative sentiment. Consumer Discretionary and Financials experienced declines as well, signaling broad market weakness. On the positive side, Consumer Staples and Real Estate posted modest gains, providing some stability amidst the widespread downturn. Utilities remained relatively flat, showing resilience in an otherwise challenging day for most sectors.

PreMarket Unusual Volume Stocks

📈 LogicMark Inc (LGMK): LogicMark Inc experienced a significant increase in trading activity with a volume of 17,959,506, far exceeding its average volume of 2,741,950. This surge in activity led to a 30.63% price change, reflecting heightened market interest.

📈 WiSA Technologies Inc (WISA): WiSA Technologies Inc saw an extraordinary surge in volume, trading 12,749,740 shares compared to its average of 1,126,970. This dramatic increase resulted in a 60.29% price change, indicating strong investor activity.

📈 Tantech Holdings Ltd (TANH): Tantech Holdings Ltd's trading volume rose to 8,264,335, significantly higher than its average of 4,316,560. The stock's price change of 4.32% mirrors this spike in trading volume.

📈 Conifer Holdings Inc (CNFR): Conifer Holdings Inc saw its volume rise to 4,153,289, far surpassing its average of 1,136,480. This increase in trading activity resulted in a 26.96% price change.

📈 Windtree Therapeutics Inc (WINT): Windtree Therapeutics Inc's volume spiked to 2,118,601, a substantial increase from its average of 936,810. The stock's 58.62% price change highlights the impact of the increased trading activity.

Premarket Picks

WiSA Technologies, Inc. (WISA) saw a remarkable 61.76% surge in its stock price, climbing to $2.20, after announcing a significant deal. The company revealed it has signed an agreement to acquire Datavault® IP and IT assets from Data Vault Holdings Inc.® for $210 million. This acquisition will be financed through 40 million WiSA shares priced at $5 each, along with a $10 million three-year note.

Conifer Holdings, Inc. (CNFR) experienced a 23.48% boost in its share price, reaching $1.42 in premarket trading. This rise followed the company's disclosure of its sale of insurance agency operations for $45 million. Additionally, there could be up to $25 million in potential future payments based on performance metrics.

Cyngn Inc. (CYN) saw its stock price increase by 21.21%, hitting $4.40 in premarket trading. The uplift came after the company announced the grant of a new patent, U.S. Patent No. 12,032,099, which pertains to a novel method for maintaining the accuracy of data collected by autonomous vehicle sensors while in motion.

Atara Biotherapeutics, Inc. (ATRA) saw its share price rise by 16.74%, reaching $7.95 in premarket trading. This increase followed the company's announcement of a $36 million registered direct offering.

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

Top Upgrades:

1. Alcoa Corporation (AA)

Analyst Firm: Wolfe Research
Upgrade: Peer Perform to Outperform
Price Target: $36
Yesterday’s Close: $30.22

Wolfe Research has upgraded Alcoa Corporation from Peer Perform to Outperform, setting a new price target of $36. Analysts have projected stock price targets for Alcoa ranging from a low of $37.00 to a high of $55.00, with a median target of $43.00 and an average of $44.67.

As a global leader in bauxite, alumina, and aluminum products, Alcoa is focused on reinventing the aluminum industry with a strong emphasis on sustainability. Their mission, “Turn Raw Potential into Real Progress,” is driven by core values such as integrity, operational excellence, and courageous leadership.

2. Nasdaq, Inc. (NDAQ)

Analyst Firm: BofA
Upgrade: Underperform to Buy
Price Target: $90 (Previous: $53)
Yesterday’s Close: $71.39

BofA analyst Craig Siegenthaler has double-upgraded Nasdaq, Inc. from Underperform to Buy, raising the price target significantly from $53 to $90. For Nasdaq, stock price targets range from a low of $53.00 to a high of $85.00, with a median estimate of $73.00 and an average of $72.14.

Nasdaq is a global technology company that plays a critical role in the financial infrastructure, supporting corporate clients, investment managers, banks, brokers, and exchange operators, and facilitating interactions within the global capital markets.

3. Freeport-McMoRan Inc. (FCX)

Analyst Firm: UBS
Upgrade: Neutral to Buy
Price Target: $55
Yesterday’s Close: $41.36

UBS has upgraded Freeport-McMoRan Inc. from Neutral to Buy, raising the price target to $55 from $54. Analyst price targets for Freeport-McMoRan range from a low of $44.00 to a high of $63.00, with a median target of $55.00 and an average of $55.21.

Freeport-McMoRan, a leading international metals company, is primarily focused on copper production, with a portfolio of geographically diverse assets. The company’s reserves of copper, gold, and molybdenum underscore its prominent position in the global metals industry.

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.