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Pre-Market Picks: Today’s Best Opportunities!
Noor Saba
July 05, 2024
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Hello Part-time Trader…👋
U.S. stock indexes edged higher in Friday's premarket session as investors return from the Fourth of July holiday to focus on the latest employment update with June payrolls data.
After Thursday's holiday and Wednesday's shortened trading session, U.S. markets are reopening with a significant update: nonfarm payrolls will be released at 8:30 a.m. Eastern. The economy is expected to add 200,000 jobs in June, a decline from the preliminary 272,000 added in the previous month.
On Wednesday, the S&P 500 set a new closing high, rising 0.5% to 5,537.02. The Nasdaq Composite also reached a new high, closing up 159.54 points, or 0.8%, to 18,188.30. Meanwhile, the Dow Jones Industrial Average dipped by 23.85 points to 39,308.
In corporate news, Samsung reported a near 16-fold increase in profit, likely driven by strong demand for memory chips used in AI processors, similar to those produced by Nvidia.
In the cryptocurrency market, Bitcoin's price is dropping as the collapsed exchange Mt. Gox prepares to refund digital assets to its users. Other cryptocurrencies like Ether, Solana, Cardano, and Dogecoin are also experiencing declines.
Happening Today
✓ 08:30 AM ET – Average Hourly Earnings (MoM) (Jun)
✓ 08:30 AM ET – Nonfarm Payrolls (Jun)
✓ 08:30 AM ET – Unemployment Rate (Jun)
✓ 11:00 AM ET – Fed Monetary Policy Report
✓ 01:00 PM ET – U.S. Baker Hughes Oil Rig Count
✓ 04:30 PM ET – Fed's Balance Sheet
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PREMARKET SNAPSHOT 📈
Market futures are showing minimal changes, with the S&P 500 and NASDAQ slightly up, while the Dow is down marginally.
S&P500$5591.25 ⬆️ 0.01% | Dow$39631.00 ⬇️ 0.01% | NASDAQ$20443.50 ⬆️ 0.16% |
SECTOR SNAPSHOT ✨
The market showed mixed performance today, with Information Technology and Materials leading the gains. Consumer Discretionary and Energy also posted increases. However, Health Care and Consumer Staples experienced declines, reflecting some market caution in these areas. Despite these mixed results, the overall sentiment leaned positive with broad-based gains in key sectors.
NAME | PRICE | %CHANGE |
|---|---|---|
Consumer Discretionary | 1,535.11 | +0.32% 🟢 |
Consumer Staples | 818.44 | -0.12% 🔴 |
Energy | 700.04 | +0.44% 🟢 |
Financials | 692.58 | -0.11% 🔴 |
Health Care | 1,671.87 | -0.73% 🔴 |
Industrials | 1,030.35 | +0.40% 🟢 |
Materials | 553.24 | +0.81% 🟢 |
Real Estate | 239.65 | -0.04% 🔴 |
Information Technology | 4,486.31 | +1.48% 🟢 |
Communication Services | 313.71 | +0.20% 🟢 |
Utilities | 347.63 | +0.63% 🟢 |
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PreMarket Unusual Volume Stocks
📈 Fanhua Inc ADR (FANH): Fanhua Inc ADR saw a significant increase in trading activity with a volume of 1,262,346, well above its average volume of 76.68. This notable rise in volume corresponds with a 4.49% price change, reflecting heightened market interest.
📈 Qualigen Therapeutics Inc (QLGN): Qualigen Therapeutics Inc experienced a substantial rise in volume, trading 20,915,084 shares compared to its average of 1,364.03. This dramatic increase in trading volume resulted in a 66.78% price change, indicating strong investor activity.
📈 Singing Machine Co., Inc. (MICS): Singing Machine Co., Inc. saw its trading volume surge to 1,881,339, significantly higher than its average of 163.16. The stock's price change of 37.39% mirrors this spike in trading volume.
📈 Maxeon Solar Technologies Ltd (MAXN): Maxeon Solar Technologies Ltd's volume jumped to 30,363,735, a considerable increase from its average of 10,638.38. The stock experienced an 18.09% price change, highlighting the impact of the increased trading activity.
📈 Zapp Electric Vehicles Group Ltd (ZAPP): Zapp Electric Vehicles Group Ltd saw its volume rise to 4,014,461, far exceeding its average of 3,707.85. The stock's 66.91% price change reflects the surge in trading volume.
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Premarket Picks
Qualigen Therapeutics, Inc. (QLGN) rocketed pre-market, surging 60.77% to $0.28 per share after releasing its Q1 2024 results.
The Singing Machine Company, Inc. (MICS) also belted out a strong pre-market performance, climbing 32.75% to $1.54 following the successful acquisition of SemiCab, Inc., a leader in AI-powered logistics technology.
Sharps Technology, Inc. (STSS) saw its share price sharpen by 13.57% to $0.26 pre-market on the back of securing purchase orders for a cool 1 million SecureGard Syringes for 2024 delivery.
Dragonfly Energy Holdings Corp. (DFLI) got a pre-market boost of 14.34%, reaching $0.85 per share, after news broke of a $21 million investment from the Secretary of Commerce.
Below is a list of other hot stocks in pre-market today:
Pre Market Gainers | Pre Market Change | Pre Market Volume |
|---|---|---|
QLGN | +78.97% | 18.55M |
STSS | +24.17% | 9.06M |
ZAPP | +52.57% | 1.69M |
MBIO | +5.10% | 503.29K |
NXU | +9.00% | 262.65K |
VHAI | +2.94% | 170.58K |
SLNA | +2.85% | 164.53K |
ACHR | +8.55% | 117.20K |
GSAT | +6.36% | 80.72K |
HTZ | +6.00% | 71.28K |
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Important FDA
Recently Announced
On June 26th, Verona Pharma (VRNA) secured FDA approval for their drug Ensifentrine, marketed under the name Ohtuvayre. This marks the first inhaled COPD maintenance treatment with a novel mechanism approved in over 20 years.
Merck (MRK) received a roadblock from the FDA for their lung cancer treatment Patritumab deruxtecan (HER3-DXd). The application was met with a Complete Response Letter due to manufacturing issues identified by a third party.
Both AbbVie (ABBV) and Genmab (GMAB) received FDA approval for Epcoritamab-bysp on June 26th. This new treatment option is for adults with relapsed or refractory follicular lymphoma after multiple prior therapies, expanding treatment options in this area.
Rocket Pharmaceuticals (RCKT) received a Complete Response Letter from the FDA for their treatment KRESLADI (RP-L201) for Leukocyte Adhesion Deficiency-I on June 28th. This letter requires further action from the company before receiving approval.
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Upcoming Announcements
Arcutis Biotherapeutics Inc. (ARQT) has a key date coming up on July 7th, 2024. The FDA will be announcing their decision on Roflumilast Cream 0.15%, a potential treatment for atopic dermatitis in both adults and children as young as 6 years old.
Phathom Pharmaceuticals Inc. (PHAT) is also awaiting an important announcement on July 19th, 2024. The FDA will be revealing its verdict on VOQUEZNA Tablets, a medication intended to treat heartburn associated with non-erosive GERD.
AstraZeneca PLC (AZN) has a milestone on July 25th, 2024. An advisory panel will be reviewing their drug IMFINZI. This review will focus on using IMFINZI in combination with chemotherapy as a neoadjuvant treatment, followed by IMFINZI as a standalone therapy after surgery, for adult patients 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.
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