Pre-Market Spotlight: Today’s Profit Leaders!

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Hello Part-time Trader…👋

U.S Stocks are struggling in premarket trading Thursday, as investors brace for potential economic fallout from tonight’s presidential debate and Friday’s PCE data. The PCE data, the Federal Reserve’s favored inflation gauge, could influence the central bank’s future interest rate decisions.

In the key stock movements today, Micron shares are down due to disappointing revenue guidance from the memory-chip maker, and Levi Strauss is tumbling after missing quarterly revenue estimates. Nike is set to report its quarterly earnings after the closing bell on Thursday.

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In the spotlight are Friday’s personal-consumption expenditures (PCE) price index data, the Federal Reserve’s preferred measure of inflation.

The outlook for inflation and the Fed’s interest-rate policy continues to dominate market narratives, with traders still expecting a rate cut by December, despite some Fed officials casting doubt on the likelihood of a rate cut this year.

Happening Today

✓ 08:30 AM ET – Initial & Continuing Jobless Claims

08:30 AM ET – Durable Goods Orders (MoM) (May)

✓ 08:30 AM ET – GDP (QoQ) (Q1)

✓ 10:00 AM ETPending Home Sales (MoM) (May)

✓ 10:30 AM ET – Atlanta Fed GDPNow (Q2)

✓ 04:30 PM ET – Fed's Balance Sheet

✓ 09:00 PM ET – U.S. President Biden Speaks


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PREMARKET SNAPSHOT 📈

Market futures are down, with the S&P 500, Dow, and NASDAQ all showing declines.

S&P500

$5532.75

⬇️ -0.19%

Dow

$39455.00

 ⬇️ -0.21%

NASDAQ 

$19962.75

  ⬇️ -0.25%

SECTOR SNAPSHOT 

Market gains driven by Consumer Discretionary and Information Technology, while Energy and Health Care face declines.

NAME

PRICE

%CHANGE

Consumer Discretionary

1,499.31

+1.98% 🟢

Consumer Staples

827.80

-0.04% 🔴

Energy

693.60

-0.86% 🔴

Financials

683.32

-0.47% 🔴

Health Care

1,704.52

-0.36% 🔴

Industrials

1,030.66

-0.24% 🔴

Materials

558.35

-0.05% 🔴

Real Estate

237.48

-0.13% 🔴

Information Technology

4,362.61

+0.37% 🟢

Communication Services

312.90

+0.10% 🟢

Utilities

349.61

-0.38% 🔴


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PreMarket Unusual Volume Stocks

📈 Assure Holdings Corp (IONM): Assure Holdings Corp saw an extraordinary surge in trading activity with a volume of 41,297,934, far surpassing its average volume of 584.62. This massive uptick in interest resulted in a significant price change, highlighting heightened investor activity.

📈 Vigil Neuroscience Inc (VIGL): Vigil Neuroscience Inc experienced a substantial rise in volume, trading 5,511,265 shares compared to its average of 164.15. The increased activity was accompanied by a notable price change, indicating strong market engagement.

📈 CASI Pharmaceuticals Inc (CASI): CASI Pharmaceuticals Inc saw its trading volume soar to 2,293,633, significantly higher than its average of 82.81. The stock's significant price change reflects the surge in trading volume.

📈 Alpha Teknova Inc (TKNO): Alpha Teknova Inc's volume spiked to 328,283, a substantial increase from its average of 15.40. Despite the relatively modest volume compared to others on the list, the price change indicates growing investor interest.

📈 Entero Therapeutics Inc (ENTO): Entero Therapeutics Inc saw its volume rise to 563,888 from an average of 36.86. However, despite the increased trading activity, the stock price changed notably, reflecting the market's reaction to the higher volume.


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Premarket Picks

Vigil Neuroscience (VIGL) shares soared 29.1% in pre-market trading, reaching $4.88 after the company announced a strategic investment of $40 million from Sanofi.

CASI Pharmaceuticals (CASI) stock also saw a significant pre-market jump. The price rose 52.1% to $5.43 on the news that the company is planning to submit an Investigational New Drug (IND) application to the FDA for CID-103 by the end of 2024.

Aterian (ATER) wasn't left behind in the pre-market surge. Shares gained momentum, climbing 11.96% to $2.34 following announcements of leadership changes and improved forecasts for both net revenue and adjusted EBITDA in the second quarter of 2024.

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

Pre Market Gainers

Pre Market Change

Pre Market Volume

IONM

+158.53%

34.53M

FFIE

+22.73%

21.85M

VHAI

+13.50%

4.07M

VIGL

+33.86%

3.85M

CASI

+44.21%

1.50M

AKTS

+6.96%

1.39M

ATER

+11.96%

571.28K

VINE

+17.43%

523.85K

ASTI

+3.78%

365.39K

GOVX

+23.57%

279.20K


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Important FDA 

Recently Announced

In a win for chronic obstructive pulmonary disease (COPD) patients, Verona Pharma plc (VRNA) received FDA approval for their drug Ensifentrine, now under the brand name Ohtuvayre. This treatment is intended for adult patients and was given the green light on June 26, 2024.

Bristol-Myers Squibb Co. (BMY) also had positive news on June 21, 2024. Their drug KRAZATI gained accelerated approval from the FDA for use in combination with cetuximab. This specific combination therapy is intended for patients with a particular genetic mutation (KRAS G12C) and a specific type of colorectal cancer (locally advanced or metastatic, and previously treated).

Another company celebrating an FDA approval on June 21, 2024 was argenx SE (ARGX). Their treatment, VYVGART Hytrulo, was approved for use in combating Chronic inflammatory demyelinating polyneuropathy (CIDP).

Sarepta Therapeutics (SRPT) achieved dual approval for their drug ELEVIDYS on June 20, 2024. The FDA granted traditional approval for the treatment of ambulatory Duchenne muscular dystrophy patients while maintaining the drug's earlier designation of accelerated approval for non-ambulatory patients.


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Upcoming Announcements

On June 28th, 2024, the U.S. Food and Drug Administration (FDA) will announce two important decisions concerning treatments for blood cancers.

The first decision concerns Epcoritamab-bysp (sBLA), a drug developed by Genmab A/S (GMAB) and AbbVie (ABBV). This drug is being evaluated by the FDA as a potential new treatment option for adults with relapsed or refractory follicular lymphoma (FL) who have already been through multiple prior therapies.

The FDA will also announce its verdict on the same day regarding KRESLADI (RP-L201) (BLA), developed by Rocket Pharmaceuticals, Inc. (RCKT). KRESLADI is being considered for a different but critical medical need: treatment of Leukocyte Adhesion Deficiency-I, a rare immune disorder.

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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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