Good Morning, Traders!…👋

Thursday's stock futures are showing signs of indecision as investors zero in on the latest job figures, assessing whether the U.S. economy is on the brink of a recession. Recent data revealed that job openings in July fell to 7.7 million, marking the lowest level in over three years and falling short of economic forecasts.

This underwhelming figure has left the market uncertain, especially considering its age; however, the upcoming August nonfarm payrolls report due on Friday is anticipated to provide a more current and influential snapshot for stocks.

Additionally, today will see the release of weekly unemployment claims and the ISM services purchasing managers’ index, both crucial indicators that could further clarify the economic landscape.

With the August jobs report set for release tomorrow, it stands as a pivotal moment for the Federal Reserve's next steps. The market is already betting on a rate cut later this month, but the extent could hinge on what the jobs data reveals. Meanwhile, gold futures are up 0.4% to $2,535.70 a troy ounce, finding some stability amid the unsettling job market news.

Happening Today

✓ 08:15 AM ET – ADP Nonfarm Employment Change (Aug)

✓ 08:30 AM ET – Initial Jobless Claims

✓ 08:30 AM ET – Unit Labor Costs (QoQ) (Q2)

✓ 09:45 AM ET – S&P Global Services PMI (Aug)

✓ 10:00 AM ET – ISM Non-Manufacturing PMI (Aug)

✓ 11:00 AM ET – Crude Oil Inventories

✓ 04:30 PM ET – Fed's Balance Sheet

PREMARKET SNAPSHOT📈

Market futures are mixed, with the S&P 500 and Dow showing slight gains, while the NASDAQ is nearly flat with a minor decline.

SECTOR SNAPSHOT✨

Today's market was marked by modest declines across several key sectors, with Energy and Materials experiencing notable drops. Consumer Discretionary and Health Care also saw slight losses. On the flip side, Consumer Staples, Financials, and Utilities showed positive performance, providing some relief amidst the broader downturn. Real Estate and Industrials made small gains, contributing to a more stable end to the trading day for these sectors. Information Technology and Communication Services continued their downward trends, reflecting ongoing market challenges in these areas.

PreMarket Unusual Volume Stocks

📈 Eastside Distilling Inc (EAST): Eastside Distilling Inc experienced a significant increase in trading activity with a volume of 12,855,101, far exceeding its average volume of 96,620. This surge in activity led to a 228.90% price change, reflecting heightened market interest.

📈 TransCode Therapeutics Inc (RNAZ): TransCode Therapeutics Inc saw a substantial rise in volume, trading 4,319,368 shares compared to its average of 945,470. This increase in trading volume resulted in a 4.36% price change.

📈 YY Group Holding Ltd (YYGH): YY Group Holding Ltd's trading volume rose to 2,734,695, significantly higher than its average of 79,860. The stock's price change of 40.05% mirrors this spike in trading volume.

📈 Volato Group Inc (SOAR): Volato Group Inc saw its volume rise to 2,247,030, far surpassing its average of 1,567,520. This increase in trading activity resulted in a 17.97% price change.

📈 Modular Medical Inc (MODD): Modular Medical Inc's volume spiked to 1,976,413, a substantial increase from its average of 120,780. The stock's 24.17% price change highlights the impact of the increased trading activity.

Premarket Picks

Eastside Distilling, Inc. (EAST) saw its stock price soar by 270.56% to $2.82 following the announcement of a merger agreement with Beeline Financial Holdings, Inc., a private company known for its innovative, all-digital, AI-driven mortgage technology platform for homeowners and property investors.

Volato Group, Inc. (SOAR) saw a 14.83% increase in its share price, climbing to $0.48 in premarket trading, after revealing a strategic partnership with flyExclusive.

Modular Medical, Inc. (MODD) experienced a 23.46% rise in its stock price, reaching $2.42 in premarket trading, following the announcement of FDA approval for its MODD1 Insulin Pump..

Shuttle Pharmaceuticals Holdings, Inc. (SHPH) saw its share price go up by 20.68%, reaching $2.86 in premarket trading, after providing a corporate update for the second quarter of 2024.

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

Top Upgrades:

1. Roku, Inc. (ROKU)

Analyst Firm: Wells Fargo
Upgrade: Underweight to Equal Weight
Price Target: $72
Yesterday’s Close: $63.55

Wells Fargo has upgraded Roku, Inc. from Underweight to Equal Weight, increasing the price target to $72, up from $50.

Roku, known for its streaming devices and smart TV software, enables access to a vast array of TV shows, movies, and live content. Analyst price targets for Roku vary from a low of $50.00 to a high of $105.00, with a median target of $65.00 and an average of $69.30.

2. Planet Fitness, Inc. (PLNT)

Analyst Firm: Exane BNP Paribas
Upgrade: Neutral to Outperform
Price Target: $97
Yesterday’s Close: $78.98

Exane BNP Paribas has upgraded Planet Fitness, Inc. from Neutral to Outperform, raising the price target to $97.

Planet Fitness is recognized for its affordable memberships and extensive exercise equipment, creating an inclusive environment with cardio, strength training, and fitness classes.

Analyst price targets for Planet Fitness range from a low of $70.00 to a high of $100.00, with a median target of $91.00 and an average target of $88.59.

3. Nordstrom, Inc. (JWN)

Analyst Firm: Barclays
Upgrade: Underweight to Equal Weight
Price Target: $23
Yesterday’s Close: $22.78

Barclays has upgraded Nordstrom, Inc. from Underweight to Equal Weight, setting a new price target of $23, up from $18.

Nordstrom, a premier retailer with upscale department stores and a strong online presence, offers a diverse selection of clothing, shoes, and accessories, known for its commitment to exceptional customer service.

Analyst price targets for Nordstrom range from a low of $13.00 to a high of $25.30, with a median target of $22.00 and an average of $21.52.

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.