Good Morning, Traders!…👋

Stock futures are up early Thursday as the market shows steady confidence. This calm follows October’s consumer price index aligning with economists' expectations, despite a slight rise in inflation. The predictable data helped sustain the rally without disruption.

On Wednesday, all three major U.S. stock indexes edged higher as investors absorbed the CPI report indicating a 2.6% annual inflation rate, up from 2.4% in September. The S&P 500 has now closed higher in six of the last seven sessions.

The uptick in inflation did not shake traders' expectations for monetary policy; in fact, confidence in a December rate cut strengthened, with CME’s FedWatch tool reflecting an 83% probability of a quarter-point reduction, up from 59% earlier in the day.

The CBOE Volatility Index (VIX), Wall Street’s “fear gauge,” dropped about 5% on Wednesday, hitting its lowest close since July—a sign of market calm. However, market tranquility can be fleeting. On Thursday, attention turns to the producer price index for further inflation insights, and Federal Reserve Chair Jerome Powell is set to speak at the Dallas Regional Chamber, a moment that could add new developments to the week’s narrative.

Happening Today

✓ 08:30 AM ET - Initial Jobless Claims

✓ 08:30 AM ET - PPI (MoM) (Oct)

✓ 11:00 AM ET – Crude Oil Inventories

✓ 03:00 PM ET – Fed Chair Powell Speaks

✓ 04:15 PM ET – FOMC Member Williams Speaks

PREMARKET SNAPSHOT 📈

Market futures are up, with the S&P 500 rising 0.12%, the Dow up 0.24%, and the NASDAQ gaining 0.07%.

SECTOR SNAPSHOT✨

Yesterday, the market showed mixed results. Consumer Discretionary, Energy, and Financials led the gains, rising by 1.14%, 0.84%, and 0.06%, respectively. Industrials, Materials, and Real Estate also posted small increases. However, Health Care, Information Technology, Communication Services, and Utilities all saw declines, with Health Care dropping by 0.30% and Information Technology falling by 0.31%. Overall, while some sectors showed strength, others struggled, leaving the market with a divided performance.

PreMarket Unusual Volume Stocks

📈 Quantum Computing Inc (QUBT) experienced an active trading session, with over 23.4 million shares traded, significantly above its average volume of 3.1 million. The stock price rose by 18.05%, closing at $3.14. This increase reflects growing investor interest and positive sentiment in the tech sector focused on quantum computing advancements.

📈 Elevai Labs Inc (ELAB) had an extraordinary day, trading over 401 million shares, far surpassing its average volume of 68.5 million. The stock surged 83.81%, bringing its price up to $0.05. This impressive gain signals substantial market attention and potential speculation in this healthcare and biotech player.

📈 BTCS Inc (BTCS) saw a 31.65% rise in its stock price, closing at $5.49. The trading volume reached over 7.1 million shares, exceeding its average of 1.8 million. This jump points to increased investor enthusiasm, possibly linked to broader trends in the blockchain and cryptocurrency markets.

📈 SRIVARU Holding Ltd (SVMH) recorded a solid performance with an 18.60% increase, closing at $0.03. The trading volume was notably high at over 57.7 million shares, compared to its average of 15.3 million. This heightened activity suggests significant interest and optimism around the company.

📈 Above Food Ingredients Inc (ABVE) experienced a 12.62% rise in its stock price, ending at $0.53. The company saw a trading volume of 182K shares, above its average of 80K. This moderate gain indicates a positive market response and increased focus on companies within the food and agriculture sector.

Premarket Picks

Quantum Computing Inc. (QUBT) saw a significant pre-market surge of 18.79%, with its stock price reaching $3.16. The company’s announcement that it secured its first order for its thin-film lithium niobate (TFLN) photonic chip foundry helped drive the boost in price.

XTI Aerospace, Inc. (XTIA) experienced a 13.64% increase in pre-market trading, with its stock price rising to $0.06. The surge followed the announcement that Javier de la Peña, a Strategy and Operations Executive at Woven by Toyota, joined the XTI Aerospace Corporate Advisory Board.

Zoomcar Holdings, Inc. (ZCAR) gained 12.31% in pre-market trading, pushing its stock price up to $7.30. This surge came after the company reported its second-quarter results for the period ending September 30, 2024.

Zeta Global Holdings Corp. (ZETA) saw a pre-market increase of 9.01%, with its stock price reaching $19.38. The company’s announcement of a $100 million stock repurchase program contributed to the upward movement in its stock.

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

Top Upgrades:

1. American Airlines Group Inc. (AAL)

Analyst Firm: Barclays
Upgrade: Underweight to Equal Weight
Price Target: $16
Yesterday's Close: $14.01

Barclays has upgraded American Airlines' rating from Underweight to Equal Weight, raising the price target from $10 to $16. Analysts have set a stock price target for American Airlines ranging from a low of $10.00 to a high of $20.00, with a median of $15.00 and an average of $14.33. As one of the largest global airlines, American Airlines operates thousands of flights daily to over 350 destinations across more than 60 countries.

2. Suncor Energy Inc. (SU)

Analyst Firm: Desjardins
Upgrade: Hold to Buy
Price Target: $47.09
Yesterday's Close: $39.60

Desjardins has upgraded Suncor Energy from Hold to Buy, setting a price target of $47.09. The stock price target for Suncor Energy varies, with a high of $54.40, a median of $43.95, a low of $39.20, and an average target of $43.97. Suncor is an integrated energy company engaged in oil sands, exploration and production, and refining and marketing operations serving Canada, the U.S., and international markets.

3. ArcelorMittal S.A. (MT)

Analyst Firm: Bank of America
Upgrade: Neutral to Buy
Price Target: $32.90
Yesterday's Close: $23.77

Bank of America has raised its rating on ArcelorMittal from Neutral to Buy, increasing the price target to $32.90 from $30. The stock price target for ArcelorMittal ranges from a low of $24.87 to a high of $38.92, with a median of $31.33 and an average target of $31.23. ArcelorMittal is one of the world's largest steel and mining companies, operating in the United States, Europe, and other international markets.

Happy investing,

Maeve Grace
Editor In Chief
Premium Stock 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.