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Pre-Market & Upgraded Stock Picks
Noor Saba
August 08, 2024
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Hello Part-time Trader…👋
U.S. investors are set to approach the market open with caution as stock futures for the three major indices waver, reflecting ongoing volatility in Asian markets.
Today's U.S. weekly jobless claims data will be closely monitored, especially after Friday's disappointing nonfarm payrolls report led markets to anticipate more aggressive interest-rate cuts from the Federal Reserve.
Bond yields have declined, with the benchmark 10-year U.S. Treasury bond yield at 3.903% and the 2-year note yield at 3.935%.
Nvidia stock saw an increase in Thursday's premarket trading as investors focused on Super Micro Computer's profit margins.
Happening Today
✓ 08:30 AM ET – Initial Jobless Claims
✓ 12:00 PM ET – Atlanta Fed GDPNow (Q3)
✓ 01:00 PM ET – 30-Year Bond Auction
✓ 04:30 PM ET – Fed's Balance Sheet
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PREMARKET SNAPSHOT📈
Market futures are mixed, with the S&P 500 and NASDAQ showing slight gains, while the Dow is down modestly.
S&P500$5229.50 ⬆️ 0.04% | Dow$38850.00 ⬇️ 0.14% | NASDAQ$17992.00 ⬆️ 0.14% |
SECTOR SNAPSHOT✨
The market faced a challenging day with declines across several key sectors. Information Technology and Consumer Discretionary led the losses, reflecting investor caution. Health Care and Materials also posted significant drops. On the brighter side, Consumer Staples and Energy managed to eke out small gains, along with Financials showing modest improvement. Utilities showed resilience with a steady increase, providing some stability amidst the broader market pullback. Overall, it was a mixed day with more sectors ending in the red.
NAME | PRICE | %CHANGE |
|---|---|---|
Consumer Discretionary | 1,364.91 | -1.44% 🔴 |
Consumer Staples | 839.21 | +0.05% 🟢 |
Energy | 670.56 | +0.46% 🟢 |
Financials | 690.08 | +0.07% 🟢 |
Health Care | 1,699.95 | -1.07% 🔴 |
Industrials | 1,027.46 | -0.53% 🔴 |
Materials | 549.95 | -1.39% 🔴 |
Real Estate | 258.66 | -0.80% 🔴 |
Information Technology | 3,861.92 | -1.36% 🔴 |
Communication Services | 286.72 | -0.37% 🔴 |
Utilities | 371.92 | +0.55% 🟢 |
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PreMarket Unusual Volume Stocks
📈 Expion360 Inc (XPON): Expion360 Inc experienced a significant increase in trading activity with a volume of 44,463,458, far exceeding its average volume of 1,922,170. This surge in activity led to a 16.65% price change, reflecting heightened market interest.
📈 Conduit Pharmaceuticals Inc (CDT): Conduit Pharmaceuticals Inc saw an extraordinary surge in volume, trading 31,550,150 shares compared to its average of 2,983,370. This dramatic increase resulted in a 108.67% price change, indicating strong investor activity.
📈 Color Star Technology Co Ltd (ADD): Color Star Technology Co Ltd's trading volume rose to 7,117,467, significantly higher than its average of 1,034,140. Despite the increased trading activity, the stock experienced a -11.98% price change.
📈 Anew Medical Inc. (WENA): Anew Medical Inc. saw its volume rise to 11,631,597, far surpassing its average of 2,152,540. This increase in trading activity resulted in a 44.95% price change.
📈 Lucas GC Ltd (LGCL): Lucas GC Ltd's volume spiked to 566,835, a substantial increase from its average of 344,120. The stock's 34.66% price change highlights the impact of the increased trading activity.
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Premarket Picks
Conduit Pharmaceuticals Inc. (CDT) saw its stock price skyrocket over 100% in early trading after announcing a deal with AstraZeneca to exclusively develop several experimental drugs for diabetes and other conditions. These drugs have already been tested in initial human trials by AstraZeneca.
Anew Medical, Inc. (WENA) shares jumped by nearly 50% before the market opened after securing a patent for new genetic treatments for diseases like Alzheimer's, Parkinson's, and ALS.
Harrow, Inc. (HROW) stock climbed over 37% in pre-market trading following the release of its financial results for the second quarter of 2024.
CompoSecure, Inc. (CMPO) shares surged by almost 25% before the market opened after the company announced its financial performance for 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 |
|---|---|---|
CDT | +70.12% | 17.50M |
WENA | +40.37% | 6.84M |
FFIE | +7.01% | 3.15M |
APPS | +18.54% | 633.49K |
XFOR | +14.88% | 630.79K |
RIOT | +3.53% | 144.39K |
IONQ | +5.44% | 116.83K |
CLSK | +3.43% | 85.32K |
IREN | +3.55% | 75.15K |
MSTR | +4.74% | 60.80K |
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Top Upgrades:
1. Pfizer Inc. (NYSE: PFE)
Analyst Firm: Daiwa
Price target: $34
Yesterday’s market close: $28.85
Daiwa upgraded Pfizer Inc. (NYSE: PFE) from Neutral to Outperform and set a price target of $34.
2. Equinor ASA (NYSE: EQNR)
Analyst Firm: UBS
Yesterday’s market close: $26.34
UBS upgraded Equinor ASA (NYSE: EQNR) to Neutral from Sell.
3. Grupo Supervielle SA -ADR (NYSE: SUPV)
Analyst Firm: BofA
Price target: $7
Yesterday’s market close: $5.66
BofA upgraded Grupo Supervielle SA -ADR (NYSE: SUPV) from Underperform to Neutral with a price target of $7.
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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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