Hello Part-time Trader…👋

US stocks were quiet on Friday evening as Wall Street aimed to stabilize following a slide in equities.

Despite Thursday’s sell-off, market rotation remains the theme of the week. Heading into Friday, the S&P 500 and Nasdaq Composite are down 1.26% and 2.87%, respectively. Conversely, the Dow is up 1.66%, and the small-cap Russell 2000 has risen by 2.33%.

This divergence has been encouraging for some Wall Street professionals, who had been concerned that the market rally was becoming overly reliant on a few massive tech stocks.

In the political arena, investors are watching closely as Donald Trump intensifies his campaign with the Republican National Convention drawing to a close. Meanwhile, President Joe Biden faces mounting pressure from fellow Democrats to withdraw from the race.

Happening Today

✓ 10:40 AM ET – FOMC Member Williams Speaks

✓ 01:00 PM ET – U.S. Baker Hughes Oil Rig Count

✓ 03:30 PM ET – CFTC Crude Oil speculative net positions

✓ 03:30 PM ET – CFTC Gold speculative net positions

✓ 03:30 PM ET – CFTC Nasdaq 100 speculative net positions

✓ 03:30 PM ET – CFTC S&P 500 speculative net positions

PREMARKET SNAPSHOT📈

Market futures are mixed, with the S&P 500 and NASDAQ showing slight gains, while the Dow is down.

SECTOR SNAPSHOT✨

The market faced a challenging day with widespread declines across most sectors. Health Care and Financials saw significant drops, while Consumer Discretionary and Industrials also posted notable losses. Energy stood out as the sole sector with positive movement, showing resilience amid broader market weakness. Defensive sectors like Consumer Staples and Utilities experienced minor declines, reflecting cautious investor sentiment. Overall, it was a tough day for the market with a broad-based retreat.

PreMarket Unusual Volume Stocks

📈 60 Degrees Pharmaceuticals Inc (SXTP): 60 Degrees Pharmaceuticals Inc saw an extraordinary surge in trading activity with a volume of 10,569,975, far surpassing its average volume of 760.44. This massive uptick in interest resulted in a significant 68.09% price change, reflecting heightened market interest.

📈Serve Robotics Inc (SERV): Serve Robotics Inc experienced a substantial rise in volume, trading 5,297,583 shares compared to its average of 638.12. This dramatic increase in trading volume resulted in a 76.43% price change, indicating strong investor activity.

📈Safe and Green Development Corp (SGD): Safe and Green Development Corp saw its trading volume surge to 6,337,357, significantly higher than its average of 3,502.27. The stock's price change of 11.47% mirrors this spike in trading volume.

📈China Automotive Systems Inc (CAAS): China Automotive Systems Inc's volume spiked to 61,542, a substantial increase from its average of 35.94. The stock's 10.54% price change highlights the impact of the increased trading activity.

📈Hafnia Ltd (HAFN): Hafnia Ltd saw its volume rise to 356,772, far exceeding its average of 328.15. Despite the increased trading activity, the stock experienced a modest -2.06% price change.

Premarket Picks

Augmedix, Inc. (AUGX) is trading at $2.2700 in pre-market, up 147.71% at 7:49 AM EDT after announcing a definitive agreement to be acquired by Commure, Inc. in an all-cash transaction valuing Augmedix at approximately $139 million. Augmedix stockholders will receive $2.35 per share, a 169% premium over the 30-day VWAP ending July 18, 2024.

Hawaiian Electric Industries, Inc. (HE) is trading at $17.46 in pre-market, up 36.94% at 7:52 AM EDT after tentatively agreeing to pay over $4 billion to resolve lawsuits related to last year's Maui wildfires. The proposed settlement awaits final approval and covers suits from thousands of homeowners and businesses..

Novo Integrated Sciences, Inc. (NVOS) is trading at $0.7239 in pre-market, up 20.19% at 7:57 AM EDT after announcing the commencement of disbursement for the monetization of a $78 million Standby Letter of Credit (SBLC). The initial disbursement releases a lien, with final distribution expected by August 2.

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

Important FDA

Recently Announced

Arcutis Biotherapeutics Inc. (ARQT) On July 9, 2024, Arcutis Biotherapeutics Inc. received FDA approval for their Roflumilast Cream 0.15% for the treatment of mild to moderate atopic dermatitis in adults and children as young as six years old. This approval marks a significant advancement for the company in addressing atopic dermatitis, expanding their treatment options to both adult and pediatric patients.

Phathom Pharmaceuticals Inc. (PHAT) Phathom Pharmaceuticals Inc. announced on July 18, 2024, that the FDA has approved their VOQUEZNA (vonoprazan) 10 mg tablets for the relief of heartburn associated with non-erosive gastroesophageal reflux disease (GERD) in adults. This approval is a notable milestone for Phathom Pharmaceuticals, providing a new therapeutic option for patients suffering from this condition.

Rocket Pharmaceuticals, Inc. (RCKT) On June 28, 2024, Rocket Pharmaceuticals, Inc. received a Complete Response Letter from the FDA regarding their Biologics License Application (BLA) for KRESLADI (RP-L201), intended for the treatment of severe Leukocyte Adhesion Deficiency-I. This response indicates that the FDA has identified issues that need to be addressed before approval can be granted.

Orexo AB (ORXOY.OB) Orexo AB is anticipating an FDA decision on July 15, 2024, for their New Drug Application (NDA) for OX124, aimed at treating opioid overdose. The outcome of this decision is eagerly awaited, as it has the potential to provide a crucial treatment option in the ongoing battle against opioid overdoses.

Upcoming Announcements

AstraZeneca PLC (AZN.L, AZN) On July 25, 2024, an FDA panel is set to review AstraZeneca PLC’s supplemental Biologics License Application (sBLA) for IMFINZI. This review will focus on the use of IMFINZI in combination with chemotherapy as a neoadjuvant treatment, followed by IMFINZI as monotherapy post-surgery, for adult patients with resectable non-small cell lung cancer. The decision could significantly impact treatment protocols for this type of cancer.

Alpha Cognition Inc. (ACOG.CN) Alpha Cognition Inc. is awaiting an FDA decision on July 27, 2024, for their NDA for ALPHA-1062, targeted at treating mild-to-moderate Alzheimer’s disease. The approval of this drug could offer a new avenue of treatment for Alzheimer's patients.

Xspray Pharma AB (publ) On July 31, 2024, Xspray Pharma AB expects an FDA decision regarding their resubmitted NDA for Dasynoc, intended for the treatment of Chronic Myeloid Leukemia (CML). Approval of Dasynoc could provide an important new therapy for CML patients.

Zevra Therapeutics, Inc. (ZVRA) Zevra Therapeutics, Inc. is set for an FDA panel review on August 2, 2024, for their NDA for Arimoclomol, designed to treat Niemann-Pick disease type C. This rare disease treatment is eagerly anticipated by the medical community and patients alike.

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.