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Profit Boost: Essential Pre-Market Stock Picks!
Noor Saba
August 02, 2024
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Hello Part-time Trader…👋
U.S. stocks continued to decline in premarket trading on Friday, driven by a global selloff in semiconductor and technology stocks.
Investor sentiment is shifting from concerns about an overheated economy to worries that economic growth is slowing too rapidly. Thursday's data revealed weakness in both the manufacturing sector and the labor market, and Friday's July jobs report will further clarify the situation.
Following an initial rally sparked by the Federal Reserve's discussion of a potential interest rate cut in September, stocks have pulled back, particularly in the high-growth tech sector.
Apple, Amazon.com, and Intel all saw declines in premarket trading after releasing their earnings reports. Intel, in particular, dropped significantly after announcing plans to cut 15,000 jobs and suspend its dividend.
In the bond market, yields have decreased over the last 24 hours. The benchmark 10-year U.S. Treasury bond yield fell below 4%, reaching 3.939%, while the 2-year note yield stood at 4.124%.
Happening Today
✓ 08:30 AM ET – Average Hourly Earnings (MoM) (Jul)
✓ 08:30 AM ET – Nonfarm Payrolls (Jul)
✓ 08:30 AM ET – Unemployment Rate (Jul)
✓ 10:00 AM ET – Factory Orders (MoM) (Jun)
✓ 01:00 AM ET – U.S. Baker Hughes Oil Rig Count
✓ 03:30 AM ET – CFTC Nasdaq 100 & S&P 500 speculative net positions
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PREMARKET SNAPSHOT📈
Market futures are down, with the S&P 500 falling 1.10%, the Dow declining 0.84%, and the NASDAQ dropping 1.63%.
S&P500$5418.75 ⬇️ 1.10% | Dow$40172.00 ⬇️ 0.84% | NASDAQ$18713.00 ⬇️ 1.63% |
SECTOR SNAPSHOT✨
The market experienced a challenging day with significant declines in Information Technology and Energy, pulling down overall sentiment. Consumer Discretionary and Industrials also faced notable losses. However, there were bright spots as Consumer Staples and Health Care posted solid gains. Real Estate and Utilities performed well, reflecting some investor preference for defensive sectors. Despite the mixed performance, gains in a few key areas helped cushion the broader market's decline.
NAME | PRICE | %CHANGE |
|---|---|---|
Consumer Discretionary | 1,482.39 | -2.25% 🔴 |
Consumer Staples | 843.46 | +1.09% 🟢 |
Energy | 694.15 | -2.56% 🔴 |
Financials | 717.43 | -1.38% 🔴 |
Health Care | 1,761.08 | +1.06% 🟢 |
Industrials | 1,062.17 | -1.83% 🔴 |
Materials | 578.50 | -0.35% 🔴 |
Real Estate | 262.42 | +1.58% 🟢 |
Information Technology | 4,106.25 | -3.36% 🔴 |
Communication Services | 299.95 | +0.89% 🟢 |
Utilities | 376.49 | +1.85% 🟢 |
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PreMarket Unusual Volume Stocks
📈 MKDWELL Tech Inc. (MKDW): MKDWELL Tech Inc. experienced a significant increase in trading activity with a volume of 3,344,186, far exceeding its average volume of 99,570. This surge in activity led to a 79.81% price change, reflecting heightened market interest.
📈 VSee Health Inc. (VSEE): VSee Health Inc. saw an extraordinary surge in volume, trading 4,348,165 shares compared to its average of 169,700. This dramatic increase resulted in a 185.60% price change, indicating strong investor activity.
📈 Heramba Electric plc. (PITA): Heramba Electric plc's trading volume rose to 752,439, significantly higher than its average of 82,210. The stock's price change of 3.67% mirrors this spike in trading volume.
📈 Akanda Corp (AKAN): Akanda Corp saw its volume rise to 5,218,078, far surpassing its average of 1,272,590. This increase in trading activity resulted in a 31.03% price change.
📈 Adagio Medical Holdings Inc. (ADGM): Adagio Medical Holdings Inc.'s volume spiked to 103,990, a substantial increase from its average of 33,160. The stock's 6.63% price change highlights the impact of the increased trading activity.
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Premarket Picks
VSee Health, Inc. (VSEE) stock skyrocketed by 195.88% to $7.19 per share in pre-market trading following the announcement of a partnership with Ava Robotics to create Telepresence solutions for hospital inpatient intensive care units.
Exicure, Inc. (XCUR) saw its shares rise by 36.57% to $0.67 per share in pre-market trading after receiving a favorable listing decision from Nasdaq.
Tandem Diabetes Care, Inc. (TNDM) stock increased by 22.15% to over $43.01 per share in pre-market trading after reporting its financial results for the quarter ending June 30, 2024, and raising its sales forecast for the year ending December 31, 2024.
Alliant Energy Corporation (LNT) shares rose by 18.35% to $67.00 per share in pre-market trading following the release of its second-quarter 2024 results.
Below is a list of other hot stocks in pre-market today:
Pre Market Gainers | Pre Market Change | Pre Market Volume |
|---|---|---|
AKAN | +28.97% | 4.25M |
MKDW | +91.35% | 2.11M |
VSEE | +179.84% | 1.58M |
XCUR | +33.36% | 1.19M |
PITA | +5.25% | 448.77K |
CTNT | +2.70% | 88.69K |
DRMA | +2.82% | 67.41K |
BJDX | +9.58% | 65.73K |
SQ | +4.34% | 60.75K |
CLSK | +1.86% | 59.55K |
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Important Upgrades To Watch
RingCentral Inc (RNG)
Analyst Firm: Rosenblatt
Price target: $45
Yesterday’s market close: $33.45
Rosenblatt upgraded RingCentral Inc (RNG) from Neutral to Buy and set a price target of $45.
Qualcomm Inc (QCOM)
Analyst Firm: DZ Bank
Price target: $210
Yesterday’s market close: $164.00
DZ Bank upgraded Qualcomm Inc (QCOM) from Hold to Buy and set a price target of $210.
Alcoa Corp (AA)
Analyst Firm: Wolfe Research
Yesterday’s market close: $31.47
Wolfe Research upgraded Alcoa Corp (AA) from Underperform to Peer Perform but did not provide a price target.
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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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