Good Morning, Traders!…👋

U.S. stock futures showed mixed movement on Tuesday as investors prepared for a wave of bank earnings reports, which are expected to provide insight into the state of the world's largest economy post-high interest rates.

Last week, JPMorgan Chase and Wells Fargo exceeded expectations with their quarterly results, reinforcing the notion that consumer spending remains resilient despite elevated interest rates over the past couple of years.

Oil prices took a sharp dive after the OPEC cartel slashed its demand outlook for 2024 and 2025. This comes as China's crude imports declined amid its struggling economy. Brent crude dropped 3.8% to $74.49 per barrel, while West Texas Intermediate (WTI) fell 3.9% to $70.92 per barrel.

Bond yields remained steady, with the 10-year U.S. Treasury note yielding 3.966%, and 2-year notes yielding 4.083%, after markets were closed for Columbus Day on Monday.

Happening Today

✓ 08:30 AM ET – NY Empire State Manufacturing Index (Oct)

✓ 11:00 AM ET – NY Fed 1-Year Consumer Inflation Expectations (Sep)

✓ 11:30 AM ET – FOMC Member Daly Speaks

✓ 02:00 PM ET – Federal Budget Balance (Sep)

✓ 07:00 PM ET – FOMC Member Bostic Speaks

PREMARKET SNAPSHOT 📈

Market futures are down slightly, with the S&P 500, Dow, and NASDAQ all showing modest declines.

SECTOR SNAPSHOT✨

Yesterday's market demonstrated a generally positive trend, with most sectors recording gains. Consumer Discretionary and Consumer Staples both saw modest increases, reflecting steady consumer confidence. Financials and Health Care also performed well, contributing to the overall positive sentiment. Industrials and Materials showed solid growth, while Information Technology experienced a notable rise. Communication Services followed suit with a small gain, and Utilities also posted a strong increase. The only sector facing a slight decline was Energy, which remained relatively stable. Overall, it was a day characterized by broad-based strength across the market.

PreMarket Unusual Volume Stocks

📈 Digital Brands Group Inc (DBGI) is seeing a massive pre-market surge, with over 11.1 million shares traded, far exceeding its average volume of 614K. The stock has skyrocketed 115.21%, bringing its pre-market price to $0.34. This significant rise indicates strong investor interest as the market opens.

📈 DDC Enterprise Ltd. (DDC) has seen pre-market trading of over 4.7 million shares, compared to its average volume of 551K. The stock is up 7.43%, with a pre-market price of $0.33. This moderate gain suggests a positive outlook heading into the trading day.

📈 Zapata Computing Holdings Inc (ZPTA) is experiencing a significant pre-market boost, with over 17.7 million shares traded, well above its average volume of 2.2 million. The stock has gained 15.58%, bringing its pre-market price to $0.09. This sharp rise could indicate strong momentum as regular trading begins.

📈 Gritstone Bio Inc (GRTS) is seeing enormous pre-market volume, trading over 61 million shares, far exceeding its average volume of 8 million. The stock has surged 25.93%, bringing its pre-market price to $0.07. This dramatic increase in both volume and price suggests strong investor demand.

📈 Lipella Pharmaceuticals Inc (LIPO) has traded over 12.2 million shares pre-market, surpassing its average volume of 3.5 million. The stock is up 36.87%, with a pre-market price of $0.56. This early activity indicates continued interest as the market prepares to open.

Premarket Picks

Lipella Pharmaceuticals Inc. (LIPO) experienced a remarkable stock surge of 33.23%, pushing its pre-market price up to $0.54 after receiving U.S. patent approval for its innovative liposomal drug delivery system.

Hoth Therapeutics, Inc. (HOTH) saw its shares rise by 20.72%, bringing its pre-market price to $0.98 following the announcement of a U.S. patent for its groundbreaking Alzheimer's treatment, HT-ALZ.

Wolfspeed, Inc. (WOLF) shares increased by 20.56%, reaching a pre-market price of $13.72 after unveiling a non-binding preliminary memorandum of terms (PMT) with the U.S. Department of Commerce for up to $750 million in potential funding under the CHIPS and Science Act.

Trump Media & Technology Group Corp. (DJT) recorded a 7.01% gain, with its pre-market price rising to $32.05 after announcing the launch of Truth+ Streaming on the Web.

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

Top Upgrades:

1. Duke Energy Corporation (DUK)

Analyst Firm: Mizuho
Upgrade: Neutral to Outperform
Price Target: $121
Yesterday's Close: $115.09

Mizuho has upgraded Duke Energy Corporation from "Neutral" to "Outperform," increasing the price target from $116 to $121. Duke Energy, a major energy holding company, has stock price targets from analysts that range from a low of $113.00 to a high of $138.00. The average price target is $122.00.

2. SM Energy Company (SM)

Analyst Firm: TD Cowen
Upgrade: Hold to Buy
Price Target: $60
Yesterday's Close: $44.62

TD Cowen has upgraded SM Energy from "Hold" to "Buy," adjusting the price target to $60, down from a previous target of $64. SM Energy, an independent oil and gas exploration and production company, has stock price targets ranging from $38.00 to $73.00. The average target is set at $55.06.

3. Wells Fargo & Company (WFC)

Analyst Firm: Phillip Securities
Upgrade: Neutral to Accumulate
Price Target: $65
Yesterday's Close: $62.16

Phillip Securities has upgraded Wells Fargo from "Neutral" to "Accumulate," raising the price target from $60.83 to $65. Wells Fargo's stock price targets among analysts range from a low of $60.00 to a high of $75.00, with an average target of $66.22.

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.