Hello Part-time Trader…👋

U.S. stocks displayed mixed movements in Wednesday's pre-market, following a semiconductor sector dip earlier in the week.

On Tuesday, while the Dow moved differently from other indices for the eighth time in recent sessions, its minimal exposure to tech stocks offers some explanation. Semiconductor stocks rallied; Nvidia surged 6.8%. Additionally, Chipotle Mexican Grill benefited from a stock split.

Bond yields saw a modest increase. The 10-year Treasury note yield stood at 4.274%, with the 2-year yield reaching 4.737%.

Investor focus is set to turn to upcoming inflation data, as Wall Street anticipates the release of the May personal consumption expenditures price index on Friday. This index is particularly monitored by the Federal Reserve, which uses it as a key inflation measure, sparking investor optimism about potential rate cuts.

Happening Today

✓ 08:30 AM ET – Building Permits

✓ 10:00 AM ET – New Home Sales (May)

✓ 10:30 AM ET – Crude Oil Inventories

✓ 01:00 PM ET – 5-Year Note Auction

✓ 04:30 PM ET – Fed Bank Stress Test Results

PREMARKET SNAPSHOT 📈

Market futures are mixed, with the S&P 500 flat, the Dow down slightly, and the NASDAQ showing a modest gain.

SECTOR SNAPSHOT ✨

Mixed market with gains led by Information Technology and Communication Services, while Consumer Staples and Materials see notable declines.

PreMarket Unusual Volume Stocks

📈 Syntec Optics Holdings Inc. (OPTX): Exhibited a trading volume of 4.44 million shares, significantly higher than its average volume of 0.01 million shares. The stock closed at $7.64, marking an increase of 225.11%.

📈 Anew Medical Inc. (WENA): Experienced a notable trading volume of 9.10 million shares compared to its average of 0.23 million shares. The stock price stood at $3.30, reflecting an increase of 100.00%.

📈 China Natural Resources Inc (CHNR): Recorded an unusual trading volume of 3.62 million shares, well above its average volume of 0.16 million shares. The stock price rose to $1.05, achieving a significant gain of 34.62%.

📈 Savara Inc (SVRA): Saw an exceptional trading volume of 3.54 million shares, compared to its average volume of 0.99 million shares. The stock price rose to $5.08, with an increase of 33.68%.

📈 Volcon Inc (VLCN): Reported a trading volume of 1.77 million shares against its average of 0.55 million shares. The stock closed at $8.08, experiencing an increase of 45.32%.

Premarket Picks

Anew Medical Inc. (WENA) stock skyrocketed in pre-market trading after receiving a key patent in Europe for their gene therapy targeting neurodegenerative diseases. Shares surged a whopping 80% to $2.97.

Savara Inc. (SVRA) stock also saw a significant pre-market jump, climbing 29.21% to $4.91. This surge follows the announcement of positive results from their Phase 3 clinical trial for a treatment addressing aPAP (obstructive sleep apnea).

Rivian Automotive Inc. (RIVN) shares gained momentum in pre-market trading, rising 38.04% to $16.51. The company's partnership with Volkswagen Group to develop next-generation electric vehicle technology is likely fueling investor confidence.

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

Important FDA 

Recently Announced

Bristol-Myers Squibb (BMY): The FDA granted accelerated approval on June 21st for Bristol-Myers Squibb's KRAZATI, combined with another drug (cetuximab). This widens the scope of KRAZATI's use in treating colorectal cancer.

argenx SE (ARGX): June 21st also brought good news for argenx SE. Their drug VYVGART Hytrulo received FDA approval for a broader range of uses. It can now treat Chronic Inflammatory Demyelinating Polyneuropathy (CIDP), offering a new option for patients battling this condition.

Sarepta Therapeutics (SRPT): A significant milestone was achieved by Sarepta Therapeutics on June 20th. The FDA converted the existing accelerated approval for their drug ELEVIDYS to full approval for a specific group of Duchenne muscular dystrophy patients (those who can still walk).

Announcing Today

On June 26, 2024, the U.S. Food and Drug Administration (FDA) is set to announce a decision regarding Merck & Co Inc. (MRK)'s Patritumab deruxtecan (HER3-DXd) (BLA). This drug holds promise as a treatment for certain patients with previously treated locally advanced or metastatic EGFR-mutated non-small cell lung cancer.

Separately, the FDA is also scheduled to announce a verdict on Verona Pharma plc (VRNA)'s Ensifentrine (NDA) on the same day. Ensifentrine is being evaluated as a potential treatment for the maintenance therapy of chronic obstructive pulmonary disease (COPD).

Upcoming Announcements

The U.S. Food and Drug Administration (FDA) is set to make two key decisions on June 28, 2024, regarding treatments for blood cancers. Both Genmab A/S (GMAB) and AbbVie (ABBV) await the FDA's verdict on Epcoritamab-bysp (sBLA). This drug is being evaluated for its potential to expand treatment options for adult patients with relapsed or refractory follicular lymphoma (FL) who have already undergone multiple prior therapies.

In a separate announcement on the same day, the FDA will also deliver its verdict on Rocket Pharmaceuticals, Inc. (RCKT)'s drug KRESLADI (RP-L201), also known as RP-L201 (BLA). KRESLADI is being considered for a different but critical medical need - the treatment of severe Leukocyte Adhesion Deficiency-I, a rare immune disorder.

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.