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US Stocks are rising in premarket trading Monday, reacting to President Joe Biden's decision not to seek reelection and his endorsement of Vice President Kamala Harris as the Democratic presidential candidate.

This development kicks off a busy week for earnings, which will also feature the first look at second-quarter gross domestic product and the Federal Reserve's preferred measure of inflation for June. On the earnings front, investors will focus on Verizon's quarterly results on Monday morning. No significant economic updates are expected until later in the week.

Key movements in the market include Trump Media stock rising after President Biden ends his reelection bid and CrowdStrike extending losses following the global IT outage on Friday. Additionally, Verizon is set to report earnings on Monday, and Tesla will issue its profit report on Tuesday.

Happening Today

✓ 08:30 AM ET – Chicago Fed National Activity (Jun)

✓ 11:30 AM ET – 3-Month Bill Auction

✓ 11:30 AM ET – 6-Month Bill Auction

PREMARKET SNAPSHOT📈

Market futures are up, with the S&P 500, Dow, and NASDAQ all showing gains.

SECTOR SNAPSHOT✨

The market struggled, with most sectors posting declines. Energy and Information Technology faced significant drops, reflecting broader market challenges. Consumer Discretionary and Financials also saw notable losses. However, Health Care and Utilities provided a glimmer of positivity, showing modest gains amidst the downturn. Defensive sectors like Consumer Staples and Real Estate experienced minor declines, indicating cautious investor sentiment. Overall, it was a tough day for the market with widespread negative performance.

PreMarket Unusual Volume Stocks

📈 Castellum Inc (CTM): Castellum Inc saw a significant increase in trading activity with a volume of 8,986,251, well above its average volume of 137.48. This notable rise in volume corresponds with a 34.47% price change, reflecting heightened market interest.

📈 Richtech Robotics Inc (RR): Richtech Robotics Inc experienced a substantial rise in volume, trading 8,050,961 shares compared to its average of 412.55. This dramatic increase in trading volume resulted in a 28.57% price change, indicating strong investor activity.

📈 CISO Global Inc (CISO): CISO Global Inc saw its trading volume surge to 1,508,381, significantly higher than its average of 106.12. The stock's price change of 21.85% mirrors this spike in trading volume.

📈 Serve Robotics Inc (SERV): Serve Robotics Inc's volume spiked to 16,331,121, a substantial increase from its average of 4,908.83. The stock's 57.22% price change highlights the impact of the increased trading activity.

📈 Carver Bancorp Inc (CARV): Carver Bancorp Inc saw its volume rise to 128,076, far exceeding its average of 41.13. The stock's 14.67% price change reflects the surge in trading volume.

Premarket Picks

Serve Robotics Inc. (SERV) saw its stock soar by approximately 46.36% in pre-market trading, reaching over $11.05 per share. This surge followed the announcement that AI powerhouse Nvidia Corp (NASDAQ: NVDA) had acquired a significant stake in the company, which specializes in low-emissions sidewalk delivery robots.

Castellum, Inc. (CTM) experienced a pre-market jump of nearly 39.27%, rising to $0.29 per share after revealing a new strategic partnership with Krilla Kaleiwahea, LLC ("K2").

Tellurian Inc. (TELL) enjoyed a pre-market increase of about 63.75%, with its stock price climbing above $0.93. This rise came after announcing a definitive agreement with subsidiaries of Woodside Energy Group Ltd (ASX: WDS), under which Woodside will acquire all outstanding shares of Tellurian for $1.00 per share in an all-cash deal.

Richtech Robotics Inc. (RR) saw its stock skyrocket by 31.97% in pre-market trading, reaching $1.94 per share. This spike followed the announcement of the installation of its cutting-edge robotic beverage system, ADAM, at Ghost Kitchens International Inc. in Dawsonville, GA.

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

Important FDA

Recently Announced

On July 18, 2024, Phathom Pharmaceuticals Inc. (PHAT) announced that the FDA approved their VOQUEZNA (vonoprazan) 10 mg tablets. This approval marks a significant milestone for the company as VOQUEZNA is now officially sanctioned for the relief of heartburn associated with non-erosive gastroesophageal reflux disease (GERD) in adults.

Arcutis Biotherapeutics Inc. (ARQT) received FDA approval on July 9, 2024, for their Roflumilast Cream 0.15%. This topical treatment is designated for the management of mild to moderate atopic dermatitis in both adults and pediatric patients as young as six years old. This approval broadens the therapeutic options for patients suffering from this chronic skin condition.

On June 28, 2024, Rocket Pharmaceuticals, Inc. (RCKT) experienced a setback when the FDA issued a Complete Response Letter regarding their drug KRESLADI (RP-L201). KRESLADI was being evaluated for the treatment of severe Leukocyte Adhesion Deficiency-I, a rare genetic disorder. The letter indicates that the FDA requires additional information or modifications before treatment approval.

AbbVie (ABBV) received positive news on June 26, 2024, when the FDA approved their drug Epcoritamab-bysp for expanded use. This approval allows Epcoritamab-bysp to be used in treating adult patients with relapsed or refractory follicular lymphoma (FL) after two or more lines of systemic therapy, offering a new hope for patients who have exhausted other treatment options.

Upcoming Announcements

AstraZeneca PLC (AZN.L, AZN) has a significant upcoming event on July 25, 2024, as the FDA panel is set to review IMFINZI in combination with chemotherapy as a neoadjuvant treatment. This review also includes IMFINZI as monotherapy post-surgery for treating adult patients with resectable non-small cell lung cancer. The outcome of this review could have a notable impact on treatment protocols for this type of cancer.

scPharmaceuticals Inc. (SCPH) is anticipating an important FDA decision in August 2024, regarding the expansion of the indication for FUROSCIX. The proposed expansion aims to include patients with New York Heart Association Class IV heart failure, potentially broadening the treatment options for this severe stage of heart failure.

Zevra Therapeutics, Inc. (ZVRA) is awaiting an FDA panel review for Arimoclomol on August 2, 2024. Arimoclomol is being evaluated for the treatment of Niemann-Pick disease type C, a rare and progressive genetic disorder. The review's outcome will be crucial for patients and families affected by this condition.

Adaptimmune Therapeutics plc (ADAP) is set to receive an FDA decision on August 4, 2024, regarding the use of Afami-cel for treating advanced synovial sarcoma. This decision will determine whether Afami-cel can be approved as a new therapeutic option for this aggressive form of cancer.

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.